The best wallet to use as beginner | Bitcointalksearch.org

Aikidoka

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Quote from: Onyeeze on May 11, 2023, 09:11:03 AM

I can see that Bitcoin wallet that people mainly recommend is electrum, because believe that from the recommendation it believing that it has a higher security, from other of my discussion in Bitcoin discussion many people recommended this particular electrum and when I asked they told me why they recommend that for me, i know I created this thread from the beginning of me trying knowing what's wallets and their security functions

your reply is somewhat late, considering that the topic was posted on January 23rd. For a beginner I think an Electrum wallet should suffice but it's really important that you use it on an air-gapped device, if possible to minimize any potential risks. For the optimal option, using a cold wallet such as a hardware wallet would be highly recommended especially if you're willing to spend a bit of money for enhanced security and privacy.

As for the topic, it would be better to lock it if there are no further questions.

UchihaSarada

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If you can not buy hardware wallets, can not have enough storage space for Bitcoin Core, Electrum wallet is a best option.

Many reasons everyone know but their latest wallet version gives me more reasons to use Electrum wallet.
Electrum wallet software. Why you should use it, not exchange accounts

Quote from: UchihaSarada on May 10, 2023, 10:19:57 PM

Electrum wallet software developers just made very great upgrade to Turn off (Disable) RBF option in their wallet.

Now, with newest Electrum wallet version, RBF (Replace-by-Fee) is Enabled by default option in the wallet. You are no longer to turn it on or off like with older versions.
With this change, people will not have to use Child-Pay-For-Parents with more complexity and more expensive transaction fee. They won't have to see their transactions stuck in mempools too long while they can not do anything.

Previous versions

Current version 4.4.2

Onyeeze

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Quote from: Sarah Azhari on January 25, 2023, 09:09:19 PM

Quote from: Onyeeze on January 25, 2023, 04:48:52 PM

I have noticed that I'm wrong by mentioning exchanges as wallet to be use, now i have noticed the real wallet's and it's the right time to edit my post and cut out the list of exchanges i used as wallet so that newbies like me will come across of thread and think that what have being written there is the rightful wallet to use. I thank everyone for your suggestions and I'm ready to learn more from you all.

As a newbie, you have to focus on 1 thing, you have to just focus on 1 coin that you are interested. For example, If you want to focus on bitcoin, then you have to download a wallet that has bitcoin only inside, for example, electrum. If you download a wallet that has many altcoins inside like trust wallet, coinomi and etc, I am really sure it will make you careless about safety, it will make you not focus, your brain will split with too many think, this ever happened to me.

I can see that Bitcoin wallet that people mainly recommend is electrum, because believe that from the recommendation it believing that it has a higher security, from other of my discussion in Bitcoin discussion many people recommended this particular electrum and when I asked they told me why they recommend that for me, i know I created this thread from the beginning of me trying knowing what's wallets and their security functions

Sarah Azhari

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Quote from: Onyeeze on January 25, 2023, 04:48:52 PM

I have noticed that I'm wrong by mentioning exchanges as wallet to be use, now i have noticed the real wallet's and it's the right time to edit my post and cut out the list of exchanges i used as wallet so that newbies like me will come across of thread and think that what have being written there is the rightful wallet to use. I thank everyone for your suggestions and I'm ready to learn more from you all.

As a newbie, you have to focus on 1 thing, you have to just focus on 1 coin that you are interested. For example, If you want to focus on bitcoin, then you have to download a wallet that has bitcoin only inside, for example, electrum. If you download a wallet that has many altcoins inside like trust wallet, coinomi and etc, I am really sure it will make you careless about safety, it will make you not focus, your brain will split with too many think, this ever happened to me.

Onyeeze

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I have noticed that I'm wrong by mentioning exchanges as wallet to be use, now i have noticed the real wallet's and it's the right time to edit my post and cut out the list of exchanges i used as wallet so that newbies like me will come across of thread and think that what have being written there is the rightful wallet to use. I thank everyone for your suggestions and I'm ready to learn more from you all.

armanda90

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You need edit with your post about several listed above is not wallet like Binance, Coinbase and Kraken are decentralize exchange not cold wallet, you don't have access with private keys when saving fund in exchange wallet and there are not your coins when bad thing happen with exchange market.

You can add metamask, trustwallet or Bitkeep right now have been popular as cold wallet use for free, some user still priority hardware wallet because they have enough money to buy hardware and guarantee with assets keep securing there than use cold wallet. I think need one ideas about which one free cold wallet recommended and keep safety for saving assets.

bullrun2024bro

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Quote from: Onyeeze on January 23, 2023, 07:55:29 AM

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I agree with the previous comments. Do not leave your Bitcoin on crypto exchanges (such as Binance, Kraken, etc.), but always use a non-custodial wallet where you always have full, independent control over your private keys. Exchanges are a great, easy way to buy Bitcoin and altcoins, yet they are not suitable for long-term storage. Exchanges get hacked, your access is blocked or you can't get your coins for other reasons.

