Topic: Bitcoin Wallet For Receiving Bitcoins and Online Transfers? (Read 4434 times)

It will be too troublesome to use paper wallet then, as you will need to import the wallet to send bitcoin in an online computer, send bitcoin to gambling sites, and send the remaining bitcoin to a newly generated paper wallet.

I believe a hardware wallet like Trezor seems to be the best option for you.

Yes, paper wallets are meant for long-term storage. You don't generally want to spend from your paper wallet. Keep the bitcoin that you want to spend in a hot wallet such as a bitcoin wallet app on your phone or computer. If you will be conducting large transactions on a regular basis, then I'd probably recommend a strong hardware wallet like Trezor or ledgerwallet. Both should suffice for this need.

Someone just told me that if paper wallets are meant for long term storage and not meant to be used if you plan to do transactions daily.  is that true?  If thats the case, then how do you ppl who do lot of transactions with btc keep it safe then with paper wallets?


This is just really confusing and i like to get a straight clear answer. 



If i plan to buy btc to mostly use it for gambling sites like heritage sports/5dimes, basically i need to use some type of desktop client or wallet to go from coinbase to there and then to heritagesports/5dimes.  Reason b/c coinbase doesnt like gambling transactions and also i read dont keep lot of btc in coinbase or blockchain or even a desktop client like multibet without a paper wallet.


I would probably be doing some transfer with btc with other ppl but overall, i guess i probably doing 1-2 transactions with btc a week.  Might even 1-2 transaction every other week.  If thats the case, what is my best option then?  What is really confusing is someone say paper wallet is meant for long term storage and that isn't what i really want.  Like i dont want to keep 10k worth of btc in a palce where i wont touch it for 1 year b/c i would need to send/receive every other week.  Also i still havent gotten an asnwer to this but if i keep the btc in a paper wallet in a bank depsoit box... how am i suppose to send or receive the btc in my paper wallet to others if i dont have the paper wallet with me?  Or i could still do this?


Also when i do btc transactions, they will be at least $1000 each.  I wont be doing small amounts but i probalby do a few of these $1000+ few times a month whether sending or receiving.  So based on my situation, is trezor or ledgerwallet the best for me?  Again, im very not computer savy at all.  All this about doing paper wallet and need computer need to be turned off... then i hear terms like private keys just confuses the heck out of me. 

If you have 30 BTC to work with, divide that it into multiple wallets like you do your regular money.

You don't carry a single $10,000 bill, do you?  Divide it into multiple paper wallets, hardware, and software wallets as well.

The software ones carry the least, for hot spending, the paper wallets medium amounts like 1-2 BTC, then if you plan on like 5-10 BTC or more, store that on your Trezor.

I can afford the trezor.  However the thing is shiping takes very long.  Read it take over 1 month from someone in a post who is also from east coast in the usa.


I read paper wallets are easy but im still confused about it.  Do i need to have the paper wallets on me all the time though if i transfer btc quite a bit?  Example i will buy just $100 worth of btc just to test it out.  Afterwards i will buy 5-10k worth of btc.  I would then send it to gambling sites.  but i would also plan to receive btc and send btc to other users while trading poker funds and vice versa.  So if i have all btc in a paper wallet and let say i put it in safety deposit box, does that mean i cannot transfer any of these btc without the paper wallet on hand?


Example say i bought 30 btc.  Do i do the paper wallet now or i do it even before i get any bitcoins?  Then say i transfer 25 btc to gambling sites and have 5 btc left.  Its on multibit let say.  Then i receive 2 btc from someone else.   At what point is the paper wallet ever in use?  It seems like paper wallet is a place where your btc is stored but u cant touch it unless you have the physical paper wallet on hand?  Thus say i have 30 btc and its in paper wallet.  Now let say i cashout 10 btc from gambling site to mulitbit.  So does that mean if i want to cashout 40 btc to my bank acct, i could only do 10btc and not 40btc b/c the 30btc is still in my paper wallet which is in safety deposit box?


I read a lot about it and just still confused.  I thought it was simple when i read coinbase to blockchain to gambling site and vice versa then hear about backups.  I also hate the word private keys as well as thats even more confusing.

You're going to have to do a lot of reading my friend, once you understand the basics you'll then know what wallets are safe and what wallets are not safe even though the seem safe. If you can afford a Trezor, then go for it, if not there are other simpler, cheaper cold storage wallets, for ex: Paper wallets. And remember the paper wallet you create at Blockchain or Coinbase, they're not exactly cold storage.

A couple reviews of the Ledger Wallet:

https://medium.com/@abrkn/ledger-wallet-the-29-00-hardware-bitcoin-wallet-6716715ac61f

http://www.coindesk.com/ledger-launches-usb-bitcoin-wallet-bank-grade-security/

Here's a video unboxing and review:

https://www.youtube.com/watch?v=ZZ-vh0svJG0


Can't really beat those features, security, and peace of mind at that price.  0.1127 BTC is a practically a steal!

