Need help regarding Blockchain.com wallet

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Quote from: bryant.coleman on December 02, 2024, 09:44:03 PM

OK guys.. after carefully considering all of my options, I decided to purchase a hardware wallet. I made the order a few hours back. I think this is the best thing to do, given all the inconvenience I had to go through with the Blockchain.com wallet. Thanks everyone for their inputs! They were really helpful.

Happy to hear that. I hope that it will be in there within a few days so you can enjoy your holdings and have peace of mind as well. That web wallet was terrible and I'm glad that I left that years ago.

Quote from: freedomgo on December 03, 2024, 04:27:52 AM

I'm guessing you're holding a significant sum.

He's not telling and giving us a clue but that's for sure. He wants to remain lowkey with it. Cheesy

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Quote from: FatFork on December 02, 2024, 03:07:30 PM

~snip~
Take a look at some popular options like Trezor, BitBox02 or Passport. (These are just a few of my favorites - there are others out there.) They're user-friendly and offer top-notch security. And they're not so expensive nowadays, anyway.

For some, $200 is a lot, for others it certainly isn't - for those of us in the EU who want to buy a Passport, the price ranges from EUR 250 and up (depending on the reseller), which is not exactly cheap compared to the devices we bought 6-7 years ago. However, if you have assets worth tens of thousands of dollars, the price of a device that can store them safely really seems pretty cheap.

@bryant.coleman, It's good that you've already ordered the HW, and I hope you chose one that has a good reputation and is open source. In any case, when you get the device, don't hesitate to ask if something is not completely clear to you.

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Quote from: bryant.coleman on December 02, 2024, 09:44:03 PM

OK guys.. after carefully considering all of my options, I decided to purchase a hardware wallet. I made the order a few hours back. I think this is the best thing to do, given all the inconvenience I had to go through with the Blockchain.com wallet. Thanks everyone for their inputs! They were really helpful.

Great decision on your part! You didn't mention the amount, but considering the wallet was created in 2012, I'm guessing you're holding a significant sum. It's absolutely right to protect it yourself because, as every HODLer knows, "not your keys, not your coin."

bryant.coleman

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OK guys.. after carefully considering all of my options, I decided to purchase a hardware wallet. I made the order a few hours back. I think this is the best thing to do, given all the inconvenience I had to go through with the Blockchain.com wallet. Thanks everyone for their inputs! They were really helpful.

Darker45

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You're like an OG in the community. You must have a considerable stash. In which case, I'd rather not choose between the two. The options you've mentioned are between two hot wallets, not really the best wallets to hodl.

This isn't the old days anymore. If blockchain.com's wallet was safe enough back in 2012, it's already a completely different story today. (1) Bitcoin is becoming too valuable to risk being kept in a web-based wallet and, of course, (2) there are already safe and cheap hardware wallets out there.

Quote from: tbct_mt2 on December 02, 2024, 10:08:32 AM

Blockchain.com (formerly as blockchain.info) wallet is a close-source non custodial wallet.

Between an open-source and a close-source, your choice must be clear and very easy, it goes to open-source.

If I'm not mistaken, blockchain.com's DeFi wallet is open-source.

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Quote from: bryant.coleman on December 02, 2024, 10:02:19 AM

Thanks. These are really helpful. I am still thinking about my options here. May need a few days or even a few weeks to think about them and finally make a choice.

I am seriously thinking about going for a hardware wallet. But not finalized as of yet.

You are one of the many that I've read with the same concern about their old blockchain.io(.com) wallet that are still intact and you're able to access. Go for the hardware wallet and you should have a better peace of mind. If you have already considered owning a hardware wallet, don't choose Ledger and never choose its 'Ledger recover' feature. Go for the other brands like Trezor, you already have an idea about them. I guess somebody's happy with the amount they've seen on their ole' blockchain wallet. Wink

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Quote from: bryant.coleman on December 02, 2024, 10:02:19 AM

I am seriously thinking about going for a hardware wallet. But not finalized as of yet.

There's not much to think about here. Hardware wallets are a far more secure option than your current wallet, especially if you plan on using it for long-term HODL. The sooner you make the switch, the better.

Take a look at some popular options like Trezor, BitBox02 or Passport. (These are just a few of my favorites - there are others out there.) They're user-friendly and offer top-notch security. And they're not so expensive nowadays, anyway.

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Quote from: tbct_mt2 on December 02, 2024, 10:08:32 AM

Quote from: bryant.coleman on December 02, 2024, 10:02:19 AM

Thanks. These are really helpful. I am still thinking about my options here. May need a few days or even a few weeks to think about them and finally make a choice.

