VPN and the bitcoin wallet | Bitcointalksearch.org

BitcoinsGreat

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Quote from: Sinzu_ on November 25, 2023, 02:32:55 AM

I know a blockchain wallet is a safe way to store, manage, and spend your cryptocurrency. I know all about the types of wallets ranging from Cold storage to hardware. Recently I decided to use a VPN when carrying out a transaction. I know I am not that techy but I have got to ask, is there / will there be a security issue when handling such transactions?

When you are using a decentralized noncustodial wallet, then even if you use VPN, there will be no problem. The problem only comes when you are using a centralized wallet or exchange and if that exchange has some locations as prohibited and if your VPN connects to that location, the service provider may feel that you are accessing from a banned location and therefore may restrict your account.

Quote from: Sinzu_ on November 25, 2023, 12:01:14 PM

Quote from: OmegaStarScream on November 25, 2023, 10:59:05 AM

Quote from: Sinzu_ on November 25, 2023, 10:56:59 AM

How do I know if my wallet is a noncustodial wallet?

Does it give you access to your private keys, and seedphrase and let you export them? or does it require you to have an email, phone number, etc., and in some cases maybe to even verify your identity? If it's the former, then it's a non-custodial wallet.

Great explanation... wow

You can also google the wallet name and find it is noncustodial or custodial wallet. Also, try to use a wallet which is Open Source (and not the closed source). Again google the wallet name for these pieces of information.

satscraper

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Quote from: Sinzu_ on November 25, 2023, 02:32:55 AM

I know a blockchain wallet is a safe way to store, manage, and spend your cryptocurrency. I know all about the types of wallets ranging from Cold storage to hardware. Recently I decided to use a VPN when carrying out a transaction. I know I am not that techy but I have got to ask, is there / will there be a security issue when handling such transactions?

Malicious VPN provider may be involved into Eclipse attack the aim being to isolate your transactions from the legitimate nodes and redirect them to nodes under its controll.

Thus, your primary concern when deciding to use VPN should be the selection of reputable and well known service.

BenCodie

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Quote from: Sinzu_ on November 25, 2023, 02:32:55 AM

I know a blockchain wallet is a safe way to store, manage, and spend your cryptocurrency. I know all about the types of wallets ranging from Cold storage to hardware. Recently I decided to use a VPN when carrying out a transaction. I know I am not that techy but I have got to ask, is there / will there be a security issue when handling such transactions?

Using a VPN will not effect the safety of your coins, unless the VPN itself is unsafe. You'd have to be using a pretty obscure VPN for that to be the case though.

I would recommend focusing on your system security. If you are not entirely sure if a VPN will effect your security or not, then this does raise concerns about whether or not your system is safe, or if things that seem safe (like system "cleaners" or "anti viruses") that actually aren't are existent.

If you're using Windows, please be safe. It is generally an unsafe operating system and it is most-targeted by attackers. Look into Linux and getting to know this OS if you aren't already.

Paper storage, encrypted external storage or cold wallets are your safest bet for wallet solutions. Only keep a minimal amount of "spending" coins on a wallet that connects to the internet from your computer, especially if it does turn out that you're using Windows.

Stay safe!

Zaguru12

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Quote from: DYING_S0UL on November 27, 2023, 01:10:44 AM

What wallet should we use then? I haven't been able to try out many wallets (yet). Just looking for a open source non-custodial wallet. I am using trust wallet for some times now, but as we all know it's closed source which is the issue. Apart from that, I don't use CEX/DEX that much often, only when I need to cash out or something like that.

There are many open source wallets but many of them doesn't support that much of cryptocurrency.

You’re surely right, the open source wallets we have are mostly those for bitcoin only storage, those for multi coin storage are definitely limited. The most popular open source wallet you will see for multi coins is the unstoppable wallet but it also has limited number of coins although it is updated regularly. So for large number of coins you will have to go for open source hardware wallets. The likes of mycelium and MetaMask are other options but just like TrustWallet they are closed source even though they claimed to open source.

Charles-Tim

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Quote from: mk4 on November 27, 2023, 01:38:55 AM

Quote from: DYING_S0UL on November 27, 2023, 01:10:44 AM

What wallet should we use then? I haven't been able to try out many wallets (yet). Just looking for a open source non-custodial wallet. I am using trust wallet for some times now, but as we all know it's closed source which is the issue. Apart from that, I don't use CEX/DEX that much often, only when I need to cash out or something like that.

