Which wallet should be used to keep bitcoin safe?

lixer

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Quote from: Ultegra134 on June 04, 2023, 09:00:33 AM

Quote from: Bd officer on May 09, 2023, 09:05:16 PM

Thank you all for explaining so beautifully. Many people talk about many wallets, I chose Electrum wallet. I am going to use electrum wallet.

It's a good choice; in my opinion, it's the best one out there. I've been using it for the past few years, and I'm perfectly satisfied; it's simple and efficient. As others have already mentioned, if you're not actively trading, avoid stalling your funds on a centralized exchange; there are plenty of examples of them suddenly failing, such as Mt.Gox or FTX. I also saw some users recommending online wallets, which should be avoided at all costs. I've lost money that way.

Moreover, if I were you, after you're accustomed to cryptocurrencies and hold some Bitcoin or other coin yourself, I'd consider purchasing a hardware wallet, preferably Trezor, because there's currently some commotion regarding Ledger, one of the two most well-known options.

Keeping funds at an exchange or any other centralized exchange is obviously not a good choice if as you said they are not being used and are just kept idle, one should only have funds at an exchange or another platform if they are using the funds for some service offered by that platform, otherwise, one should always keep their funds in a wallet that give them full custody of their funds.

Electrum is probably the best choice if someone isn't willing to buy a hardware wallet and if someone doesn't have a lot of funds, electrum should be good enough to keep a few hundred or even a few thousand dollars since it is safe and secure if you have the seed phrase and private keys safe.

headingnorth

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For online wallets I would use only Mycelium or Electrum bitcoin wallets.

These are open source bitcoin-only wallets that have been around since 2011 and to my knowledge have never been hacked.

Don't mess around with altcoins or altcoin wallets they are all scams.

steve5946

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Quote from: crunck on June 04, 2023, 11:18:34 AM

Quote from: Magic-Money on June 03, 2023, 04:06:04 PM

They are many Bitcoin wallet to use enable to keep his or her Bitcoin safe, I prefer using trust wallet app, is very easy to use, while keep the private key and phase code safe, and is control by the owner of the wallet.

So far, Trust Wallet has not had any problems, but you should not use it for a long time and use it to store large amounts of bitcoins. Trust wallet is a non-custodial wallet, but it is a closed source it is like a Ledger, and we won't know what they are doing with our seed phrase and assets. I recommend switching to Electrum, which is both an open source and non-custodial wallet.

I had an old wallet on Trust Wallet and one day my coins magically disappeared. Support claimed that my account has been compromised by bots. I don’t think Trust wallet is that good, I’ll always go with Ledger, Electrum, or Trezor.

crunck

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crunck

Quote from: Magic-Money on June 03, 2023, 04:06:04 PM

They are many Bitcoin wallet to use enable to keep his or her Bitcoin safe, I prefer using trust wallet app, is very easy to use, while keep the private key and phase code safe, and is control by the owner of the wallet.

So far, Trust Wallet has not had any problems, but you should not use it for a long time and use it to store large amounts of bitcoins. Trust wallet is a non-custodial wallet, but it is a closed source it is like a Ledger, and we won't know what they are doing with our seed phrase and assets. I recommend switching to Electrum, which is both an open source and non-custodial wallet.

Agbe

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Removed your coins from kucoin, and don't try to keep your coins in any exchange platform or wallet. Keep your coins in a non custodian and decentralized wallet where nobody will see and control your funds. And best wallet among the three wallets you mentioned, I recommend Electrum Wallet for you. I have used Trust Wallet. My trust wallet will frustrate you and when you want to transfer from those above Electrum is the most best among the thre

nakamura12

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Quote from: 90sbb on June 04, 2023, 10:26:05 AM

I like my cold wallet I got from ellipad best way to protect crypto far as I know

There are other wallets that can be used to keep your crypto safe like electrum and other known open source wallet. It's important that as a person with crypto then It's better if you keep the important information saved and have a back up of the information so that accessing the wallet is possible.

