For those people who can’t make their Trezor hardware wallet work with Electrum, there’s a downloadable desktop application for Trezor. This is especially for those users who don’t feel safe in using their web application, like me.
https://suite.trezor.io/
Topic: FOR NEWBIES, wallets to choose from and analysis by Veriphi (Read 840 times)
How come hardware wallets like Trezor and Ledger are not recommended? they are making some desktop/mobile wallets look like a better option.
Also not sure what do they mean when they say that Trezor has bad privacy? as it's always possible to run Blockbook and connect the wallet to your own node.
Probably because not everyone can afford a hardware wallet? I can afford one myself but I'm not using laptop to connect the hardware wallet with to make some transactions or is there any hardware wallet that can make transactions without connecting to the internet? I don't think there is one right now. Also not sure what do they mean when they say that Trezor has bad privacy? as it's always possible to run Blockbook and connect the wallet to your own node.
I can afford one myself but I'm not using laptop to connect the hardware wallet with to make some transactions or is there any hardware wallet that can make transactions without connecting to the internet? I don't think there is one right now.
There isn't. It won't be the selling point of HW wallets either. They are supposed to be able to protect the private keys and the funds in the most demanding conditions (being infected with malware etc).What you're looking for it probably an airgapped offline wallet. You can easily do it with Electrum[1] and you can set up a watchonly wallet on the online computer to gather the data needed.
[1] https://electrum.readthedocs.io/en/latest/coldstorage.html
How come hardware wallets like Trezor and Ledger are not recommended? they are making some desktop/mobile wallets look like a better option.
Also not sure what do they mean when they say that Trezor has bad privacy? as it's always possible to run Blockbook and connect the wallet to your own node.
Probably because not everyone can afford a hardware wallet? I can afford one myself but I'm not using laptop to connect the hardware wallet with to make some transactions or is there any hardware wallet that can make transactions without connecting to the internet? I don't think there is one right now. Also not sure what do they mean when they say that Trezor has bad privacy? as it's always possible to run Blockbook and connect the wallet to your own node.
Was hoping Coinomi in there.
Coinomi is included, even tho it is spelled "CoiNomi".
Scroll to the right. It is included in the "Not recommended" section, which is correct.
I probably would have put it into the "Not at all recommended" category, but that's based on a personal aversion against incompetent developers claiming severe vulnerabilities in their application aren't severe at all.
Was hoping Coinomi in there.
Edit: stupid me, again
Edit: stupid me, again
I can't understand one thing only. How could hardware wallets be compared to mobile ones?
We always consider certain characteristics for each wallet, being open source versus closed source, custodial or not, cold/semi cold/hot wallet,...A hardware wallet could be considered a semi cold storage and most of their software is open source and the keys are both generated and kept in your device.
A mobile wallet depending on the software you are using can be anything so lets be specific and use Electrum. It is 100% open source, keys are both generated and kept locally but it is hot storage since a mobile device can not be cut off from the different types of networks ever. Also you always carry your phone around with you so you shouldn't store all your bitcoins in it ever.
Security-wise a hardware wallet can be safer than a mobile wallet.
I can't understand one thing only. How could hardware wallets be compared to mobile ones?
Do you have any recommendations for where to get help with 3rd party wallet issues, such as when Bitcoinwallet.com holds your bitcoin hostage and refuses to approve the KYC (Know Your Customer) verification process after providing accurate information and high resolution images of ID? I would like to file a complaint if they do not approve me this fourth time. I am really starting to think they are just holding my bitcoin hostage because they know I am trying to transfer it out of their possession.
Post on reddit, twitter and related channels hoping they notice but it's the first time I'm hearing of this custodial wallet so it might be a scam.
It has been so long, at the time they were recommended.
I doubt they were recommended at all.
I never heard of that "wallet". Where was it recommended?
I can't imagine anyone actually recommending it
Thanks Arena, you basically confirmed what I suspected...
I am in the process of switching everything to a hardware wallet, so hopefully I can get it released...It has been so long, at the time they were recommended.
I am in the process of switching everything to a hardware wallet, so hopefully I can get it released...It has been so long, at the time they were recommended.
Do you have any recommendations for where to get help with 3rd party wallet issues, such as when Bitcoinwallet.com holds your bitcoin hostage and refuses to approve the KYC (Know Your Customer) verification process after providing accurate information and high resolution images of ID? I would like to file a complaint if they do not approve me this fourth time. I am really starting to think they are just holding my bitcoin hostage because they know I am trying to transfer it out of their possession.
Custodial wallets like Bitcoinwallet.com that even ask for KYC from you are the worst type of wallets you can ever use. They will hold you money hostage and there's nothing you can do about it.Look at the ugly reviews about them on Trustpilot. Not sure why you were still using the wallet among other much better wallets - https://www.trustpilot.com/review/bitcoinwallet.com
There is nowhere else you can file a complaint except your local authorities and that will also come at a cost if ti gets to involve lawyers
Do you have any recommendations for where to get help with 3rd party wallet issues, such as when Bitcoinwallet.com holds your bitcoin hostage and refuses to approve the KYC (Know Your Customer) verification process after providing accurate information and high resolution images of ID? I would like to file a complaint if they do not approve me this fourth time. I am really starting to think they are just holding my bitcoin hostage because they know I am trying to transfer it out of their possession.
