If you are total newbie to bitcoin for small amount of bitcoin : https://blockchain.info web or mobile wallet. (don't forget to backup wallet).
If you know some basics of bitcoin and like to find more secure way to store and use bitcoin daily: electrum desktop wallet can be good
For both newbie and medium level bitcoin users who want to store more than 1 bitcoin securely, creating paper wallet in fully offline computer and printing that paper---> storing that paper securely and if you need to transfer/use it than only scan private key with blockchain.info like wallet and send to wherever you want can be considered as secure way to store bitcoin.
Topic: Main aspects you have to consider on choosing an online bitcoin wallet - page 2. (Read 864 times)
November 01, 2016, 11:07:19 AM
November 01, 2016, 10:13:26 AM
First of all congratulations on asking such answer. For me, I have said it other times in this very section of the forum, it's not worth at all having a web wallet nowadays. It's worthless as desktop wallets have their same functionalities but better security. If you are thinking to use some web wallet on the go with your mobile, you can never go wrong with Mycellium which is the same as is a desktop wallet for PC, but this is for your mobile.
Reasons why having a web wallet is never recommended.
1. One and foremost is that you are relying on someone else, third party to keep the coins for you which is against the core philosophy of bitcoin (bitcoin should be your own bank and only for you to manage)
2. You need to access a website which cannot be always online and if you are a gambler, trader you can lose a lot from this (desktop wallets such as electrum has tons of servers and never let you down in this case)
3. Many of these online wallets block your account whenever they feel like it, XAPO, COINBASE, are the most known in this area.
I think these are reasons enough why to never store your coins in a web wallet but the final choice is yours.
Reasons why having a web wallet is never recommended.
1. One and foremost is that you are relying on someone else, third party to keep the coins for you which is against the core philosophy of bitcoin (bitcoin should be your own bank and only for you to manage)
2. You need to access a website which cannot be always online and if you are a gambler, trader you can lose a lot from this (desktop wallets such as electrum has tons of servers and never let you down in this case)
3. Many of these online wallets block your account whenever they feel like it, XAPO, COINBASE, are the most known in this area.
I think these are reasons enough why to never store your coins in a web wallet but the final choice is yours.
Thanks for the detailed answer. One of the reasons I'm interested in online wallets like Xapo, Coinbase you've mentioned and other (Spectrocoin, Cryptopay, Bitpay, E-coin according to Google) is because they offer not only wallet but also bitcoin cards. According to their statements it is possible to load such type of card with bitcoin and use it like usual bank card. As it's not so many places where it is possible to pay with bitcoin I thought such card could help me a lot with that inconvenience.
As for Mycelium you've recommended it seems they offer some card, have you ever tried it?. Or using such type of cards is not a good idea?
November 01, 2016, 09:35:08 AM
I'm in need of choosing a "right" (safe, convenient, reliable) online bitcoin wallet for my funds but because of the variety of such wallets and lack of experience in this field it's quite complicated task for me. I'm sure that there are some pitfalls that I don't know or haven't heard about yet and which would affect a lot on the choice. I would appreciate some help on this topic from people who has some experience regarding such types of wallets.
First of all congratulations on asking such answer. For me, I have said it other times in this very section of the forum, it's not worth at all having a web wallet nowadays. It's worthless as desktop wallets have their same functionalities but better security. If you are thinking to use some web wallet on the go with your mobile, you can never go wrong with Mycellium which is the same as is a desktop wallet for PC, but this is for your mobile.
Reasons why having a web wallet is never recommended.
1. One and foremost is that you are relying on someone else, third party to keep the coins for you which is against the core philosophy of bitcoin (bitcoin should be your own bank and only for you to manage)
2. You need to access a website which cannot be always online and if you are a gambler, trader you can lose a lot from this (desktop wallets such as electrum has tons of servers and never let you down in this case)
3. Many of these online wallets block your account whenever they feel like it, XAPO, COINBASE, are the most known in this area.
I think these are reasons enough why to never store your coins in a web wallet but the final choice is yours.
November 01, 2016, 07:13:41 AM
I'm in need of choosing a "right" (safe, convenient, reliable) online bitcoin wallet for my funds but because of the variety of such wallets and lack of experience in this field it's quite complicated task for me. I'm sure that there are some pitfalls that I don't know or haven't heard about yet and which would affect a lot on the choice. I would appreciate some help on this topic from people who has some experience regarding such types of wallets.
First thing to keep in mind Is that you shouldn't store them where you don't have control over your private keys. (Like exchange : Poloniex , Coinbase , Bittrex , Xapo , etc... ). I would recommend using BTC.com as they offer both 2FA for their users (really nice Android app too) + multi signature wallet (which means It's impossible to them to steal anything even If they want to as you sign the transaction from your part) , In addiction , It's a HD wallet that should keep your identity private (It generate new addresses each time you want to receive) . The GUI looks very good and It's very simple and don't require any rocket science knowledge .
November 01, 2016, 07:04:05 AM
I'm in need of choosing a "right" (safe, convenient, reliable) online bitcoin wallet for my funds but because of the variety of such wallets and lack of experience in this field it's quite complicated task for me. I'm sure that there are some pitfalls that I don't know or haven't heard about yet and which would affect a lot on the choice. I would appreciate some help on this topic from people who has some experience regarding such types of wallets.
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