Which Wallet should be suggested to a newbie? - page 3.

RoadStress

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Quote from: neha on September 06, 2014, 04:22:03 PM

This is what I am not understanding. I have to be missing something. In the new Armory, we dont even need to run the Bitcoin QT separately. Although, if you want to setup a cold storage, the process gets a little complicated considering you need a couple of computers, but even as is, Armory is way superior rather most superior with the kind of backup and restore they provide. Bitcoin QT does not provide any such feature.

Of course Electrum is faster and little easier considering no downloads and the benefits you loose out in comparison to Armory would probably not matter to a newbie.

Sure go for Electrum, but not bitcoin qt! Also I think that newbies don't need cold storage and if they have big amounts invested in bitcoin they can surely take the time to learn about the whole process or at least have someone teach them how to do it.

keithers

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This is the land of wolves now & you're not a wolf

I think newbies can also use Circle with 2fa(which is mandatory with setup). I believe circle stated that withdrawing funds also required 2fa by default, but i was able to withdraw coins without 2fa

BitCoinDream

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The revolution will be digital

Quote from: neha on September 06, 2014, 04:22:03 PM

Quote from: RoadStress on September 06, 2014, 03:51:24 PM

Are people really advocating bitcoin-qt for noobs? Noobs will not backup their wallet after every transaction so I consider this to be a bad idea. Why is armory so hard for noobs is beyond me. The armory client has 3 versions of UI and I find it to be pretty intuitive regarding back-up and transfers and wallet management.

Instead of making the noobs learn their way through Armory you would prefer to have them make a back-up after each spend they make? Maybe I am missing something. Did the bitcoin-qt client changed regarding the back-up and I am not aware of this?

This is what I am not understanding. I have to be missing something. In the new Armory, we dont even need to run the Bitcoin QT separately. Although, if you want to setup a cold storage, the process gets a little complicated considering you need a couple of computers, but even as is, Armory is way superior rather most superior with the kind of backup and restore they provide. Bitcoin QT does not provide any such feature.

Of course Electrum is faster and little easier considering no downloads and the benefits you loose out in comparison to Armory would probably not matter to a newbie.

Does any of these wallets discussed here provides send to many feature by reading a CSV doc, e.g. Excel ?

wasserman99

sr. member

Activity: 476

Merit: 250

Quote from: RoadStress on September 06, 2014, 03:51:24 PM

Are people really advocating bitcoin-qt for noobs? Noobs will not backup their wallet after every transaction so I consider this to be a bad idea. Why is armory so hard for noobs is beyond me. The armory client has 3 versions of UI and I find it to be pretty intuitive regarding back-up and transfers and wallet management.

Instead of making the noobs learn their way through Armory you would prefer to have them make a back-up after each spend they make? Maybe I am missing something. Did the bitcoin-qt client changed regarding the back-up and I am not aware of this?

I agree. I think it is really not a good idea for a newbie to use QT, especially considering how common it is for people (including newbies) to invest large amounts in bitcoin.

Several years ago this would have been different when it was easy to mine bitcoin (difficulty low when compared to the electric cost of mining), and people would generally only buy/have small amounts of bitcoin when measured in terms of dollars.

neha

full member

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Quote from: RoadStress on September 06, 2014, 03:51:24 PM

Are people really advocating bitcoin-qt for noobs? Noobs will not backup their wallet after every transaction so I consider this to be a bad idea. Why is armory so hard for noobs is beyond me. The armory client has 3 versions of UI and I find it to be pretty intuitive regarding back-up and transfers and wallet management.

Instead of making the noobs learn their way through Armory you would prefer to have them make a back-up after each spend they make? Maybe I am missing something. Did the bitcoin-qt client changed regarding the back-up and I am not aware of this?

This is what I am not understanding. I have to be missing something. In the new Armory, we dont even need to run the Bitcoin QT separately. Although, if you want to setup a cold storage, the process gets a little complicated considering you need a couple of computers, but even as is, Armory is way superior rather most superior with the kind of backup and restore they provide. Bitcoin QT does not provide any such feature.

Of course Electrum is faster and little easier considering no downloads and the benefits you loose out in comparison to Armory would probably not matter to a newbie.

