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Topic: What Wallet Do You Store Your Bitcoin? (Read 595 times)

legendary
Activity: 2730
Merit: 7065
Farewell, Leo. You will be missed!
September 01, 2023, 11:34:12 AM
#52
For example here its like a bad word having a hot web wallet like Blockchain, but for me if you use that wallet like a bridge or for spend its a very easy way to use and start for people.
Just because something is easy, it doesn't mean that it's good or better than the more challenging alternatives. In fact, it's often the other way around. It's easier to register on a CEX, login in with your username and password, and store your coins with them. That's easier than having to set up your own wallet, generate the seed securely, and making multiple physical backups on paper or metal that you will keep in different geographical locations. But the quicker option here isn't safer and thus not better.

Blockchain is a buggy wallet that works today and doesn't work tomorrow. People have reported all kinds of weird problems with it that have created difficulties for them to work with their coins. Because of that, I see no reason to use something that may or may not work. Better software wallets are available both for desktop and mobile devices than Blockchain.   
hero member
Activity: 1470
Merit: 755
September 01, 2023, 08:04:22 AM
#51
The use of the mobile version of Electrum is not that good in the sense that Electrum is not bad, but the use of Electrum on the desktop version is very good.
In my opinion, the mobile version of the bitcoin wallet that is easier to use is BlueWallet. Many features available.
Still in the context of the desktop version, I would like to say that the preferred use of the desktop version of the wallet is Electrum and it is a software wallet that I recommend to anyone who wants to use it on a desktop.
So you are clearly saying that it is better to use BlueWallet for storing Bitcoin compared to Electrum using mobile apps? Can I know dude, why? For now, it's okay for me to use Electrum mobile apps. Although it cannot be denied that I feel more comfortable using Electrum on the desktop,
Using the mobile version of Bluewallet has more features compared to Electrum (mobile), such as cost settings and coin control like the Android I use.
The mobile version of Electrum doesn't have as many features as the features in the mobile version of Bluewallet.
Regarding security and so on in wallets, it depends on each individual and this is not intended to compare Bluewallet with Electrum.

I haven't tried the bluewallet yet, but I'll check it, and maybe later I'll shift to using it on mobile instead of Electrum, because I've read a lot like that in the forum. Maybe, I'll just log out my Electrum accounts using mobile to be safe.
You can try using the mobile version of bluewallet. You will get the difference in convenience.
sr. member
Activity: 322
Merit: 306
Farewell LEO o_e_l_e_o
August 31, 2023, 11:48:29 PM
#50
The first advantage, the BTC stored in the wallet is only us who control.
That depends on many factors:
- How you created the wallet and generated its keys.
- How you stored those keys.
- What type of wallet you used. A custodial wallet differs significantly from a non-custodial one if we are talking about control of the keys.
- And if you took all the precautions to ensure the wallet is recoverable if and when needed.
Before deciding to use a wallet as a place to store BTC, there are several factors studied. After going through all the research, the decision made is quite good — it includes all the factors you mentioned, namely how to use it and how to secure it.
hero member
Activity: 854
Merit: 1031
Only BTC
August 29, 2023, 02:41:48 PM
#49
For example here its like a bad word having a hot web wallet like Blockchain, but for me if you use that wallet like a bridge or for spend its a very easy way to use and start for people.
How do intend to use Blockchain wallet like a bridge, a bridge to what? Take note that even if you need an online wallet for spending on the go, blockchain wallet is not a recommended one, it is a web wallet and their users always complain of bugs and different other problems, Electrum is easy to use and is great as an online wallet for spending on the go, BlueWallet is another option. To store the bulk of your money, you can then run Electrum on an airgapped device or use a hardware wallet.
sr. member
Activity: 462
Merit: 263
CONTEST ORGANIZER
August 29, 2023, 01:13:35 PM
#48
I think we allways ended up in the same results, but for me first off all the hardware/software analysis over wallets and wich its better and why, we have to split the discussion into two things.

  • Hardware/Software concern.
  • Personal use and interest.

And the part of personal use and interest its very important, because its not the same to save a few bucks tahn  a large ammount, its not the same being a guy who travel all the time and sometimes without your laptop and you need a fast and good wallet on your phone.

Its not the same the strategy of anyone on who split his saves, in one wallet, two, one for spends, and one for savings, etc. And i thinkw e allways discuss so much about the tecnological section and not the most common human being.

