0.10% is really high if you have to move large number of bitcoins daily and also there are limited places/merchants where bitgo is accepted. So you may end up paying more fees in bitcoin transaction just for sake of so called instant bitcoin transaction.
Also to have full control over your bitcoin, paper wallet and hardware wallet is perfect choice. You will be only one who will have access to a single private key of your bitcoin address so there will be no any risk about involvement of third party.
Topic: BitGo.com - full control over your Bitcoin? - page 2. (Read 2119 times)
Using BitGo is not something I would personally do. BitGo signed transactions totaling ~119,000BTC out of Bitfinex when as of the prior day, the daily limit for signing transactions was only 2,000BTC, and the change to the limits were made via the same API that transactions were sent to BitGo.
Yes, the 0.1% fee is very high, and is how they make their money. This is compensation for signing transactions that you send to them.
If BitGo were to disappear, then you should be able to get your second private key from that other service (I am not familiar with keytern.al). Provided that keytern.al and BitGo do not collude with each-other, neither will be able to access your funds, however you still do not have full control over your private keys for no good reason, IMO.
The simple version of how a new address is generated each time you receive BTC is that all three of the private keys are combined to create a HD "wallet" so that 2 of the 3 private keys can sign transactions from any address that is generated.
Yes, the 0.1% fee is very high, and is how they make their money. This is compensation for signing transactions that you send to them.
If BitGo were to disappear, then you should be able to get your second private key from that other service (I am not familiar with keytern.al). Provided that keytern.al and BitGo do not collude with each-other, neither will be able to access your funds, however you still do not have full control over your private keys for no good reason, IMO.
The simple version of how a new address is generated each time you receive BTC is that all three of the private keys are combined to create a HD "wallet" so that 2 of the 3 private keys can sign transactions from any address that is generated.
what do you meant bitcoin price can incraese one million dollar
if accident bitcoin price incraese to one million, bitcoin die, same youre write very sending fee can incaese 1000 dollar
about bitGo.com service i think is not good because not open service private key
if accident bitcoin price incraese to one million, bitcoin die, same youre write very sending fee can incaese 1000 dollar
about bitGo.com service i think is not good because not open service private key
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...
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?
https://abload.de/img/2017-02-1900_29_14-bif7zu8.jpg
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?
https://abload.de/img/2017-02-1900_29_14-bif7zu8.jpg
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?
Jump to: