Which offline wallet do you use, and why? - page 3.

ladybitcoin

newbie

Activity: 28

Merit: 0

Quote from: faince222 on October 25, 2014, 10:19:02 AM

Best offline wallet is paper wallet. You can insert it in a safe baggage and forget it for many years in total safe from all type of thief

I am interested in this paper wallet but have no idea about this can you give me information or any link about this I need to do work on this one if its works for me then hope I will keep this one

faince222

sr. member

Activity: 378

Merit: 250

Best offline wallet is paper wallet. You can insert it in a safe baggage and forget it for many years in total safe from all type of thief

Shogen

legendary

Activity: 966

Merit: 1001

Quote from: cp1 on October 23, 2014, 05:31:22 PM

Quote from: goldsun on October 23, 2014, 05:15:22 PM

Quote from: cp1 on October 22, 2014, 03:58:31 PM

All transactions happen on the blockchain, not on your computer. So you don't need to do anything or have anything on to receive coins.

Yeah you are right. Not sure why I thought I had to have my computer on while doing transactions in electrum. Its strange that electrum download was smooth, but for bitcoincore it had to download the whole blockchain. Why was it like that?

Many questions, I know, but I am trying to learn. Thanks!

The blockchain is kept on electrum's servers. All your electrum client does is contact the electrum servers and get your balance. It's the same as typing your address into blockchain.info, it'll tell you your balance without you having to download the blockchain. The bitcoin core software doesn't contact anyone, it does everything on your computer, so you need to have the blockchain.

Or in order words, when you use Electrum, you need to trust the Electrum server isn't giving you some incomplete transcations data. But with Bitcoin core, you don't need to.

kewmccool

newbie

Activity: 14

Merit: 0

Dogecoin desktop wallet. Small size for my small drive space.

cp1

hero member

Activity: 616

Merit: 500

Stop using branwallets

Quote from: goldsun on October 23, 2014, 05:15:22 PM

Quote from: cp1 on October 22, 2014, 03:58:31 PM

All transactions happen on the blockchain, not on your computer. So you don't need to do anything or have anything on to receive coins.

Yeah you are right. Not sure why I thought I had to have my computer on while doing transactions in electrum. Its strange that electrum download was smooth, but for bitcoincore it had to download the whole blockchain. Why was it like that?

Many questions, I know, but I am trying to learn. Thanks!

The blockchain is kept on electrum's servers. All your electrum client does is contact the electrum servers and get your balance. It's the same as typing your address into blockchain.info, it'll tell you your balance without you having to download the blockchain. The bitcoin core software doesn't contact anyone, it does everything on your computer, so you need to have the blockchain.

goldsun

full member

Activity: 123

Merit: 100

Quote from: cp1 on October 22, 2014, 03:58:31 PM

All transactions happen on the blockchain, not on your computer. So you don't need to do anything or have anything on to receive coins.

Yeah you are right. Not sure why I thought I had to have my computer on while doing transactions in electrum. Its strange that electrum download was smooth, but for bitcoincore it had to download the whole blockchain. Why was it like that?

Many questions, I know, but I am trying to learn. Thanks!

bvsale

newbie

Activity: 9

Merit: 0

you can use bitcoin QT its good, its easy to use and you have the security.

Mobius7

hero member

Activity: 532

Merit: 500

Quote from: aronnov on October 23, 2014, 05:36:33 AM

I prefer to use an online wallet like blockchain.info, safer, more familiar, and quickly receive and send bitcoin, I hope you enjoy the facilities provided by blockchain.info, hopefully ... Grin

I don't think it is right to call blockchain.info wallet safer, but it is definitely a very user-friendly wallet for new bitcoiners and for handling a small amount of bitcoin. It is better to use an offline wallet to keep the majority of your bitcoin safe.

aronnov

member

Activity: 89

Merit: 10

I prefer to use an online wallet like blockchain.info, safer, more familiar, and quickly receive and send bitcoin, I hope you enjoy the facilities provided by blockchain.info, hopefully ... Grin

cp1

hero member

Activity: 616

Merit: 500

Stop using branwallets

All transactions happen on the blockchain, not on your computer. So you don't need to do anything or have anything on to receive coins.

goldsun

full member

Activity: 123

Merit: 100

Quote from: cp1 on October 22, 2014, 01:45:39 PM

Quote

I'm considering using an Electrum wallet. Any risks or downsides I should take into consideration with this particular wallet?

When transfering BTC to my electrum wallet, can I shut down the computer or does it have to run with the electrum software on?

After I transferd some BTC to my electrum wallet, do I have to save and make a new copy of my wallet, each time? Or will the file automatically be updated with all the btc I get? I mean if I have a few backup files on some different places, do I need to touch them or are they automatically updating them self?

