Topic: Wallets that don&#039;t require identity verification (Read 333 times)

Quote from: Jawadu on August 10, 2021, 09:48:11 AM

Hello everyone can you please recommend me reliable online wallets that do not require identity verification. In the future I will buy a hardware wallet like Treasure but for now I am looking for temporary free wallet. Thank you.

Go for the defi wallets like Coin9 and Coinmama.

pooya87

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~ are not safe unless you store your money on payment gateways like Coinpayments because I am using it for buying goods and I did not do KYC.

Storing anything with any third party is never safe and them having KYC or not doesn't change this fact. Their service can go under at any moment for any reason or your account can simply be targeted individually to either be shut down by the company itself or be hacked by some hacker.

Jawadu

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I am using trust wallet to store my coins, and I use exchanges like binance, gate, and coinbase to store some amount of coins online. I do not recommend online wallets because many of them are not safe unless you store your money on payment gateways like Coinpayments because I am using it for buying goods and I did not do KYC.

Pmalek

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Quote from: PrivacyG on July 07, 2021, 07:45:12 PM

Would not make sense to purchase a device of $60 - $200 price range if storing only a couple bucks on it.

It depends. Are those couple of bucks all that you will ever store on it? I think most people have plans to increase their crypto stash with time. So even if you start of with owning only $10 worth of bitcoin, it does make sense to purchase a hardware wallet straight away if that amount will increase by another $X amount after every week/paycheck, etc.

I agree with you that it wouldn't make sense storing a tiny amount which is smaller than the value of the device if you aren't going to add more to it. In that case, I would look for a suitable non-custodial and open-source mobile or software wallet depending on which of my devices (PC or phone) I trust more to be secure and malware-free.

HCP

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I guess it's one of the great things about crypto... there are plenty of ways to skin the proverbial cat.

You've got airgap solutions, hardware wallets and paper wallet for the HODLers. You've got desktop wallets for the "average" user. You've got mobile wallets for users who need access "on the go". You've got exchanges for the traders... and you've got web wallets for people who don't like money Wink

Seriously tho, it's quite staggering how much choice there really is... no surprises that it can be a difficult choice for newbies.

PrivacyG

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Quote from: pooya87 on July 06, 2021, 09:22:30 PM

Hardware wallets are mostly good for those people who are looking for convenience and want to have a good security because they either can't or don't have the time to learn how to do things on their own. Otherwise I don't think there is any threshold for how much bitcoin you own before you buy one of these hardware wallets.

Would not make sense to purchase a device of $60 - $200 price range if storing only a couple bucks on it. Just my 2c and my personal opinion but I do understand where you both come from. Price fluctuates and not everyone has a lot of time on their hands. Fair enough.

I agree with HCP. It comes down to the individual's own view over the situation. If I had the opportunity to start with crypto from zero again, I would go with an open source mobile or desktop wallet because they taught me so much more than Hardware Wallets did. To me, convenience is not worth it when you are sacrificing important steps. From my point of view, only by owning enough experience and knowledge you can succeed with cryptocurrencies.

Despite the above, there are definitely many more ways to mess up your portfolio by using Software Wallets than Hardware Wallets. Depends on what the user is looking more for: convenience or education?

-
Regards,
PrivacyG

Stalker22

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Quote from: Stalker22 on July 06, 2021, 09:12:16 AM

Oh yes, there is definitely a threshold. If you are just starting out, you probably have nothing worth keeping in a hardware wallet.
It's not that I'm against hardware wallets, I'm just saying that for beginners, any respectable software version of the wallet or mobile application is probably sufficient. Isn't that better than keeping coins on an exchange? Yet many people do exactly that.

The main problem is that a large number of users don't pay much attention to their security, so when you say "any respectable software version of the wallet or mobile application" you are thinking theoretically and of course that works fine but realistically we see that people who want to download a wallet like Electrum end up downloading a fake Electrum and lose their funds to that, simply because they didn't take a very basic step to verify its signature!
Although it is still possible that they buy a fake or tampered with hardware wallet too but the chances are lower since it has to be bought elsewhere like on Craig's list or something which is already shady.

