Topic: Attention for Beginner! (Read 304 times)

Personally, I stay away from closed-source wallets. Closed-source wallets don't allow anybody to have a look how the wallet software does its "things" (reverse-engineering the code is out-of-scope as this needs special skills and is way more time consuming than reading and understanding open-source code). Open-source doesn't automatically mean, it's all better, no. But you can check and verify and other people with knowledge and skills can point out issues, fix issues or simply contribute to make the wallet better or safer.

If you want an example for how things can go horribly wrong with a closed-source wallet: see how poorly Atomic Wallet deals with the last incident where user's wallets have been drained and creators of Atomic Wallet are either incompetent or unwilling to investigate and publish results why and how this could happen. ->A Non-Custodial wallet, Atomic Wallet, being compromised


There are very few open-source wallets that support multiple coins if that is what you're interested in. Unstoppable is one of the very few.

For Bitcoin I stick to Bitcoin Core, Electrum and Sparrow and for better security you should always consider to use a decent hardware wallet (I'm not talking about Ledger here, stay away from Ledger crap).

There are many a lot of wallet you haven't heard,I bet you haven't  heard of Exodus .
Yeah! I get your point in using only bitcoin wallet but you should consider using a bitcoin only for a very long term investment but, some people still uses this altcoins supportive wallets for any emergency  swap to a stable coin  for withdrawal  maybe a very little amount not inform of btc . The most important factor  to consider  is not having a wallet connected  to a third party.
However, if you feel like getting  distracted  wallets support selection mode where you can temporarily remove altcoins from your dashboard  board .

Thinking totally against your point. on which basis you are thinking altcoins are useless and just bring loss to our investment. There maybe two reasons. Either you totally unaware of altcoins, their usecase and potential or you have invested in wrong coin in wrong time which gives you loss and now you are posting against altcoins. We can 10x our portfolio more faster than btc if we choose right coin and invest in best time when coins down. Shit coins are just one type of coins and there hundred of other projects available working on different idea. I am investing more in altcoins than btc and I am happy that My earnings is going very good so far.

You been unlucky doesn't really have much to do with how lucky you can be, or neither will it make your life unhappy unless you allow it to happen that way but then how you manage your wallet and the security you use on your wallet definitely affects how well your assets will be protected and this can now in turn affect your life probably because your mind is fixed on your assets. Alt coins could be very unstable with their price and their value but then the coin itself isn't the problem so if you know you can't handle such fluctuations and instability then you can better switch to Bitcoin.

I just trust Bitcoin, so just use a wallet where only Bitcoin is installed.

If you don't talk about the most trusted and used software wallet in the Forum and outside the forum, then what's now the basis of this your thread.

Yeah, I get it that OP is trying to discourage crypto beginners from altcoins. And I agree with that. Altcoins, if one is to explore them, should come much later. They're risky. Beginners should focus on Bitcoin. And wallets that support altcoins may indeed encourage beginners to invest in altcoins.

If so, then why advise beginners to only install wallets that are listed under the Wallet software child board? Does OP know that Mycelium support altcoins? Is OP aware that even hardware wallets like Trezor or Ledger are also supporting altcoins?

OP's advice doesn't seem to make sense. Newbies shouldn't just install a wallet simply because it is listed under the Wallet software child board. They better do their own research and decide. Armory, for example, may not be for them yet.

I bold the PC in the thread. (mycelium for PC?)

Also, I never heard that BlueWallet , what kind of wallet it is?.

If the forum is not 100% safe for everyone (where satoshi born and create this) there is no outside better than here.

I don't talking about the no.1 very trusted bitcoin wallet (Bitcoin core) which listed on top page forum.

Yeah, this forum is open to discussing anything crypto-related, so most of the wallets that are around the internet have been discussed several times. Actually sometimes it becomes an inconvenience for a new guy to search all these in the forum and read them one by one. The easy option is to create a new topic about that and get valuable insight from the community.