90sbb

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I like my cold wallet I got from ellipad best way to protect crypto far as I know

taufik123

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Quote from: Gulttam2a2 on June 04, 2023, 08:12:34 AM

-snip-

Reading your explanation it seems that you are familiar with the various wallets for storing Bitcoin, but the best of all is the Non-Custodial Hardware Wallet that will give you complete freedom. Your keys your coins.

I also use Electrum Wallet Mobile for my portable use, it is one of the wallets that many users prefer over other Bitcoin wallets.

And an exception to Ledger's Hardware Wallet, due to recoverable and insecure keys for now.
Trezor may be the top choice over other Hardware Wallets.

Ultegra134

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Quote from: Bd officer on May 09, 2023, 09:05:16 PM

Thank you all for explaining so beautifully. Many people talk about many wallets, I chose Electrum wallet. I am going to use electrum wallet.

It's a good choice; in my opinion, it's the best one out there. I've been using it for the past few years, and I'm perfectly satisfied; it's simple and efficient. As others have already mentioned, if you're not actively trading, avoid stalling your funds on a centralized exchange; there are plenty of examples of them suddenly failing, such as Mt.Gox or FTX. I also saw some users recommending online wallets, which should be avoided at all costs. I've lost money that way.

Moreover, if I were you, after you're accustomed to cryptocurrencies and hold some Bitcoin or other coin yourself, I'd consider purchasing a hardware wallet, preferably Trezor, because there's currently some commotion regarding Ledger, one of the two most well-known options.

Gulttam2a2

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Many suggest Coinbase wallet and Blockchain wallet to hold Bitcoin for long time which is not correct. Normally,we keep the money in the bank or with ourselves,we can spend it whenever we want. In that case,if we keep money in the bank,maybe we have to withdraw the money by check or go to ATM booth and then spend it. Keeping money in the bank means that we have kept our money safe with others. This means that keeping money with yourself and keeping money with another institution is what we generally call custodial and non-custodial wallets. Custodial wallets hold money with an organization we call Coinbase. Moreover,they exchange in any other wallets such as Binance, Kokoin, etc. These are all custodial wallets. On the other hand non custodial wallet is to keep money in your pocket,you can spend money whenever you want, you can give it to someone, here you don't have to ask permission from anyone,you can withdraw money whenever you want, here you have complete control. There are many non-custodial wallets for Bitcoin,such as Bitcoin Core,Electrum Wallet, Hardware Wallet, Ledger, etc. In my opinion non custodial wallet would be better to hold bitcoins.

Magic-Money

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They are many Bitcoin wallet to use enable to keep his or her Bitcoin safe, I prefer using trust wallet app, is very easy to use, while keep the private key and phase code safe, and is control by the owner of the wallet.

tjtonmoy

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I think electrum wallet is the best wallet out there if you are using a mobile device. Trust wallet has the reputation of getting hacked multiple time, so I don't trust it anymore. I have no experience in mycelium, so can't say for sure if it's good or bad. I have seen multiple thread about the best wallet and electrum seems to be the best option.
Keeping your Bitcoins in a centralized exchange is not a very good idea. And keeping Bitcoin in software wallet in smartphones is also a bad idea because it can be hacked anytime. If you can get your hand on a hardware wallet, then spend the money to buy it. There's nothing more secure than a hardware wallet.

Be sure to watch some tutorials on how to use the electrum wallet. It can be somewhat complicated to use this wallet. But it offers so many functions that you can explore to get the best result. Once you get used to it, it will become so easy to use. Just take your time and be sure to use the best one.
One last thing that I want to say is that as this is also a software wallet, there is no guarantee that it can never be hacked. It can be compromised at any time, but given all the review, I think electrum will be the best option for the time being. After that, switch to hardware wallet.

