Blockstream Green vs Electrum...which do you recommended for security?

Lucius

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Quote from: figmentofmyass on August 13, 2020, 06:21:03 AM

i've read a few horror stories about greenaddress's multisig and 2fa implementations---people being locked out of their wallets for 90 days, or permanently.
i would recommend against them, unless you are an advanced user or are very familiar with the UI. it has too much complexity and too many unnecessary features.

It is then something very serious and does not look like a wallet for beginners, it would be good to add some links as a warning for anyone who still decides to try that wallet. I am always in favor of greater security, but if this can lead to a complete loss of funds, I will still opt for some simpler solutions.

Electrum also has 2FA, but I don't think that option exists in the mobile version (maybe I'm wrong?). Also if you lose access to 2FA and have access to seed it is very easy to make a wallet without 2FA, and even if there is no seed Trusted Coin often came out to meet those who were in a very awkward situation.

achach

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I haven't tried Blockstream Green, but Electrum I would recommend for security.

figmentofmyass

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Quote from: jseverson on August 12, 2020, 01:01:48 AM

Quote from: https://blockstream.com/green/

Our innovative multisignature model uses dual private keys - one held by the user, and one by our servers. This allows us to enforce Two-Factor Authentication to protect your funds, while timelock smart contracts guarantee that users always retain full control of their coins.

Do note that this doesn't necessarily mean they can steal your funds, but they may be able to delay their release.

i've read a few horror stories about greenaddress's multisig and 2fa implementations---people being locked out of their wallets for 90 days, or permanently.

i would recommend against them, unless you are an advanced user or are very familiar with the UI. it has too much complexity and too many unnecessary features.

Quote from: jseverson on August 12, 2020, 01:01:48 AM

you can't really go wrong with Electrum.

+1. i rarely recommend anything else, especially to noobs.

pakhitheboss

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Quote from: 9thsky on August 12, 2020, 12:49:40 AM

Putting all your eggs in one basket, between the two in mobile app form, which would be the safer choice?

I would not recommend any of the two.

If you want to use only a Bitcoin wallet for mobile then use Samourai wallet. It is a good practice if you use a desktop wallet to store part of your assets, for Bitcoin only the best desktop wallet would be Wasabi wallet.

You can DYOR about both these wallets.

The Cryptovator

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One more disadvantage for me on the Blockstream Green wallet is its Multisignature Model. User can't spend their coin themselves, the transactions should sign from both side user and wallet author. Even you have a mnemonic phrase you have to wait for expire you 2FA authentication.

Quote from: https://docs.blockstream.com/green/getting-started/getting-started-index.html#redeposits

The first way to spend coins is using signatures from 2 different keys to send coins. One is held by the user in the form of the mnemonic, which the service never knows. The other is stored on our server, and we sign your transactions with it after any Two-Factor Authentication you have enabled verifies the transaction.

This means that, unlike custodial solutions, we can never steal your coins, since we don’t know your mnemonic. Even if we get hacked, or taken over by a government entity, or something else catastrophic happens, no one can steal your coins.

On the user side, even if someone steals your mnemonic, they cannot spend your coins unless they can access your Two-Factor Authentication. This is the type of security that other wallets do not offer.

The second way to spend coins becomes available after your two factor recovery period expires. Once this happens, you can spend your coins without our service needing to also sign. This is to ensure that no matter what happens, you can always get your coins back.

Our signature scheme also allows us to enforce Two-Factor Authentication security, Two- Factor Authentication spending thresholds, and other extra options. These features do not exist in typical Bitcoin wallets.

Perhaps it would be an advantage for some users, but not for me. I know there would be some alternative way to recover your funds. But my question is why should I involved with some problems that I don't like? If I can't save my seed/mnemonics then no one can save my funds. But I don't like that someone will have control over my funds. We can say is a semi custodial wallet IMO.

I will prefer to read Blockstream Green wallets documentation before using it. So you will have full knowledge about what are you using.