You made an good point, and so did HCP (I'm glad he mentioned alternative methods as well). A hardware wallet is definitely a safer option, especially for less technical and less experienced users. Of course, at the end of the day, hardware wallets are not perfect. For example, you have to remember to keep a backup of your private keys in a safe place, and you'll probably want to store the hardware wallet in a location that's more secure than your living room. But it's still much safer than keeping your Bitcoin in someone else's hands (like exchange and custodial web wallets).

pooya87

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Quote from: Stalker22 on July 06, 2021, 09:12:16 AM

Oh yes, there is definitely a threshold. If you are just starting out, you probably have nothing worth keeping in a hardware wallet.
It's not that I'm against hardware wallets, I'm just saying that for beginners, any respectable software version of the wallet or mobile application is probably sufficient. Isn't that better than keeping coins on an exchange? Yet many people do exactly that.

The main problem is that a large number of users don't pay much attention to their security, so when you say "any respectable software version of the wallet or mobile application" you are thinking theoretically and of course that works fine but realistically we see that people who want to download a wallet like Electrum end up downloading a fake Electrum and lose their funds to that, simply because they didn't take a very basic step to verify its signature!
Although it is still possible that they buy a fake or tampered with hardware wallet too but the chances are lower since it has to be bought elsewhere like on Craig's list or something which is already shady.

HCP

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I guess we'll just have to agree to disagree... As I pointed out, it's very easy for the value of cryptocurrency to increase quite dramatically in a short space of time (it's also possible for it to become quite worthless as well, but I digress). Your "nothing worth keeping" might turn into a significant amount of money in a very short time.

If you make a small investment in your security at the beginning (be it with a airgap setup or a hardware wallet or a properly created "paper" wallet etc), you'll sleep a lot better knowing your funds are secure than worrying about how you go about securely moving things from your mobile phone when the price goes nuts.

Still... I guess it comes down to the individual. ¯\_(ツ)_/¯

Stalker22

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Quote from: HCP on July 05, 2021, 05:48:12 PM

If I were to suggest an amount of Bitcoin you're holding starting from which purchasing a Trezor is worth it, it would probably be $500.

... Otherwise I don't think there is any threshold for how much bitcoin you own before you buy one of these hardware wallets.

I would have to agree with this. There is no threshold.

When I first started looking at hardware wallets 5 or so years ago... I was also of the impression that it was a bit pointless spending $60 on a device if I only had $50 worth of Bitcoin... and then Bitcoin went from $500 to $20000 Tongue

Being properly prepared and setting yourself up properly to start with is a much better idea than suddenly worrying about having potentially life changing sums of money secured by a password on your desktop PC... which you also use for browsing the web, watching netflix/porn and playing games etc.

Or stuck in some shitty web wallet Tongue

Oh yes, there is definitely a threshold. If you are just starting out, you probably have nothing worth keeping in a hardware wallet.
It's not that I'm against hardware wallets, I'm just saying that for beginners, any respectable software version of the wallet or mobile application is probably sufficient. Isn't that better than keeping coins on an exchange? Yet many people do exactly that.

HCP

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If I were to suggest an amount of Bitcoin you're holding starting from which purchasing a Trezor is worth it, it would probably be $500.

... Otherwise I don't think there is any threshold for how much bitcoin you own before you buy one of these hardware wallets.

I would have to agree with this. There is no threshold.

When I first started looking at hardware wallets 5 or so years ago... I was also of the impression that it was a bit pointless spending $60 on a device if I only had $50 worth of Bitcoin... and then Bitcoin went from $500 to $20000 Tongue

Being properly prepared and setting yourself up properly to start with is a much better idea than suddenly worrying about having potentially life changing sums of money secured by a password on your desktop PC... which you also use for browsing the web, watching netflix/porn and playing games etc.

Or stuck in some shitty web wallet Tongue

dkbit98

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Quote from: Stalker22 on July 04, 2021, 04:59:03 PM

Hello everyone can you please recommend me reliable online wallets that do not require identity verification. In the future I will buy a hardware wallet like Treasure but for now I am looking for temporary free wallet. Thank you.

My suggestion is NOT to use any online wallets for storing Bitcoin and crypto, but download proven and tested open source wallets and you don't have to pass any kyc verifications for them.
Do NOT consider any crypto exchanges to be wallets, they are meant only for trading not holding your coins, and they can be even worse than banks in some cases.
Lot of people are now complaining about Blockchain web wallet so I would avoid using that.

Best free and open source wallet for Bitcoin is probably Electrum:
https://electrum.org/
Wasabi is one more good Bitcoin wallet focused on privacy for Bitcoin:
https://www.wasabiwallet.io/

o_e_l_e_o

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As others have said, web wallets are not the ideal solution for those looking to store large amounts of crypto.

