Topic: Bitcoin Discuss (Read 285 times)

The best hardware wallet for bitcoin for now is Passport.

Ledger Nano is not recommended, it is a close source wallet, Ledger do not care about their customers personal information, the company do not care about their customers privacy. Ledger make third-party seed phrase backup possible. Seed phrase backup should remain known only to people, not third parties.

For the one that support multicoins, Trezor.

Exodus and Coinomi are both close source. Not recommended.

Electrum and Sparrow are recommended.

The bitcoin wallet that I can recommend are Bitcoin Core for full node, Electrum, Sparrow, Specter and Bluewallet.

There are some other wallets: https://bitcointalksearch.org/topic/bitcoin-open-source-wallets-that-support-replace-by-fee-rbf-5422456

Thank you for clearing my mistake. I commented for I faced similar issue in the past. Sometimes when the given fee is so low the transactions would get stuck or be very slow for me. So by that prospective I though it was all about gas fee. You know how priority works right!

Thanks anyway, I will surely look into the mempool congestion term.

Exactly. I do not recommend any wallet that do not support RBF. There are many bitcoin wallets that are reputed and open source that support RBF.

Mempool congestion also matters, if the mempool is not congested, you may pay low fee and the transaction may be confirmed fast.

There is nothing called gas fee if it is about bitcoin transaction. It is either you call it transaction fee or fee.

Wallet has nothing to do with speed. It's all about gas fee. If you pay less your transaction speed would be slow if you pay higher gas fee your transaction speed would be much faster.

Simple

Just to add that it should also be taken into account that most non-custodial wallets have an option called RBF (replace by fee), and that everyone who does BTC transactions should know that if this option is enabled, they can react at any time and increase the fee and thus give the transaction a higher priority. What confuses some people about this option is that they think they are paying for the transaction twice, but of course the old transaction is canceled by creating a new one, that is, by confirming the transaction with a higher fee.

Bitcoin is stored on the blockchain. Wallets hold the keys and addresses that are necessary for spending the coins.

You can use Electrum to create a paper wallet offline or used it permanently on an airgapped device.

Use a good wallet that will not keep rebroadcasting the transaction, you would have been able to rebroadcast it if it remain unconfirmed after 14 days because almost all nodes would have dropped it from the mempool.

Right, and that's why we need to manually check it as well when we do transactions. Crazy as it may seem, some transactions could stuck forever if not paid the right fee.

There is this description of an online wallet that contradicts of what Electrum is. As for keeping huge amounts, I've done in the past with significant amounts there and didn't experienced anything bad but it's still recommended as you've said to use an airgapped device and hardware wallet if possible.

You just didn’t get what the person advised but then, wallet have got nothing to do with the speed of your initiated transaction. The most wallets can do for you is to hodl your coins and then, the level of security your coin gets is up to how private you keep your security details.

I think bitcoin has got just a good enough liquidity to operate with and as such, sites offering staking options could be as well luring you into something you might not benefit from in the long run. Staking isn’t the way no more for bitcoin and your better not looking out for small gains and just hodl on non custodial wallet till the bullrun comes.

For most, I think Electrum but, you could as well sort options with cold storage for long term hodlings and of a huge amount.

There're existing Bitcoin block delegators and hash power boosters perhaps that's what you are thinking is staking of Bitcoin
You can check this out to see what I mean about bitcoin block delegation
stake.coredao.org

Bitcoin network is not that slow if you pay good fee. The network is not congested and transactions can be confirmed even with low fee. 7 to 10 sat/vbytes transactions are getting confirmed daily. But the use of lightning network makes transaction faster. I agree with that.

Did you know that this thread is about bitcoin not solana or any other altcoin? It is good for you to know that bitcoin lightning network transaction is very fast.

If comparing other altcoins with solana, there are many other coins that their transactions are almost instantly.

The speed of transaction actually depends on the Blockchain on which you are dealing with, sending or receiving a transaction. According to the data on this website (https://bitpowr.com/blog/blockchains-with-the-highest-transaction-speeds), Solana is the fastest with a transaction speed of 3,000 TPS though it can process up to 24,000 transactions per second.

TPS = Transactions per Second

You can not stake your bitcoin because Bitcoin is a Proof of Work coin. It is not a Proof of Stake coin so staking is impossible on Bitcoin blockchain.

Proof of Stake blockchains work with validators and stakers and different than Bitcoin blockchain with nodes and miners.

Strong warning that you must be well informed that there are Wrapped Bitcoin tokens on other blockchains like Ethereum, Binance Smart Chain, Solana and more chains but they are not bitcoin. They are tokens on those altcoin blockchains which are centralized and staking is possible with those chains.

