Topic: Wallet advice? - page 2. (Read 748 times)

I have been using Coinbase and Blockchain for about 7 years, but I have not done anything against them that I would call bad. I think wallets are not responsible for those who have hacking problems that are due to their own mistakes, if we do not click on the wrong gender then our wallets will not be able to hack hackers to hack even though we often allow different apps. Gives us information to view, so we make all these mistakes and blame the wallets for what is not desirable, first see what mistakes are in yourself, according to my advice Coinbase would be good for you because here you can pay your employees via email.

No, wallet exchanges are the most vulnerable because hackers often target them. Even trusted global exchanges have been hacked, so users lose assets, fortunately the exchange is willing to take responsibility and provide compensation. In another case, there was a CEO of one of the shit exchanges who took away the assets of their users, and ran off somewhere. So be wise in using wallet exchange.
The safest wallet is the offline wallet, just select the hardware wallet.

Bitcoin has taken the world by storm, offering a currency alternative to the government-backed currencies we all know from daily use. Proponents argue that the digital currencies are easier, safer, and offer better privacy than traditional currencies. Because the value of a Bitcoin compared to the U.S. dollar and other currencies has skyrocketed over the years, it has shown up on some people’s radar as an investment opportunity as well.

Before you put a dollar into Bitcoin or any other cryptocurrency, it is important to understand the risks. Bitcoin could easily double in value over the next few years, but it could just as easily drop to near zero in value. Only put in what you can afford to lose because there is a chance you won’t get it back. If you understand the risks and you’re ready to move forward, any of these best Bitcoin wallets should have you covered.

For keeping your Bitcoin there are several wallets that you can use to store your Bitcoin. 1. Coinbase the most recommended wallet 2. For the best security 'TREZOR' 3. 'Electrum' for desktop computer wallet 4. 'BLOCKCHAIN' Best online wallet 5. 'MYCELIUM' for mobile wallet 6. Best for Intuitive Desktop Use 'EXOSUS' and last Best for Free Buying and Selling: Robinhood.

Those are wallets that you can use to keep your Bitcoin safe but it depends on the availability or where you prefer to use.

But wait, while it is not wrong to use exodus wallet on desktop
Why not own a mobile application as well?

I mean, if you are in profit and you need to trade rather urgently and you are away from home, hoe would you trade?
You can consider the use of a mobile bitcoin wallet or trezor or ledger

Yeah, don't use exchanges as your wallet they are very prone to be stolen not by the exchange itself but by the hackers. Just go with the top trusted wallets in the appstore, I use DoWallet not only bitcoins that I can store here but also litecoin, ethereum and BCash. It works pretty well for me, you can search for more free wallets out there but make sure it is trusted by many. Or you can go with using hardware wallets, but make sure to buy it to the direct supplier so you can avoid receiving a tampered one.

Selection of the right and safe wallet you have to do. I would rather you save Bitcoin with a wallet that you can control yourself.
For example you can use a BitcoinCore Wallet or a safer Electrum instead of having to store your Bitcoin Asset in an exchange such as Coinbase which will likely be able to be hacked at any time.
Or for safer use of Hardware Wallet such as Trezor, Ledger nano S, KeepKey and others, which will give full access to the assets you have.

please for a long time holding, Do not store your wallet on exchange wallets. In fact, it is not advisable at all. If the exchange platform get hacked or the platform runs away, believe me, that is the end of your money. Even some desktop wallets like exodus will suggest you only put small amount of coin for temporary reasons. You need to read about cryptopia and what happens to the traders that have funds in their wallet

Do not trust many of those review of trustpilots. They are mostly dropped by newbie that probably get involve in ponzi scheme or mistakenly transfer money to a wrong address and hold the wallet responsible. Depending on how much you are planning to put there, Hardware wallets such as Trezor are the safest wallet. You can purchase one and store your coin their

I don't recommend using exchange wallet simply because of some unnecessary maintenance, the exchange to wallet is fast but there are some bugs as I've experienced it. The most recommended asset for most secured storage is the hardware ones like Trezor, Ledger etc. but that would costs you a couple of bucks. There are wallets downloadable at playstore and appstore maybe you can try some, read the reviews first before deciding what to use 

Um using an etherwallet but its been hacked so im thinking that i need to choose a more secure and safe one so i decided to switct to coinbase and matamask wallet.