RoadStress

legendary

Activity: 1904

Merit: 1007

Are people really advocating bitcoin-qt for noobs? Noobs will not backup their wallet after every transaction so I consider this to be a bad idea. Why is armory so hard for noobs is beyond me. The armory client has 3 versions of UI and I find it to be pretty intuitive regarding back-up and transfers and wallet management.

Instead of making the noobs learn their way through Armory you would prefer to have them make a back-up after each spend they make? Maybe I am missing something. Did the bitcoin-qt client changed regarding the back-up and I am not aware of this?

dankkk

sr. member

Activity: 308

Merit: 250

Quote from: Rogue_Transmission on September 06, 2014, 07:14:00 AM

Quote from: seventhgear on September 06, 2014, 06:55:47 AM

Quote from: unexecuted on September 06, 2014, 06:49:04 AM

Electrum. It's ugly, but does the job well. It doesn't require users to download the entire blockchain (which is why I wouldn't recommend Armory). Electrum is also deterministic, so as long as you have the backup seed written down and stored safely, you can easily restore your funds if your computer crashes.
For iOS, breadwallet.

I'm using Electrum and it's not ugly Cheesy

The seed recover is really useful, I feel more tranquil knowing that I can't lose my (few) coins.

Can you give us some screenshots?

I hope you are kidding about this. You do realize that you are asking this person to show you can essentially steal his coins, right?

homm88

member

Activity: 70

Merit: 10

BTC/Doge

If you are talking about online wallet then I suggest Coinbase wallet. Other than a newbie can use bitcoin-qt.

Bigbear8

member

Activity: 77

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I like Electrum easy to use , as well as blockchain wallet. not good for heavy storage and perfect for beginners.

counter

hero member

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Time is on our side, yes it is!

I'm going to suggest the same site I was suggested when I asked the same question, Blockchain.info is worth atleast checking out. I'd also think about using bitcoin.qt

Rogue_Transmission

newbie

Activity: 12

Merit: 0

Quote from: seventhgear on September 06, 2014, 06:55:47 AM

Quote from: unexecuted on September 06, 2014, 06:49:04 AM

Electrum. It's ugly, but does the job well. It doesn't require users to download the entire blockchain (which is why I wouldn't recommend Armory). Electrum is also deterministic, so as long as you have the backup seed written down and stored safely, you can easily restore your funds if your computer crashes.
For iOS, breadwallet.

I'm using Electrum and it's not ugly Cheesy

The seed recover is really useful, I feel more tranquil knowing that I can't lose my (few) coins.

Can you give us some screenshots?

CoolBliss

member

Activity: 97

Merit: 10

Mycelium. New bitcoiners might want to check out "Getting Started With Bitcoins" at http://ccwvslaw.org/item/1814, especially section "2.3 Send/spend".

seventhgear

newbie

Activity: 28

Merit: 0

Quote from: unexecuted on September 06, 2014, 06:49:04 AM

Electrum. It's ugly, but does the job well. It doesn't require users to download the entire blockchain (which is why I wouldn't recommend Armory). Electrum is also deterministic, so as long as you have the backup seed written down and stored safely, you can easily restore your funds if your computer crashes.
For iOS, breadwallet.

I'm using Electrum and it's not ugly Cheesy

The seed recover is really useful, I feel more tranquil knowing that I can't lose my (few) coins.

unexecuted

member

Activity: 175

Merit: 10

Electrum. It's ugly, but does the job well. It doesn't require users to download the entire blockchain (which is why I wouldn't recommend Armory). Electrum is also deterministic, so as long as you have the backup seed written down and stored safely, you can easily restore your funds if your computer crashes.
For iOS, breadwallet.

Meuh6879

legendary

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Merit: 1012

Bitcoin-qt

blatchcorn

sr. member

Activity: 952

Merit: 281

Quote from: master-P on September 05, 2014, 11:30:11 PM

Quote from: keithers on September 05, 2014, 12:52:01 PM

Quote from: odolvlobo on September 05, 2014, 10:37:11 AM

Quote from: blatchcorn on September 05, 2014, 05:50:57 AM

I am going play devil's advocate and suggest Coinbase Cheesy

While you do not have control over the private keys, it really is very newbie-friendly. The chances of Coinbase turning out to be a scam is a lot lower than a newbie making some kind of mistake and losing their coins

I'm pretty sure that Coinbase is not a scam, so that is not a risk. Also, their deposits are insured against theft, so that is not a risk.

