Which wallet should be used to keep bitcoin safe? - page 2.

Flexystar

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Quote from: Bd officer on May 09, 2023, 06:16:58 AM

I am a newbie in bitcoin form. I invested in Bitcoin a few days ago. I don't understand one thing. I will invest in Bitcoin for the long term. I use a mobile device. Now what wallet do I use to keep my bitcoins safe. I have total three wallets installed on my mobile device.
[....]
Trust wallet, mycelium and electrum which of these three wallets is the most secure?
Which wallet would be better than these three wallets?
I bought Bitcoin from kucoin, so far it's in kucoin

You should not be keeping your bitcoins in an exchanger for longer than required. Well, you can even move these bitcoins to a secure location while you are still looking for good wallet. I would suggest you should create a new address from the bitcoin address generators available from various sources. I would recommend to visit GitHub bitcoin address generator which seems to be way safer.

You will get two things out of bitcoin generator. First, a private key which you should not be sharing with anyone since it is your way to access your coins over wallet where you will be importing this address.

Get your coins transferred to this newly generated address. Believe me now you are 99% secure as compared to having them on exchanger. :-)

The next up, once you select the wallet, and in this case preferably desktop version of Electrum wallet. Here you can import your above generated address and have them safely stored.

Z-tight

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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.

Two very bad options that are not recommended. Coinbase wallet and Trust wallet are both closed source, these are wallets that you cannot verify their codes and be sure of what is happening behind the scenes. Coinbase wallet is also owned by coinbase[dot]com and Trust wallet is owned by Binance, with the recent events happening to centralzed exchanges and services, it is a bad choice to use a wallet owned by one, even if they claim it is self custody and that you own the seed phrase, you can't be sure how it was generated or if you'll lose your funds if the parent exchange collapses.

That you have recommended two bad options as the best for holding BTC's shows you don't know what is safe for your funds. Use Electrum, it is a self custody wallet that is open source and recommended by a great part of the BTC community.

Rupok

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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.

ajiz138

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One thing if you want to invest long term but still confused which wallet to use then the best wallet is hardware at least you take the time to buy it and if you don't have enough money to buy it then you can save from now then the Bitcoin you save in Electrum because it is the best type of wallet I feel.

Actually there are many types of good wallets but Electrum is more recommended because it has a good reputation.
Saving in a hot wallet does have risks, there are also some cases where their wallets can be hacked and that's what you have to watch out for, especially if you have long-term plans for bitcoin, so it's better to try to buy hardware.

tranthidung

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Quote from: Bd officer on May 09, 2023, 06:16:58 AM

Trust wallet, mycelium and electrum which of these three wallets is the most secure?

You should prioritize wallets that are open-source, non custodial (self-custodial) and have good reputation.

Trust wallet is close-source
Electrum, Mycellium are open-source

All three wallets are non-custodial.

I will prioritize Electrum wallet. It supports Bech32 address and Lightning Network.

Quote

I bought Bitcoin from kucoin, so far it's in kucoin

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

avikz

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Quote from: Bd officer on May 09, 2023, 06:16:58 AM

I am a newbie in bitcoin form. I invested in Bitcoin a few days ago. I don't understand one thing. I will invest in Bitcoin for the long term. I use a mobile device. Now what wallet do I use to keep my bitcoins safe. I have total three wallets installed on my mobile device.

Trust wallet, mycelium and electrum which of these three wallets is the most secure?
Which wallet would be better than these three wallets?
I bought Bitcoin from kucoin, so far it's in kucoin

Please follow some basic rules to keep your bitcoin safe.

1. Never keep your bitcoin in a mobile wallet. Mobile is easier to hack.
2. Use a desktop wallet. Electrum is a good option. Ensure you have a licensed internet security installed in your PC or laptop
3. Don't use useless/porn website from the PC or laptop where you are keeping your bitcoin. Porn websites are the greatest source of malware
4. Have a separate wallet address for receiving payment which you can disclose to public. Separate out your main wallet.

This does not guarantee that your bitcoin will remain safe and the chance is higher for sure.

goldkingcoiner

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Quote from: Bd officer on May 09, 2023, 06:16:58 AM

Trust wallet, mycelium and electrum which of these three wallets is the most secure?
Which wallet would be better than these three wallets?
I bought Bitcoin from kucoin, so far it's in kucoin

This is more of a question you could ask in the Beginners & Help section of the Bitcointalk forum but I will gladly answer your question:

First of all, do not trust Trustwallet. Ironically, since it is closed-source, it is not a wallet you can trust. Furthermore, it is a wallet which is owned by an exchange; Binance.

Do not keep your coins in a third party wallet which can take them away from you at any time for any reason. This goes for all centralized exchanges. Kucoin and Binance included.