There are many open source wallets but many of them doesn't support that much of cryptocurrency.

In my opinion.

Hot wallets:

BlueWallet: Bitcoin-only
MetaMask: Ethereum
Solflare: Solana

Cold wallets:

Coldcard: Bitcoin-only
Ledger: multi-coin
Trezor: multi-coin

There are many available options for bitcoin.

For desktop: Electrum, Sparrow. Bluewallet for MacOS.
For mobile: Samourai, Bluewallet, Electrum
Hardware wallet: Passport.

Coldcard is not open source: Anyone use a COLDCARD hardware wallet?

Ledger hardware wallet is not advisable.

mk4

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Quote from: DYING_S0UL on November 27, 2023, 01:10:44 AM

What wallet should we use then? I haven't been able to try out many wallets (yet). Just looking for a open source non-custodial wallet. I am using trust wallet for some times now, but as we all know it's closed source which is the issue. Apart from that, I don't use CEX/DEX that much often, only when I need to cash out or something like that.

There are many open source wallets but many of them doesn't support that much of cryptocurrency.

In my opinion.

Hot wallets:

BlueWallet: Bitcoin-only
MetaMask: Ethereum
Solflare: Solana

Cold wallets:

Coldcard: Bitcoin-only
Ledger: multi-coin
Trezor: multi-coin

DYING_S0UL

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Quote from: mk4 on November 26, 2023, 11:58:43 PM

And just to add: you mentioned "blockchain wallet" in your main post. If you're using Blockchain.com's wallet, then it's probably not the best option out there. It's branded as non-custodial but there's no way for us to know if they have access to your keys or not.

What wallet should we use then? I haven't been able to try out many wallets (yet). Just looking for a open source non-custodial wallet. I am using trust wallet for some times now, but as we all know it's closed source which is the issue. Apart from that, I don't use CEX/DEX that much often, only when I need to cash out or something like that.

There are many open source wallets but many of them doesn't support that much of cryptocurrency.

mk4

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Quote from: Sinzu_ on November 25, 2023, 12:01:14 PM

Great explanation... wow

And just to add: you mentioned "blockchain wallet" in your main post. If you're using Blockchain.com's wallet, then it's probably not the best option out there. It's branded as non-custodial but there's no way for us to know if they have access to your keys or not.

For more info: https://chainsec.io/wallets

Sinzu_

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Quote from: OmegaStarScream on November 25, 2023, 10:59:05 AM

Quote from: Sinzu_ on November 25, 2023, 10:56:59 AM

How do I know if my wallet is a noncustodial wallet?

Does it give you access to your private keys, and seedphrase and let you export them? or does it require you to have an email, phone number, etc., and in some cases maybe to even verify your identity? If it's the former, then it's a non-custodial wallet.

Great explanation... wow

OmegaStarScream

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Quote from: Sinzu_ on November 25, 2023, 10:56:59 AM

How do I know if my wallet is a noncustodial wallet?

Does it give you access to your private keys, and seedphrase and let you export them? or does it require you to have an email, phone number, etc., and in some cases maybe to even verify your identity? If it's the former, then it's a non-custodial wallet.

Sinzu_

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Quote from: OmegaStarScream on November 25, 2023, 02:34:55 AM

No, there should be no issues. If you're using noncustodial wallets, you have nothing to fear. Exchanges and online services, on the other hand, might find that as an issue in some cases ('suspicious activity').

How do I know if my wallet is a noncustodial wallet?

Lucius

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Quote from: Charles-Tim on November 25, 2023, 02:55:13 AM

If you want anonymity, it is better you connect your Electrum with Tor, and that should not only be when you are making transaction but anytime you open the wallet and doing anything on the wallet including while making transaction.
~snip~

Do you think that OP can just figure out what exactly needs to be done in order to use Electrum+Tor considering that he uses an online wallet? Some tutorial would be of great help, or maybe it would be better if you advised him to try the Sparrow wallet which has Tor built in, which is in any case a much simpler option than configuring Electrum with Tor.

Even if OP creates a new non-custodial wallet and uses VPN or Tor from the beginning, and sends his BTC from the online wallet he currently uses, there is still a possibility that someone will link those coins to his identity if he has ever used KYC anywhere in to the process of buying/keeping those same coins. Of course, there is always a way to break that link, you just need to know what the mixer is for Wink

Charles-Tim

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Quote from: hugeblack on November 25, 2023, 04:47:27 AM

so managing a full node Using Tor with an open source block explorer, or at least connecting Electrum to Tor, will enhance your privacy to a reasonable degree.