However, it's big risk with centralized blockchains and those Wrapped tokens can be de-pegged too. You don't have bitcoin by buying those Wrapped Bitcoin tokens so staking rewards from those tokens will not worth anything if those tokens depeg.

1. There's no relation between wallet and the transaction speed, but choosing a good wallet which wouldn't charge you additional fee and given you a choice to bump your fee are indirectly affect the transaction speed.

2. Bitcoin is POW coin, not POS. There are many sites offer staking option for Bitcoin, but it's scam.

3. Bitcoin Core, Electrum or Bluewallet.

[LIST] Open Source Hardware Wallets. Open source hardware wallets are best choices if having enough money to buy one to use.

If does not have enough money, we can use open source wallets like Bitcoin Core or Electrum wallets. If we don't have enough disk space for Bitcoin full node or prune node, we can use Electrum wallet and can set up different wallet types: Single signature wallet, multi signature wallet or cold wallet.

Creating a cold storage wallet in Electrum
Creating a multisig wallet

Wallets are more or less like bags for safe keeping - depending on how long you wanna HODL. They don't guarantee rapid transactions... But in this case, the LIGHTNING NETWORK comes into play 
Lastly, you haven't specified your utility measures and as long as that is unclear, peeps will only make Thier suggestions on how best they understand - cold wallets are the best for long term HODL. I can see above that you mentioned TW already Which is a hot wallet and can - at some point - endanger your coins if privacy policies are not prioritized.

Sandra 🧑‍🦰

Wallets may not estimate the fee correctly, it is good to use the mempool to check the fee. https://mempool.space is an example.

Electrum as an online wallet for low amount of bitcoin. If you want to use Electrum for more amount, use it on an airgapped device

https://electrum.readthedocs.io/en/latest/coldstorage.html

1. AFAIK, most wallets have a way to adjust the fees so if a wallet doesn't allow to adjust the fee then that will affect the speed of your transaction. We don't want our txs to get stuck so use wallets that allows you to adjust fees.

2. Don't get into it, you knew it that they're likely a scam. Bitcoin is a POW and not a POS.

3. Electrum if you don't have an hardware wallet.

One small misconception, many are saying that the speed of the transaction depends on the transaction fees but it actually depends on the ferrate;

• The fee is the flat amount you pay to have the transaction confirmed. For example someone paying $1.5 to confirm their transaction.
• The feerate is the fee paid in relation to the transaction size. So someone paying $1.50 for a large transaction is paying a smaller feerate than someone paying the same amount for a much smaller transaction and the latter transaction will be confirmed faster.

You should also note that trust wallet is a closed source wallet and is not recommended. You should opt for an open source, reputable and non custodian wallet like Electrum or Passport if you're looking to use a hardware wallet.

No, the wallet doesnt really have a thing to do with the transaction speed, the transaction speed would just depend on the network you're going to use, It would depend on the cryptocurrency and its network. Like for example on Bitcoin there are some networks that you could use like lightning network or just the normal Bitcoin network. The speed of the transaction would depend on how congested the network of Bitcoin is, you could see that on the mempool since there are only 7 transactions the Bitcoin can process per second the network can be congested if there are so many people want to make a transaction and that is where the transaction fee is going to matter since if you have high transaction fee your transaction is going to be processed first in the network.

Bitcoin staking? I mean there are a lot of platforms or exchange that offer interest if you're going to stake your Bitcoin on their platform it wasn't really a good amount of interest but it was way higher than the banks is offering. probably up to 10% depending on the platform.

The best wallet that I use is Electrum since it was software I can easily access on my computer it's convenient, open source, and decentralized. It wasn't the best wallet that's for sure but wasn't bad at all, its better than putting your cryptocurrency or investment on a centralized platform or exchange like for example Binance even though it was a popular platform you doesnt have any control on your Bitcoin at any moment they could easily freeze or lock your account.

Since everything has been answered above, I will only try to add a few words so you understand what you are talking about.
There are two terms you should know. Proof of work and Proof of stake. In PoW, you don't need to hold any coins, instead setting up a device that will work for getting the next block and eventually getting you block reward.
In PoS, you have to hold some coins in your wallet and keep your wallet online (allow staking). If your coin's weight is high enough (considering the total network weight), you will get a block and eventually getting block reward.

BTC is a PoW coin so, no, there's no staking option there. Then what are those staking we see? It's the same as banks holding your money, using them for their profit, and promising to pay you interest. It is worth noticing that bank promise, they don't guarantee. They may fail to pay you the principle amount even.