Help me in choosing wallet before I make mistake - page 3.

wahyuagung26

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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?

If you want to store your Bitcoin Assets later, you should use an official platform. the options you mentioned maybe they are global options so far, but don't use a centralized exchange site to store your Bitcoin assets, if the quantity is large we recommend you to try to get a hardware wallet, for example like Electrum they say so far very safe. maybe there are some other trusted secure hardware wallets you can try.

Wapfika

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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.

What kind of people here suggest that this wallet is popular? Binance and Blockchain.info are an exchange while Freewallet is totally unknown to me. Electrum is the best wallet for starters because it's open source and has been used by most of crypto users for a long time. Electrum Wallet is protecting newbies Bitcoin since 2011 though. if you have extra cash, It only took 69$ for you to have the Trezor Model One hardware wallet which saves you from worries of being hacked or scammed. Invest in a hardware wallet if you value your investment.

Never hold your coins on Centralized Exchange like Binance. Always remember that Not Your Keys Not Your Coins!

ololajulo

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To ensure the highest level of security when storing cryptocurrencies, it is crucial to prioritize safe storage options. Custodial wallets or web wallets may not be ideal for long-term storage due to potential security risks. Instead, non-custodial software wallets or hardware wallets are recommended as they provide better security and allow users to retain control over their funds. For example, using a non-custodial software wallet like Electrum, which is a desktop app, enables users to have full control over their private keys and securely manage their funds on their own devices. It's worth noting that keeping large amounts of coins on an online exchange is generally not advisable as these exchanges can be susceptible to hacks or other security breaches. However, it may be necessary to use a centralized exchange at some point, and in such cases, it's important to choose a reputable and trusted exchange.

FatFork

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In my opinion, neither of the options you mentioned are popular or recommended. Binance is an online exchange and not a wallet, and while it can be used to hold a small amount of coins (specifically if you actively use the platform for trading), it's not advisable to do so for an extended period. As for Freewallet, it's a web wallet and mobile app. Although I'm uncertain if it's a custodial wallet or not (meaning if they have access to your private keys), the general opinion is that web wallets are less secure than fully-fledged desktop apps or hardware wallets.

You should avoid custodial wallets, which hold your keys on your behalf, as they can be hacked or shut down, and you have no control over it. If you prefer to manage your funds on your desktop, I recommend using a software wallet like Electrum. And if you want better security with less effort on your part, a hardware wallet is the best choice.

acroman08

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if you are going to buy Bitcoin and hold it I suggest to don't use any centralized exchange site as a wallet to store your coins. mocacinno shared a link to help you figure out what wallet would be great for you, I suggest try checking it out.

anyway, you can also check this thread [General] Bitcoin Wallets - Which, what, why? if you want more choices and info and feedback from members.

Nwada001

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You are really asking this question in the right place (the forum). Since you want to purchase your first Bitcoin, I guess you also have less knowledge regarding the crypto.

I will advise you to use any authorized platform in your country. Here, Binance is simple to verify and purchase your crypto without stress, but if you will have to be using it more often, it's not worth your identity if you only plan to use it once. If you have passed the verification process, you can use the P2P option to buy USDT, which you can later use on Binance spot to purchase your Bitcoin (buying Bitcoin directly using Binance p2p sometimes has a higher price than usual).

You can also use P2P platforms like Hodlhodl and Agoradesk , which don't require KYC verification for any purchase.
If you have successfully purchased your Bitcoin, you can think of the best wallet for storing it. If the fund is large enough, I will advise you to purchase a hardware wallet like Electrum, Ledger, etc. They are among the highly rated wallets here in this forum.

mocacinno

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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 hear from people are Binance 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.

noooooooo...

Not binance and DEFENATELY not freewallet!!!
Binance is an exchange, it's very bad practice to keep your money in an online wallet, and binance isn't even a wallet (it's an exchange). Exchanges are made to deposit, trade and withdraw...

Freewallet is a completely different thing... It has tons and tons of fraud accusations from people that have given reliable testimonials that freewallet is selectively scamming. It is also widely believed by a lot of people in the community they're relying on fake reviews and bought adspots on search engines to lure in new ~~victims~~ *customers Roll Eyes

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

Just my advice: if you're going to hold a lot of money and you want an easy sollution: go for a trusted hardware wallet. Personally i use a ledger and a trezor, but you should do your own research.

If you're just experimenting and you have access to a clean pc, you can hold a limited amount of funds in an SPV HD wallet like electrum or sparrow... or bitcoin core (eventough that one takes a massive amount of hdd space and time, since you're downloading and verifying the complete blockchain)

Grasper

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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.

Topic: Help me in choosing wallet before I make mistake - page 3. (Read 441 times)