TravelMug

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Both of them are good, it really up to the users on how they are going to 'secure' their wallets specially if you are going to install it in your mobile phone. The catch here is the your mobile phone will always be online, so there is that big risk that hackers can penetrate your phone and snoop into your bitcoin wallet. Specially if you don't have the education, i.e. using public wifi in a cafe etc, etc.

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Quote from: pooya87 on August 13, 2020, 12:17:23 AM

why not? they may not be malicious themselves but it is still centralization and when we are dealing with centralization it means a single point of failure. imagine if government forced them to ask for KYC before signing any transactions. there is nothing they or their users could do except either giving up on the money they have in that wallet or comply.
not to mention that you will have 0 privacy using such wallets.

Because we really don't know. While what you said is definitely really possible(hence why I went with the Electrum recommendation and not Blockstream Green) and I definitely agree, I just personally don't jumping to conclusions just based on what I(or we) think could happen.

But yea, Electrum > Blockstream Green

pooya87

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Quote from: mk4 on August 12, 2020, 08:34:36 PM

While I'm not saying that Blockstream is going to do something bad, but just to be safe.

why not? they may not be malicious themselves but it is still centralization and when we are dealing with centralization it means a single point of failure. imagine if government forced them to ask for KYC before signing any transactions. there is nothing they or their users could do except either giving up on the money they have in that wallet or comply.
not to mention that you will have 0 privacy using such wallets.

Debonaire217

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I am not really familiar with the Blockstream Green App, but I do know that electrum has already established a strong reputation in terms of security. Blockstream Green allows you to connect through a proxy, or connect with Tor in order to acquire a complete anonymity. But both of these feature still doesn't mean that your funds will be 100% safe. Even anonymous person could be hacked.

Electrum on the other hand I can say, is dominated by Blockstream Green in terms of the UI, but they have tons of functionalities for managing your wallet, as well as to help you increase your security by signing message using your wallet.

mk4

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Quote from: jseverson on August 12, 2020, 01:01:48 AM

*snip*

This is the reason why I'd probably go with Electrum. While I'm not saying that Blockstream is going to do something bad, but just to be safe.

In the end, comparing both wallets since both are pretty good anyway, the security is mostly going to depend on the user rather than the wallet/platform.

Ayiranorea

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I've got used to the electrum wallet. This looks secure and sync in a short on logging. Apart from this the interface looks old from few users view, but I like the way it's been tabbed. It has got the necessary things and nothing much, the same helps anyone using it for the first time have an easy accessibility than other wallets.

Lucius

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For those who do everything and anything on their mobile phones, but don't have any protection (av/antimalware) I would not recommend using mobile wallets at all. If you want to use them, then let it be for smaller amounts or for larger amounts in combination with hardware wallets.

In case you are using a mobile crypto wallet, protect your mobile device with a PIN as unlocking by fingerprint or face recognition can very easily be abused during a physical attack or in a condition if the person is under the influence of alcohol/drugs or asleep.

In addition to support for LN in the latest version, Electrum also enabled the setting of a password in the form of numbers, letters and special characters (previously only PIN with numbers).

The Cryptovator

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I am not familiar with the Blockstream Green wallet nor had uses it. I am not sure how much funds are you going to store. If the amount is quite big then a better decision will be to buy a hardware wallet like Ledger nano. I have been using electrum and Ledger, so I can say both are safe to me if you download from the real sources. Electrum is an SPV wallet and easy to use for everyone. Just keep safe your seed phrase whatever wallet you are using. It's quite important after choose a wallet.

NeuroticFish

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Quote from: 9thsky on August 12, 2020, 12:49:40 AM

Putting all your eggs in one basket, between the two in mobile app form, which would be the safer choice?