Hi.  Are there any reviews of the ledgerwallet?  Yes i heard about bitcointrezor.  I wouldn't call it exactly cheap at $120 though.  Yes if you have at least 10k worth of btc, $120 seems cheap but overall thats not exactly cheap.



If this is the case why do ppl pay for stuff like wooden wallets when its not much more to pay for ledgewallet then?

If you're rolling with $10k of BTC, you can afford this cheap 100000% secure hardware wallet:

https://www.bitcointrezor.com/

Or if you're feeling like a cheapskate, there's this:

https://www.ledgerwallet.com/

BOOM!  Problem solved.

I spoke to someone who said doing the paper wallet would be safe since its offline but issue is if i leave the country which i will soon... they said for me to bring the paper wallet with me.  Does that mean if i ever lose the paper wallet when traveling, then mean i lose all my btc?  Thus if i have 10k worth of btc there, then lose it while traveling, then i lose it all?


Is there a way for me to keep the paper wallet in the usa in a safety deposit box at my bank but also use it when im in mexico/canada and doing transfers to and from it or that cannot be done?  Why does bitcoin have to be this complicated if i want security for it?  I did read about trezor and the only negative is it cost over 100 dollars and u need it with u to do transfers... no big deal but i read even if u lose it, you dont lose your btc right?  If thats the case, isn't trezor the best safety thing for bitcoin without having to put it in a safety deposit box?


What i would prefer is to just know username/password and thats all so if i lose anything, theres no issue.  Also any reason why coinbase or sites dont have something like a bitcoin security token similar to skrill token when logging in and out of accts?  BEcause others cant hack your skrill acct if u have one and even if they do, its insured as long as u have security token.  The thing is u need the token each time u log into your account though but thats not big deal.


Is there anyone here that keeps big amount of btc  like $10k+ that doesn't have a paper wallet?

I suggest you to use blockchain.info wallet if you want to use a wallet for fast online transfers. However, because of some complaints about the security of blockchain.info wallet, it's best if you enable 2FA just to be sure and to add another layer of security. In that way, you'll feel secure and you'll have fast transactions at hand.

They are talking about blockchain.info, which is a web wallet. The service has been used by many, but there was some security issue on it recently and it has been removed on bitcoin.org wallet page.


Yes, you should make a backup if you are using Multibit, Electrum, Bitcoin Core, Armory, blockchain.info, or any other wallets that give you your own private keys.
If you are using coinbase or any other services that don't give you your private keys, you just need your username and password. But if one day, the service was gone, so would your bitcoin be gone.


Cold storage is extremely safe, as your private key (something that enables you to spend your bitcoin) is kept offline all the time. It is good for long-term storage, but not quite suitable if you are going to spend it regularly. You can keep part of your bitcoin in a cold storage for long-term storage, and keep the rest on Multibit or whatever wallet you like for gambling.

Okay so im going to create a coinbase account now and link it to bank account and buy btc. 


So many of you mention multibit, blockchain, electrum etc.  I then read the page where armory is the most secure one.  So which of the ones on the site would u recommend me for then?  A few ppl mention multibit for desktop client... some other say blockchain but i dont see it though. Is blockchain desktop client?


Also if i use multibit or any of those desktop client, i would 100 percent need to make a backup right?  Thus if my computer no longer works, would that mean my btc is gone then without the backup?  Seems like if u put btc in a desktop client, if ure computer no longer works... u wont be able to get it back or am i wrong?  But if i just decide to use coinbase/blockchain and keep btc in blockchain since its not that safe in coinbase... then my computer not working wont be any issue b/c blockchahin and coinbase are websites? Thus just make sure i remember username/password?


Also eveyrone keep mentioning cold storage.  I see paper wallet and one perosn mention wood wallet to store it.  Here is my situation and looking for advice.  Im from the usa but i dont live here most of the time b/c i play online poker so i have to go out of the country.  So if i stay in the us... then i would keep the paper wallet in my bank in safety deposit box.  But since im not in the usa... if i do get paper wallet, would u suggest me bring it with me or just keep it somewhere safe in a safe deposit in the us even though i wont be in the us?  I obviously dont want to bring the paper wallet with me all the time b/c i would leave it in apt or i could lose it.


If thats the case, would that mean its best for me not to not create a paper wallet and just make sure i have 2FA and strong password and that should be enough and just dont download any weird files? 


Again my whole point of wanting btc is so i could buy it, then send immediately to a sportsbetting site that accept btc which convert to usd.  I will also want to cashout from their usd to btc later when i cashout.  And i will also want to send or receive btc from other users who i do trades with in poker site.  So during these times, whenever i the btc, just keep it in the desktop client like multibit?


Because from looking at my situation, im thinking just buy btc from coinbase and send it to multibit... then send it to sports sites or other users to accept btc.... and vice versa for receiving btc.  Then if i want to convert the btc to cash, just sell it to coinbase for 1 percent fee then get paid by ach then right?  And whenever i have btc, make sure its alaswys in my multibit client?  Thing is again i read ppl say if u have lot of money in bitcoin.... always cold storage.  I would be probably keeping probably 20k usd max in there which is a lot but its like me getting a paper wallet or cold storage seems to be huge problem b/c im not staying in the usa all the time and always out of the us.  Or would that not matter?