For this reason, you should deal with the basic questions regarding the storage of cryptocurrencies before (!) buying Bitcoin. Only when you have understood the basics would I make my first purchase.

In my opinion, offline paper wallets or hardware wallets such as those offered by Ledger or Trezor are best suited for storage.

However, I would start here: https://bitcoin.org/en/choose-your-wallet

Doan9269

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Quote from: dbshck on January 23, 2023, 08:02:16 AM

This is misleading. Binance, Coinbase, Kraken are not wallets. They are exchanges and should not be used as a wallet. For ease of use and security, just go with a hardware wallet, i.e., Ledger and Trezor. Also, you should read the pinned topic to get to know more about types of wallet and its best practices [General] Bitcoin Wallets - Which, what, why?

In addition to this, wallets are of types and categories and it is any wallet you can recommend for a newbie without letting them to understand the differences first, we have a custodial wallet and no custodial wallet and under each we have different examples of wallet like hot wallet, online wallet, mobile wallet and every other centralized exchanges wallets fall under this category because they don't give you access to the wallet private keys, we also have a non custodial wallet which gives you full control over the wallet keys, we have the decentralized exchange wallets, cold storage, hardware wallet and the paper wallet, you can also run a bitcoincore for full privacy.

joniboini

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Quote from: Onyeeze on January 23, 2023, 07:55:29 AM

https://www.guru99.com/best-bitcoin-cryptocurrency-wallets.html

Is there a reason why you use this website as a source for learning about crypto wallets? I never heard of it, and it seems like the article is submitted by its users with no proper verification with other sources. Other sources are more reliable than this, even if some of them are a bit outdated because many wallets keep popping up.

Quote from: KiaKia on January 24, 2023, 08:20:27 AM

and because Metamask is an add-on this makes it very dangerous when interaction with websites and airdrops,

Keep in mind that regardless of what kind of wallet you use, if you interact with a scam/phishing link then you can still lose your money. Don't click random links on the internet, that is probably the best choice even if they claim to give you a $1000 airdrop for no cost.

Quote from: KiaKia on January 24, 2023, 08:20:27 AM

Ledger and Trezor are the only genuine wallets on OP list, others are crypto exchbages mixed with custodial wallets aka centralised / closed source wallets, stay away.

Ledger is not fully open source by the way. AFAIK, they don't open their firmware code, just the app and Ledger Live. If you want a full open-source hardware wallet, Trezor is one of your options, just in case you're not aware of it. You can find more at Open Source Hardware Wallets.

KiaKia

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Metamask wallet is the simplest for crypto beginners but not the most secured on to use, and because Metamask is an add-on this makes it very dangerous when interaction with websites and airdrops, I am very sure that newbies are more into airdrops so yes metamask is the most preferable for airdrops and testnet.

For average investor I prefer Electrum wallet and Trust wallet and I don't store more than 200$ on these wallets because I now use a hardware wallet which is the most secured for every crypto investors.

Closed source wallets are always from centralized platforms and exchanges like Coinbase for example, be careful with the wallet you decide to use, Mycelium wallet, Exodus wallet, Ledger and Trezor are the only genuine wallets on OP list, others are crypto exchbages mixed with custodial wallets aka centralised / closed source wallets, stay away.

witcher_sense

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As a beginner, you, first of all, should train your skills regarding effective filtering of information found on the Internet. There are many misleading articles that teach newcomers wrong things like "exchanges are the best place to keep your coins" or that "self-custody is not for newbies and "normal" people, it is only for privacy-obsessed weirdos who don't believe governments that wish only the best for their citizens." No, self-custody is important: you should cut out of your life those wallets that don't offer such functionality. If you have full control over your addresses, private keys, seed phrases, UTXOs (indivisible chunks of coins), fee and privacy settings and also know that the code is open-source and being constantly reviewed by people who care, you're likely using a good wallet that makes you a self-sovereign cryptocurrency user. If you trust others (people you don't even know) to keep your money like in the case of centralized exchanges (Binance, Coinbase, etc), you are just waiting for them to breach that trust and run away with your money or some smart hacker to break their platform and steal from them, which in both cases will result in your losses and disappointments.

Despairo

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Quote from: mk4 on January 23, 2023, 09:48:18 PM

This. But just a heads up that Coinbase also has Coinbase Wallet — an actual non-custodial wallet separate from the Coinbase exchange. I don't know how good/bad it is though.

It's closed source and their promotion of zero fee transfer from Coinbase exchange to Coinbase wallet is quite suspicious, maybe they've write a source where they link their non custodial wallet to their centralized exchange. Although non custodial wallet doesn't really mean it's for privacy, but looking on how many wallets are better than Coinbase e.g. Electrum, Bluewallet, etc, it doesn't make sense if we need to use Coinbase wallet.

