Topic: What's the difference between Offline & Online wallets ? - page 2. (Read 3632 times)
My advice on offline wallets is to use Electrum because it's user friendly and secure, I use it for everyday transactions.
I think OP really meant Hot and Cold wallets.
Simple 2 cent answer. Hot wallet is on a mobile device like a phone, Trezor, tablet, laptop or web wallet like Blockchain etc. that's always connected online.
Cold wallet can be a printed paper wallet, physical bitcoin, USB key, or hard drive not connected online.
Simple 2 cent answer. Hot wallet is on a mobile device like a phone, Trezor, tablet, laptop or web wallet like Blockchain etc. that's always connected online.
Cold wallet can be a printed paper wallet, physical bitcoin, USB key, or hard drive not connected online.
as the title says , I would like to know What's the difference between Offline & Online wallets ?
and can you list some of each ?
Thank you guys .
and can you list some of each ?
Thank you guys .
There are 3 different kinds of wallets:
- wallets that are running on a website. (online)
- wallets that run on your computer (offline)
- wallets that are not connected to the internet or even inside a computer, public and private key on paper. (cold storage)
With bitcoin, data is money. So you have to pick the right way to protect your data.
You can see an overview of wallets here: https://bitcoin.org/en/choose-your-wallet
This is my general experience:
wallets that are running on a website.
The website has ownership of your wallet. "Similar to online banking."
Advantage: Easy to access from anywhere in the world. The wallet client allows you to do direct transactions on the bitcoin network.
Disadvantage: The website could potentially get hacked or the owner could run off with your money. You have to trust the intermediary.
wallets that run on your computer (offline)
The data on your hard drive is now worth money.
Advantages: Always in control of your money (computer). The wallet client allows you to do direct transactions on the bitcoin network. No need to trust intermediary, only your computer.
Disadvantages: Your hard drive could crash (you need backups), your computer could get a virus if you do not secure it or someone could steal your computer.
wallets that run on papyrus (offline)
Since your keys are on paper, nobody on the internet can potentially steal them.
Advantages: Even in 5 years you still have your wallets BTC secure. No intermediary, only trust you don't forget where you left the paper.
Disadvantages: Unless you spill coffee on them
Online wallet is not secure if you don't set up all security futures and offline wallet is 100 procent secure if you don't download any viruses or keyloggers to your computer. I would suggest using online wallet for everyday use because you don't have to update your blockchain each time which takes a while but mainly use desktop wallet for your main funds or even cold wallet.
Alright I see , so Multibit is a Offline wallet , I will stick with it . thank you guys
Multibit is a desktop based wallet. Your wallet and keys is store in your pc while online wallets like blockchain your keys and wallet is stored online.
Alright I see , so Multibit is a Offline wallet , I will stick with it . thank you guys
Online wallets means online base wallet and offline wallet means the wallet you install on your PC.
The definitions of "online wallet" and "offline wallet" are confused. They mean different things to different people.
Generally, "offline wallet" means the same as "cold storage", or a wallet that is not connected to the internet. Some people use the term to mean a wallet that runs directly on a device -- phone, tablet, computer, etc.
Then you would expect that "online wallet" means a wallet that is connected to the internet -- the same as a "hot wallet", but that's not how most people use the term. Generally, when people refer to an "online wallet", they mean a wallet that is accessed through a web site, and sometimes more specifically an account at a web site that is not really a wallet. This may also be called "web wallet" or "hosted wallet".
I try to avoid using the terms "online" and "offline" because of the confusion.
Cold storage is the safest because someone needs physical access to the wallet to steal the bitcoins. Holding bitcoins in an account on a web site is generally unsafe. Bitcoins in accounts are easily and frequently stolen.
Generally, "offline wallet" means the same as "cold storage", or a wallet that is not connected to the internet. Some people use the term to mean a wallet that runs directly on a device -- phone, tablet, computer, etc.
Then you would expect that "online wallet" means a wallet that is connected to the internet -- the same as a "hot wallet", but that's not how most people use the term. Generally, when people refer to an "online wallet", they mean a wallet that is accessed through a web site, and sometimes more specifically an account at a web site that is not really a wallet. This may also be called "web wallet" or "hosted wallet".
I try to avoid using the terms "online" and "offline" because of the confusion.
Cold storage is the safest because someone needs physical access to the wallet to steal the bitcoins. Holding bitcoins in an account on a web site is generally unsafe. Bitcoins in accounts are easily and frequently stolen.
I'am using Multibit , this will do the job ? and I will be able to receive money & send quickly ? thanks mate .
All depends on what you use. Some online have 2 factor authentication, insured, list goes on. But also they are online which is far different then cold storage.
The client for bitcoin takes a LONG time normally to download the chain and get up to date. You can use a wallet without it and be able to send/recieve much quicker.
If much money i suggest looking into cold storage.
The client for bitcoin takes a LONG time normally to download the chain and get up to date. You can use a wallet without it and be able to send/recieve much quicker.
If much money i suggest looking into cold storage.
as the title says , I would like to know What's the difference between Offline & Online wallets ?
and can you list some of each ?
Thank you guys .
and can you list some of each ?
Thank you guys .
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