I don't think you have to take too much time for consideration.
~snip~

I think similarly, but not the same as you - because any hasty decision can have very bad consequences. Let's say that the OP listens to someone's advice and downloads a desktop wallet - what can happen?

1. He can download a fake wallet, and if he imports private keys or makes a transaction in that wallet = game over.

2. He can take additional steps and verify the wallet files, then install the wallet and then make a transaction from blockchain wallet to his wallet - but what if he has a clipboard malware on his computer - again = game over.

Quote from: tbct_mt2 on December 02, 2024, 10:08:32 AM

You can import private key to Electrum, then move your bitcoin to another new wallet that is created by Electrum wallet too.
Back up your new Electrum wallet too.

Why pay the fee twice when you can simply send coins from an online wallet to a desktop wallet that is already secured with a seed and password? Another important thing about Electrum is that it cannot handle the import of too many private keys at once, so even though this may not be the case with the OP, it is good to keep in mind.

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Quote from: bryant.coleman on December 02, 2024, 10:02:19 AM

Thanks. These are really helpful. I am still thinking about my options here. May need a few days or even a few weeks to think about them and finally make a choice.

I am seriously thinking about going for a hardware wallet. But not finalized as of yet.

Hardware wallets would be much safer since you literally are saving these coins for the long term. And like you said it's your retirement funds, you have to do all it take to keep them safe from scammers or being lost. Get a good hardware wallet or create a cold stored device using electrum and sweep your private keys there to store your coins, so you have full control of them. With many reports I've heard about blockchain.com here on the forum, I won't want to think about using their wallet to store my coins. I prefer just electrum or a hardware wallet..

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Quote from: bryant.coleman on December 02, 2024, 06:41:25 AM

What should I do now? Should I move the coins to their DeFi wallet? They are terming the old wallet as "private key wallet". I have the private key for this wallet with me. Should I just keep my coins in the old wallet? Which one is safer?

If they could move your coins without your knowledge to a different wallet that they basically created for you then they still have access to those bitcoins and can move it to any wallet they want without your consent again. Safety is primarily based on you having total control of the wallet.

Quote from: bryant.coleman on December 02, 2024, 10:02:19 AM

Thanks. These are really helpful. I am still thinking about my options here. May need a few days or even a few weeks to think about them and finally make a choice.

I am seriously thinking about going for a hardware wallet. But not finalized as of yet.

It shouldn’t be something you delay further, go for the non-custodial wallet. For a long term choice it should be cold storage. Either hardware wallet or any hot wallet like electrum on an airgapped device. To me if you don’t have an airgapped device or know how to set the offline wallet up, go for hardware wallet which is open source

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Quote from: bryant.coleman on December 02, 2024, 10:02:19 AM

Thanks. These are really helpful. I am still thinking about my options here. May need a few days or even a few weeks to think about them and finally make a choice.

I don't think you have to take too much time for consideration.

Electrum is an open-source non custodial wallet.
Blockchain.com (formerly as blockchain.info) wallet is a close-source non custodial wallet.

Between an open-source and a close-source, your choice must be clear and very easy, it goes to open-source.

You can import private key to Electrum, then move your bitcoin to another new wallet that is created by Electrum wallet too.
Back up your new Electrum wallet too.

How to back up a seed phrase?

bryant.coleman

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Quote from: tbct_mt2 on December 02, 2024, 08:01:06 AM

Quote from: OmegaStarScream on December 02, 2024, 06:43:16 AM

If it's an significant amount, and given that we're in the bullrun, it's probably safer to just invest in a hardware wallet. You could grab one with a good price with the current Black Friday/Cyber monday deals.

[LIST] Open Source Hardware Wallets
[GUIDE] How to buy a Hardware Wallet the right way

Two guidelines for choosing good hardware wallet brands and buy them a right way.

OP can import or sweep private key from Blockchain.com wallet to Electrum wallet.
Importing your Bitcoin private keys into Electrum.
Sweeping your private keys into Electrum.

Thanks. These are really helpful. I am still thinking about my options here. May need a few days or even a few weeks to think about them and finally make a choice.

I am seriously thinking about going for a hardware wallet. But not finalized as of yet.

tbct_mt2

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Quote from: OmegaStarScream on December 02, 2024, 06:43:16 AM

If it's an significant amount, and given that we're in the bullrun, it's probably safer to just invest in a hardware wallet. You could grab one with a good price with the current Black Friday/Cyber monday deals.