There are experts in the forum who have great knowledge about technology. So if there is a new wallet that a new guy wants to use but wants to be cautious can create a new topic and ask for the pro members to have a look.

I can only trust two wallet, Bitcoin core and electrum, these are the two most use wallet in this forum and outside the forum as open source and reliable. I like Bitcoin core the most but because you have to go initial block download which is about 500gb and that's a lot of space and bandwidth require before it can synchronize but electrum is light and you don't have to do initial block download simple to use.

You are right, I was going to write the same thing, not every wallet is listed on Bitcointalk's board, but directly or indirectly, if we search about each and every wallet on Bitcointalk's website, we will find something related to it. Which is helping to some form. But of course, we should not search or depend on the wallet which is only talked about or discussed by the members here on BTT.

We should always do our own research before picking a wallet. And at the start many newbies, actually should not practice huge layers of security, because they fail to keep the keys of, and in the end, they are empty-handed.

So, before testing out new technologies, we all should take extra caution and should search and get knowledge about that wallet. And most of the time, the wallet's type depends on the usage. For example, either you want a custodial or noncustodial wallet.

Hmm, Op I don't consider that your advice should be taken strictly because I think everyone can choose his wallet on his own by just knowing a couple of things. Consider the open-source Self-custodial wallets. A wise recommendation is Electrum and for more, newbies can really check on bitcoin.org.

Even though I would recommend if you don't hold many funds trust wallet may suit you like you can access most of Dapps. If you own a lot of funds consider a good hardware wallet.

Well, bitcoin is highly valuable and it requires high security. An experienced person who has spent much time in the cryptocurrency ecosystem knows how to counter its security but sometimes a mistake happens from them and they lose their bitcoins as bitcoin does not allow any single mistake. When a newbie comes to crypto he may not have any bitcoins because they don't know what is bitcoin and how it works a very rearly case happens when they know about bitcoin and I think they do not need any wallet at that time as they have no bitcoins but after some time in their early stage if they have to get bitcoins then I recommend them the electrum wallet which is more secure and simple one which would be easily for them to use and i don't suggest any high wallets which are more complex and that's for the more experienced persons. 

It is also good that newbies should make sure the wallet is a noncustodial wallet that supports RBF and CPFP. There are some good wallets that were not mentioned in the child's board because they are new wallet, like blue wallet. If you have money to buy a hardware wallet, then i will recommend passport wallet. Then if you have other altcoins, you can use unstoppable wallet as it is a multi-coin wallet. I am not saying that altcoins are goof to buy as a newbie but sometimes we might be paid with altcoin and that is why one need to know a good and reliable multi coins wallet, because I have seen some signature campaign that pays in altcoin.

A wallet is not listed in the forum that doesn't mean they're not secure. This forum practices decentralization ideology so it is obvious that they will suggest you to non-custodial wallet that can give you top-notch security. But other wallets can provide you with enough security as well. I use a hardware wallet where my privet key is protected with 3 security layers.

I have heard of a good wallets known as blue wallet which was not included there. Even if the forum was created long ago and those wallets were the best to be installed and used by users, time has pass and new technologies are been improved and upgrade than the previous ones. If no upgrades have been made on those wallets on the Child Boards, I will say it makes it seem not a more preferred option to go for now. It won’t be nice not to see important features needed in a wallet not appearing there which makes it looks outdated and not current with the new features, you’ll be left behind and won’t find comfort operating such wallets.


This depends on your perspective and what you really want for yourself. If you want to save only bitcoin, a wallet only bitcoin is the best for you not to get carried away or attracted to some altcoins when they’re been hyped or doing well in the market at that moment. And if you’re willing to take risk, multi-coin wallet is also available to try out, but while taking those risks, minimizing the effect of it should be your top priority, that is, let most of your investment be bitcoin and take some little investment you wish to risk on other altcoins.

