Topic: [General] Bitcoin Wallets - Which, what, why? - page 4. (Read 139070 times)

  Thanks for the interesting information

I think bitcoin wallet is very insecure, your money can be lost at any time, due to system errors or hackers

Special thanks to the threat post ^.^
I was a newbie in "bitcoin maze" and i come from Vietnam. I work in a Japanese company in Vietnam - The company teaches japanese language.https://ichigo.edu.vn/tieng-nhat-mien-phi/. In company i hear a lot of story about Bitcoin by everyone,
i have some money to spend on it .Thanks to you to give me more information about Bitcoin...
Now i can play it.... It's not hard for me to do it 
Sorry my bad English :3
thank guys for reading this <3 <3
Have a nice day everyone

You transfer with a transaction.

Avoid phone wallets.

Use the Mac, put a copy of the wallet on a flash drive and stash it away.

The goal here isn't to put it on a device for ready access, but to insure access five or ten years later.

This is a fantastic thread!  I really wish that I had taken more time as newbie on this site to learn the basics.  I've lost BTC in to the "abyss", and I still don't know exactly what I did wrong because at the time..I had no clue what I was doing!  


Couple wallet tips that really need to be driven home-

Exchanges /Hot-wallet sites/apps .. ARE NOT OUR FRIENDS HERE.  They don't care about you they care about your BTC!  Keeping BTC on a hot wallet goes against what BTC stands for (decentralization)  and in all reality makes your coins more so theirs than yours (you don't own a private key).   Move to cold storage! Listen to Lauda and staff here trying to help you.  They don't have ulterior motives.   They are here to truly help you.  I didn't understand that when I first arrived.  Use paper-wallets and set them up correctly. Take your time!
  
Cold storage hardware- BUY FROM MANUFACTURER ONLY!  This is HUGE.  There are now reports of Ledger Hardware wallets having been compromised and people loosing all of their coins out of no where seeminly.  If you think about it..A Chinese factory that fakes everything (and they do damn good jobs of it) can easily buy up a bunch of wallets, take them out , hack them somehow and put them back in and seal them up perfectly and you'd never know.  Or simply make their own that is 100% identical looking.  Then off to Ebay, Amazon etc.  You would never know the difference.  

https://www.ledger.fr/2018/02/05/man-middle-attack-risk/

An exchange doesn't give you control over your private keys. 2FA is to protect you from someone trying to hack your account only but not from a hacker trying to hack the exchange hot wallets because the balance you see in your account is just 1's and 0's, when you request a withdrawal, funds will move from the exchange addresses.

Can I ask you guys why you dont let your money on exchange sites. ?like bittrex and binance and so. Arent they safe enough with authenticator

Mobile wallets on Android are the easiest to use and very well maintained. I would recommend Mycelium. On a desktop system, Electrum is very good. But, best option is to use a hard wallet. It means your bitcoins or other tokens are physically stored there, for example, I advise you to use Ledger Nano S.

Noob here:  Say I buy a currency with Cryptopia, the secure thing to do is to move the coin to a wallet and not keep it at Cryptopia? I have a Mac and iPhone what wallet should I use and how would I transfer from Cryptopia to that wallet?

Electrum is the best wallet in my opinion. However, I think that will be awesome to create a Multisig wallet Desktop.

If you're using a different software for each one then not really as each wallet create its own folder in AppData (e.g Multibit, Electrum etc.) so it won't overwrite the old wallet.dat you already had from another software and as for creating multiple wallets using the same software (e.g Electrum) then the answer is no too as It will ask you to name the wallet so you should just name it differently.

It's clearly written on the site "Bitcoin Wallet Generator". Bitaddress is used for making paper wallets most of the time (for long term storage). If you want to spend on a regular basis, use something like Electrum (yes, for BTC only).

No. Download the wallet that is designed for each currency.
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So, Bitaddress . org is only for bitcoin?
 

No. There is only one Bitcoin (BTC), and it is the first crypto-currency, and the only one massively adopted/the only digital gold.

Don't use online wallets.

Avoid multiple coin wallets.

Yes.

No. Download the wallet that is designed for each currency.

I have read a lot but cannot find an answer to my question. It seems like the term "bitcoin" is used as a general name for all crypto currency. Kind of like Kleenex is for facial tissue. Which causes misconception and confusion looking for wallets.
Does Blockchain . info / wallet hold any type of coin or only bitcoin? I am looking for a wallet to hold XRP ETH OMG and others preferably all in one wallet.
Is it common to have multiple wallets (online or off) based on which coin is being held?
I am thinking bitaddress. org may be my best option.
Thank you for your help, it is much appreciated.

It's not random. If you go to Preferences => Transactions => Coin Selection, you will see that you have two options (Priority and Privacy). By default, It's "Priority".

Thanks. And if I don't choose it specifically, Electrum determines address from which to spend randomly?

It's for privacy reasons so someone can't link multiple transactions to you. You are free to use the same address over and over. As from sending from specific address then you should head to your receiving addresses, Right click the address and choose "Spend from".

I have a question about Electrum. Can't understand one thing. After every transaction, Electrum generates new receiving address. What if I use the same address? And the second question: when I hit send, it only offers me to fill in the amount I want to send but I don't see where it says from which address I want to send it. How can I choose from which address do I want to spend by BTC?

That's the whole point from creating the hardware wallets in the first place, the private keys never leave the device so yes, It's safe to use it on an infected computer.


Yes, everything you mentioned is correct. It's better to store your bitcoins in personal wallets instead of the exchanges themselves because they are a target of hacks. Your wallet choice is not that good though, It's better to go with Electrum for Desktop, Mycelium for Android or hardware wallet (Trezor or Ledger nano S) If you have big amounts. Blockchain.info is not suggested.