Lucius

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Quote from: tranthidung on May 09, 2023, 11:10:53 AM

~snip~
Don't store your coin on exchanges if you don't want to trade it.

This is something we constantly warn about, but as I wrote in my previous post, for a beginner who is not familiar with how non-custodial wallets work, there is a significant risk that something bad can happen even if he keeps his coins in a non-custodial wallet. I would advise every beginner to first learn some basics, and only then invest - otherwise there are chances that something bad will happen, and we know that mistakes are expensive.

Quote from: Bd officer on May 09, 2023, 09:05:16 PM

Thank you all for explaining so beautifully. Many people talk about many wallets, I chose Electrum wallet. I am going to use electrum wallet.

It would be good if you read how to safely download and use Electrum ->

[GUIDE] How to Safely Download and Verify Electrum [Guide]

Texac

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Quote from: Rupok on May 09, 2023, 01:58:53 PM

I use Coinbase wallet, I find Coinbase wallet very safe. Coinbase wallet is best for holding bitcoins. But if one wants to invest bitcoins without holding then trust wallet is better. However, many people are worried about wallets because each person suggests different wallets. However, hardware wallets are much safer than software wallets.

Although there have not been any problems for those, who have been using the 2 wallets you mentioned. but it is very risky to use them to store your bitcoins, both are closed source wallets, and it is not more secure than Electrum or other open source wallets. I recommend moving all your bitcoins out of them and finding yourself a real non-custodial wallet. i recommend you and OP to use Electrum as I mentioned earlier.

Jikokaihatsu

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Among all the wallets you mentioned Electrum is by far the best and safest of them all but if you want extra measures to keep your bitcoin safe you can always buy a hardware wallet.
As many people already told you never trust cex to store your crypto holdings. Not your keys, not your coins.

Quote from: when_lambo on May 09, 2023, 05:25:42 PM

The only safe place to keep your private key and access to your BTC is your brain. Memorize your private key. Grin

Not so safe at all. Memorizing 12 word seed phrase is already hard for some of us let alone a whole private key who consist of random numbers and letters.

Reid

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Try to invest in a desktop too. Use Electrum there instead and it's a good way to keep you out from your investment. To avoid spending it or buying and selling if your purpose is long term investment.
Mycelium for mobile devices but this is only as a wallet, just for your own spending purposes if ever you are having some financial troubles.
When it comes to keeping, it's either a cold wallet if you have some money to spare or what I said earlier, Electrum for temporarily keeping it. As your investment grows you must really invest with a secured option.

Welcome to the forum and have an enjoyable journey learning about Bitcoin.

Bd officer

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Thank you all for explaining so beautifully. Many people talk about many wallets, I chose Electrum wallet. I am going to use electrum wallet.

jossiel

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You already have a choice and that's Electrum. That's a good wallet to begin with your holdings, so if your bitcoins are still in kucoin then transfer it immediately now.

However, the fees have been too high lately so check the fee first before transferring and see if kucoin's withdrawal fee is still bearable or not.

And from there, decide if you're willing to proceed the transaction and if it's okay to you the fee that they're showing to you that shall be deducted to your principal amount of btc there.

Z-tight

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Quote from: when_lambo on May 09, 2023, 05:25:42 PM

The only safe place to keep your private key and access to your BTC is your brain. Memorize your private key. Grin

With the emojis at the end i don't know if you are trolling, but your brain is probably the worst option to store your keys or seed phrase, you can naturally forget it or its correct sequence, or a brain injury or disease could also affect you and you will forget what you have stored in your memory. Write your seed phrase down on a sheet of paper and have more than one backup in possibly two different locations; or you could engrave your seed phrase into steel for it not to be destroyed by fire, water, etc.

when_lambo

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The only safe place to keep your private key and access to your BTC is your brain. Memorize your private key. Grin

Topic: Which wallet should be used to keep bitcoin safe? (Read 317 times)