Topic: Is developing your own Wallet safer? - page 3. (Read 8732 times)
If you code EVERYTHING yourself it will be, BUT if you use some libraries, methods, etc which are not written by you it will be more vulnerable
First off, you'll need to have full access to your server, because you need to be running a Bitcoin-node (constantly) connected to the Bitcoin Network. So a simple shared server won't cut it. You could connect to your remote Bitcoin-node. But in that case, you still need a server to run that node.
The programmer's way:
1. Install and run a Bitcoin-node on your server. HOW
2. Learn how to use JsonRPC in your preferred programming language.
3. Use the API to program your own virtual wallet.
(basically how all online wallets more or less function)
The lazy programmer's way
1. Install and run a Bitcoin-node on your server.
2. Use a third-party DIY self-hosted wallet, like Coinpunk
(Note: as indicated on the website, such projects are still very beta. Careful.)
The programmer's way:
1. Install and run a Bitcoin-node on your server. HOW
2. Learn how to use JsonRPC in your preferred programming language.
3. Use the API to program your own virtual wallet.
(basically how all online wallets more or less function)
The lazy programmer's way
1. Install and run a Bitcoin-node on your server.
2. Use a third-party DIY self-hosted wallet, like Coinpunk
(Note: as indicated on the website, such projects are still very beta. Careful.)
I don't here any one on here telling us what is the best wallet provider to use so let me ask what is the best option for third party wallet?
Would developing your own Bitcoin Wallet be safer than using known ones like Electrum? It would obviously be much simpler, with no GUI, worse overall security but no one could get their hands on its source code. I have enough programming experience myself to make it but I'm wondering if it even makes sense to do so.
Thank for your help!
Thank for your help!
Bitcoin wallets like Electrum are being developed as open source. More than one programmer is bug-fixing.
The software you are developing on your own may contain some bugs. Your app must pass through a good testing process.
Especially work as a team on a project like bitcoin will be more accurate.
Would developing your own Bitcoin Wallet be safer than using known ones like Electrum? It would obviously be much simpler, with no GUI, worse overall security but no one could get their hands on its source code. I have enough programming experience myself to make it but I'm wondering if it even makes sense to do so.
Thank for your help!
Thank for your help!
I doubt very much that developing your own wallet would be a god idea, unless you are a serious developer with great skills. However i reckon that if you were a great developer you would be doing it already and wouldnt be on bitcoin talk asking if it was a good idea.
The established wallets have been around for years and have been thoroughly tested and reviewed which means they are secure. i know i would rather trust them over my own abilities to create a wallet.
I know a few developers who built from scratch a node to learn how the network operates.
Those days there are great open-source projects in many languages you could use as a node, no reason to develop your own (the same goes to every piece of code)
The chance you will create a security flaw is pretty high considering the complexity of today's nodes.
Those days there are great open-source projects in many languages you could use as a node, no reason to develop your own (the same goes to every piece of code)
The chance you will create a security flaw is pretty high considering the complexity of today's nodes.
Developing your own wallet can in fact be very dangerous to your Bitcoin. You must understand the ins and outs of the entire Bitcoin protocol, down to the byte level. Screw something up, and you could lose all of your Bitcoin or be vulnerable to an attack. If your wallet is closed source, then you won't get any review from experts who can tell you whether there are serious bugs in your code. Furthermore, security through obscurity both doesn't matter here and is rarely any security at all.
He said that he has enough experience to develope his own Wallet software.Well to my mind despite the fact that electrum is open source project, that doesn't make any fear fact because think about online wallet websites, ehat do you think, are they using their own developed software? Maybe 1-2 will use, maybe, but as I know and also my local bank is using already created and mostly used, public software.
Would developing your own Bitcoin Wallet be safer than using known ones like Electrum? It would obviously be much simpler, with no GUI, worse overall security but no one could get their hands on its source code. I have enough programming experience myself to make it but I'm wondering if it even makes sense to do so.
Thank for your help!
Electrum is very safe, you don't need to develop a new wallet in my opinion Thank for your help!
it is worthwhile! Really, don't get discouraged.
You learn alot about "how the system works". There is a testnet, that you can play with, so don't even need to fear loosing money while in early stage of dev.
You never know where you end up. Maybe one day you're in, and we have a new core dev :-)
Hint1: you can't make money with wallets
Question: what do you intend to do, and what language? I think this was not answered ...
encouraging you, rgds,
Volker
You learn alot about "how the system works". There is a testnet, that you can play with, so don't even need to fear loosing money while in early stage of dev.
