Is Exodus.io wallet safe to store BTC for a longtime

bob123

legendary

Activity: 1624

Merit: 2481

No. Exodus is one of the worst wallets available.

Missing features (e.g. Multi signature)
Bad security (Seed exposed in memory after unlocking the wallet)
Closed source

Since you are explicitly asking for a bitcoin wallet, do not use exodus.
If you don't want to download the whole blockchain, use a lightweight wallet. If you don't care much about your privacy, electrum. If you want to stay more private, use wasabi.

Nevertheless, the security of a desktop wallet can only be as good as your PC is protected.
For higher amounts, better use offline storage or get a hardware wallet.

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: Chriskelani on July 17, 2020, 04:34:55 AM

Someone recommended Exodus wallet to me but I think is best I ask questions before using it. Has anyone in the house has negative results or bad experience from Exodus wallet?

I would appreciate your sincere comments.

Thanks

Chris

If you are only going to store bitcoin for the long term then there is no point in getting the exodus wallet, you can get the electrum wallet and store your coins there, however if you are thinking of storing really large quantities of bitcoin or you are thinking on eventually getting coins other than bitcoin then it is time to consider to buy a hardware wallet.

Some people out of greed decide to not get a hardware wallet simply because you cannot get them for free, but when deciding to store large sums of money then you should prioritize the safety of your coins, besides hardware wallets are really cheap with the cheapest trezor costing less than 50 Euros.

ABCbits

legendary

Activity: 2870

Merit: 7490

Crypto Swap Exchange

Quote from: OmegaStarScream on July 19, 2020, 07:14:20 AM

HODLER wallet is open source[1][2] but I don't think that using it would be a good idea, since there has been no commits/updates since October 2019.

[1] https://hodler.tech/
[2] https://github.com/HODLERTECH/HODLER-Open-Source-Multi-Asset-Wallet/releases

If you check their play store (https://play.google.com/store/apps/details?id=tech.hodler.core), it's also last updated at October 29, 2019 with exactly same version.

But HODLER Wallet isn't that popular, so i doubt anyone have looked at the code throughfully.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Quote from: bitmover on July 19, 2020, 06:48:12 AM

-snip-
Additionally, the only reason to use coinomi or exodus is that they are multicurrency. Coinomi supports more currencies.

There is no open source multi currency wallet.

HODLER wallet is open source[1][2] but I don't think that using it would be a good idea, since there has been no commits/updates since October 2019.

[1] https://hodler.tech/
[2] https://github.com/HODLERTECH/HODLER-Open-Source-Multi-Asset-Wallet/releases

bitmover

legendary

Activity: 2352

Merit: 6089

bitcoindata.science

Quote from: sheenshane on July 19, 2020, 02:18:19 AM

Quote from: abuya55 on July 18, 2020, 11:59:57 PM

Why is Electrum better than Exodus? Both wallets encrypt private keys and keep them on your device. Maybe I'm wrong, but I think that most of non-custodial wallets are the same.

Electrum for me is much better than Exodus because it is a fully open-source and multi-signature wallet.

Probably you need to read this comparison between two of them, Exodus vs. Electrum: The Full Comparison.

Exodus and Coinomi wallet are almost the same for me, but when it comes of most security features, Electrum will surely a good choice and it's focus only for Bitcoin storing.

Exactly.
Additionally, the only reason to use coinomi or exodus is that they are multicurrency. Coinomi supports more currencies.

There is no open source multi currency wallet.

That being said, it is better to stick with electrum when you need to use bitcoin. Then you look for multicurrency closed source wallets when dealing with multiple altcoins.

Exodus and coinomi are handy because they are no scam: they will not steal your coins. But you can find a lot of scam wallets out there, specially when dealing with small cap altcoins.

I use basically electrum and coinomi and ledger live app (hardware wallet multicurrency wallet)

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: abuya55 on July 18, 2020, 11:59:57 PM

Why is Electrum better than Exodus? Both wallets encrypt private keys and keep them on your device. Maybe I'm wrong, but I think that most of non-custodial wallets are the same.

Whether a desktop/mobile crypto wallet is open source or partially open source may play a crucial role for some users, but it all comes down to the aforementioned thing, and that is how much money you actually keep in that wallet. Most users are not at all aware that any such program needs to be verified before actual use, and that they are exposed to various attack vectors if they use them in an insecure environment.

If someone just buys a significant amount of BTC, and wants to keep them for a longer period without any transactions, then paper wallet or cold storage is the best solution. In doing so, one should be extremely careful when doing such a thing - and after that the protection of such wallets should be at the highest possible level.

sheenshane

legendary

Activity: 2492

Merit: 1232

Quote from: abuya55 on July 18, 2020, 11:59:57 PM

Why is Electrum better than Exodus? Both wallets encrypt private keys and keep them on your device. Maybe I'm wrong, but I think that most of non-custodial wallets are the same.

Electrum for me is much better than Exodus because it is a fully open-source and multi-signature wallet.

Probably you need to read this comparison between two of them, Exodus vs. Electrum: The Full Comparison.