For example here its like a bad word having a hot web wallet like Blockchain, but for me if you use that wallet like a bridge or for spend its a very easy way to use and start for people.

legendary
Activity: 2730
Merit: 7065
Farewell, Leo. You will be missed!
August 29, 2023, 11:43:28 AM
#47
The first advantage, the BTC stored in the wallet is only us who control.
That depends on many factors:
- How you created the wallet and generated its keys.
- How you stored those keys.
- What type of wallet you used. A custodial wallet differs significantly from a non-custodial one if we are talking about control of the keys.
- And if you took all the precautions to ensure the wallet is recoverable if and when needed.

So you are clearly saying that it is better to use BlueWallet for storing Bitcoin compared to Electrum using mobile apps? Can I know dude, why?
I combine Electrum for desktops with my hardware wallets, but I wouldn't use the mobile version as my go to mobile wallet. As Z-tight explained, it lacks important features that Electrum's desktop and Blue Wallet possess. I have tried Electrum on my Android and it never felt right. It feels like such a hurried release that doesn't work properly. It's not unsafe, though.

I suggest you download and install both applications and create test wallets. After that, see for yourself. You will notice why Blue Wallet should be the better choice. At least, for me it is. 
hero member
Activity: 854
Merit: 1031
Only BTC
August 29, 2023, 09:45:44 AM
#46
So you are clearly saying that it is better to use BlueWallet for storing Bitcoin compared to Electrum using mobile apps? Can I know dude, why? For now, it's okay for me to use Electrum mobile apps. Although it cannot be denied that I feel more comfortable using Electrum on the desktop.
I think it is because Electrum on Android lacks some features that are present in the desktop version, take note that this is not about the safety of your funds or keys, because both Android and Desktop Electrum are safe, if you follow the required safety precautions. But Electrum on Android lacks features like coin control, you cannot select a particular UTXO to spend, you have to combine all your UTXO's which is bad for privacy, Android Electrum also lacks the feature of fee customization, you only have a fee slider on Android, but you can't customize your fee, you can't also sign a message using Electrum on Android, etc.
sr. member
Activity: 1666
Merit: 453
August 29, 2023, 02:57:38 AM
#45
I keep on the desktop version of Electrum.
on Mobile I use Blue Wallet.
I also use the Electrum Mobile Wallet and it's still working well.
I also used Blue Wallet at first, but I found Electrum more convenient so I left Blue Wallet (everyone has different experiences).
The use of the mobile version of Electrum is not that good in the sense that Electrum is not bad, but the use of Electrum on the desktop version is very good.
In my opinion, the mobile version of the bitcoin wallet that is easier to use is BlueWallet. Many features available.
Still in the context of the desktop version, I would like to say that the preferred use of the desktop version of the wallet is Electrum and it is a software wallet that I recommend to anyone who wants to use it on a desktop.

So you are clearly saying that it is better to use BlueWallet for storing Bitcoin compared to Electrum using mobile apps? Can I know dude, why? For now, it's okay for me to use Electrum mobile apps. Although it cannot be denied that I feel more comfortable using Electrum on the desktop,

I haven't tried the bluewallet yet, but I'll check it, and maybe later I'll shift to using it on mobile instead of Electrum, because I've read a lot like that in the forum. Maybe, I'll just log out my Electrum accounts using mobile to be safe.
sr. member
Activity: 322
Merit: 306
Farewell LEO o_e_l_e_o
August 15, 2023, 12:13:40 PM
#44
I'm new to Cryptocurrency and instead of learning the in and outs of trading, I decided to buy BTC and hold. The reason being, is because of the dozen websites I've visited they all claim BTC will skyrocket in the upcoming years.
The reason given to buy BTC and then hold it is true.
Bitcoin which is used as an investment asset by people will experience a high price increase, usually people often call it ATH.

If someone was to buy and hold, why would they get a wallet that doesn't pay interest?
Saving Bitcoin is not like saving money in a bank. The bank chosen to save money will provide monthly interest and annual interest with a percentage multiplication in accordance with the amount of money saved.
Storing bitcoin in a trusted wallet for a certain period of time can also make a profit.

The first advantage, the BTC stored in the wallet is only us who control. Very much different from the bank that makes the money played for other purposes outside of our knowledge because the status has become the property of the bank as long as we do not pull it back.
The second advantage, we will get a percentage of selling when prices reach high prices.

What Wallet Do You Store Your Bitcoin?
I have decided to use Electrum as a wallet to store BTC.
sr. member
Activity: 462
Merit: 263
CONTEST ORGANIZER
August 15, 2023, 11:14:34 AM
#43
I use Electrum as a main wallet, but you always needs to check your requeriments and also how much BTC youa re gonna have or hold.

