According to Bloomberg, Goldman Sachs and Galaxy Digital Ventures contributed a combined $15 million to BitGo.
https://coincodex.com/article/2514/goldman-sachs-and-galaxy-digital-ventures-invest-into-crypto-custodian-bitgo/
Topic: BitGo.com - full control over your Bitcoin? (Read 2119 times)
What other companies really come in comparison to BitGo as I really wouldn't want to put Blockchain.info in the same league as it really isn't.
Bitgo doesn't give full control because you will not have private key.Blockchain.info allows you to have full control and wallets are client side encrypted.
Bitgo charge high fees in % basis but blockchain.info charge normal bitcoin fees and all of that fees go towards transaction fee not to owner's pocket.
Bitgo looks more like centralized bitcoin wallet justlike coinbase but their idea of instant confirmation sound interesting.
. Having no possesion on your private keys do always accompanied with the risk for you on not having the possibility of recovery once the service shuts down unlike on other wallet that keys will really be the important thing that must have. Id rather choose coinbase with no doubt than on bitgo.I would suggest creating a multisig wallet with electrum that requires 2 of 3 (or whatever) signatures to sign a transaction over using bitgo. This will result in paying the same transaction fee, however would save you money because you would not be paying bitgo. It would also likely result in an incremental increased level of security because with bitgo, if your computer is hacked, you will likely have your bitgo account compromised and your wallet compromised, however with a 2 of 3 multisig, you would need to have multiple devices compromised.
If I remembered it correctly, I've been using Bitgo since 2015 but had to stop last 2017 when their fees became so much high compared to other online wallets. They charge ludicrous fees that are not backed by any useful feature in their platform. It also appears that you don't have the full control over your BTC as I can recall that I have the same PDF file where 1 part of the private key is saved (other parts are being held by Bitgo). Well, this is expected and almost all of the online wallets are the same (they don't provide control over your own coins.
My advice is that you buy some hardware wallets especially if you'll gonna use it with high amount of BTC. The security that it provides is well worth it with the price that you pay for it.
My advice is that you buy some hardware wallets especially if you'll gonna use it with high amount of BTC. The security that it provides is well worth it with the price that you pay for it.
What other companies really come in comparison to BitGo as I really wouldn't want to put Blockchain.info in the same league as it really isn't.
Bitgo doesn't give full control because you will not have private key.Blockchain.info allows you to have full control and wallets are client side encrypted.
Bitgo charge high fees in % basis but blockchain.info charge normal bitcoin fees and all of that fees go towards transaction fee not to owner's pocket.
Bitgo looks more like centralized bitcoin wallet justlike coinbase but their idea of instant confirmation sound interesting.
. Having no possesion on your private keys do always accompanied with the risk for you on not having the possibility of recovery once the service shuts down unlike on other wallet that keys will really be the important thing that must have. Id rather choose coinbase with no doubt than on bitgo.What other companies really come in comparison to BitGo as I really wouldn't want to put Blockchain.info in the same league as it really isn't.
Bitgo doesn't give full control because you will not have private key.Blockchain.info allows you to have full control and wallets are client side encrypted.
Bitgo charge high fees in % basis but blockchain.info charge normal bitcoin fees and all of that fees go towards transaction fee not to owner's pocket.
Bitgo looks more like centralized bitcoin wallet justlike coinbase but their idea of instant confirmation sound interesting.
. Having no possesion on your private keys do always accompanied with the risk for you on not having the possibility of recovery once the service shuts down unlike on other wallet that keys will really be the important thing that must have. Id rather choose coinbase with no doubt than on bitgo.What other companies really come in comparison to BitGo as I really wouldn't want to put Blockchain.info in the same league as it really isn't.
Bitgo doesn't give full control because you will not have private key.Blockchain.info allows you to have full control and wallets are client side encrypted.
Bitgo charge high fees in % basis but blockchain.info charge normal bitcoin fees and all of that fees go towards transaction fee not to owner's pocket.
Bitgo looks more like centralized bitcoin wallet justlike coinbase but their idea of instant confirmation sound interesting.
. Having no possesion on your private keys do always accompanied with the risk for you on not having the possibility of recovery once the service shuts down unlike on other wallet that keys will really be the important thing that must have. Id rather choose coinbase with no doubt than on bitgo.
What's the best wallet for litecoin in your opinion?
I've seen that they have a pretty high fee but everything that they have going for them is pretty nice for big business and personal people who like to handle all of their bitcoin stuff separate by tracking it with different address.
