Why trust electrum? | Bitcointalksearch.org

khaled0111

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Quote from: teosanru on November 25, 2023, 11:02:40 AM

Quote from: khaled0111 on October 15, 2023, 04:07:25 PM

Quote from: Maslate on October 15, 2023, 01:10:19 AM

Speaking of the clipboard, this would only take effect if you've copied the information to proceed a transaction, correct? So if you make a mistake, you'd already know that it's compromised, and it won't affect other wallets because you'll be more careful next time. You might even end up reprogramming your computer to eliminate that malware. What I'm saying is, you will lose the balance of one of your wallets but the others will be safe.

This is correct except that the clipboard hijacker malware doesn't affect the wallet itself so it can't steal all your coins. What it does is just changing the address you are sending to with the address of the attacker. You will lose only the coins you are intending to send not all the coins on the wallet.
The safest thing to do is to always double or even triple check the transaction details before clicking the send button.

The more intelligent malware now even try to hijack the clipboard with an address much closer to the address of the original receiver. Mostly first & last 2 letters are same which is all most people look at. So better idea is to check the whole address before sending out the transaction instead of just checking first few digits. I even saw certain mobile wallets show just a few letters of the receiver address on the confirmation page, I had to go back in the mobile app just to confirm the whole address. But yes only the coins being sent out are under risk.

But I had another question. If I can do another transaction with full amount of my wallet (including the balance I just transferred) before the first hijacked transaction is confirmed. Will I be able to do the transaction, let's say if I put a fees to make it possible in the immediately next block?

I don't know why you are quoting this old post! However, if you are afraid of being infected with the clipboard malware then the least you can do is to check the three or four characters and the last three or four characters of the address you are copy-pasting, if they match then there is nothing to woryy about.
Regarding your second questiin: it depends on many factors. But as long as the transaction is still unconfirmed there is still a hope.

teosanru

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Quote from: khaled0111 on October 15, 2023, 04:07:25 PM

Quote from: Maslate on October 15, 2023, 01:10:19 AM

Speaking of the clipboard, this would only take effect if you've copied the information to proceed a transaction, correct? So if you make a mistake, you'd already know that it's compromised, and it won't affect other wallets because you'll be more careful next time. You might even end up reprogramming your computer to eliminate that malware. What I'm saying is, you will lose the balance of one of your wallets but the others will be safe.

This is correct except that the clipboard hijacker malware doesn't affect the wallet itself so it can't steal all your coins. What it does is just changing the address you are sending to with the address of the attacker. You will lose only the coins you are intending to send not all the coins on the wallet.
The safest thing to do is to always double or even triple check the transaction details before clicking the send button.

The more intelligent malware now even try to hijack the clipboard with an address much closer to the address of the original receiver. Mostly first & last 2 letters are same which is all most people look at. So better idea is to check the whole address before sending out the transaction instead of just checking first few digits. I even saw certain mobile wallets show just a few letters of the receiver address on the confirmation page, I had to go back in the mobile app just to confirm the whole address. But yes only the coins being sent out are under risk.

But I had another question. If I can do another transaction with full amount of my wallet (including the balance I just transferred) before the first hijacked transaction is confirmed. Will I be able to do the transaction, let's say if I put a fees to make it possible in the immediately next block?

Z-tight

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Quote from: Aanuoluwatofunmi on October 17, 2023, 11:39:20 AM

Electrum wallet is a multisig bitcoin wallet,

Take note that Electrum is not a multisig wallet by default, though you can create a multisig wallet on Electrum, just the same way you can create a standard wallet, 2Fa wallet or just import addresses or privake keys into Electrum wallet; so amongst these you would decide the type of wallet you want to create and follow the next processes.

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Quote from: bitnote on October 11, 2023, 07:13:23 AM

I have a question about non custodial wallet that why most users here trust electrum or suggest electrum first?

Electrum wallet is a multisig bitcoin wallet, it's a non custodial wallet as everyone already made mention, it's an open source bitcoin wallet, this wallet also supported the features that enable user's to modify their transaction fee because it support the function of RBF, also, you can generate as many as possible wallet addresses from electrum and also import other wallets on electrum through their seeds, it is also very simple and not complicated to use or understand.

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Quote from: Maslate on October 15, 2023, 01:10:19 AM

Speaking of the clipboard, this would only take effect if you've copied the information to proceed a transaction, correct? So if you make a mistake, you'd already know that it's compromised, and it won't affect other wallets because you'll be more careful next time. You might even end up reprogramming your computer to eliminate that malware. What I'm saying is, you will lose the balance of one of your wallets but the others will be safe.

This is correct except that the clipboard hijacker malware doesn't affect the wallet itself so it can't steal all your coins. What it does is just changing the address you are sending to with the address of the attacker. You will lose only the coins you are intending to send not all the coins on the wallet.
The safest thing to do is to always double or even triple check the transaction details before clicking the send button.