Mycelium and Electrum are both good wallets but I myself prefer Electrum. And I think most Bitcoiners on this forum would probably say the same thing. Although if you really value your security you should invest in a good hardware wallet, instead. That is the safest and best option currently on the market.

Wend

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Quote from: Plaguedeath on May 09, 2023, 09:33:59 AM

A hardware wallet isn't really expensive, you can buy it for ~$100 which is 1-3 weeks of signature campaign payment.

It's less than $100, my brother just asked a friend to buy a Trezor One wallet and it's only $69. If you purchase and require shipping to your area, you may pay an additional $10 shipping fee. We can see it is not cheap but not expensive compared to the value that bitcoin will bring us. I know many people will say they don't have money, don't have a lot of bitcoins, and that buying hardware wallets is a waste. But if you consider it in the long run, it is worth it because your bitcoins will give you many times more profit than buying a wallet.

Plaguedeath

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Quote from: robelneo on May 09, 2023, 09:08:02 AM

Experts will recommend hardware wallets because it's the safest it will cost you but you have peace of mind hardware wallets are good for HODLING your coins, if you want wallets that you can use if you often transact I recommend Exodus its safe and they always update their wallet I just updated my Exodus wallet before posting this.

A wallet which have many updates isn't a proof if the wallet is safe because Exodus is a closed source wallet and there were people complaining about Exodus, but the good one is this accusation EXODUS + N.Exchange = SCAM | STAY AWAY, even though Exodus wasn't the one who should be blamed, but they're accepting the shady third party provider is really a big question.

A hardware wallet isn't really expensive, you can buy it for ~$100 which is 1-3 weeks of signature campaign payment.

Quote from: Josefjix on May 09, 2023, 09:05:04 AM

Binance CEO, Changpeng Zhao is doing everything in his power to meet users' expectations.

He was fulfill the users' expectations by not asking KYC for withdraw less than 2 BTC, but now? he use his power to manipulate it.

Don't trust any centralized exchange including the biggest or most popular.

Texac

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i'm using the desktop version of Electrum, and I'm happy with it, I've been using it for five years and haven't had any problems. but I think using a hot wallet and constantly being connected to the internet will not guarantee the security of your bitcoins, even if you are sure your security is very good.
I'm just a small investor and don't have a lot of bitcoins so I don't think I need a hardware wallet yet. But if you have a lot of bitcoins then you are better off buying a hardware wallet, which is the best choice for storing bitcoins.

robelneo

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Quote from: Despairo on May 09, 2023, 07:38:03 AM

There's a risk your phone would be infected with malware which you not know where it's come. The best is just bought a hardware wallet e.g. trezor or ledger.

Experts will recommend hardware wallets because it's the safest it will cost you but you have peace of mind hardware wallets are good for HODLING your coins, if you want wallets that you can use if you often transact I recommend Exodus its safe and they always update their wallet I just updated my Exodus wallet before posting this.
But if one thing that you should not miss is securing where you install, whether it's a hardware wallet, a desktop, or a phone, you need as much possible advanced knowledge on how to secure where your wallet is stored.

Your security depends so much on what you know and how you apply it, remember you are your bank we know traditional banks put the strictest security, so you should be also.

Josefjix

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Quote from: Z-tight on May 09, 2023, 06:55:20 AM

Move your BTC's from Kucoin into your Electrum wallet, do not use Trust wallet, it is closed source and we do not know how the keys are generated, and Trust wallet is also owned by Binance, and CZ is very shady. Electrum is a self custody wallet, as you set up your Electrum wallet, the software will generate your seed phrase, back it up securely and in more than one location if possible. If the amount of BTC's you bought is big, you need a hardware wallet or to run electrum on an air-gapped device, but if it is not, you can use Electrum on your online device with great operational security, and you will be safe.

Bitcoin can be stored in both custodial and non-custodial wallets, and there are numerous wallet types to choose from. I personally use non-custodial wallet, which is secure, despite reports of the exchange's security being breached. Wallet recommendations vary based on the user's level of experience. Following the high gas fees, trust wallet is probably a good option. I would also recommend Binance wallets for quick trade because it is ranked top on the and is well-known in the market. Binance CEO, Changpeng Zhao is doing everything in his power to meet users' expectations.

Despairo

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Electrum or Mycelium are good wallets because both of them are open source, non custodial and adjustable fee. But if you're use those wallet in your daily driver phone or connected to internet, you're use it as a hot wallet and it's not really safe. There's a risk your phone would be infected with malware which you not know where it's come. The best is just bought a hardware wallet e.g. trezor or ledger.

There are two forum members who use Electrum as a hot wallet but their coins are gone:
1. Hacker moved coins from my wallet
2. I've been hacked (Electrum 4.3.2)

BitMaxz

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In addition to the posts above, even if you have a secured wallet without basic knowledge of how to protect your device from attacks, your Bitcoin is still unsafe to store in your mobile wallet.

