Wallets - Multiple Questions - page 2.

neverxpected

newbie

Activity: 19

Merit: 0

Quote from: mk4 on June 18, 2017, 02:29:37 AM

Quote from: neverxpected on June 14, 2017, 05:39:08 PM

**First post - Please move this post to the correct section if I posted in the wrong place**

I'm confused by the wallets and feel like I've found mixed answers around the web so I figured I would try my luck here.

Do I need to download a wallet for EACH currency I own/mine or is there an a downloadable wallet that holds multiple currencies?
If I delete a wallet from my hard drive do I lose all my coins or can I just re-download the wallet and get access to my coins as long as I have the address/password saved for the previous wallet?
Is there another good site/forum/place that would go into more details about wallets in general?

Thanks and sorry if there is a post here that already addresses the issues/questions...I just couldn't find it.

1. There are different kinds of wallets with different kinds of features. If you wanted a wallet that holds multiple currencies, try jaxx (not saying its the best though):
Android | iOS | OSX | Windows | Linux

2. You lose your coins if you don't have a backup (using recovery phrases, private keys, etc). Make sure to back em up before storing your crypto.

3. This post explained it decently.

Gotcha! Thanks for the help mjglqw!

Lauda

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Activity: 2674

Merit: 2965

Terminated.

Quote from: lusiaga on June 18, 2017, 06:06:26 AM

is that ok if i used wallet of trading market such as poloniex , bitrex or bitfinex to save all my crypto balance ?

No. Anyone who does this is an idiot. Any funds held on an exchange are not your funds, they are an IOU. The least what you could do is use a light wallet such as Electrum (Desktop) / Mycelium (Mobile).

lusiaga

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Activity: 518

Merit: 250

is that ok if i used wallet of trading market such as poloniex , bitrex or bitfinex to save all my crypto balance ?

mk4

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Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: neverxpected on June 14, 2017, 05:39:08 PM

**First post - Please move this post to the correct section if I posted in the wrong place**

I'm confused by the wallets and feel like I've found mixed answers around the web so I figured I would try my luck here.

Do I need to download a wallet for EACH currency I own/mine or is there an a downloadable wallet that holds multiple currencies?
If I delete a wallet from my hard drive do I lose all my coins or can I just re-download the wallet and get access to my coins as long as I have the address/password saved for the previous wallet?
Is there another good site/forum/place that would go into more details about wallets in general?

Thanks and sorry if there is a post here that already addresses the issues/questions...I just couldn't find it.

1. There are different kinds of wallets with different kinds of features. If you wanted a wallet that holds multiple currencies, try jaxx (not saying its the best though):
Android | iOS | OSX | Windows | Linux

2. You lose your coins if you don't have a backup (using recovery phrases, private keys, etc). Make sure to back em up before storing your crypto.

3. This post explained it decently.

Bitfort

sr. member

Activity: 952

Merit: 339

invest trade and gamble wisely

Quote from: neverxpected on June 14, 2017, 09:03:26 PM

Quote from: Bitfort on June 14, 2017, 08:51:15 PM

Quote from: neverxpected on June 14, 2017, 06:04:01 PM

Quote from: Lieldoryn on June 14, 2017, 05:56:11 PM

I understand that you use a wallet online. Then what does it mean to download a wallet on your computer. Your wallet is on the website and your hard disk does not have this wallet is irrelevant. Knowing the password you always will go into it.

Correct me if I'm wrong, but you can download the wallet to your hard drive and synchronize it (which takes forever usually lol) This type of wallet is what I'm worried about losing the data on.

Reason being, I downloaded 5 different wallets for 5 different currencies, but I'm about to reformat the computer. So does that mean:

A - I need to back up all the wallet data on a usb and then put it back on the computer once it's reformatted
B - I could just save the addresses/passwords for each wallet and clean reformat my computer then re-download the wallets and be good?

I know there online sites like that have wallet options, but I feel like it's mixed emotions when it comes to long term holding of coins in an online wallet.

Does that make sense or no?

Depends on wallet you are using. Best are wallets which gives you seed from which you can make full recovery (deterministic wallets)... then the only need is to store this seed.
So if you are using deterministic wallet (most of them are) ... just keep the copy of seed. Other cases you have to locate and store the wallet file( do not forget pass or make unecrypted backup).

ahhh ok! I'll start to look up deterministic wallets and compare the wallets I currently use to see what they are. Thanks I appreciate the help!