Z-tight

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Quote from: bitnote on October 15, 2023, 02:36:53 AM

Is Bitcoin Core a more private and secure option compared to light client wallets, and how much does the safety of your bitcoins depend on the environment in which you use your wallet?"

BTC core is a full node wallet, so you verify everything locally and you don't have to rely on third party servers, so it gives you better privacy and more security. Though take note that you don't have to use third party servers with your spv wallet, you can also connect your light client wallets to your own node for better privacy.

The enviroment you generate your seed phrase and use your wallet is so important, let's say you generate your seed phrase in an online device that has malware in it, that is an unsafe enviroment for your keys and even if you run your own node, your funds can be stolen. A good and safe enviroment also means you have good operational security; If you lack good opsec and let's say you expose your seed phrase, your funds can also be stolen. But when you know what you are doing and you use your wallet in a safe enviroment, for example generating your seed phrase in an airgapped device, using a hardware wallet, making more than one backup for your seed phrase and store them in more than one location, etc, then you can say your wallet is in a safe enviroment and is very secure.

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Quote from: pooya87 on October 13, 2023, 12:56:41 AM

Quote from: Z-tight on October 12, 2023, 01:22:21 PM

BTC core is a full node wallet and it gives you total privacy, but it is not safer than light client wallets, what matters is if you use your wallet in a safe enviroment. You can also connect your light client wallets to your own node for total privacy.

Bitcoin core gives you better privacy but it is not yet "total privacy" because of how bitcoin itself works.
As for security, you do get increased security too because it is a full verifying node which means you verify everything yourself instead of relying on other full nodes to verify it for you. Because of this SPV clients have certain weaknesses in comparison to a full node.
But you are right that about security of your keys, the environment is the important factor.

Is Bitcoin Core a more private and secure option compared to light client wallets, and how much does the safety of your bitcoins depend on the environment in which you use your wallet?"

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Quote from: sokani on October 13, 2023, 12:43:42 PM

Quote from: Maslate on October 13, 2023, 02:41:16 AM

However, even with all these precautions, there's still a risk of losing your hard-earned money. That's why it's smart to use different wallets. If you choose to stick with Electrum, it's a good idea to spread your funds. This way, if one of your wallets gets compromised, it won't wipe out all your assets since you've already diversified your funds.

I don't think spreading your funds across different wallets like Electrum, Bluewallet, sparrow wallet etc. can help you out if your system is compromised with a malware. The numbers of wallets you have running on your computer does not really matter, a clipboard malware for instance can still insert itself in any of the wallets and steal your funds. The most important thing is to adhere to important security measures like never click phishing links, don't download apps from unknown sources and avoid downloading cracked apps.

For maximum security, you can store your funds on a hardware wallet or an airgapped device.

Speaking of the clipboard, this would only take effect if you've copied the information to proceed a transaction, correct? So if you make a mistake, you'd already know that it's compromised, and it won't affect other wallets because you'll be more careful next time. You might even end up reprogramming your computer to eliminate that malware. What I'm saying is, you will lose the balance of one of your wallets but the others will be safe.

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Quote from: Maslate on October 13, 2023, 02:41:16 AM

However, even with all these precautions, there's still a risk of losing your hard-earned money. That's why it's smart to use different wallets. If you choose to stick with Electrum, it's a good idea to spread your funds. This way, if one of your wallets gets compromised, it won't wipe out all your assets since you've already diversified your funds.

I don't think spreading your funds across different wallets like Electrum, Bluewallet, sparrow wallet etc. can't help you out if your system is compromised with a malware. The numbers of wallets you have running on your computer does not really matter, a clipboard malware for instance can still insert itself in any of the wallets and steal your funds. The most important thing is to adhere to important security measures like never click phishing links, don't download apps from unknown sources and avoid downloading cracked apps.

For maximum security, you can store your funds on a hardware wallet or an airgapped device.

Maslate

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I may not be an expert in the technical aspects of Electrum, but you can trust me 100% on this issue. I've had a friend who fell victim to a compromised application. A message popped up, suggesting an application upgrade, and he unwittingly followed the link to the wrong site. As a result, his seed was stolen, and all his funds were siphoned away. These security issues are no joke, which is why it's crucial that if we decide to update, we should make darn sure we download the update from the official site.

However, even with all these precautions, there's still a risk of losing your hard-earned money. That's why it's smart to use different wallets. If you choose to stick with Electrum, it's a good idea to spread your funds. This way, if one of your wallets gets compromised, it won't wipe out all your assets since you've already diversified your funds.

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Quote from: Z-tight on October 12, 2023, 01:22:21 PM

BTC core is a full node wallet and it gives you total privacy, but it is not safer than light client wallets, what matters is if you use your wallet in a safe enviroment. You can also connect your light client wallets to your own node for total privacy.