In addition, Tor can also be used to access blockchain explorers. The explorers that I used Tor with in the past still gave the full access, unlike some other websites that will block Tor connection.

Although, I have not seen any good reason to use explorer to trace my bitcoin transaction.

hugeblack

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Broadcasting the transaction using a VPN may enhance your privacy, but you should know that privacy is not only related to broadcasting the transaction, as you can be tracked if you search for your address in some block explorers. Some Electrum nodes may even record your IP/Bitcoin addresses list, so managing a full node Using Tor with an open source block explorer, or at least connecting Electrum to Tor, will enhance your privacy to a reasonable degree.

Quote from: Synchronice on November 25, 2023, 02:40:51 AM

You mean blockchain.com wallet, right? That's not a safe way to store or manage your cryptocurrency because blockchain.com is not an open-source and is controlled by them, i.e. by 3rd party. Never make yourself dependent on 3rd party when you decide to store or manage your cryptocurrency.

Sometimes you may set up whitelist IP addresses to access your account on Blockchain.com, and if you do that, there is no way to access your account except through your wallet seed. So using a VPN here may cause some problems.

Charles-Tim

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If you want anonymity, it is better you connect your Electrum with Tor, and that should not only be when you are making transaction but anytime you open the wallet and doing anything on the wallet including while making transaction.

You have full control on your coin while using noncustodial wallet, you can use anything like Tor, VPN to mask your identity.

Quote from: Synchronice on November 25, 2023, 02:40:51 AM

You mean blockchain.com wallet, right? That's not a safe way to store or manage your cryptocurrency because blockchain.com is not an open-source and is controlled by them, i.e. by 3rd party. Never make yourself dependent on 3rd party when you decide to store or manage your cryptocurrency.

Blockchain.com will generate users seed phrase, which means the wallet is not controlled by Blockchain.com but users, you can import your seed phrase on another wallet and you will have access to your coins and be able to spend it. But it is true that the wallet is close source and this makes my comment not to be entirely right because we do not know the wallet source code and we do not know if there is a backdoor.

NotATether

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There won't be an issue because the function of a VPN is just to relay traffic through a proxy server (possibly with some optional encryption), so if your wallet is fetching transactions from a backend server, then as long as it is not blocking VPN connections, which is highly unlikely in any case, you should be fine.

Synchronice

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Quote from: Sinzu_ on November 25, 2023, 02:32:55 AM

I know a blockchain wallet is a safe way to store, manage, and spend your cryptocurrency.

You mean blockchain.com wallet, right? That's not a safe way to store or manage your cryptocurrency because blockchain.com is not an open-source and is controlled by them, i.e. by 3rd party. Never make yourself dependent on 3rd party when you decide to store or manage your cryptocurrency.

Quote from: Sinzu_ on November 25, 2023, 02:32:55 AM

I know I am not that techy but I have got to ask, is there / will there be a security issue when handling such transactions?

There won't be any issue, VPN will help you to improve your privacy. If you decide to use wallets like Electrum that are connected to other nodes, keep in mind that there is a chance, when you make a transaction, nodes that you are connected to might get your IP address and will be able to see transactions sent by your IP. That's why it's better to use VPN or connect to Tor when you use wallets like Electrum.

Nwada001

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I don't see any security implications with that. If you are using a self-custodial wallet, then there is no point. I was thinking about the fact that, besides, the wallet doesn't need your location unless you are using a CEX or any other centralised means of storing crypto.

That's when you could experience some issues as a result of a change of location login from a different IP, and there is also no point in doing that as anyone who wants to track you in CEX can use the provided documents to do that.

OmegaStarScream

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No, there should be no issues. If you're using noncustodial wallets, you have nothing to fear. Exchanges and online services, on the other hand, might find that as an issue in some cases ('suspicious activity').

Sinzu_

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I know a blockchain wallet is a safe way to store, manage, and spend your cryptocurrency. I know all about the types of wallets ranging from Cold storage to hardware. Recently I decided to use a VPN when carrying out a transaction. I know I am not that techy but I have got to ask, is there / will there be a security issue when handling such transactions?

Topic: VPN and the bitcoin wallet (Read 224 times)