You're welcome. Such wallets are also known as HD (hierarchical deterministic) wallets.
Can recommend you to check bitcoin.org as they have a great wallet overview https://bitcoin.org/en/choose-your-wallet

neverxpected

newbie

Activity: 19

Merit: 0

Quote from: Bitfort on June 14, 2017, 08:51:15 PM

Quote from: neverxpected on June 14, 2017, 06:04:01 PM

Quote from: Lieldoryn on June 14, 2017, 05:56:11 PM

I understand that you use a wallet online. Then what does it mean to download a wallet on your computer. Your wallet is on the website and your hard disk does not have this wallet is irrelevant. Knowing the password you always will go into it.

Correct me if I'm wrong, but you can download the wallet to your hard drive and synchronize it (which takes forever usually lol) This type of wallet is what I'm worried about losing the data on.

Reason being, I downloaded 5 different wallets for 5 different currencies, but I'm about to reformat the computer. So does that mean:

A - I need to back up all the wallet data on a usb and then put it back on the computer once it's reformatted
B - I could just save the addresses/passwords for each wallet and clean reformat my computer then re-download the wallets and be good?

I know there online sites like that have wallet options, but I feel like it's mixed emotions when it comes to long term holding of coins in an online wallet.

Does that make sense or no?

Depends on wallet you are using. Best are wallets which gives you seed from which you can make full recovery (deterministic wallets)... then the only need is to store this seed.
So if you are using deterministic wallet (most of them are) ... just keep the copy of seed. Other cases you have to locate and store the wallet file( do not forget pass or make unecrypted backup).

ahhh ok! I'll start to look up deterministic wallets and compare the wallets I currently use to see what they are. Thanks I appreciate the help!

Bitfort

sr. member

Activity: 952

Merit: 339

invest trade and gamble wisely

Quote from: neverxpected on June 14, 2017, 06:04:01 PM

Quote from: Lieldoryn on June 14, 2017, 05:56:11 PM

I understand that you use a wallet online. Then what does it mean to download a wallet on your computer. Your wallet is on the website and your hard disk does not have this wallet is irrelevant. Knowing the password you always will go into it.

Correct me if I'm wrong, but you can download the wallet to your hard drive and synchronize it (which takes forever usually lol) This type of wallet is what I'm worried about losing the data on.

Reason being, I downloaded 5 different wallets for 5 different currencies, but I'm about to reformat the computer. So does that mean:

A - I need to back up all the wallet data on a usb and then put it back on the computer once it's reformatted
B - I could just save the addresses/passwords for each wallet and clean reformat my computer then re-download the wallets and be good?

I know there online sites like that have wallet options, but I feel like it's mixed emotions when it comes to long term holding of coins in an online wallet.

Does that make sense or no?

Depends on wallet you are using. Best are wallets which gives you seed from which you can make full recovery (deterministic wallets)... then the only need is to store this seed.
So if you are using deterministic wallet (most of them are) ... just keep the copy of seed. Other cases you have to locate and store the wallet file( do not forget pass or make unecrypted backup).

neverxpected

newbie

Activity: 19

Merit: 0

Quote from: Lieldoryn on June 14, 2017, 05:56:11 PM

I understand that you use a wallet online. Then what does it mean to download a wallet on your computer. Your wallet is on the website and your hard disk does not have this wallet is irrelevant. Knowing the password you always will go into it.

Correct me if I'm wrong, but you can download the wallet to your hard drive and synchronize it (which takes forever usually lol) This type of wallet is what I'm worried about losing the data on.

Reason being, I downloaded 5 different wallets for 5 different currencies, but I'm about to reformat the computer. So does that mean:

A - I need to back up all the wallet data on a usb and then put it back on the computer once it's reformatted
B - I could just save the addresses/passwords for each wallet and clean reformat my computer then re-download the wallets and be good?

I know there online sites like that have wallet options, but I feel like it's mixed emotions when it comes to long term holding of coins in an online wallet.

Does that make sense or no?

Lieldoryn

sr. member

Activity: 630

Merit: 272

I understand that you use a wallet online. Then what does it mean to download a wallet on your computer. Your wallet is on the website and your hard disk does not have this wallet is irrelevant. Knowing the password you always will go into it.

neverxpected

newbie

Activity: 19

Merit: 0

**First post - Please move this post to the correct section if I posted in the wrong place**

I'm confused by the wallets and feel like I've found mixed answers around the web so I figured I would try my luck here.

Do I need to download a wallet for EACH currency I own/mine or is there an a downloadable wallet that holds multiple currencies?
If I delete a wallet from my hard drive do I lose all my coins or can I just re-download the wallet and get access to my coins as long as I have the address/password saved for the previous wallet?
Is there another good site/forum/place that would go into more details about wallets in general?

Thanks and sorry if there is a post here that already addresses the issues/questions...I just couldn't find it.

Topic: Wallets - Multiple Questions - page 2. (Read 2279 times)