[LIST] Open Source Hardware Wallets
[GUIDE] How to buy a Hardware Wallet the right way

Two guidelines for choosing good hardware wallet brands and buy them a right way.

OP can import or sweep private key from Blockchain.com wallet to Electrum wallet.
Importing your Bitcoin private keys into Electrum.
Sweeping your private keys into Electrum.

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Quote from: Lucius on December 02, 2024, 07:09:01 AM

I can only say that you can consider yourself lucky that you can still access your coins, unlike many others who have lost access to that wallet in one way or another. My advice is to move your coins to a non-custodial wallet as soon as possible, preferably an open-source hardware wallet. Of course, if you have an old computer on which you can create a cold wallet, that is also an option that is even safer than hardware wallets (and of course free).

His question is, is it safe to move his coins to the DeFi wallet as advised by blockchain.com?

I've had an account on this website before, but I haven’t really stored my bitcoins there, as access is only through email and wallet ID. So, I'm also curious about the safest solution for transferring funds, since I might check my old wallets and could find some surprises.

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Quote from: bryant.coleman on December 02, 2024, 06:55:27 AM

No.. I am not planning to sell the coins anytime soon. They are for my retirement fund. But I am quite worried that I may lose access to the coins.

I can only say that you can consider yourself lucky that you can still access your coins, unlike many others who have lost access to that wallet in one way or another. My advice is to move your coins to a non-custodial wallet as soon as possible, preferably an open-source hardware wallet. Of course, if you have an old computer on which you can create a cold wallet, that is also an option that is even safer than hardware wallets (and of course free).

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Quote from: bryant.coleman on December 02, 2024, 06:55:27 AM

Quote from: Botnake on December 02, 2024, 06:50:18 AM

Are you planning to sell your Bitcoin? If so, then just follow their advice, which is to move it to a DeFi wallet. But I suggest you only transfer a small amount initially, just to test if the transaction goes through successfully. Once you confirm that the process works, that’s the time to transfer your full balance and send it to whichever exchange you prefer for selling your Bitcoins.

No.. I am not planning to sell the coins anytime soon. They are for my retirement fund. But I am quite worried that I may lose access to the coins.

Wow, congratulations! I'm happy to hear that you really HODL. I guess you should follow @OmegaStarScream's advice to buy a hardware wallet, as that's safer than keeping your Bitcoin on an online site, even if it’s non-custodial. You should find an easy process to transfer your DeFi wallet balance to a hardware wallet.

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Judging from the fact that you've been on this forum a long time ago, it's logical to speculate that you probably have a decent amount of coins with them . Just like OmegaStarScream mentioned, you should consider moving your coins to a cold storage probably a hardware wallet or an air gapped device especially if you are not going to be spending from it anytime soon.

That not withstanding, I suggest you also make a paper wallet backup even after choosing any of the two cold storage options. this should be more like a last resort kind of back up for you in case your hardware storage gets damaged . Besides the importance of security cannot be over emphasized. Storing your keys online or making use of a hot wallet comes with too many threats especially as you intend to HODL.

Don't forget to keep your keys safe!!

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Quote from: Botnake on December 02, 2024, 06:50:18 AM

Are you planning to sell your Bitcoin? If so, then just follow their advice, which is to move it to a DeFi wallet. But I suggest you only transfer a small amount initially, just to test if the transaction goes through successfully. Once you confirm that the process works, that’s the time to transfer your full balance and send it to whichever exchange you prefer for selling your Bitcoins.

No.. I am not planning to sell the coins anytime soon. They are for my retirement fund. But I am quite worried that I may lose access to the coins.

Botnake

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Are you planning to sell your Bitcoin? If so, then just follow their advice, which is to move it to a DeFi wallet. But I suggest you only transfer a small amount initially, just to test if the transaction goes through successfully. Once you confirm that the process works, that’s the time to transfer your full balance and send it to whichever exchange you prefer for selling your Bitcoins.

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It's normal.

Blockchain.com switched to the HD wallet in 2013 if I'm not mistaken, so your original wallet was never backed by a seedphrase. Now that it is, they cannot just import it for you since its not a custodial service.

Now, which one is safer? I wouldn't say there is much difference between the two here. Both are now accessible through the web interface. One is derived from a seedphrase, the other one is just an individual address with a private key.

If it's an significant amount, and given that we're in the bullrun, it's probably safer to just invest in a hardware wallet. You could grab one with a good price with the current Black Friday/Cyber monday deals.

Topic: Need help regarding Blockchain.com wallet (Read 155 times)