Exodus and Coinomi wallet are almost the same for me, but when it comes of most security features, Electrum will surely a good choice and it's focus only for Bitcoin storing.

abuya55

jr. member

Activity: 42

Merit: 1

Quote from: bitmover on July 17, 2020, 12:26:38 PM

Quote from: OmegaStarScream on July 17, 2020, 05:09:24 AM

Exodus developers themselves don't recommend using their wallet (if storing large amounts):

Quote from: https://medium.com/exodus-movement/addressing-vulnerabilities-with-software-based-wallets-1cc9ff77bf44

7.Finally, and most importantly, if you are storing large amounts of crypto assets do not use Exodus.

This says all. Even the developers do not recommend it.

The best practice is to buy a Ledger Nano or Trezor.

There you can use Electrum Wallet for bitcoin and the native software for the altcoins. This is best way to store cryptocurrency today.

Why is Electrum better than Exodus? Both wallets encrypt private keys and keep them on your device. Maybe I'm wrong, but I think that most of non-custodial wallets are the same.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: OmegaStarScream on July 17, 2020, 05:09:24 AM

Exodus developers themselves don't recommend using their wallet (if storing large amounts):

Quote from: https://medium.com/exodus-movement/addressing-vulnerabilities-with-software-based-wallets-1cc9ff77bf44

7.Finally, and most importantly, if you are storing large amounts of crypto assets do not use Exodus.

Hmm. Though I dislike Exodus and don't recommend it to people, this at least makes me respect them a bit more. Pretty much the same feeling when Kraken's CEO, Jesse Powell made this tweet:

https://twitter.com/jespow/status/1085348666699739141

dkbit98

legendary

Activity: 2212

Merit: 7064

I would not use exodus wallet for keeping Bitcoin for a long time.
It is not open source, and you can not set fees manually even if newbies don't care about this.
They do have RBF replace by fee option to lower fees, but that can be abused as we saw in case of other wallets.
They also have updates all the time and they filled wallet with bunch of defi compound stuff.

For storage of BTC you should use hardware wallet, or Electrum.

joniboini

legendary

Activity: 2170

Merit: 1789

If you don't plan on touching it for a very long time, why not generate new address on an offline/secure computer & write it up, remove the wallet/clean your pc so no private key/seed left, then save the pivate key/seed somewhere safe? Wallet are just tools to access your coins, so I'd prolly ask this if I need to access it after years of holding it.

bitmover

legendary

Activity: 2352

Merit: 6089

bitcoindata.science

Quote from: OmegaStarScream on July 17, 2020, 05:09:24 AM

Exodus developers themselves don't recommend using their wallet (if storing large amounts):

Quote from: https://medium.com/exodus-movement/addressing-vulnerabilities-with-software-based-wallets-1cc9ff77bf44

7.Finally, and most importantly, if you are storing large amounts of crypto assets do not use Exodus.

This says all. Even the developers do not recommend it.

The best practice is to buy a Ledger Nano or Trezor.

There you can use Electrum Wallet for bitcoin and the native software for the altcoins. This is best way to store cryptocurrency today.

Husires

legendary

Activity: 1596

Merit: 1288

Cold storage is the ideal way to store BTC for a longtime. any wallet that does not support cold storage will not be ideal for long-term storage.
The answer will be no. Any wallet that does not support cold storage is not suitable for this.
Hardware wallets are safe because they have been designed to make it impossible to access private keys because they never leave your device.
if your device gets infected with malware then your coins will be hacked

HCP

legendary

Activity: 2086

Merit: 4361

Be aware that Exodus does not provide any way to specify or set the transaction fees you want to use... You are completely at the mercy of the Exodus fee calculating algorithm.

Anecdotally, this algorithm is not great and will generally result in fees that are higher than they probably should be. Having said that, I don't recall reading any instances where it set fees too low, resulting in a stuck transaction.

Maus0728

legendary

Activity: 1904

Merit: 1563

If it's only bitcoin you are going to store or hold, then stick with using electrum or mycelium. But if you are also going to hold some of the altcoin in the market, then exodus is a good choice.

Few things that you should consider learning is storing the seed phrase exodus will give to you upon the creation of wallet so that you will be able backup your wallet in case of lost. You can learn more about Exodus wallet here.

[1] https://electrum.org/#download | Make sure to verify the application.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Exodus developers themselves don't recommend using their wallet (if storing large amounts):

Quote from: https://medium.com/exodus-movement/addressing-vulnerabilities-with-software-based-wallets-1cc9ff77bf44

7.Finally, and most importantly, if you are storing large amounts of crypto assets do not use Exodus.

If it's the UI that you like, then you can buy a Trezor: https://www.exodus.io/trezor/

And if you don't have much, and you're planning to store multiple crypto assets, then I don't see any harm in using it.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

As far as I know, Exodus still isn't open-source. So because of that, I'd suggest something different like Electrum[1] instead. Or if you own BTC that are worth significant amounts of money, get a reputable hardware wallet such as the Ledger Nano S[1].

[1] https://electrum.org/
[2] https://ledger.com/

Chriskelani

newbie

Activity: 11

Merit: 1

Someone recommended Exodus wallet to me but I think is best I ask questions before using it. Has anyone in the house has negative results or bad experience from Exodus wallet?

I would appreciate your sincere comments.

Thanks

Chris

Topic: Is Exodus.io wallet safe to store BTC for a longtime (Read 287 times)