You may use any wallet for which you have control on the private keys. This will include the desktop wallets and the mobile wallets. Avoid the online wallets like coinbase etc, because they do not give you the private keys. Also some people store their coins on the exchanges , which is also dangerous as exchanges could be hacked or scam.

I don't have much knowledge about mining and how huge would be the transactions every transfer is, but one thing is for sure hardware wallet is more secure than using the custodial wallets and other online wallets. Though if there is a need for you to use one of the online wallets, then I think you'll be still fine, base on your statement, I assume you're doing a lot research before taking the first step, so you'll most probably end up using the most trusted one like the Electrum wallet.
Good luck to your business in mining.

Yes. My business is based in a remote location and we generate our own electricity. Without going into too much detail, changes in technology and business plan over the years means we currently have around 50kw redundant power capacity, which is enough to power a small collection of decent miners. I am confident we can power a 1PH/s farm and cooling.

Also planning to buy new equipment which allows for tax write-offs as well.

There are a lot of good non-custodial wallets on the market. Always use wallets that not require registartion and personal data. Coinomi, exodus, ownr wallets, for example

Not sure what business you are going to start. You you are going to start online business and you wanna accept bitcoin as a payment method then I will prefer for BTCPAY server this is non custodial open source bitcoin payment getaway. You may use this wallet on multi purpose even accept bitcoin from mining. Even you may accept altcoin via this wallet and you may accept bitcoin through lightning network if you use your own server.

However for accept mining reward better if you could buy hardware wallet. It's safe ever than any other wallet. But if you can't afford this then I will prefer for Electrum wallet since it's open source and easy interface. For long time holder I will never prefer any wallet except hardware wallet since I am using Ledger for it. For short deal using Electrum wallet. So I will prefer as same.

Do not use custodial web wallet/exchange like coinbase to hold your fund longer.

If you're planning to mine BTC, then we can assume that you have significant resources to invest in it. Mining devices themselves, electricity, soundproofing, cooling cost a small fortune compared to one hardware wallet that can give you optimal security.

However, keep in mind that receiving a very large number of transactions on your hardware wallet is not recommended, at least as far as Ledger is concerned. You can read more about this issue at the following link : Receive mining proceeds.

For someone setting up a mining farm, which would be a lot a of investment and incoming transactions, using coinbase isn't safe because it's an online wallet here and they have a lot of con which includes not having access to private keys and lose of funds if there's an attack on their wallet provider's server.

I would advise getting an Hardware Wallet like Ledger and have it connected to Electrum or Mycellium Wallet.

@OP if you are trying to look for the wallet that is suitable for your needs it is better to go to the application or wallet platform that is already trusted and gained a lot of reputation into the world of cryptocutrency. In my opinion, most of the time I prefer for the use of the coinbase, from the previous months I used this kind of wallet it helps me a lot of times in trading and investment because this is one of the most secured platforms for me. Coinbase has an application that always notifies their users about the updated market price, an increase of their price and the percentage also coinbase has a good market cap than the others so I prefer to use this but they do not have the candlesticks on their graphs and for me, it is quite hard to know the open and close of the markets.

Well I hope you have chalked out a plan for how many miners you are going to install and how to maintain them and cooling costs. In general mining is a pretty difficult ROI game in this market. You dont want to end up with a bunch of heavy machinery and nowhere to make money without having a huge negative balance. I hope you know what you are doing, but if you need advice, you can talk about it in this forum's "Mining" section.

Go for a hardware wallet and not a web wallet. Web wallets dont give you full control over private keys. Even if they secure it well, it is questionable and you cannot completely trust them. We have had hacks of many exchanges several times and people have lost money due to them.

The idea behind the crypto scene is that one needs to be in control of their private keys to be in control of their coins. You should never reveal your private keys to wallet to anyone, whoever has it has control of spending the coins.

Also the internet search engines are made in such a way that if you look for bad points regarding a hardware wallet, you will only get the bad reviews and not a single website is going to give you a objective opinion about them. However they are most secure that you can unless you are tech savvy enough to keep an wallet in a ArchLinux distro airgapped from the internet.

Hardware wallet is the best! Just buy a ledger or trezor and I am sure that your going to be safe. All online wallets have a horror story and all of them are not  100% safe, only offline wallets and hardware wallets are safe and you can guarantee that your money is in your own hands. Coinbase is a good one but still it is a online wallet and your money is not in your own hands. Invest some money on hardware wallet if you want maximum security.