I don't know what exactly your phone unit model but there are some mobile phones that have a security feature where you can store your wallet securely and safely like Samsung where they have a hidden folder protected by Knox. All my crypto wallets are installed on that Knox-secured folder copy pasting does not work on cross-profile(Or copying data from the secured folder to your personal folder but it works on vice versa) which is safe if you are doing some activity in your phone while your wallet is in a secured folder.

If your phone is not Samsung then I think installing a Kaspersky will help you protect your device from any viruses and malware attacks also it blocks some phishing sites but not all phishing based on my experienced so you still need to learn how to avoid those phishing sites.

Lucius

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For someone who is not well acquainted with the advantages and disadvantages of individual crypto wallets, it may be best to keep your coins where you bought them, regardless of the possible risks that arise from that.

When you acquire some basic knowledge and are able to apply them, you can save your coins for long-term storage, keeping in mind that mobile crypto wallets are the riskiest because most users have a very low level of security on their smartphones.

The same can be said for desktop wallets, although again it depends on how you use your personal computer, and although most will advise a hardware wallet, that option will only be safe if you use all the advantages of such storage, and of course ensure a properly stored backup.

Z-tight

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Move your BTC's from Kucoin into your Electrum wallet, do not use Trust wallet, it is closed source and we do not know how the keys are generated, and Trust wallet is also owned by Binance, and CZ is very shady. Electrum is a self custody wallet, as you set up your Electrum wallet, the software will generate your seed phrase, back it up securely and in more than one location if possible. If the amount of BTC's you bought is big, you need a hardware wallet or to run electrum on an air-gapped device, but if it is not, you can use Electrum on your online device with great operational security, and you will be safe.

Wexnident

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Quote from: Bd officer on May 09, 2023, 06:16:58 AM

I am a newbie in bitcoin form. I invested in Bitcoin a few days ago. I don't understand one thing. I will invest in Bitcoin for the long term. I use a mobile device. Now what wallet do I use to keep my bitcoins safe. I have total three wallets installed on my mobile device.
~
Trust wallet, mycelium and electrum which of these three wallets is the most secure?
Which wallet would be better than these three wallets?
I bought Bitcoin from kucoin, so far it's in kucoin

Seeing as it's for the long term, then a hardware wallet. Electrum would work as a temporary one for now if you have no funds or still planning to buy, but if you can, buy a hardware wallet immediately. Honestly, I would've probably recommended you to read up on Bitcoin, exchanges, and wallets first before telling you to proceed with your buy orders, but since that's past, we can only go for the next best option temporarily.

Honestly, you're doing fine so far, keep using electrum and don't store your coins in exchanges (in this case kucoin), and buy a hardware wallet if you actually can. Also start planning up a plan, maybe DCA as a recommendation since it's a long term investment.

BALIK

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Quote from: Bd officer on May 09, 2023, 06:16:58 AM

Trust wallet, mycelium and electrum which of these three wallets is the most secure?
Which wallet would be better than these three wallets?
I bought Bitcoin from kucoin, so far it's in kucoin

You can learn more about the hardware wallet, which is rated as the safest bitcoin storage wallet to date. If you decide to use a hot wallet, it is one of the three that you have installed. I would trust Electrum, in my opinion, it is the safest wallet as well as the easiest to use, Mycelium is also a good choice but stays away from Trustwallet as it is a closed source, not trusted.

But no matter which wallet, your bitcoin is safe or not largely depends on you, not entirely on the type of wallet. If you don't take good care of your seed phrase, then even using a hardware wallet cannot guarantee the safety of your bitcoins. As a newbie, you should spend more time learning about security than thinking about profits.

Doan9269

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Quote from: Bd officer on May 09, 2023, 06:16:58 AM

Trust wallet, mycelium and electrum which of these three wallets is the most secure?
Which wallet would be better than these three wallets?
I bought Bitcoin from kucoin, so far it's in kucoin

Make sure that your bitcoin is not left on that centralized exchange because they are custodial wallet and have more of disadvantages than the advantages of using them, i will recommend you two category of non custodial wallets which you can try make use of, they are cold storages and one example had already been given you with the use of electrum wallet, try check this ones as well.

bitcoincore, for your maximum security, you can download the software Applications and run it,
https://bitcoin.org/en/bitcoin-core/

Open Source Hardware Wallets, go for this category as well if you can spare some amount of money to secure one by purchase.
https://bitcointalksearch.org/topic/list-open-source-hardware-wallets-5288971

Mate2237

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You have 6 Merits in your account and that means you have passed newbie member Rank. There are many wallets that one can use to save his or her coins. As a beginner I will not advise you to use Trust wallets, because under trust wallet there are other wallets which are connected to Binance which might confused you to use as a newbie. But Electrum is the best wallet ever. But this high fee rate in the transaction process is the problem now. Op please don't keep your coins in the exchange platforms but in the wallet.

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