@OP although it's true beginner is more easier to use exchange to hold their coins, but they must learn how to use non custodial wallet and how to verify the signature in order to make their coins safe for many many years later. A beginner doesn't mean always become a beginner, they can start from scratch and learn for everyday.

mk4

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Quote from: dbshck on January 23, 2023, 08:02:16 AM

This is misleading. Binance, Coinbase, Kraken are not wallets. They are exchanges and should not be used as a wallet. For ease of use and security, just go with a hardware wallet, i.e., Ledger and Trezor. Also, you should read the pinned topic to get to know more about types of wallet and its best practices [General] Bitcoin Wallets - Which, what, why?

This. But just a heads up that Coinbase also has Coinbase Wallet — an actual non-custodial wallet separate from the Coinbase exchange. I don't know how good/bad it is though.

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Quote from: Onyeeze on January 23, 2023, 07:55:29 AM

When i make research i concentrate on the hardware wallet that can be use for a new person so that my coin will not be stolen neither hack in my wallet. But i find it very hard to know. Because i saw someone complained that the wallet was hacked and the funds got missing.

Mind you that quite rightly some wallets are safer and better than others, but every wallet can be hacked, it all depends on how the user uses it, if one is quite knowledgeable with the right wallet, then their funds are safe, but the thing is that every crypto user has a responsibilty to protect their funds, notwithstanding the wallet they use. Thus because you saw someone who lost their funds through their hardware wallet being hacked doesn't mean hardware wallets aren't safe.

Quote from: Onyeeze on January 23, 2023, 07:55:29 AM

I want to know if every wallet have same security.

No

Quote from: Onyeeze on January 23, 2023, 07:55:29 AM

and i want to know the different between custodial wallet and none custodial wallet.

A custodial wallet is one that the user doesn't have the keys/seed phrase to, an exchange wallet is an example of a custodial wallet, whilst a non custodial wallet is one that the user is in control of, and has the keys/seed phrase to, electrum is an example of non custodial wallet. Remember the important axiom of: not your keys, not your coins.

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In the list you referred to there is mention of multiple wallets of different types. I am surprised that you did not mention Electrum, which is the best option to compensate for the WAP wallets that you mentioned. Of course, the best choice is the hardware wallet, and I think that Electrum can be used in parallel with the hardware wallet.
Electrum Wallet is easy to use for beginners and very useful for experienced users. I have been using it for years without any problems. With solid recommendations on installation and provenance.

Charles-Tim

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Most vulnerable are web wallets.

Online wallets are more vulnerable to attacks. They are web, mobile and desktop wallet.

Cold wallets are the safest, but no wallet is safe if you do not handle it safely and securely. Example of cold storage wallet is while using Electrum wallet as a cold storage wallet, https://electrum.readthedocs.io/en/latest/coldstorage.html

Hardware wallets are safer than online wallets. Using open source ones is better, Open source hardware wallet

Quote from: dbshck on January 23, 2023, 08:02:16 AM

This is misleading. Binance, Coinbase, Kraken are not wallets.

You are correct, but there is Coinbase noncustodial wallet, Is Coinbase noncustododial wallet recommendable?, it is close source wallet just like Trustwallet that belongs to Binance and other wallets that belongs to other exchanges.

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Those Others given is an exchange it's not ideal to store your assets in exchange unless you are an active trader who would like less hassle with transferring of your funds, again not your keys not your coins, if you don't have a budget there's an Electrum app or use the electrum hot wallet, but if you have a budget why not invest your self with your security which is using the Ledger and Trezor hardware wallets, don't make silly and getting cheap with your wallets invest there too.

Quote from: Peanutswar on November 15, 2022, 06:48:04 AM

Additionally with these you can buy trusted cold wallets with the Trezor and Ledger

Code:

https://www.ledger.com/
https://trezor.io/

And also check the supported coin because in different storage only limited support with the coin you want to, also for their trusted resellers world wide you can check here

Code:

[1]https://trezor.io/resellers
[2]https://www.ledger.com/reseller

I'm not partnered or a reseller just shares this information for the benefit of the newbies. Also if you don't have a budget yet ideal to use a hot wallet such as the following.

Code:

https://electrum.org/#home
https://www.exodus.com/

dbshck

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This is misleading. Binance, Coinbase, Kraken are not wallets. They are exchanges and should not be used as a wallet. For ease of use and security, just go with a hardware wallet, i.e., Ledger and Trezor. Also, you should read the pinned topic to get to know more about types of wallet and its best practices [General] Bitcoin Wallets - Which, what, why?

Onyeeze

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When i make research i concentrate on the hardware wallet that can be use for a new person so that my coin will not be stolen neither hack in my wallet. But i find it very hard to know. Because i saw someone complained that the wallet was hacked and the funds got missing. I want to know if every wallet have same security. Because from the research i make i find out we have different wallet and out of this wallet below which one should be more encouraging for beginners to use for saving of coins, and i want to know the different between custodial wallet and none custodial wallet.

Edited and remove the confused list of wrong wallets which is not the real wallet's to be use according to the superior officers .

Topic: The best wallet to use as beginner (Read 266 times)