[General] Bitcoin Wallets - Which, what, why? - page 5.

SamInLasVegas

brand new

Activity: 0

Merit: 0

I prefer to use the online Blockchain Official Wallet, just cause its available universally and we don't have to wait out for the long time that Software Wallets take to Sync with the Bitcoin Blocks. I think the software stuff is too hectic. So, personally I use the online wallet with a very secure password and there is no question of getting hacked (some of you might say otherwise, but listen[read] my point...) as Blockchain sends an email to my account with some very accurate information about the computer and the browser which is trying to access my wallet and I have to approve each transaction manually which is OK for me.

However, if you are keeping huge number of bitcoins on you wallet (say, anywhere above 30 BTCs), then I think you are better off buying some good premium hardware wallet as those are the best options according to me to keep your dough safe

Forgive me if this is a stupid question, but I'm new to cryptocurrency. I've been reading about Bitcoin for a while now and have finally decided to buy some. I also created an online wallet with Blockchain because I read in Forbes it was very secure. I'm assuming that if I'm buying BTC on an exchange, like Coinbase, I then want to send it over to the Blockchain wallet to keep it secure for the long run, correct? Then if I decide at some point to sell some I just send it back to Coinbase? Again, not trying to sound like a tard, because I'm guessing this is very elementary, but I'm new to this and want to make sure I'm understanding what I'm doing.

Thanks.

wellbit

newbie

Activity: 41

Merit: 0

Quote from: OmegaStarScream on December 03, 2017, 04:33:24 AM

Quote from: wellbit on December 02, 2017, 03:47:17 PM

Please, let me ask a newbie question: do I have to do some kind of backup if I had a ledger nano S?
Excuse me, I am starting in crypto Roll Eyes

Once you start the wallet, you're given a list of words that will help you recover your wallet in case it stop working/stolen etc. just make sure you store them safely (offline).

And is it 100% safe even when I plug it in an infected computer? Ledger says that even when a computer has walwares it will not risk the private key, but I have my doubts... because you will to expose your private key to confirm your transaction by pressing the 2 buttons... I do not know...

OmegaStarScream

staff

Activity: 3402

Merit: 6065

Quote from: wellbit on December 02, 2017, 03:47:17 PM

Please, let me ask a newbie question: do I have to do some kind of backup if I had a ledger nano S?
Excuse me, I am starting in crypto Roll Eyes

Once you start the wallet, you're given a list of words that will help you recover your wallet in case it stop working/stolen etc. just make sure you store them safely (offline).

wellbit

newbie

Activity: 41

Merit: 0

Please, let me ask a newbie question: do I have to do some kind of backup if I had a ledger nano S?
Excuse me, I am starting in crypto Roll Eyes

OmegaStarScream

staff

Activity: 3402

Merit: 6065

Quote from: apoteos on December 02, 2017, 03:37:03 AM

Quote from: OmegaStarScream on November 26, 2017, 02:30:02 PM

Quote from: Payne976 on November 26, 2017, 02:20:48 PM

I've been talking to friends and they have suggested purchasing a ledger nano s. Does anyone have experience of using these? Would you recommend one and in regard to the rate of security development would this still provide security long term? Thank you.

It's definitely worth buying (more then 500,000 units sold). It's very secure and currently on stock and also on 21% discount so better hurry as the offer will end soon and they may end up having restocking issues like they used to. If you feel to grab one, go with a Trezor. You can never go wrong with these two products.

I have a nano, would you say it's worth it to buy the bigger units? Would it be possible to have the same seed running simultaneously in the 2 units?

Bigger units? you mean Ledger blue? Ledger nano S is just fine and affordable unless you actually need what the Ledger blue offers and yes, you can use the seed on as many devices as you want.

apoteos

jr. member

Activity: 53

Merit: 10

Quote from: OmegaStarScream on November 26, 2017, 02:30:02 PM

Quote from: Payne976 on November 26, 2017, 02:20:48 PM

I've been talking to friends and they have suggested purchasing a ledger nano s. Does anyone have experience of using these? Would you recommend one and in regard to the rate of security development would this still provide security long term? Thank you.

It's definitely worth buying (more then 500,000 units sold). It's very secure and currently on stock and also on 21% discount so better hurry as the offer will end soon and they may end up having restocking issues like they used to. If you feel to grab one, go with a Trezor. You can never go wrong with these two products.

I have a nano, would you say it's worth it to buy the bigger units? Would it be possible to have the same seed running simultaneously in the 2 units?

OmegaStarScream

staff

Activity: 3402

Merit: 6065

Quote from: Payne976 on November 26, 2017, 02:20:48 PM

I've been talking to friends and they have suggested purchasing a ledger nano s. Does anyone have experience of using these? Would you recommend one and in regard to the rate of security development would this still provide security long term? Thank you.

It's definitely worth buying (more then 500,000 units sold). It's very secure and currently on stock and also on 21% discount so better hurry as the offer will end soon and they may end up having restocking issues like they used to. If you feel to grab one, go with a Trezor. You can never go wrong with these two products.

Payne976

member

Activity: 112

Merit: 72

"ETHERJACK.io - Blockchain Jackpot game! ICO LIVE!

I've been talking to friends and they have suggested purchasing a ledger nano s. Does anyone have experience of using these? Would you recommend one and in regard to the rate of security development would this still provide security long term? Thank you.

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: clip123 on November 24, 2017, 05:19:29 PM

Please put some cautionary statement or something next to BitGo.

I don't find that necessary. Standard setups with BitGo are never going to be anything like the setup that they had with BitFinex.