Like the other persons in this thread already said to you i think its better to avoid all that web wallets who offers you X% for rely your BTC with them. If you want to run that risk, please put not all your BTC on that, and be very carefull.
legendary
Activity: 2730
Merit: 7065
Farewell, Leo. You will be missed!
August 10, 2023, 03:23:51 AM
#42
If you want a wallet where you can safely store your coins and keep them in your custody and control, you will have to forget about earning interest. Interest is earned on coins that aren't being stored, but are "moving around" between partner services. You don't know what's happening with them or where they are. Recent history has shown that it can quickly go wrong.

I would never consider NEXOs 5%, 10%, or 20%, regardless of how tempting it might seem at first. The risk isn't worth it.
And when Bitcoin starts its next bull run, it will earn holders much more than what NEXO and similar custodian gamblers offer their clients.
hero member
Activity: 1470
Merit: 755
August 10, 2023, 02:51:06 AM
#41
I keep on the desktop version of Electrum.
on Mobile I use Blue Wallet.
I also use the Electrum Mobile Wallet and it's still working well.
I also used Blue Wallet at first, but I found Electrum more convenient so I left Blue Wallet (everyone has different experiences).
The use of the mobile version of Electrum is not that good in the sense that Electrum is not bad, but the use of Electrum on the desktop version is very good.
In my opinion, the mobile version of the bitcoin wallet that is easier to use is BlueWallet. Many features available.
Still in the context of the desktop version, I would like to say that the preferred use of the desktop version of the wallet is Electrum and it is a software wallet that I recommend to anyone who wants to use it on a desktop.
hero member
Activity: 854
Merit: 1031
Only BTC
August 08, 2023, 06:47:47 PM
#40
However, still, you need to choose the best wallet like in my point of view, electrum is my favorite wallet and I don't trust the Trust wallet and here both of these wallets give you access to private keys.

If for any reason you do not have a hardware wallet, I will only prefer the Electrum desktop version to store my bitcoins BTC
Electrum is a good BTC wallet, it is open source and a self custody wallet, but it is a hot wallet and should not be used to store a large amount of BTC, Electrum should only be used in place of a hardware wallet or other cold storage solutions if it is run in an air-gapped device. Setting up an air-gapped wallet may be difficult for a newbie, but it is a cold storage solution for people who know how to set it up and probably can't get a hardware wallet. Take note that even if a wallet gives you your seed phrase and private key, it doesn't simply mean that it is safe to store any amount of BTC in it.
legendary
Activity: 2954
Merit: 1159
August 06, 2023, 12:50:15 PM
#39
That's also my thinking before when I was still quite new to this market. But OP soon you'll understand why it is important that everyone here will tell you that it's best to hold your Bitcoin with the wallet that you're holding the private keys. Especially if the amount you've got is already a lot and already a life savings of yours. You know that these exchanges are vulnerable to dynamic changes and policies that's why you can't trust them wholly with your funds thus, the worst comes and they get hacked and you have no assurance you'll receive a full refund.

Yes, if you are holding the wallet where you have access to the private key then for sure you are better than keeping your coins on exchanges or any other wallet where they do not give you access by username and password.

However, still, you need to choose the best wallet like in my point of view, electrum is my favorite wallet and I don't trust the Trust wallet and here both of these wallets give you access to private keys.

If for any reason you do not have a hardware wallet, I will only prefer the Electrum desktop version to store my bitcoins BTC
hero member
Activity: 714
Merit: 1010
Crypto Swap Exchange
August 06, 2023, 09:41:19 AM
#38

I don't think it is that easy with Lightning Network fees as you put it. And as Lightning Network is still in much more development than the main layer, I'd be careful to lock a lot of money in Lightning Network. When you don't want or can't manage your own channels then most Lightning Network wallets are custodial e.g. like Wallet of Satoshi. There are of course non-custodial solutions e.g. like Phoenix which have some semi-automatic channel management by the wallet's provider (in case of Phoenix it's ACINQ).

But if fees on main layer grow substantially this will also have an impact on Lightning Network, too. And routing nodes can't go much around this when they have to open and close channels from time to time. Added cost there will have to be compensated somehow by an appropriate routing fee level. Sooner or later it will impact every Lightning Network participant.

I don't believe that routing fees in Lightning Network can stay low due to competion when in parallel main layer transaction fees grow higher than what we see currently. Routing fees will have to follow slowly the trend on main layer, maybe not to the same extend but the trend will be the same.
legendary
Activity: 1442
Merit: 1605
August 05, 2023, 02:55:47 PM
#37
One more aspect.

