Help me in choosing wallet before I make mistake - page 2.

Stalker22

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Quote from: Grasper on April 22, 2023, 03:51:26 PM

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In the end, the winner is Electrum wallet. I trust not to regret this but will not buy in large scale at first.

Hey, that is great news! I use Electrum, and it is a pretty solid wallet. Glad to hear that you did your research and found a wallet that you feel comfortable with. Just remember to pay close attention to where you download it from (make sure you are on the official website) and if you can, learn how to verify GPG signatures after downloading.

Grasper

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Thank you everyone for contributing and guiding me on this choice, it was a tough choice since yesterday through to today. I stressed my brain before I finally made my choice. I read through your advice and preferences and go through links provided by many and I did my research online to get more clarity.

In the end, the winner is Electrum wallet. I trust not to regret this but will not buy in large scale at first.

Chilwell

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Quote from: Grasper on April 21, 2023, 08:38:34 AM

Scam is everywhere, I fear for my money. They say the person who asks for help does not make a mistake. I want to own my first Bitcoin next week when my monthly salary is paid but afraid of jumping on any wallet to avoid losing my money.

The popular choices I know and hear from people are Binance, Blockchain and Freewallet. Which one should I choose? I am just starting my bitcoin owning journey and it will be kind of the senior guys to show the way.

You can suggest better ones if there are any.

Indeed those who seek advice never miss their way, choosing a wallet for your fund is an important thing when it comes to crypto because there are many crypto wallets in existence but legit and scam ones. There are so many things you consider when choosing a wallet, some are-
1. Know the kind of coin you want to go for because some coins defer in time of wallet, this happens to me when I transfer a token from my meta mask to coins bit which eventually leads to the loss of my coin.
2. Check their customer availability in case there is a problem you are facing, this aspect is also very important because the wallet you are using is just invisible to you, that's you can not find its structure anywhere close to you.
3. Checking its reputation is also an important consideration when choosing a wallet.
4. Security is also among, securing your money is the first step in time crypto, making more research, listening to what is said about the wallet and knowing how secure its.

There are more to consider when choosing a wallet, I'm also ready to learn more apart from above mentioned.

EarnOnVictor

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Binance is a good choice for flexibility if it fully operates in your country, you will be able to deposit and withdraw your money easily, and you can also trade with it. But be mindful of the fact that it's a custodial exchange, meaning your coin will be in their care that keeps it for you but you don't practically own it until you withdraw it out.

In case you want the non-custodial wallets (where you own it with the private key), you might try the following;
1. Coinomi wallet (https://www.coinomi.com/en/)
2. Electrum wallet(https://electrum.org/)
3. Blue wallet (https://bluewallet.io/)
4. Unstoppable wallet (https://unstoppable.money/)

However, if you plan to invest so much money, then a hardware wallet is the best option.

Jawhead999

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Quote from: Amphenomenon on April 21, 2023, 10:07:22 PM

Op, you can use Mycelium for mobile wallets while Bitcoin core, Electrum, Mycelium, Exodus for pc. You should note that the most secured wallet are the cold wallet because they store your private keys offline and so it add more security like ledger and Trezor.

Most wallets are supporting both of PC and cellphone, I don't think @OP need to confuse to pick a better wallet for him, the simple answer is he can use Electrum or hardware wallet. Exodus isn't a good wallet due to closed source and don't have many features.

@OP you also need to understand about privacy matter, security of your devices, how to prevent from online scam, the browser you're using, how to safely protect your seed phrase, etc.

worle1bm

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If you are ready to spend few dollars then hardware wallets are best option suited to you because they provide extra security and your funds are not connected to the internet so more safety of funds as hackers have online ways to scam you but you also needs to be careful with them as hardware wallet breaches and scams have been there when you connect them with internet.Safety is in your hands frankly saying even after having good wallet with you because your one mistake could lead hackers to drain your funds out of your wallets so you need to be extra careful with it.

Peanutswar

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Among the choices most of us right there prefer the use of the hot or cold wallet if you don't have a budget yet but have a device such as your PC and laptop you can use the hot wallets which electrum, exodus, etc. But if you have money same can have an investment suitable to buy a trezor or Ledger wallet.

Quote from: Peanutswar on November 15, 2022, 06:48:04 AM

Quote from: Davidvictorson on November 11, 2022, 05:06:06 AM

Your bitcoins should only be stored in cold storage wallets after purchase, and transferred out when you want to sell them. It takes less than 10 minutes. Remember, if you don't have the keys, it's not your coins.

Additionally with these you can buy trusted cold wallets with the Trezor and Ledger

Code:

https://www.ledger.com/
https://trezor.io/

And also check the supported coin because in different storage only limited support with the coin you want to, also for their trusted resellers world wide you can check here

Code:

[1]https://trezor.io/resellers
[2]https://www.ledger.com/reseller

I'm not partnered or a reseller just shares this information for the benefit of the newbies. Also if you don't have a budget yet ideal to use a hot wallet such as the following.