Quote from: V.Alex on November 24, 2017, 06:21:45 PM

how to make a backup copy of the electrum can't understand?

https://bitzuma.com/posts/a-beginners-guide-to-the-electrum-bitcoin-wallet/#make-a-backup

V.Alex

member

Activity: 140

Merit: 10

how to make a backup copy of the electrum can't understand?

clip123

member

Activity: 193

Merit: 10

Quote from: Lauda on November 24, 2017, 05:11:18 PM

Quote from: clip123 on November 24, 2017, 05:09:55 PM

I am surprise to see BitGo as a secure wallet after carelessly losing Bitfinex's $70 million.

They are not the only one at fault there. You should do some research first before posting in here.

Quote from: clip123 on November 24, 2017, 05:09:55 PM

Do you plan to remove it someday?

Not at this time.

I have done my research and both were at fault but BitGo were not at loss, bitfinex was. Please put some cautionary statement or something next to BitGo.

In the meantime.

Quote from: theymos on August 02, 2016, 04:20:37 PM

The rumor I heard is that BitFinex was set up such that although all BTC was held with BitGo, which apparently has reasonable cold storage practices etc., the BitFinex<->BitGo settlement setup was such that anyone with BitFinex's (hot, online) key could withdraw large amounts of money from the BitGo accounts at any time. Exactly how much could've been stolen would depend on how much BitGo allowed BitFinex to "settle" at one time, but I don't know the details of how that worked.

Sort of reminiscent of having a "cold storage wallet" that will blindly follow the instructions of the live server... (Though maybe some limits were enforced.)

I'd suspect that BitFinex is insolvent, though I definitely don't know for sure. Still, I recommend withdrawing everything as soon as possible.

Lauda

legendary

Activity: 2674

Merit: 2965

Terminated.

Quote from: clip123 on November 24, 2017, 05:09:55 PM

I am surprise to see BitGo as a secure wallet after carelessly losing Bitfinex's $70 million.

They are not the only one at fault there. You should do some research first before posting in here.

Quote from: clip123 on November 24, 2017, 05:09:55 PM

Do you plan to remove it someday?

Not at this time.

clip123

member

Activity: 193

Merit: 10

I am surprise to see BitGo as a secure wallet after carelessly losing Bitfinex's $70 million. Do you plan to remove it someday?

SFR10

legendary

Activity: 2968

Merit: 3406

Crypto Swap Exchange

Quote from: Mystic75 on March 27, 2024, 05:41:23 AM

I Think Binance in tha bwst bitcoin wallet. It's easy to use. Very user friendly. Easy to withdraw and Deposit. Treading option and much more...

I'm not a Binance user, but AFAIK they don't have a dedicated Bitcoin wallet ^{[disregarding their involvement with a certain brand of HW]} so all of your stored assets in their so-called wallet belong to them ^{[they can freeze or confiscate it whenever they want]}!
^{Note: The user-friendly part is a trade-off between security and convenience!}

Mystic75

newbie

Activity: 14

Merit: 0

I Think Binance in tha bwst bitcoin wallet. It's easy to use. Very user friendly. Easy to withdraw and Deposit. Treading option and much more...

SFR10

legendary

Activity: 2968

Merit: 3406

Crypto Swap Exchange

Quote from: Briggsmarineconsult on February 29, 2024, 02:54:01 AM

I need help I lost my phone that is linked to my bitcoin wallet that has 2 way factor key

You might want to mention the name of the wallet or the service in question, but most of them also provide backup codes when you first set up 2FA on your wallet or rather account.
^{- It's worth mentioning that some of these platforms have the option of resetting your 2FA as well!}

Briggsmarineconsult

newbie

Activity: 4

Merit: 0

I need help I lost my phone that is linked to my bitcoin wallet that has 2 way factor key

SFR10

legendary

Activity: 2968

Merit: 3406

Crypto Swap Exchange

Quote from: FazilCrypto on February 02, 2024, 07:23:53 AM

Hi all, what about CEX? What do people think?

Considering that these custodial services are in full control of users' private keys, using their services as a personal wallet is the worst thing that you can do to your hard-earned cryptocurrencies!
^{- In addition to the above line, these custodial services are constantly being targeted by skilled hackers, and it's worth noting that almost all of them aren't insuring users' funds.}

FazilCrypto

newbie

Activity: 3

Merit: 0

Hi all, what about CEX? What do people think?

thanks!

Husna QA

legendary

Activity: 2254

Merit: 2852

#SWGT CERTIK Audited

Quote from: PomskyFluff on December 23, 2023, 04:26:32 PM

Hi everyone, hope you're all having a great festive break.

I've created a couple of wallets using https://www.bitaddress.org by doing the following steps:

* Saved https://www.bitaddress.org/ as a html file and saved it to a freshly formatted USB stick
* I have a PC with freshly installed version of Windows 10 - the PC has no Internet connection.
* Opened the html file on the non-Internet PC and created the wallets.
* Closed html file and deleted it from the USB stick.
* Wallets saved on the USB stick and removed from PC
* The laptop will never connect to the Internet.

I have switched the PC off now and have no plans to use it. Would you class my paper wallets as being safe to use in this situation?

It may be safe for now.
However, you should also be careful using a USB stick as a wallet storage. Over time, the components of the USB stick may break down, or the data stored on it may be corrupted.

If it's just to protect your wallet, I don't think it's necessary to sacrifice your PC or laptop so that you don't plan to use it. I think that's too paranoid. You can use Linux OS when you are worried about the security of the Windows 10* you are currently using.

Also, when you make a transaction, you need a device that is online/connected to the internet to broadcast the transaction.

*

Quote from: https://ransomware.org/blog/ransomware-targets-windows-vs-linux/

Windows is by far the more popular target, and Linux ransomware is relatively uncommon to date; nonetheless, this doesn’t mean that Linux admins can relax.

Topic: [General] Bitcoin Wallets - Which, what, why? - page 5. (Read 139069 times)