Topic: What is the best way to store AND use bitcoin. (Read 1313 times)
Instawallet
I am getting back into bitcoin after a while of mining altcoins. I want to use it as its own currency, but I cannot find a way that is agreed on how to keep your bitcoin for personal use. I understand ways to either store or use bitcoins, and it seems that to really use bitcoins on a daily basis easily, you have to give up things to the extent of the full control of your bitcoin. The best compromise I can find is Green Address, but it is a little too new to tell from what i can see. I am asking about how to store about one hundred USD in bitcoin that is fairly easily to access from my android phone and computer for ease of use, but the best possible security.
use an app that gives you access to the private keys. as that is the important part.
this is because if the service is unavailable due to a electricity blackout at their datacentre, a DDOS attack, etc you can simply import your private keys into a different service.
i prefer cold storage, but for $100 of bitcoin i deem these third party apps acceptable AS LONG AS THEY OFFER TRUE PRIVKEY ACCESS
The best way to save bitcoin is to provide a loan (investment) through trusted sites like BTCjam.
and the right choice to use it is with trading. it seems to me
and the right choice to use it is with trading. it seems to me
That's not exactly the store AND use scenario. Maybe this is a good alternative for storing but definitely not good for using it.
cold storage : bitcoin core
cold storage : specialized laptop
hot wallet : smartphone (for QR-code)
cold storage = high amount -...$$$-
hot wallet = 150 Euros max
cold storage : specialized laptop
hot wallet : smartphone (for QR-code)
cold storage = high amount -...$$$-
hot wallet = 150 Euros max
^ Probably this is the best approach.
The best way to save bitcoin is to provide a loan (investment) through trusted sites like BTCjam.
and the right choice to use it is with trading. it seems to me
and the right choice to use it is with trading. it seems to me
I just use Bitcoin Core.
Most people don't store ALL of their money in one place.
As an example, I have some USD.
Some of my USD is stored in an account at the bank.
This USD is not always convenient to access. I have to go to the bank (or an ATM) to get it. The bank is only open certain hours, on certain days. There can be fees at times when attempting to access the USD. While this is the least convenient of the three storages, it is protected by multiple significant and expensive security measures and is insured against loss and theft by the F.D.I.C.
Some of my USD is stored in a safe in my house.
This USD is much more convenient to access. I can get some of it whenever I am at home. It isn't as well insured, and the security measures aren't quite as extensive as the bank's, but it is generally safe most of the time. I wouldn't want to keep my "life savings" in there, but I store more there than I would typically spend in a given day.
Some of my USD is stored in my wallet in my back pocket.
This is extremely convenient to access. I always have it with me, and can just pull some out whenever I want to spend it. It isn't insured at all, and can easily be lost to a pick-pocket or a mugger. I can become distracted and accidentally leave it somewhere, losing it. I have enough in there for most anything I might want to buy on a typical day, and I re-fill it from the safe in my house when necessary. While I'd be frustrated if I lost everything in the wallet, it wouldn't be devastating.
You can do something similar with your bitcoins.
Store most of your bitcoins in offline storage (such as Paper wallets). It will be inconvenient to access, but it will be the most secure sotrage you have.
Store some of your bitcoins in an internet connected desktop wallet protected with encryption (something like Electrum, MultiBit, or Bitcoin Core). These are more convenient to access than a paper wallet, but are also more susceptible to threats such as keystroke loggers, hackers, and malware. They are also difficult to use when you are not at home.
Finally, use a web hosted wallet (such as blockchain.info) to store enough for most anything you might want to buy on a typical day. You can re-fill it from your desktop wallet at home when necessary. Don't store an amount there that would be devastating to lose.
+1 on this. I don't think however it is possible to have quite as many levels of protection/convenience for storing your bitcoin. All you can really have is a hot wallet/storage and a cold wallet/storage. I guess you could store some bitcoin on a wallet on your phone that might be considered to be more "hot" then bitcoin stored on your "online" computer however it would really not be that much less secure As an example, I have some USD.
Some of my USD is stored in an account at the bank.
This USD is not always convenient to access. I have to go to the bank (or an ATM) to get it. The bank is only open certain hours, on certain days. There can be fees at times when attempting to access the USD. While this is the least convenient of the three storages, it is protected by multiple significant and expensive security measures and is insured against loss and theft by the F.D.I.C.
Some of my USD is stored in a safe in my house.
This USD is much more convenient to access. I can get some of it whenever I am at home. It isn't as well insured, and the security measures aren't quite as extensive as the bank's, but it is generally safe most of the time. I wouldn't want to keep my "life savings" in there, but I store more there than I would typically spend in a given day.
Some of my USD is stored in my wallet in my back pocket.
This is extremely convenient to access. I always have it with me, and can just pull some out whenever I want to spend it. It isn't insured at all, and can easily be lost to a pick-pocket or a mugger. I can become distracted and accidentally leave it somewhere, losing it. I have enough in there for most anything I might want to buy on a typical day, and I re-fill it from the safe in my house when necessary. While I'd be frustrated if I lost everything in the wallet, it wouldn't be devastating.
You can do something similar with your bitcoins.
Store most of your bitcoins in offline storage (such as Paper wallets). It will be inconvenient to access, but it will be the most secure sotrage you have.
Store some of your bitcoins in an internet connected desktop wallet protected with encryption (something like Electrum, MultiBit, or Bitcoin Core). These are more convenient to access than a paper wallet, but are also more susceptible to threats such as keystroke loggers, hackers, and malware. They are also difficult to use when you are not at home.
Finally, use a web hosted wallet (such as blockchain.info) to store enough for most anything you might want to buy on a typical day. You can re-fill it from your desktop wallet at home when necessary. Don't store an amount there that would be devastating to lose.