What other companies really come in comparison to BitGo as I really wouldn't want to put Blockchain.info in the same league as it really isn't.
They didn't let Bitfinex give away tens of thousands of bitcoins, Bitfinex allowed BitGo to give it away because of the way they set up their security. I hate seeing BitGo get the blame for all of this, it's horrible.
Excellent wallet but a really, really high fee. I d pass on this one until they reduce that fee to match their competition.
What other companies really come in comparison to BitGo as I really wouldn't want to put Blockchain.info in the same league as it really isn't.
stupid fee and they let bitfinex give away tens of thousands of bitcoins. anyone can do way, way better than this for themselves.
They didn't let Bitfinex give away tens of thousands of bitcoins, Bitfinex allowed BitGo to give it away because of the way they set up their security. I hate seeing BitGo get the blame for all of this, it's horrible.
If it was a half decent security solution, enabling a client to give away coins that you're contracted to secure shouldn't be possible.
What other companies really come in comparison to BitGo as I really wouldn't want to put Blockchain.info in the same league as it really isn't.
Bitgo doesn't give full control because you will not have private key.Blockchain.info allows you to have full control and wallets are client side encrypted.
Bitgo charge high fees in % basis but blockchain.info charge normal bitcoin fees and all of that fees go towards transaction fee not to owner's pocket.
Bitgo looks more like centralized bitcoin wallet justlike coinbase but their idea of instant confirmation sound interesting.
I've seen that they have a pretty high fee but everything that they have going for them is pretty nice for big business and personal people who like to handle all of their bitcoin stuff separate by tracking it with different address.
What other companies really come in comparison to BitGo as I really wouldn't want to put Blockchain.info in the same league as it really isn't.
They didn't let Bitfinex give away tens of thousands of bitcoins, Bitfinex allowed BitGo to give it away because of the way they set up their security. I hate seeing BitGo get the blame for all of this, it's horrible.
Excellent wallet but a really, really high fee. I d pass on this one until they reduce that fee to match their competition.
What other companies really come in comparison to BitGo as I really wouldn't want to put Blockchain.info in the same league as it really isn't.
stupid fee and they let bitfinex give away tens of thousands of bitcoins. anyone can do way, way better than this for themselves.
They didn't let Bitfinex give away tens of thousands of bitcoins, Bitfinex allowed BitGo to give it away because of the way they set up their security. I hate seeing BitGo get the blame for all of this, it's horrible.
stupid fee and they let bitfinex give away tens of thousands of bitcoins. anyone can do way, way better than this for themselves.
Is this fact? I did see another post claiming the same thing, but wouldn't that essentially also put them at fault for the Bitfinex "hack" (if they were supposed to stop the tx and didn't)?
I would always advise to not use online wallets whatever their features are. The online wallets have too much control over your account that it's really scary to even leave your money on there. There have been countless times that there is a problem using these accounts. There have been issues the online wallet closing accounts without prior notice and giving out the information of their clients.
stupid fee and they let bitfinex give away tens of thousands of bitcoins. anyone can do way, way better than this for themselves.
Essentially, the online wallet service hold the private keys for you and perform the transaction for you. You only put trust on them and them actually hold the bitcoin for you. In the case if the service goes down, you lose all you bitcoin with it.
Start learning how to generate a paper wallet or purchase a hardware wallet if you are interested to store your bitcoin long term...
Start learning how to generate a paper wallet or purchase a hardware wallet if you are interested to store your bitcoin long term...
This. If you had access to the private keys, you wouldn't need them and would be able to send fee-free. Their money comes by limiting you to their service.
Thanks for explaining Mike, I got the idea.
So I just tested the Wallet recovery and it didn't work out for me:
https://abload.de/img/2017-02-2001_40_25-re0br37.jpg
I'm sure that I used the same password as for logging in on my BitGo.com wallet, as I'm using a password manager.
Did I get anythong wrong?
So I just tested the Wallet recovery and it didn't work out for me:
https://abload.de/img/2017-02-2001_40_25-re0br37.jpg
I'm sure that I used the same password as for logging in on my BitGo.com wallet, as I'm using a password manager.
Did I get anythong wrong?
Essentially, the online wallet service hold the private keys for you and perform the transaction for you. You only put trust on them and them actually hold the bitcoin for you. In the case if the service goes down, you lose all you bitcoin with it.
This is not true. If BitGo goes down you still have all your bitcoin due to the 2-of-3 system. BitGo is non-custodial.
Mike
I just set up a wallet on bitgo.com
The main reason isthe instant transaction with their partners kraken, bitstamp and so on.