The risk lies in the fact that you're trusting the electrum servers to not lie to you about your balance. They can't steal any BTC, but you get your balance information from them, that's why you don't have to download the blockchain.

The only backup you need to do is write down your seed when creating the wallet.

Yeah I did write down the seed. But I was just thinking of backing up my wallet file to a few places. So I can shut down the computer and electrum and the transactions are working until they are verified and completed?

MikeCorleone

sr. member

Activity: 391

Merit: 250

Electrum due to its simplicity and armory too

cp1

hero member

Activity: 616

Merit: 500

Stop using branwallets

Quote

I'm considering using an Electrum wallet. Any risks or downsides I should take into consideration with this particular wallet?

When transfering BTC to my electrum wallet, can I shut down the computer or does it have to run with the electrum software on?

After I transferd some BTC to my electrum wallet, do I have to save and make a new copy of my wallet, each time? Or will the file automatically be updated with all the btc I get? I mean if I have a few backup files on some different places, do I need to touch them or are they automatically updating them self?

The risk lies in the fact that you're trusting the electrum servers to not lie to you about your balance. They can't steal any BTC, but you get your balance information from them, that's why you don't have to download the blockchain.

The only backup you need to do is write down your seed when creating the wallet.

goldsun

full member

Activity: 123

Merit: 100

When transfering BTC to my electrum wallet, can I shut down the computer or does it have to run with the electrum software on?

After I transferd some BTC to my electrum wallet, do I have to save and make a new copy of my wallet, each time? Or will the file automatically be updated with all the btc I get? I mean if I have a few backup files on some different places, do I need to touch them or are they automatically updating them self?

etihstaf

newbie

Activity: 2

Merit: 0

I'm considering using an Electrum wallet. Any risks or downsides I should take into consideration with this particular wallet?

goldsun

full member

Activity: 123

Merit: 100

Quote from: Salmon1989 on October 21, 2014, 02:24:32 AM

Quote from: goldsun on October 19, 2014, 12:29:26 PM

I need a good and reliable offline wallet. I've heard and read on electrum and bitcoin core, the one that is the original one if I am not wrong. I also read good things about armory. But which one to use, and why?

I need something that is simple to use but with good security, and something that I don't need to update the software each and every day.

Both Electrum and Armory are good.
Electrum is more simple to use, while Armory offers better security.
You don't need to worry about software update much, as backward compatibility is taken very seriously in bitcoin software.

Sounds good. Thanks for sharing your thoughts on this.

Is there many people here who use two wallets? Just in case something happens to one?

goldsun

full member

Activity: 123

Merit: 100

Quote from: cp1 on October 20, 2014, 04:47:28 PM

Quote from: goldsun on October 20, 2014, 02:16:28 PM

I got another question tho. I saw on a guide on how to import private keys in electrum, but when I tried to do it, electrum said: Warning! imported keys are not recoverable from a seed. If you ever need to restore your wallet from its seed, these keys will be lost. Are you sure you understand what you are doing?

I don't understand much about import private keys and what that warning message is meaning. A bit of explain would be highly appriciated.

Also, is it ok to have the portable verision of electrum on an external harddrive, instead of the PC? And with a few copies of the wallet.data of course.

The seed won't be able to generate your random private key, so you'll need to keep a backup of the seed and also of that private key you want to import. It's better if you just send (sweep) the BTC associated with that private key to an address in your electrum wallet, rather than importing the private key itself. That way it's backed up by the seed.

Thanks a lot of explaining this to me man!

Salmon1989

hero member

Activity: 603

Merit: 500

Quote from: graves on October 20, 2014, 05:53:23 PM

is blockchain is offline?

If you are talking about the blockchain.info wallet, then it is not.
You could create a paper wallet with it, but still it shouldn't be considered an offline wallet as you must be connecting to the site to create the address.

Salmon1989

hero member

Activity: 603

Merit: 500

Quote from: goldsun on October 19, 2014, 12:29:26 PM

I need a good and reliable offline wallet. I've heard and read on electrum and bitcoin core, the one that is the original one if I am not wrong. I also read good things about armory. But which one to use, and why?

I need something that is simple to use but with good security, and something that I don't need to update the software each and every day.

Both Electrum and Armory are good.
Electrum is more simple to use, while Armory offers better security.
You don't need to worry about software update much, as backward compatibility is taken very seriously in bitcoin software.

Wusolini

legendary

Activity: 1190

Merit: 1000

no need to carry heavy money bags anymore

Quote from: graves on October 20, 2014, 05:53:23 PM

is blockchain is offline?

can be, but then it became out of date and have to synchronize when you connect to the internet

Topic: Which offline wallet do you use, and why? - page 3. (Read 5308 times)