Code:

https://electrum.org/#home
https://www.exodus.com/

Here is the supporting details you can be use in the future.

BlackBoss_

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Quote from: mocacinno on April 21, 2023, 08:40:34 AM

Check out this site for picking a wallet: https://bitcoin.org/en/choose-your-wallet

Many wallets to choose from the site but if you choose Bitcoin Core or Electrum wallet, follow this links to download and follow their guides to verify what you download.

[GUIDE] How to Safely Download and Verify Electrum
Download Bitcoin Core and Verify your download

Amphenomenon

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Op, you can use Mycelium for mobile wallets while Bitcoin core, Electrum, Mycelium, Exodus for pc. You should note that the most secured wallet are the cold wallet because they store your private keys offline and so it add more security like ledger and Trezor.

Potato Chips

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Quote from: Stalker22 on April 21, 2023, 05:07:31 PM

Quote from: Merit.s on April 21, 2023, 10:44:25 AM

You are a newbie and don't understand anything on wallets,so I would advice you not to go for a hard wallet yet because it is technical and a little mistake can mess things up.

I had no idea that being a newbie also means incapable of learning and understanding how to use a hardware wallet.

Seriously though, I respectfully disagree. While hardware wallets may require some technical know-how, they also come with clear instructions and tutorials to help even a newbie get started. As long as the user follows the instructions carefully and takes necessary precautions, such as keeping their recovery seed phrase safe, there should be no reason why a newbie cannot use a hardware wallet. Plus, it is always good to learn by doing and gain hands-on experience.

What is the alternative, anyway? A software wallet or a mobile app? Because there's no way a newbie could ever make a mistake or accidentally compromise their security with one of those, right?

Can't speak for others as I don't have any experience with them but as far as ledger and trezor are concerned, I actually think it's great for beginners. One main reason is that, it mitigates a great load of online attacks, most of which software wallets won't be able to do much e.g. some malwares, so in terms of slip ups, we have much more leeway with hardware wallets.

Another great thing for beginners is that some software wallets supports HW's which means they can switch to their GUI if they don't like the official application from the manufacturer. For bitcoin, I recommend electrum's, it's feature packed while keeping everything simple and straight forward.

smyslov

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Quote from: Grasper on April 21, 2023, 08:38:34 AM

Scam is everywhere, I fear for my money. They say the person who ask for help does not make a mistake. I want to own my first Bitcoin next week when my monthly salary is paid but afraid of jumping on any wallet to avoid losing my money.

The popular choices I know and hear from people are Binance, Blockchain and Freewallet. Which one should I choose? I am just starting my bitcoin owning journey and it will be kind of the senior guys to show the way.

You can suggest better ones if there are any.

Prefer a noncustodial wallet where you have control of the private key, do not let these exchanges, and avoid wallets that claim to be custodial but had a bad reputation in the industry, the perfect choice for this is Exodus and Electrum read and watch videos about these two noncustodial wallets but the most important thing is educating yourself on how to protect yourself from scammers and hackers and securing your wallets.
Good luck on your Bitcoin journey I hope your journey is smooth and you learn how to secure your portfolio you did the right asking the community first.

sheenshane

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Quote from: Grasper on April 21, 2023, 08:38:34 AM

The popular choices I know and hear from people are Binance, Blockchain and Freewallet. Which one should I choose? I am just starting my bitcoin owning journey and it will be kind of the senior guys to show the way.

You can suggest better ones if there are any.

None of them, don't choose centralized exchanges nor centralized wallets, especially Freewallet.org, it will ruin your entire investment, believe me.
You may choose any of these wallets as long as an open-source wallet.

LIST of Multisig Wallets
List of Open-source Lightning wallets
or much better hardware wallets BIG LIST of Hardware wallets (80+)

Those are reliable wallets to choose when you're holding your Bitcoin in a long term, I just want to remind you about the golden rule of crypto, "Not your key, not your coin".

boyptc

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Quote from: Grasper on April 21, 2023, 08:38:34 AM

Scam is everywhere, I fear for my money. They say the person who ask for help does not make a mistake. I want to own my first Bitcoin next week when my monthly salary is paid but afraid of jumping on any wallet to avoid losing my money.

The popular choices I know and hear from people are Binance, Blockchain and Freewallet. Which one should I choose? I am just starting my bitcoin owning journey and it will be kind of the senior guys to show the way.

You can suggest better ones if there are any.

Good thing that you've asked here first, all of the three that you've mentioned aren't viable and great choices especially if you're going to keep 1 bitcoin in them.

Aside from these recommended desktop wallets.