I am getting back into bitcoin after a while of mining altcoins. I want to use it as its own currency, but I cannot find a way that is agreed on how to keep your bitcoin for personal use. I understand ways to either store or use bitcoins, and it seems that to really use bitcoins on a daily basis easily, you have to give up things to the extent of the full control of your bitcoin. The best compromise I can find is Green Address, but it is a little too new to tell from what i can see. I am asking about how to store about one hundred USD in bitcoin that is fairly easily to access from my android phone and computer for ease of use, but the best possible security.
Just keep the bulk of your stash on paper wallets or in cold encrypted wallets and keep enough on your Android Blockchain wallet for daily purchases.
Half of BTCs in Android wallet and half in a cold storage wallet on pc.
your question is store and use bitcoin, cerrently is to find a wallet
Most people don't store ALL of their money in one place.
As an example, I have some USD.
Some of my USD is stored in an account at the bank.
This USD is not always convenient to access. I have to go to the bank (or an ATM) to get it. The bank is only open certain hours, on certain days. There can be fees at times when attempting to access the USD. While this is the least convenient of the three storages, it is protected by multiple significant and expensive security measures and is insured against loss and theft by the F.D.I.C.
Some of my USD is stored in a safe in my house.
This USD is much more convenient to access. I can get some of it whenever I am at home. It isn't as well insured, and the security measures aren't quite as extensive as the bank's, but it is generally safe most of the time. I wouldn't want to keep my "life savings" in there, but I store more there than I would typically spend in a given day.
Some of my USD is stored in my wallet in my back pocket.
This is extremely convenient to access. I always have it with me, and can just pull some out whenever I want to spend it. It isn't insured at all, and can easily be lost to a pick-pocket or a mugger. I can become distracted and accidentally leave it somewhere, losing it. I have enough in there for most anything I might want to buy on a typical day, and I re-fill it from the safe in my house when necessary. While I'd be frustrated if I lost everything in the wallet, it wouldn't be devastating.
You can do something similar with your bitcoins.
Store most of your bitcoins in offline storage (such as Paper wallets). It will be inconvenient to access, but it will be the most secure sotrage you have.
Store some of your bitcoins in an internet connected desktop wallet protected with encryption (something like Electrum, MultiBit, or Bitcoin Core). These are more convenient to access than a paper wallet, but are also more susceptible to threats such as keystroke loggers, hackers, and malware. They are also difficult to use when you are not at home.
Finally, use a web hosted wallet (such as blockchain.info) to store enough for most anything you might want to buy on a typical day. You can re-fill it from your desktop wallet at home when necessary. Don't store an amount there that would be devastating to lose.
As an example, I have some USD.
Some of my USD is stored in an account at the bank.
This USD is not always convenient to access. I have to go to the bank (or an ATM) to get it. The bank is only open certain hours, on certain days. There can be fees at times when attempting to access the USD. While this is the least convenient of the three storages, it is protected by multiple significant and expensive security measures and is insured against loss and theft by the F.D.I.C.
Some of my USD is stored in a safe in my house.
This USD is much more convenient to access. I can get some of it whenever I am at home. It isn't as well insured, and the security measures aren't quite as extensive as the bank's, but it is generally safe most of the time. I wouldn't want to keep my "life savings" in there, but I store more there than I would typically spend in a given day.
Some of my USD is stored in my wallet in my back pocket.
This is extremely convenient to access. I always have it with me, and can just pull some out whenever I want to spend it. It isn't insured at all, and can easily be lost to a pick-pocket or a mugger. I can become distracted and accidentally leave it somewhere, losing it. I have enough in there for most anything I might want to buy on a typical day, and I re-fill it from the safe in my house when necessary. While I'd be frustrated if I lost everything in the wallet, it wouldn't be devastating.
You can do something similar with your bitcoins.
Store most of your bitcoins in offline storage (such as Paper wallets). It will be inconvenient to access, but it will be the most secure sotrage you have.
Store some of your bitcoins in an internet connected desktop wallet protected with encryption (something like Electrum, MultiBit, or Bitcoin Core). These are more convenient to access than a paper wallet, but are also more susceptible to threats such as keystroke loggers, hackers, and malware. They are also difficult to use when you are not at home.
Finally, use a web hosted wallet (such as blockchain.info) to store enough for most anything you might want to buy on a typical day. You can re-fill it from your desktop wallet at home when necessary. Don't store an amount there that would be devastating to lose.
If I have a lot of bitcoin, I would keep most on a few paper wallets. Then some on electrum, and less than 1 btc on blockchain.info mobile wallet. I would have a bitcoin debit card to do most fiat shopping.
cold storage : bitcoin core
cold storage : specialized laptop
hot wallet : smartphone (for QR-code)
cold storage = high amount -...$$$-
hot wallet = 150 Euros max
cold storage : specialized laptop
hot wallet : smartphone (for QR-code)
cold storage = high amount -...$$$-
hot wallet = 150 Euros max
legendary
Activity: 1302
Merit: 1004
Core dev leaves me neg feedback #abuse #political
for one hundred bucks worth what's wrong with electrum?
I am getting back into bitcoin after a while of mining altcoins. I want to use it as its own currency, but I cannot find a way that is agreed on how to keep your bitcoin for personal use. I understand ways to either store or use bitcoins, and it seems that to really use bitcoins on a daily basis easily, you have to give up things to the extent of the full control of your bitcoin. The best compromise I can find is Green Address, but it is a little too new to tell from what i can see. I am asking about how to store about one hundred USD in bitcoin that is fairly easily to access from my android phone and computer for ease of use, but the best possible security.
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