You never know where you end up. Maybe one day you're in, and we have a new core dev :-)
Hint1: you can't make money with wallets
Question: what do you intend to do, and what language? I think this was not answered ...
encouraging you, rgds,
Volker
I have developed mine for a while, can't say it's safer, but I learn a few things.
A wallet that has been around for a couple of years, a couple of developers working on it and more people contributing to the code and checking it for bugs,... and thousands of users using it and reporting any possible bugs and helping the development.
Versus
A wallet that you build, only you code, you test, you secure. All alone.
P.S. If you are worried about these stuff there are other ways of "generating a private key" without using any of the wallets, or without a computer even. Check out how to get a random number offline using dice.
Here is an article about it: http://www.swansontec.com/bitcoin-dice.html
Versus
A wallet that you build, only you code, you test, you secure. All alone.
P.S. If you are worried about these stuff there are other ways of "generating a private key" without using any of the wallets, or without a computer even. Check out how to get a random number offline using dice.
Here is an article about it: http://www.swansontec.com/bitcoin-dice.html
One of the most important and tricky parts of developing your own wallet would be the PRNG. There have been a number of cases where the PRNG had problems and people lost bitcoins, so while developing your own wallet would no doubt be interesting, it is a minefield.
I choose not to create and develop my own wallet, because if there are problems that can't be repaired, then I would lose total existing bitcoin. Private/public key is enough for wallet security. But I'm optimistic wallet technology continues to evolve, I expect wallet has three different keys such as private key, transactions key, and backup key. This will provide a layered security levels, more robust than using 2FA features.
It's a fun project, been working on my own for fun... Definitely not safer.
One of the most important and tricky parts of developing your own wallet would be the PRNG. There have been a number of cases where the PRNG had problems and people lost bitcoins, so while developing your own wallet would no doubt be interesting, it is a minefield.
Do it and, if your wallet is better than other wallets, you will can share it. 
Developing your own wallet can in fact be very dangerous to your Bitcoin. You must understand the ins and outs of the entire Bitcoin protocol, down to the byte level. Screw something up, and you could lose all of your Bitcoin or be vulnerable to an attack. If your wallet is closed source, then you won't get any review from experts who can tell you whether there are serious bugs in your code. Furthermore, security through obscurity both doesn't matter here and is rarely any security at all.
I have to agree. Although i prefer to lose money, because i made a mistake rather then lose it because somebody made a mistake. In this case it would be an unnecessary risk. If you have the skills to make your own one, then you should be able to check the code of a wallet you would like to use. In crypto OSS is preferred since everybody can check and not the system/software is keeping your data safe, but your keys. 
Would you give your fiat currency wallet to someone else to look after, or would you keep it in your pocket. I guess if you are the sort of person who keeps losing things, then maybe you should get someone else to look after it. 
Developing your own wallet can in fact be very dangerous to your Bitcoin. You must understand the ins and outs of the entire Bitcoin protocol, down to the byte level. Screw something up, and you could lose all of your Bitcoin or be vulnerable to an attack. If your wallet is closed source, then you won't get any review from experts who can tell you whether there are serious bugs in your code. Furthermore, security through obscurity both doesn't matter here and is rarely any security at all.
I agree with achow. Really, think about it, if u miss even a minor detail, then u are screwed up. Small errors like casting errors (may turn 1.7 btc to 1 btc) and other stuff can pretty much impact your software in a huge way. I think most major wallets are secure on their own. You will be safe with them as long as u use them with security in mind.
Would developing your own Bitcoin Wallet be safer than using known ones like Electrum? It would obviously be much simpler, with no GUI, worse overall security but no one could get their hands on its source code. I have enough programming experience myself to make it but I'm wondering if it even makes sense to do so.
Thank for your help!
Thank for your help!
What are you thinking of developing?
Developing your own wallet can in fact be very dangerous to your Bitcoin. You must understand the ins and outs of the entire Bitcoin protocol, down to the byte level. Screw something up, and you could lose all of your Bitcoin or be vulnerable to an attack. If your wallet is closed source, then you won't get any review from experts who can tell you whether there are serious bugs in your code. Furthermore, security through obscurity both doesn't matter here and is rarely any security at all.
I have to agree. Although i prefer to lose money, because i made a mistake rather then lose it because somebody made a mistake. In this case it would be an unnecessary risk. If you have the skills to make your own one, then you should be able to check the code of a wallet you would like to use. In crypto OSS is preferred since everybody can check and not the system/software is keeping your data safe, but your keys. Jump to: