[WALLET] Choose the best wallet suitable for your needs.

AakZaki

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Quote from: RapTarX on July 10, 2020, 12:11:06 PM

~snip~But with generating paper wallet, you have to be more cautious to avoid any kind of hacking issue.

Using a paper wallet must also be careful, not only in terms of discussion, but the durability of the paper used and the storage method you use so that the paper stays durable and is not damaged.

Quote from: Ryker1 on July 10, 2020, 05:42:10 PM

~snip~
I am a mobile user and I prefer to app mobile version wallet until now I did not get hack so far. Electrum and Coinomi is the best app wallet and you can trust them seems they are also trusted from the crypto community. You can also sign a message using your mobile phone.
Indeed, --good thread OP and thank you for your effort on this.

In my opinion the mobile version of the wallet is also very vulnerable to be used as the main wallet to store assets. Smartphones like Android and iOS have vulnerabilities such as being exposed to malware and other viruses. Although there are many antivirus providers for Sartphone, you need to be vigilant so that the smartphone is not infected with malware.

Whatever type of wallet is used, maintaining security and always being vigilant are the main things that must be done. There is no attack system.

witcher_sense

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Quote from: Breadyfreddy on July 11, 2020, 06:17:14 PM

Well, IMO, a simpler way to organize and manage multiple seed phrases is using the Stonebook, by www.Shieldfolio.com

It's New, a durable paper notebook that's water-resistant, to store mnemonic phrases & private keys.

It is a good looking notebook here with many interesting features including "Tear resistance". That feature might be helpful for those who worry about bear markets and high volatility of bitcoin. When your savings are suddenly falling by 50%, you will know it's time to shed tears and tear everything around and search for seed phrase in your notebook in order to panic spend your bitcoins. This back up tool will arguably survive this madness. However, you still need some software or hardware wallet to manage your keys and spend bitcoins in a secure and convinient way.

Kong Hey Pakboy

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Quote from: KrisAlex18 on July 12, 2020, 05:54:19 AM

Thanks for sharing your knowledge buddy, choosing your wallet is really important because it is the one who will keep all your money or cryptocurrency, better to chooses some legit and secured aallet if you are holding a huge amount of money better for you to use hardware wallet because for me hardware wallet is the safest and secured wallet compared to other wallets. There are always hackers and scammers that will try to hack your account, you should be careful to them, do not click some other fake websites and don't click the link sent from other people.

Indeed. It takes a lot of time before you decide on what wallet you should choose to store your funds because even it is a famous wallet and a lot of people use it. You are still unsure if it is safe to use or not because there are many great hackers that could easily steal your funds, even the developers says they have a good security. It is the reason why I used hardware wallet to store most of my funds because it will be difficult for hackers to have access to it, if they don't know my private keys and they don't have the hardware wallet.

KrisAlex18

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Thanks for sharing your knowledge buddy, choosing your wallet is really important because it is the one who will keep all your money or cryptocurrency, better to chooses some legit and secured aallet if you are holding a huge amount of money better for you to use hardware wallet because for me hardware wallet is the safest and secured wallet compared to other wallets. There are always hackers and scammers that will try to hack your account, you should be careful to them, do not click some other fake websites and don't click the link sent from other people.

Breadyfreddy

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Well, IMO, a simpler way to organize and manage multiple seed phrases is using the Stonebook, by www.Shieldfolio.com

It's New, a durable paper notebook that's water-resistant, to store mnemonic phrases & private keys.

https://imgur.com/gallery/4wSu3rW

boyptc

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Quote from: Assface16678 on July 11, 2020, 05:25:54 AM

Still one of the problems on using a cryptocurrency wallet is one the user because some of them does not store their seeds on the safe places even there is a note you must store this in the paper, not In online and at the end of the day some of them are having trouble quickly to recovering their account.

Those people that still having trouble keeping their seeds should think of something better to store those. IMO, it's not that hard to keep a copy of your seeds and place it as a note that no one will ever understand what it is all about.

Assface16678

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I've used this platform recently because a friend of my recommended this and I don't have enough knowledge before into the world of cryptocurrency at the end of the use of this platform I still use the electrum because at first it is easier to set up for me and a the same time it has a lot of choices whether it is already a permanent bitcoin address or not so you can decide and also it has a security feature which is I really prefer by the time goes by I still used the electrum to most of my transactions because also the benefits of using different addresses that you can use too.

Still one of the problems on using a cryptocurrency wallet is one the user because some of them does not store their seeds on the safe places even there is a note you must store this in the paper, not In online and at the end of the day some of them are having trouble quickly to recovering their account.

Lucius

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In short, a good crypto wallet is one that is preferably open source and in which you have complete control over your private keys. Of course, you raise the level of your security if you use a hardware wallet instead of a desktop or mobile wallet, but that is only part of the solution. Crypto wallets themselves do not pose a great risk if used properly, but the way crypto users are most often left without their coins is very reckless behavior when it comes to backup.

So in the whole story the weakest link is still people who behave very irresponsibly, and the thing is very simple - never store your backup online or in digital form if it is not encrypted - and one backup means absolutely nothing, always have at least two or three on different locations.

Another important thing is to always check the addresses before sending or receiving, as this is perhaps one of the most common ways someone hacks you via clipboard malware. Hardware wallets (at least when it comes to Ledger) force us to confirm every action before execution, but where it is not done this way always look for the preview button and make sure the addresses are identical before using them.

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Quote from: RapTarX on July 10, 2020, 12:11:06 PM

Quote from: AakZaki on July 10, 2020, 11:27:13 AM

Offline wallets such as paper wallets are an alternative safe wallet option.

Paper wallet is best cold storage for storing bitcoin for long time. Hardware wallets are good if you are having some regular tx. [But with generating paper wallet, you have to be more cautious to avoid any kind of hacking issue].

Well, that is right and this is very critical. Off your internet connection while generating a paper wallet that perhaps get hack if you are online.
I am a mobile user and I prefer to app mobile version wallet until now I did not get hack so far. Electrum and Coinomi is the best app wallet and you can trust them seems they are also trusted from the crypto community. You can also sign a message using your mobile phone.
Indeed, --good thread OP and thank you for your effort on this.

RapTarX

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Quote from: AakZaki on July 10, 2020, 11:27:13 AM

Offline wallets such as paper wallets are an alternative safe wallet option.

Paper wallet is best cold storage for storing bitcoin for long time. Hardware wallets are good if you are having some regular tx. But with generating paper wallet, you have to be more cautious to avoid any kind of hacking issue.

AakZaki

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Quote from: Pmalek on July 08, 2020, 05:17:53 AM

Anyone who is serious about Bitcoin should invest in a good hardware wallet or generate a paper wallet in an offline environment. Desktop wallets are one security level below. If for some reason you can't or don't want to use hardware or paper wallets, stick to the basics. Electrum or Bitcoin Core (if you intend to run a full node).

Hardware wallet is a safer choice in my opinion, because I use it now too. Offline wallets such as paper wallets are an alternative safe wallet option. If it's serious about investing in bitcoin or storing other coins, the price of a hardware wallet won't be a problem, because it's for the sake of more secure double security. and the most important thing is how we can keep this hardware wallet or other wallet safe and in our control.

pakhitheboss

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Wallets are the most important tools for storing and handling cryptocurrencies. If you do not have the right wallet for the right job then you will lose your crypto assets.

I personally have divided my wallets according to my daily or weekly requirements. I have been using three types of wallets for the past year now and have not faced any issue to date.

I prefer using Mycelium wallet for Android for general usage and have been using wasabi wallet to HODL Bitcoin. For altcoins, I prefer using the Exodus wallet desktop version and mobile.

I am planning to buy a hardware wallet soon for my crypto assets that I plan to HODL for the long term. In case if you are interested in knowing why I prefer using these three wallets then you can click on the links.

Pmalek

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Quote from: bob123 on July 08, 2020, 10:58:05 AM

Snip

Full node connections or server connections are both of secondary importance if the user running the software lacks the basic security skills or willingness to learn how to stay safe. Both are good desktop clients, meant for different types of users. They can be all that you need Bitcoin-wise, or cause havoc if you aren't careful.

bob123

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Quote from: OcTradism on July 08, 2020, 08:40:05 AM

It is your another misconception too. Bitcoin Core and Electrum all connect your wallet to server and nodes.

Well, not entirely.

Core is a full node and connects to other nodes in the P2P network.
Electrum is a lightweight client and connects to a server which is a full node and is connected to other nodes.

With core, you are directly participating in the P2P bitcoin network. With electrum, you don't.

OcTradism

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Quote from: Charles-Tim on July 08, 2020, 08:11:11 AM

That aside, bitcoin core is the most secure and the original bitcoin wallet for computers, it connect users directly to the blockchain. And thanks for your corrections.

It is your another misconception too. Bitcoin Core and Electrum all connect your wallet to server and nodes. The difference is what they store on your computer. Bitcoin Core (full node) store all things, entire blockchain; prune node store all things of each transaction but in limited period by personal setup. Electrum as SPV wallet, only stores block headers, not entire blockchain.

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Quote from: bob123 on July 08, 2020, 05:46:20 AM

Electrum is not more secure than core. That's a misconception you have.

100% certain. I am not saying electrum is safer than bitcoin core, all i meant was that it is a full client wallet and need more memory space for whole bitcoin blockchain download. That aside, bitcoin core is the most secure and the original bitcoin wallet for computers, it connect users directly to the blockchain. And thanks for your corrections.

minairia3

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Quote from: Pmalek on July 08, 2020, 05:17:53 AM

Anyone who is serious about Bitcoin should invest in a good hardware wallet or generate a paper wallet in an offline environment. Desktop wallets are one security level below. If for some reason you can't or don't want to use hardware or paper wallets, stick to the basics. Electrum or Bitcoin Core (if you intend to run a full node).

I think hardware wallets are okay for those who cant afford laptop/desktop to download electrum or bitcoin core. Its much cheaper and security check, its one of the recommended alternatives. I understand some cant afford laptops but make sure they are at least using non custodial wallet and avoid patronizing exchange and app wallet without serious trust or feedback.

mocacinno

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Quote from: kakonhat on July 08, 2020, 07:15:04 AM

Those wallet download full nodes that's why it takes a long time to synchronize. I know, it will be good if your computer have good power to run those wallets. If your computer got some issues you could try Armory or Electrum.

The last time i ran armory, i did require you to run a full node underneath Armory... I doubt the structure of this wallet has changed that much.

Electrum on the other hand is indeed an SPV wallet, so it is indeed a lot less resource-hungry.

kakonhat

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Those wallet download full nodes that's why it takes a long time to synchronize. I know, it will be good if your computer have good power to run those wallets. If your computer got some issues you could try Armory or Electrum.

mocacinno

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Quote from: bob123 on July 08, 2020, 06:16:58 AM

--snip--

@mocacinno, happy now? Tongue

In general... Not really

In this case: yup Grin

(i'm always happy when i'm nitpicking)

Topic: [WALLET] Choose the best wallet suitable for your needs. (Read 400 times)