There are also these wallets that are listed on the bitcoin.org website ~> https://bitcoin.org/en/choose-your-wallet

While there are specific wallets that we recommend and what we're using. It's best for the newbies to ask first if they've found some unknown wallet that they want to explore or much better that they skip those.

This is when the problem starts because they might not be aware of it that they have downloaded a wallet that contains malware and viruses that comes from untrusted sources.

And little did they know that they're being monitored waiting for some deposits to come in to that wallet. That's why when it's with the wallets, always use what's common and suggested by the majority and don't search it through google or any search engine so visit them through their official websites.

When it comes to storing Bitcoin the choice of picking the Bitcoin wallet to use depends on your Bitcoin holding or your buying power. For newbies, I could recommend an Electrum Bitcoin wallet because it is an open-source and noncustodial wallet that gives full control of your Bitcoin. Electrum wallet is also free and easy to use you can install it on a desktop and Android phones.

There's no doubt that whatever comes out from this forum had been tested and approved for safety use, there are many wallets available out there, but having the understanding of what makes their difference is what should be first soughted out for, we need to make use of a non custodial wallet with the examples as found in cold storages among others.


When it comes to wallet use for best security and privacy practice, herr are few recommendations that are best for serving such purpose.

Bitcoin Core
Passport
Electrum
Sparrow Bluewallet

I did quite agree with you, because the forum is not 100% safe for everyone, and we should not solely depend on the wallets listed there. But another fact is, that that section is comprised of almost every wallet but what I am trying to say is not everything on the forum is 100% safe. Instead, we should follow an educated approach to selecting a wallet.

This means, that we are looking for a BTC or ALT wallet, custodial or non-custodial, Hot or Cold, Software based or hardware-based. Then look for the best options like which are open source and close source. And then study further. But a fact is, we can see all of this information in that section you aforementioned.

You took the example of a Trust wallet, and which is a close source and not good for holding purposes. I forgot to mention that we should keep in mind for what purpose we are going to use a wallet, either it is for holding or trading purposes.

We have so many good wallets options that are recommendable and you can choose any of them based on you budget or preference. You can go for hardware wallet or lightweight wallet like Electrum but don't settle for trust wallets because it's everything that's wrong with an ideal  bitcoin wallets. Let's ignore the fact that it has multiple coins storage capacity as that's not the problem but the problem is that,

• It claims to be a non custodial wallet but you don't have full control, nothing associated with Binance gives you full control.
• it's a closed source wallet
• Doesn't support multi/change of address

Those are some of the reason why you shouldn't use trust wallet and not because it has multiple coins options.


From my understanding, the OP is trying to advice against wasting our time with altcoins and his way of saying it is that wallets that has multiple coins options encourage you to invest in altcoins and it's best to ignore them completely and use only wallets that support just Bitcoin.

Best wallets depend on their budget to buy a good hardware wallet or to don't have a budget for it, then have to choose free open source non custodial wallet to use. Then their best choices will be what devices they have (Desktop, Laptop, mobile devices - iOS or Android).

• They can choose a wallet from there: Choose your wallet

If they don't have budget for hardware wallet, they can use Electrum wallet, Bitcoin Core for bitcoin and if they are careful, they can set up a multisig wallet, cold storage wallet rather than a single signature wallet with Electrum.

• Creating a multisig wallet
• Creating a cold storage wallet

That would be a good threshold. If a newbie simply wants to test the blockchain with 20$ or so, then a sw wallet should be more than enough (even an App wallet, and even (don't blame at me) a custodial wallet, for educational purpose only). But as his portfolio grows m, the newbie should move asap to non-custodial and, when he accumulates more than 5x the price of a hw, invest in one.

About the altcoins, I agree that BTC is the best crypto to start with, but there are good alts too to discover as uou navigate the crypto space (obviously starting with, but not limited to, ETH).