I am of the opinion that web wallets are not the ideal solution for anyone, ever. Even if you want to store a small amount of crypto which you can access from anywhere in the world, then almost everyone has a phone which can run a mobile wallet, which is magnitudes more secure than a web wallet. If you don't, then I would still rather carry a paper wallet which I could import when I needed to use it rather than rely on a web wallet. In the very rare scenario where you need to cross a border and worry about being searched or having your electronics seized, then I would rather memorize a seed phrase (which would of course still be backed up on paper) than the log in details to a web wallet.

Otherwise I don't think there is any threshold for how much bitcoin you own before you buy one of these hardware wallets.

I agree. A Nano S or Trezor One are only about $60 each, and both companies regularly offer discount codes or promotions to bring the price down further. Even if there is no promotion ongoing, if you head to either of their subreddits and ask for a referral code, you can usually get a discount code of between 10% and 25% from a helpful user.

joniboini

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As long as you are saying the price of a Hardware Wallet is too expensive at the moment, I assume you do not have or plan to invest that much into cryptocurrencies.

Or OP is looking at the wrong place. IMO, Nano S or the equivalent alternative is cheap enough and it should be good enough for most users. OP don't really have to buy a Nano X or something similar if he has no use for it. OP, just list what you need before you start looking a HW, I'm pretty sure you'll find a good deal sooner or later.

pooya87

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If I were to suggest an amount of Bitcoin you're holding starting from which purchasing a Trezor is worth it, it would probably be $500.

Hardware wallets are mostly good for those people who are looking for convenience and want to have a good security because they either can't or don't have the time to learn how to do things on their own. Otherwise I don't think there is any threshold for how much bitcoin you own before you buy one of these hardware wallets.

PrivacyG

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You are on the right path, so keep it up.

+1 for Mycelium from me as well. Mycelium has a very basic looking yet intuitive user interface. Open source, non custodial.. whatever you will. Always choose more important features over design.

As long as you are saying the price of a Hardware Wallet is too expensive at the moment, I assume you do not have or plan to invest that much into cryptocurrencies. In this situation, purchasing a Hardware Wallet does not make much sense to me. If I were to suggest an amount of Bitcoin you're holding starting from which purchasing a Trezor is worth it, it would probably be $500.

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Regards,
PrivacyG

Stalker22

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Quote from: mivdkgei on July 04, 2021, 02:29:40 PM

Hello everyone can you please recommend me reliable online wallets that do not require identity verification. In the future I will buy a hardware wallet like Treasure but for now I am looking for temporary free wallet. Thank you.

You can find a list of some of the more popular web wallets here. As others have said, web wallets are not the ideal solution for those looking to store large amounts of crypto. If you really have no other alternative, I suggest you choose a non-custodial service. In that case, at least you will have access to private keys or a seed phrase that you can later import into a software wallet, such as Electrum.

o_e_l_e_o

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Mostly mobile wallets will be better for me. I understand that most of you recommend Mycelium and Blockchain. Does anyone have any more opinions please

Not Blockchain. Never Blockchain. Web wallets are a poor choice at the best of times, but Blockchain really is the peak of awful wallets. It is buggy, it has numerous critical vulnerabilities, they've been hacked on numerous occasions, their support is legendarily useless, and it doesn't provide many advanced features.

You are going to want to pick a mobile wallet with is both open source and reproducible from the source code. Mycelium and Electrum both fulfill these criteria, as well as being widely used and reputable wallets, and are therefore good choices.

mivdkgei

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Quote from: OmegaStarScream on July 04, 2021, 10:48:46 AM

A wallet isn't supposed to ask you to verify your identity, an exchange is. You could just use Blockchain.com or Guarda if you're in need of a web wallet, but I wouldn't recommend it . I'd go with a desktop wallet like Electrum or for your smartphone, Mycelium.

Quote from: BitMaxz on July 04, 2021, 11:07:03 AM

There is no Hardware wallet called Treasure you might be talking about Trezor wallet?

For online wallet, it's already mentioned above but I do not recommend you to use Blockchain.com wallet because it's a buggy web wallet and for Android, you can use Mycelium as mentioned above but Electrum also has an Android version so try that first.

Other mobile wallets can be found here https://bitcoin.org/en/choose-your-wallet?step=5&platform=android

For a web wallet that you can run offline use this https://coinb.in/#wallet

Quote from: bitmover on July 04, 2021, 12:45:28 PM