Storing coins at individual addresses is a short-sighted solution.
The more popular Bitcoin becomes, the more people will want to transact.
The greater the demand for transactions, the higher the competition for space in a block.
The higher the competition for block space, the higher the fee.

And since banks, central banks, and governments are pushing more and more people towards Bitcoin through their actions, sooner or later each of us will face the situation where we'll have to assign a fee for transferring coins from our address that we simply can't afford. It makes sense, as long as this hasn't happened yet, to move your coins into Lightning Network payment channels. There, fees don't increase as the network grows. In fact, quite the opposite:
the more nodes, the more routing paths, and the more competition among nodes to participate in routing;
and the higher the competition, the lower the routing nodes’ fees.
newbie
Activity: 4
Merit: 0
July 28, 2023, 07:30:50 AM
#36
I'm new to Cryptocurrency and instead of learning the in and outs of trading, I decided to buy BTC and hold. The reason being, is because of the dozen websites I've visited they all claim BTC will skyrocket in the upcoming years. People tell me that if I buy BTC on Coinbase, then I should transfer the BTC to a Cryptowallet.

Wouldn't it be best to store the BTC in a wallet that pays high interest?

Nexo: Nexo pays its customers high-interest rates on crypto, stablecoins, and standard currencies such as USD, EUR and GBP. Storing crypto or stable coins on Nexo will earn interest back in those coins at a rate of between 8% and 12%. Nexo pays interest of 12% on standard currencies such as the U.S. dollar and the euro, far more than any typical bank pays.

But there are other crypto wallets that pay high interest.
If someone was to buy and hold, why would they get a wallet that doesn't pay interest?


online is not a good choice
hero member
Activity: 854
Merit: 1031
Only BTC
July 21, 2023, 06:08:47 AM
#35
About Wasabi's implementation on Trezor, I haven't studied it in detail and still have little knowledge about it.
The main message is that Trezor is using zkSNACKs coordinator to run their CoinJoin, and we all know that zkSNACKs coordinator is pro-censorship because they partner with blockchain surveillance companies to blacklist certain UTXO from their CoinJoin feature. Meaning that there is no privacy for people that will use CoinJoin on Trezor because the fee they pay would be used to fund the company that will first of all spy on their UTXO, before they would either be allowed or rejected from using the CoinJoin service.

You can read some of it here: https://blog.trezor.io/coinjoin-privacy-for-bitcoin-11aaf291f23
legendary
Activity: 2464
Merit: 1703
airbet.io
July 18, 2023, 11:02:47 PM
#34
-snip-
Trezor and Ledger used to be the most recommended BTC hardware wallets, but after Ledger implemented their recovery service and Trezor are implementing CoinJoin, but they are using Wasabi for it, who are working with a blockchain analysis company to blacklist certain UTXO, the recommendations on these two hardware devices has decreased. For users who may already have the devices, it may be okay to use it without opting in for their recent additions, but i think if someone wants to buy a new hardware wallet they should go for options like Passport, BitBox02, and other recommended open source hardware wallets.
I think Trezor and Ledger were never considered as the safest option out there. they were the most recommended BTC hardware wallets because they are one of the old ones, have good marketing and are easy to use while offering a lot of altcoins. I think that's the only reason.
The declining recommendations on both Hardware wallets Trezor and Ledger did give a bad rating to both.
But Ledger is the worst at the moment with its Recovery feature that even it is widely opposed by crypto users.
 
About Wasabi's implementation on Trezor, I haven't studied it in detail and still have little knowledge about it.

Ledger is currently Close Source and Trezor is Open Source.
It is just a matter of choosing which one to use and there are many more Hardware wallets to choose from.

Source: https://thebitcoinhole.com/

I keep on the desktop version of Electrum
on Mobile I use Blue Wallet.
I also use the Electrum Mobile Wallet and it's still working well.
I also used Blue Wallet at first, but I found Electrum more convenient so I left Blue Wallet (everyone has different experiences).
Blue Wallet also closed the LN Channel.
hero member
Activity: 1470
Merit: 755
July 18, 2023, 08:16:50 AM
#33
I keep on the desktop version of Electrum
on Mobile I use Blue Wallet.

Wouldn't it be best to store the BTC in a wallet that pays high interest?
It is no better to be concerned with privacy security than to be concerned with the interest paid.
This is not a bank where we save fiat money.
It's safe to get profits because holding for a certain period of time is more effective than getting high interest payments but risking asset security.
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