For users/newbies who want to try Lightning payments, Veriphi wrote a blog comparing different wallets for the LN. I believe it cover all features extensively for all levels of users.
https://veriphi.io/en/blog/lightning-wallet-analysis
https://docs.google.com/spreadsheets/d/1jzJ2Vut6q-cbr7bg3tshqJszJFLXpvi194os7GxQQ30/edit?usp=sharing
https://veriphi.io/en/blog/lightning-wallet-analysis
https://docs.google.com/spreadsheets/d/1jzJ2Vut6q-cbr7bg3tshqJszJFLXpvi194os7GxQQ30/edit?usp=sharing
Good, sound advice for newbies, and it applies to hardware-wallets too. Don't be the first users of a new product, because you will be the first actual public beta testers of a real-world release. Always wait for reviews, and fixes. 
https://twitter.com/matt_odell/status/1301130083588071430
If you preorder first gen hardware you will almost always be disappointed.
https://twitter.com/matt_odell/status/1301130083588071430
Quote
If you preorder first gen hardware you will almost always be disappointed.
But to be my own bank, and to put a large part of my savings in Bitcoin, give me overkill security with a hardware wallet AND a dedicated Bitcoin computer, than something I might regret.
True.
But an encrypted USB stick is not comparable to a hardware wallet.
Using a dedicated (online) PC with an USB stick containing the sensitive information -> overkill for a hot wallet.
Using the dedicated PC offline as a cold wallet -> more secure and doesn't require more hardware/devices.
An encrypted USB storage device does not have any hardware security. The private keys are being unencrypted and accessible when a transaction is being signed.
This does not apply to a hardware wallet, where the private keys are inside of a secure element which does not leak any data while signing transactions.
Encrypted hot-wallets, stored in encrypted USBs, and plugged in in a computer exclusive for Bitcoin transactions, only if needed could be safe enough for most newbies' needs in my opinion.
If there is already a dedicated PC only for BTC transactions, it might as well be used as a cold wallet.
This is way too overkill for a hot wallet. You might as well just use a single USB with a bootable linux distro and the wallet file saved on some persistent storage on it (maybe even encrypted inside a veracrypt container or encrypted via LUKS).
That's just as secure as your approach, but doesn't need a dedicated PC (which could be used as cold storage anyway).
But to be my own bank, and to put a large part of my savings in Bitcoin, give me overkill security with a hardware wallet AND a dedicated Bitcoin computer, than something I might regret.
It's better to overshoot security than undershoot it.
Encrypted hot-wallets, stored in encrypted USBs, and plugged in in a computer exclusive for Bitcoin transactions, only if needed could be safe enough for most newbies' needs in my opinion.
If there is already a dedicated PC only for BTC transactions, it might as well be used as a cold wallet.
This is way too overkill for a hot wallet. You might as well just use a single USB with a bootable linux distro and the wallet file saved on some persistent storage on it (maybe even encrypted inside a veracrypt container or encrypted via LUKS).
That's just as secure as your approach, but doesn't need a dedicated PC (which could be used as cold storage anyway).
IMO a wallet recommendation, without knowing more then just "I need a BTC wallet" is difficult if not impossible to know what to recommend. The chart is good, but it's just a start.
If you are US based and all you want to do is trade BTC to USD and USD back to BTC in hopes of making a profit in a controlled regulated way then Coinbase wallet might be the way to go.
If you are talking trivial amounts (and the value will vary person to person) would an easier to use wallet be better?
Even if it's not as secure as we would like, if it's difficult for that person to use, it might actually be more secure for them. Because, a wallet that is more secure / better but more difficult to use (once again for them) might cause frustration / mistakes.
If you are US based and all you want to do is trade BTC to USD and USD back to BTC in hopes of making a profit in a controlled regulated way then Coinbase wallet might be the way to go.
If you are talking trivial amounts (and the value will vary person to person) would an easier to use wallet be better?
Even if it's not as secure as we would like, if it's difficult for that person to use, it might actually be more secure for them. Because, a wallet that is more secure / better but more difficult to use (once again for them) might cause frustration / mistakes.
As much as i hate custodial service, you made a good point for people who only care about profit.
But for actual wallet (not custodial service), i think we could find point between user-friendly and secure wallet, where the point depends on users preference.
Encrypted hot-wallets, stored in encrypted USBs, and plugged in in a computer exclusive for Bitcoin transactions, only if needed could be safe enough for most newbies' needs in my opinion.
Safe enough? I could agree.
For newbie? No, it's too complicated for newbies
I believe it would take a few days for newbies to learn, and a few more weeks to be comfortable with it. We learned, didn't we?
It's also better to learn, than to lose your coins.
i'd argue that someone who has made the effort of looking around and does the research to find a good wallet will also research about other things including how to increase their own security while using that wallet. it is those who don't make any effort who are in the most danger.
And I would say that a complete newbie to bitcoin probably wants to get a wallet in a hurry, since that's the first thing you need if you want to own bitcoin. And assuming they are in a hurry and are presented with a choice of a huge number of wallets, they might not know which ones are good and which are complete crap.Yes, newbies should absolutely do their research before choosing a wallet, but the reality is that a lot probably don't. I know I wasn't very choosy when I picked my first wallet and I sure as hell didn't know about all of the important features that I do now that I have some experience.
Lists like this to help noobs are not a bad thing. There might be some disagreement about certain things, but overall I think they're helpful to someone who's just getting started.
Hahaha. I used Blockchain.info for my primary storage when I bought my first batch of Bitcoins. I believe most newbies did during 2015 - 2016.
And, I know I have said the below in other threads before but I'll say it again.
Phones and PCs (Mac's too) are not secure, any wallet that is 100% reliant on them with no hardware / 2fa / multisig is also not secure.
The rest is just fluff.
Phones and PCs (Mac's too) are not secure, any wallet that is 100% reliant on them with no hardware / 2fa / multisig is also not secure.
The rest is just fluff.
All of that is important, of course, but I don't think any of these things negates the importance of wallet recommendations.
Encrypted hot-wallets, stored in encrypted USBs, and plugged in in a computer exclusive for Bitcoin transactions, only if needed could be safe enough for most newbies' needs in my opinion.
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