- Electrum
- Wasabi
- Bitcoin Core
- Samourai

Since you will able to buy one bitcoin next week then I'm sure that a few couple of bucks spent for a hardware wallet won't hit your budget a lot. It's a precautionary measure and will give you better security for your asset.

These are the options you've got for hardware wallets --> https://bitcoin.org/en/choose-your-wallet?step=5&platform=hardware

I'd personally recommended Ledger wallets but I only own one of its version, the old one.

Please don't use web wallets that you've mentioned as your choice, you'll regret if you proceed with those choices.

Stalker22

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Quote from: Merit.s on April 21, 2023, 10:44:25 AM

You are a newbie and don't understand anything on wallets,so I would advice you not to go for a hard wallet yet because it is technical and a little mistake can mess things up.
~

I had no idea that being a newbie also means incapable of learning and understanding how to use a hardware wallet.

Seriously though, I respectfully disagree. While hardware wallets may require some technical know-how, they also come with clear instructions and tutorials to help even a newbie get started. As long as the user follows the instructions carefully and takes necessary precautions, such as keeping their recovery seed phrase safe, there should be no reason why a newbie cannot use a hardware wallet. Plus, it is always good to learn by doing and gain hands-on experience.

What is the alternative, anyway? A software wallet or a mobile app? Because there's no way a newbie could ever make a mistake or accidentally compromise their security with one of those, right?

Ziskinberg

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Quote from: Grasper on April 21, 2023, 08:38:34 AM

The popular choices I know and hear from people are Binance, Blockchain and Freewallet. Which one should I choose? I am just starting my bitcoin owning journey and it will be kind of the senior guys to show the way.

You can suggest better ones if there are any.

Perhaps, they are free but the Binance wallet is an exchange wallet where it is not advisable to use any exchange wallet for holding, they are in control of your money, not you.

Blockchain wallet - well, you may choose Electrum instead. We can't say that it was not totally safe but granting that many people and holders are using this wallet (even me) without having a problem, then I would say this is not bad to use. However, if we are aiming to hold a lot of Bitcoin, then must go to a hardware wallet as it has an optimum level of security.

Odusko

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Thank goodness you ask this question if not, you were on the verge of making a big mistake that could have led to your fears because your two choices of wallets are bad ideas for self-custody since Binance is an exchange and Freewallet is fraudulent, it's not a good idea to store your assets in an online wallet but you can choose from trust wallet or blockchain wallet and if you have to go further, you may pay your own cold wallet device for 100% security and self custody.

aysg76

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First of all if you have heard from someone Binance then definitely it's not a good advice and they are preferably directing you towards these centralised exchanges which can anytime restrict you from withdraw your own coins so how come do you classified them in safe category?

There are many good wallets but depends on which coins you want to hold like for bitcoin good choice is Electrum wallet as it's non custodial and your keys never leave your wallet without anyone having access to it but if you prefer more security then hardware wallets are the choice you have but you need to spend funds for buying it.

BitMaxz

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There are lots of wallets to choose but all of them are depends on you how you protect your wallet from any attacks.

Do you have a budget? If yes then a hardware wallet is the best and yes it's technical but it is easy to use just make sure that you have a backup of your seed and passphrase to make sure in the future you can recover your wallet.
You can write the backup seed and passphrase into the piece of paper and save it somewhere safe in your house or your physical wallet.

Or if you don't have a budget you can start with Electrum cold storage/offline wallet which is very safe from any attack this is good if you are just saving your Bitcoin not for daily use because you will need to make a raw unsigned/signed transaction every time you make a transaction it is a bit hassle and it needs an extra device that connected to the internet where you can create raw unsigned and broadcast a transaction.

Merit.s

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You are a newbie and don't understand anything on wallets,so I would advice you not to go for a hard wallet yet because it is technical and a little mistake can mess things up. Binance is not a wallet,it is an exchange and if you leave your coins in it,there is high possibility of you losing your bitcoin,therefore it is not advisable. You can buy your bitcoin with Binance or a decentralized exchange like Agoradesk or bisq. If it will be more complicated for you,try and do your own research too. From my own side,you can use electrum with lighting network, it is a noncustodial wallet which you will have full control of your private keys for safety of your bitcoin. It is also very easy to use.

cryptoaddictchie

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Quote from: Grasper on April 21, 2023, 08:38:34 AM

Scam is everywhere, I fear for my money. They say the person who ask for help does not make a mistake. I want to own my first Bitcoin next week when my monthly salary is paid but afraid of jumping on any wallet to avoid losing my money.

Dont fear if you wanted to invest cause thats the risk wr have to take if we want to gain profits. You are right that scams are everywhere but it will depend on you on how to control yourself from believing the idea of free or airdrops. Most scammers are tend to talk to newbies and beginners that are interested to people.

Topic: Help me in choosing wallet before I make mistake - page 2. (Read 437 times)