However, there is a relatively high risk that Coinbase will go out out of business and you lose will your money. It's a start-up, and start-ups go bust all the time.

There is also a relatively high risk that someone will steal your password and drain your account. It happens frequently, and their insurance doesn't cover it.

Yes, all this is true. While new people hear the word "insurance" and think that everything is protected, it is Coinbase itself that is protected. The one way that most people lose their coins (a compromised log in), is the one thing that is not covered.

Coinbase does offer many ways to protect your account (mainly 2FA) and warnings to users when their account is not employing a recommended level of security. They also offer a "vault" service that gives an additional level of security.

Interesting discussion. I surprised that Coinbase are getting away with saying 'Coinbase insures all bitcoin held in online storage' on their homepage. It is quite misleading when the main risk factors are not insured...

LancangDam

newbie

Activity: 11

Merit: 0

I'm a newbie and i didn't choose my wallet too. Just download a bitcoin core client but that's all

gogxmagog

legendary

Activity: 1456

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Ad maiora!

If they are a true n00b then they should start by downloading the block chain with bitcoin- q, it will give them time to look into how the whole system works and an idea of how big it is.
If they must get in right away, download multibit. Get block chain wallet too. I always suggest they get as many wallets as they can. Then they can try them out and send btc around to themselves between the various clients. They are going to want to practice backing up and uploading private keys with small amounts of btc to get comfortable with it. When they can confidently move around btc and retrieve wallets from private keys they should go the armoury route. It is a little bit advanced but offers the most secure storage when done properly. Of course they will need the bitcoin-q first to instal armoury so hopefully they already did that.

Basically I compare it to learning to drive. You can drive automatic all your life, but it's better and safer to learn standard. Then you have more choice.

master-P

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https://keybase.io/masterp FREE Escrow Service

Quote from: keithers on September 05, 2014, 12:52:01 PM

Quote from: odolvlobo on September 05, 2014, 10:37:11 AM

Quote from: blatchcorn on September 05, 2014, 05:50:57 AM

I am going play devil's advocate and suggest Coinbase Cheesy

While you do not have control over the private keys, it really is very newbie-friendly. The chances of Coinbase turning out to be a scam is a lot lower than a newbie making some kind of mistake and losing their coins

I'm pretty sure that Coinbase is not a scam, so that is not a risk. Also, their deposits are insured against theft, so that is not a risk.

However, there is a relatively high risk that Coinbase will go out out of business and you lose will your money. It's a start-up, and start-ups go bust all the time.

There is also a relatively high risk that someone will steal your password and drain your account. It happens frequently, and their insurance doesn't cover it.

Yes, all this is true. While new people hear the word "insurance" and think that everything is protected, it is Coinbase itself that is protected. The one way that most people lose their coins (a compromised log in), is the one thing that is not covered.

Coinbase does offer many ways to protect your account (mainly 2FA) and warnings to users when their account is not employing a recommended level of security. They also offer a "vault" service that gives an additional level of security.

keithers

legendary

Activity: 1456

Merit: 1001

This is the land of wolves now & you're not a wolf

Quote from: LiberyOrDeath on September 05, 2014, 10:05:57 PM

Quote from: neha on September 05, 2014, 01:46:07 AM

Hi Everyone. I was wondering about your thoughts on which wallet you think can be suggested to newbies that can ensure a high level of safety. Armory is already considered but I would like to know everyones thoughts about any other wallet services...offline or online? Thanks.

I think that the original btc wallet is as safe as it gets, Armory is hardcore stuff. If you want an easy interface use Electrum as others have suggested, but do not forget to consider the options of paper wallets and brain wallet as well. These are the easiest and at least as secure as Armory.

Just my 2 satoshis worth.

I have been using BTC for awhile, and Armory is still intimidating for me. A newbie should be able to use a trezor as well. I just said coinbase because you can do it all in one spot. With other wallets, you still need to buy the coins elsewhere.

Topic: Which Wallet should be suggested to a newbie? - page 3. (Read 4235 times)