There is no safe option on mobile phones.
If you have Bitcoin that you want to hold, I suggest you keep those separately offline (a paper wallet or a seed, safely generated).
The daily trading/expense coins you can handle on mobile phone, but I'd suggest you use Mycelium together with a hardware wallet. (The hardware wallet you can also use to safely generate a seed for the "hold" coins).

GeorgeJohn

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Is not knowledgeable for someone to gather all his money in one wallet because something negatively might happened to it.
Putting all your eggs in one basket that means your down fall can come anytime because their is know specific trust on it.
We have to diversify things in terms of crptocurrency investment and wallet to avoid lost and blame to ourselves.

joniboini

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Yeah they publish their desktop app source at https://github.com/Blockstream/green_qt. I don't think the mobile app is quite popular either.

I'd use Electrum if I'm forced to make a choice. But if I have another option, I'd definitely look for HW.

btc_angela

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Quote from: slaman29 on August 12, 2020, 02:16:48 AM

Never heard of Blockstream green before, so it must be something new. Security wise can mean a lot of things and for people like me, it means also trust and reputation. So hard to beat Electrum on both those aspects.

I know it doesn't make sense but I bet a lot of other people think the same. Is Blockstream Green open source as well?

It's not new, it's used to be known as GreenAddress" and when Blockstream acquire it, they rebranded it as Blockstream Green. I used the desktop version for years now, never had a problem, but as far as I can remember, there was a time that I didn't received the confirmation for about an hour. It seems that it was a bad timing on my end as they are down. Yes it is also open source. But @jseverson, bringing the point of failure, so if the service by any chances goes down, then your money will be locked.

slaman29

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Never heard of Blockstream green before, so it must be something new. Security wise can mean a lot of things and for people like me, it means also trust and reputation. So hard to beat Electrum on both those aspects.

I know it doesn't make sense but I bet a lot of other people think the same. Is Blockstream Green open source as well?

buwaytress

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Can't say have heard of Blockstream's Green but I might give it a look. Electrum's cosmetics is a bit dated I have to say but the trust factor beats any other aspect for me.

Quote from: mindrust on August 12, 2020, 01:11:46 AM

Since it is probably an android device you are using, probably neither of them.

Don't keep there more money than what you carry in your physical wallet.

Ios has no electrum as far as i know.

I do have Electrum on my mobile though (android as well) but yeah, same advice. Treat all these wallets as a hot wallet, for convenience and the possibility you might always need to spend something on the go. Nothing's happened to me yet with my Android wallet but I trust the device less and the scores of other apps I'm forced to use for work, than I do the wallet itself.

mindrust

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Since it is probably an android device you are using, probably neither of them.

Don't keep there more money than what you carry in your physical wallet.

Ios has no electrum as far as i know.

jseverson

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I think it essentially boils down to: Do you trust Blockstream?

If yes, then they do have a good 2FA thing going, which should theoretically make it harder for your funds to be stolen:

Quote from: https://blockstream.com/green/

Our innovative multisignature model uses dual private keys - one held by the user, and one by our servers. This allows us to enforce Two-Factor Authentication to protect your funds, while timelock smart contracts guarantee that users always retain full control of their coins.

Do note that this doesn't necessarily mean they can steal your funds, but they may be able to delay their release. I've seen some people who don't like it for this reason. Their UX is also better than Electrum's from what I've seen.

But yeah if you don't want to deal with all that, you can't really go wrong with Electrum.

Yogee

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First of all, it's not recommended to put all your funds in one wallet let alone a mobile app. There are better wallets that are available for safe keeping such as known hardware wallets like Trezor. List of bitcoin wallets are discussed in this thread https://bitcointalksearch.org/topic/general-bitcoin-wallets-which-what-why-1631151

To answer which mobile wallet is safer, I don't know blockstream green yet so I would choose electrum.

9thsky

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Putting all your eggs in one basket, between the two in mobile app form, which would be the safer choice?

Topic: Blockstream Green vs Electrum...which do you recommended for security? (Read 230 times)