Would liek advice on this.

i suggest you start with coinbase if you are in US otherwise use Blockchain.info
and if you can't make up your mind yet and do not have enough trust, just start with what i said BUT invest low and try out their services and read people's posts that are complaining and figure out for yourself if it is safe or not.
like the security issues that most ppl are talking about in BCI search and find out what they really are and don't listen to random comments on whether it is safe or not

Ahaha don't be so stressed ppl here is like that indeed
maybe the important thing is don't try blockchain.info now, because they down with the security issue and coinbase is not good choice for your business.

try another wallet, like electrum, multibit, green address, ect, you can choice here: https://bitcoin.org/en/choose-your-wallet
the important thing for your wallet security is backup private key, make a strong password, clean your computer from malware or virus ect and be careful with software you installed from site bitcoin service, maybe they will steal your btc.
Good luck

do you have any links?

every complain about losing BTC on blockchain.info or being hacked that I saw so far was because of the users mistakes and mostly for using Tor and they didn't have 2FA enabled

I was told by someone in another forum 1% and 0.15 is the fee to purchase bitcoins from coinbase.  And if i want to go from coinbase and get an ACH transfer to my bank account,  it cost 1% and 0.15 fee. 


Yes all i want is BTC so i could deposit it into heritagesports/5dimes or nitrogensports.  The first 2 are cash books so once i deposit btc, they automatically turn into usd.  Nitrogren sports would be mainly btc though so no converting.  I was told i can't transfer directly from coinbase to gambling site b/c coinbase will ban you for sending to and receiving fro gambling sites and ppl said use blockchain for it.    However... i read recently lot of blockchain accts got hacked and these ppl had 2fa and other security measures so that has me wondering is it eeven safe.


Yes someone mentioned multibit.  They said its easy but if i wanted to create a backup its hard.  Someone else mentioned u dont even needd to create a multibit wallet.


This just sound really confusing when ppl talk about paper storage and wood storage and a whole bunch of other things that i dont really want to be involved with bitcoin.  Just seems realy confusing as ppl say if u have a lot of money in btc, keeping it in a wallet isn't safe.  I mean, i have skrill and funds there i feel are safe.  Yet bitcoin.. i read so many things about it hacked etc.

coinbase and blockchain and other similar services are like banks with some differences. you can store your bitcoins there.
i don't know about the 1% fee is it from coinbase? anyway to sent BTC transaction fee can be different but it is normaly 0.0001 BTC
if you just want to put BTC in a site for gambling or whatever they give you an address which you can use that and skip creating an account on Blockchain but i suggest you do for future uses

multibit is a wallet that you can install on your pc and use it yourself for handling sending and receiving bitcoins

Im still really confused at all this.  I know i need something like blockchain so i could send funds to a sportsbook like heritagesports.  But in the end when i want the funds to my bank account, i have to get coinbase or something similar right and then sell it at 1 percent fee plus 0.15 transaction fee?


Right now i want to get btc so i can send it to heritage sports.  So create blockchain account, then find someone to trade with for my boa transfer correct?


Whats the multbit for the computer?  Is that another alternative to coinbase?


This just very confusing to someone like me when i hear ppl say once you put significant amount of money into bitcoin wallet, u have to use cold storage etc and evrything just counds so confusing.  So i cant just keep 10k on it with my regular security settings in blockchain or even coinbase and its fine?  I wont be downloading any files etc.

Hey! Love it. I use Bitcoin mainly for online poker as well. If you play a lot might want to check out Betcoin.  Great small games, good bonuses, GTD that don't fill... Probably a good place for you to make a few bucks ..

As for a wallet, there's hot and cold storage. Keep all your savings in COLD STORAGE.  Only keep the $$ you're playing with in your account and small amounts in your hot wallet (desktop and mobile phone)

My set up

Multibit for the computer, super fast wallet, shows the rates, customization, you should like it.
Blockchain for mobile, PRetty much use this as access to your cold storage for quick transfer and to grab funds out of your savings fast.
wood wallet for my cold storage Just my choice, but physical storage is your safe box. You can find metal wallets, paper, wood w.e you need. Cold storage removes networks and p[rying eyes from any access to your funds (http://yocrypto.ca/crypto-currency-essentials/get-a-bitcoin-wallet/)


If you need to purchase Bitcoin, third party services are the quickest route but typically charge a premium  I see your with Bank of America... Circle will work good for you although i believe they charge 3% they provide an amazingly fast and easy way to buy bitcoin and send it back to your account in $$..  Exchanges let you convert FAST between Bitcoin and USD, CAD or w.e currency you use, browse for the cheapest exchange rates, they are usually quite low. Find both here http://yocrypto.ca/crypto-currency-essentials/buy-sell-and-exchange-crypto-currency/