Which wallet is better, onchain or offchain?

BTCmoons

full member

Activity: 173

Merit: 100

Quote from: Skoupi on October 18, 2014, 07:34:33 PM

Quote from: hl5460 on October 16, 2014, 08:04:25 PM

So blockchain.info wallet is onchain one? Right?

If by onchain you mean that you control the private keys of your addresses and that every transaction associated with these addresses is stored in the blockchain then yes. Nonetheless the term offchain/onchain is mostly used to describe transactions not wallets.

There are 'offchain' wallets that are used. There are a couple that wallet services that work is faucets as all faucets do not payout enough to make sending a TX for each transaction for it to make any sense. Coinbase would also technically be an "off chain" wallet as long as payments are made from coinbase customer to coinbase customer

Skoupi

sr. member

Activity: 252

Merit: 250

Skoupi the Great

Quote from: hl5460 on October 16, 2014, 08:04:25 PM

So blockchain.info wallet is onchain one? Right?

If by onchain you mean that you control the private keys of your addresses and that every transaction associated with these addresses is stored in the blockchain then yes. Nonetheless the term offchain/onchain is mostly used to describe transactions not wallets.

goldsun

full member

Activity: 123

Merit: 100

Which wallet is the best for storing offchain?

Or is it still safe to have a desktop wallet on a device thats not regularly in use?

BTCmoons

full member

Activity: 173

Merit: 100

Quote from: Remember remember the 5th of November on October 17, 2014, 08:51:56 PM

Define the context of offchain. It has different meanings depending on the context.

Offchain is generally considered when you deposit your bitcoin into some third party website/service and trust them to accurately keep track of the balance of your bitcoin. In exchange you will generally be able to instantly transfer money from person to person (instead of waiting 10 minutes for a confirmation), would not be at risk of any double spend attacks (assuming you trust the 3rd party service) and would allow you to avoid a TX fee.

The problem with this is that you need to trust some third party with your money.

Off chain transactions are clearly inferior

huoiuu

full member

Activity: 182

Merit: 100

★Bitin.io★ - Instant Exchange

Quote from: hl5460 on October 16, 2014, 08:04:25 PM

So blockchain.info wallet is onchain one? Right?
As per the D1T1 - Filippo Valsorda - Exploiting ECDSA Failures in the Bitcoin Blockchain analysis, blockchain.info wallet is not that safe?

So what is best option for web wallet? onchain or offchain?

two are good. lagre number BTCS use offchain ,others use onchain

Remember remember the 5th of November

legendary

Activity: 1862

Merit: 1011

Reverse engineer from time to time

Define the context of offchain. It has different meanings depending on the context.

R2D221

hero member

Activity: 658

Merit: 500

Quote from: Jake Humphrey on October 17, 2014, 02:31:18 PM

Quote from: Corbuzier on October 17, 2014, 01:55:13 PM

for trading, gambling etc. I use onchain
for invest in long time, i use offchain

Same

Shouldn't it be the inverse?

cryptworld

hero member

Activity: 714

Merit: 503

It is ok to use an offchain wallet to quick and low payments,but you should never trust an online web to have a big amount of bitcoins
you should keep safe large amounts of bitcoins in paper wallets and in your computer

Jake Humphrey

newbie

Activity: 56

Merit: 0

Quote from: Corbuzier on October 17, 2014, 01:55:13 PM

for trading, gambling etc. I use onchain
for invest in long time, i use offchain

Same

Corbuzier

newbie

Activity: 15

Merit: 0

for trading, gambling etc. I use onchain
for invest in long time, i use offchain

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: bitllionaire on October 16, 2014, 08:13:15 PM

the better wallet is the one that is ONLY under your control
online wallet must be left with low amounts

Agree, its choosing between bad and worse.
Use multibit/bitcoin-qt or armory

1MCoin

full member

Activity: 123

Merit: 100

If I were you,I will choose the offline for sure.my hero bro. Cheesy

The Bad Guy

sr. member

Activity: 280

Merit: 250

Offline wallets for ever mate , Always under your control Grin

Q7

sr. member

Activity: 448

Merit: 250

The answer here is pretty obvious in terms of security. It has to offline, not connected to the network so that nobody can hack to attempt to steal it. When it comes to convenience, it all depends on how to allocate your fund. So it's pretty very much on what you want in the first place and which criteria you use to select your perfect wallet

Oscilson

sr. member

Activity: 434

Merit: 250

Quote from: Victoo on October 17, 2014, 07:07:21 AM

I would use both onchain and offchain wallets both with small amounts.

If blockchain offers cold wallet then it must be more safe.

But you have to trust them.

Victoo

sr. member

Activity: 393

Merit: 250

I would use both onchain and offchain wallets both with small amounts.

If blockchain offers cold wallet then it must be more safe.

chennan

legendary

Activity: 1316

Merit: 1004

It is better to use both and combine their inherent advantages. For daily life expense, Off chain wallet offers the convenience and speed of using bitcoin. But you should only have small amount. Certainly the on chain wallet is good for saving large amount of bitcoin offering security. On chain wallet includes online or offline.

zinger

newbie

Activity: 24

Merit: 0

Quote from: jsgayo on October 16, 2014, 10:29:01 PM

Quote from: bitllionaire on October 16, 2014, 08:13:15 PM

the better wallet is the one that is ONLY under your control
online wallet must be left with low amounts

offchain is better

I choose offchain. More safer for me but works the same as onchain.

Argwai96

legendary

Activity: 1036

Merit: 1000

Thug for life!

That really depends on your definition of "better"

If you do not value security at all then off chain transactions would certainly be a better solution for you because you would pay nothing in TX fees and the lost security is worth nothing to you.

If you do value the lost security from the lost control of your private keys, then the question is much more complicated. On Chain transactions do have additional security as you retain control over the money that you have not yet spend however you will have to pay for a TX fee which is generally very small.

The answer really depends on how much you value the ability to retain control over your private keys at all times

jsgayo

sr. member

Activity: 476

Merit: 250

Quote from: bitllionaire on October 16, 2014, 08:13:15 PM

the better wallet is the one that is ONLY under your control
online wallet must be left with low amounts

offchain is better

Topic: Which wallet is better, onchain or offchain? (Read 1694 times)