For newbies the best advice is to buy a hardware wallet and that's it. If they have little money, there is no need to buy a hardware wallet that might cost them more than what they have in bitcoin. But as soon as they accumulate $500 or more they should think about buying one and transferring their satoshis there. As beginners I don't see the point in exploring other options, for privacy and security.

Well thats a nice advise to newbies but isnt that bias when you say that it will make your life unlucky and unhappy when you have altcoins? I dont think so, well at least on my case and some other who can balance being a bitcoin and altcoin enthusiast person. Maybe you are right on some tokens but not all, as you can see we have some great history or proven profits with altcoins that cant match by bitcoin holdings so you cant simply judge it just like that only my opinion.

I agree with you about storing Bitcoin in a wallet that is widely used and trusted. It all just depends on the user's habits in operating the wallet. if it is a transaction that is quite frequent, many people will choose the one that is most comfortable to operate.
but I don't really agree with your statement regarding altcoins. I love Bitcoin and it is good advice for beginners starting all their activities. Whether it's trading or investing, Bitcoin will always be recommended. but not all Altcoins are bad and don't make you happy. It all depends on our ability to manage and minimize risks.

First advice about using any wallet is that you should use a non-custodian, open source and airgapped wallet. The reason why the airgapped system is mostly advice is because even if you have a non-custodian and open source wallet once you expose it to the internet the risk of you losing your funds still remains, although this wouldn’t be from a developers perspective now but your own use case.


Not all, some of them on that child board are mostly too old and not much of an upgrade has taken place and that gives one a little problem. There are many wallets that have proven themselves worthy of use this days and they do not have a child board their example is the BlueWallet, Unstoppable wallet and Also passport (a hardware wallet). Many forum user have recommended them but they aren’t there just yet on the board that doesn’t mean they are good wallets. 


I would say it is matter of choice, bitcoin is the absolute coin but if you have your funds to gamble on Alticoins it is upto you. But when making your decision for wallet do not store bitcoin on all this multi coin wallet’s because most of them do not support features like bumping of fees, coin control or have the ability of switching addresses (HD wallets). This features are essentially part of a good bitcoin wallet. So stick to a bitcoin only wallet for bitcoin and use the multi coin wallet for alticoin except maybe it is an hardware wallet that supports all and you’re ready to have two of it

I'm not sure if this is really a wise advice. What do you mean we have to make sure we're installing only the wallets listed under the Wallet software child board? Is that child board even vetting crypto wallets and decide that only the best will make it on the list? BlueWallet, for example, is highly recommended and it's not on that child board.

And what do you mean "don't install wallet with many coins"? Do you realize that Mycelium, for example, which is listed on that child board, is a multi-coin wallet?

Choose your wallets but avoid online accounts, close source, custodial wallets.

Reminder: do not keep your money in online accounts

Choose your wallet that matches your OS, device.
Recommended wallets
[LIST] Open source hardware wallets
[GUIDE] How to Safely Download and Verify Electrum
WARNING when using mobile device wallets (Android, iOS)
The paranoid user's security guide for using Electrum safely.
Security checklist

Choosing a wallet to use is a first important step, a next important step is backup your wallet because at the end, you will need backups to recover your wallet or to import it on a new device.
How to back up a seed phrase

This is attention for beginners who are new in Bitcoin and want to create a new wallet (software) on a PC or Laptop.

You are right If you come here, because here, we have a lot of community that can help you if have a problem with your Bitcoin wallet.
But, before continuing, you have to make sure to install the wallet listed in Child Boards. Don't install anything wallet outside the forum. Because this forum create 2009 and trusted, and On that Child Boards you can find wallet where listed from 2012, which means, that wallet is old and many people use that and trusted.

Just install wallet in what you need, If you have bitcoin, just install a wallet only Bitcoin aplication, don't install wallet with many coins inside like trust wallet, don't do that!. that is suck. just waste you time and memory. there's no point in keeping shit coins on your wallet, instead, it will make your life unlucky, believe me, altcoins make your life unhappy.