Just realized that they charge a 0.1 % fee for every transaction, even for ordinary transaction without the instant feature.
Does't sound much at first. But Quite a high fee when transmitting 10 BTC
Did i get it right that with the pdf you download while creating the wallet, you get one of the 3 secret keys and one encrypted public key to get a second privte key stored at keytern.al?
I would feel safer to have the second private key under my control...
The main reason isthe instant transaction with their partners kraken, bitstamp and so on.
Just realized that they charge a 0.1 % fee for every transaction, even for ordinary transaction without the instant feature.
Does't sound much at first. But Quite a high fee when transmitting 10 BTC
Did i get it right that with the pdf you download while creating the wallet, you get one of the 3 secret keys and one encrypted public key to get a second privte key stored at keytern.al?
I would feel safer to have the second private key under my control...
When you create the wallet, you have the option of where to store the second key.
* If you choose keytern.al to store your second key, you can get BitGo Instant capabilities.
* If you store the key yourself, then BitGo Instant wouldn't work because you could double spend yourself.
The trust point you have here is that keyternal and bitgo are not working against you or related. We aren't. Two separate companies.
So in case bitgo.com is down or disappears for any reason you'd be able to move all your BTC to another wallet address?
But how is that possible if bitgo.com creates a new wallet adress for every time you receive BTC?
We have open source utilities to do this (see the github repo for BitGo and test it out yourself!). The different addresses are created using key derivation; key derivation is a cryptographic method where you can generate a new public key for another key with only the public portion.
In other words:
f(k1) = k2 (doing this operation on the public key yields a new public key)
f(K1) = K2 (doing this operation on the private key yields a new private key, corresponding to the same, new public key, k2)
Wouldn't you need all those private keys of those addresses?
Nope!
Please enlighten me!
PS: think about bitcoin going to the moon and having 1,000,000 Dollars on BitGo. wouldn't be cool to pay 1,000 Dollars for moving them. Isn't it just possible to use the private keys to do that and avoid the fee?
Yes it is. With BitGo, we never hold your keys; if you want out, you can go back to the chain and do it yourself at any time; including to just avoid fees, if that is what you want to do.
Hope this helps!
Mike
I just set up a wallet on bitgo.com
The main reason isthe instant transaction with their partners kraken, bitstamp and so on.
Just realized that they charge a 0.1 % fee for every transaction, even for ordinary transaction without the instant feature.
Does't sound much at first. But Quite a high fee when transmitting 10 BTC
Did i get it right that with the pdf you download while creating the wallet, you get one of the 3 secret keys and one encrypted public key to get a second privte key stored at keytern.al?
I would feel safer to have the second private key under my control...
So in case bitgo.com is down or disappears for any reason you'd be able to move all your BTC to another wallet address?
But how is that possible if bitgo.com creates a new wallet adress for every time you receive BTC?
Wouldn't you need all those private keys of those addresses?
Please enlighten me!
PS: think about bitcoin going to the moon and having 1,000,000 Dollars on BitGo. wouldn't be cool to pay 1,000 Dollars for moving them. Isn't it just possible to use the private keys to do that and avoid the fee?
The main reason isthe instant transaction with their partners kraken, bitstamp and so on.
Just realized that they charge a 0.1 % fee for every transaction, even for ordinary transaction without the instant feature.
Does't sound much at first. But Quite a high fee when transmitting 10 BTC
Did i get it right that with the pdf you download while creating the wallet, you get one of the 3 secret keys and one encrypted public key to get a second privte key stored at keytern.al?
I would feel safer to have the second private key under my control...
So in case bitgo.com is down or disappears for any reason you'd be able to move all your BTC to another wallet address?
But how is that possible if bitgo.com creates a new wallet adress for every time you receive BTC?
Wouldn't you need all those private keys of those addresses?
Please enlighten me!
PS: think about bitcoin going to the moon and having 1,000,000 Dollars on BitGo. wouldn't be cool to pay 1,000 Dollars for moving them. Isn't it just possible to use the private keys to do that and avoid the fee?
This might gonna be too risky to do it. By putting all bitcoin in this site as well, Private keys is very important for every sensitive transaction regarding about the concern of yours. That's why learning is important in this matter, better for you to do some research more in private keys and using paper wallet.
- Too expensive
- "bitgone" incident
but I really like their 0 confirmations idea
- "bitgone" incident
but I really like their 0 confirmations idea
Excellent wallet but a really, really high fee. I d pass on this one until they reduce that fee to match their competition.
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