Bitcoin core gives you better privacy but it is not yet "total privacy" because of how bitcoin itself works.
As for security, you do get increased security too because it is a full verifying node which means you verify everything yourself instead of relying on other full nodes to verify it for you. Because of this SPV clients have certain weaknesses in comparison to a full node.
But you are right that about security of your keys, the environment is the important factor.

Z-tight

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Quote from: blue Snow on October 11, 2023, 08:06:15 PM

Like the previous comment above, don't trust and verify it. For me, I choose electrum because here in the forum have a board specially discussing electrum, and that board already existed since 2012

It is good that Electrum has its own dedicated board to discuss only things relating to the Electrum wallet, but that is not such a good reason to trust the wallet, it is like saying you trust Mycelium wallet because it has a board in this forum. There are good wallets like BlueWallet that have no board in this forum, so having a board here or not is not a reasonable reason to trust a wallet.

Quote from: blue Snow on October 11, 2023, 08:06:15 PM

but if you really want to be safe, use Bitcoin wallet has made by satoshi.

BTC core is a full node wallet and it gives you total privacy, but it is not safer than light client wallets, what matters is if you use your wallet in a safe enviroment. You can also connect your light client wallets to your own node for total privacy.

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Quote from: bitnote on October 11, 2023, 07:13:23 AM

Can you tell us why I trust Electrum or why it's better than any other wallet?

Like the previous comment above, don't trust and verify it. For me, I choose electrum because here in the forum have a board specially discussing electrum, and that board already existed since 2012, which means it has been a decade and always updated even have several problems that have already been solved.

Because Electrum has a board and many expert people use that, So if you have a problem with the wallet, then it will be easy to handle by expert people. Just imagine if you use the wallet where didn't have board and developer here, that probably you will face a problem, What's more, the wallet is new and not well-known who the developer, you will have confusing when a face problem.

but if you really want to be safe, use Bitcoin wallet has made by satoshi.

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Based on my experience of using Electrum for the past couple of months since returning to the forum, I can say it's one of the best light client for managing Bitcoin seed phrases.

Why?

- Community favorite
- Code is open source and the team is actively improving/providing security fixes.
- Electrum has been around for the longest time and it's a household name when it comes to Bitcoin light client wallet.

When you want to try out something new, it's best to try out something that a lot of eyes have gone through and vetted but always verify before you trust. You can goto their Github repository and see things for yourself.

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It is most reliable due to its intrinsic characteristics, open source, functionality, etc. AND! In any case, you get that answer with certainty yourself, then you will surely add yourself to the immense number of users who corroborate it, but always keeping in mind that this degree of reliability does not depend only on the fact of having Electrum.

Everything should always be verified, updates, of course verify your first Electrum and follow known security parameters. Because just having an Electrum wallet does not make you immune to errors, bad security habits, etc. AND! That same "fame" means that "criminals" are always on the lookout for a breach of your trust.

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Quote from: bitnote on October 11, 2023, 07:13:23 AM

Hello, I'm new here. When I signed up here, I was confused by the forum's many tiny buttons and features, so I just tried to dig deeper for a few days.

I have a question about non custodial wallet that why most users here trust electrum or suggest electrum first?
I have read some posts by using search button every where someone recommends electrum often.
Can you tell us why I trust Electrum or why it's better than any other wallet?

I was just talking on another thread about custodial and non-custodial wallets and what we should prefer to use and what not to. Before reading further reply of me, read this first Proof of reserves? Insurance fund? Best I can do is a random number generator! If you have read this post, then you must be aware of the FTX scam and how they are making fools of people—those people who trusted them with thousands or millions of dollars. But all they did was risk all of the users' money and declare bankruptcy, and to avoid charges, they are now faking the insurance or proof of reserves. Just to trick the customers who lost their funds. So immoral an act.

But what we have learned from this is that we should never trust centralized exchanges with our funds; instead, we should prefer open source and non-custodial wallets, which will provide you with your own private key or seed phrase. Those are the real numbers, you need to get access back to your funds, and the most important thing is that if those keys are gone, then your assets are also gone.

And Electrum is the best wallet in Android and desktop versions, which is open source and non-custodial. If you don't know what non-custodial means, then it means the wallet that provides you with the private key.

Z-tight

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Quote from: avp2306 on October 11, 2023, 08:19:58 AM

Also don't put all your money there or the one you can't afford to lose so that you will not regret if something bad happens to the platform.

Electrum is not a 'platform', it is a software wallet and there is no single point of failure in the Electrum software. Take note that even if the Electrum developers stop working on the wallet, you can import your seed phrase or private keys into another wallet software and have access to your funds.

Quote from: Nrcewker on October 11, 2023, 08:02:29 AM

Moreover it’s not an online wallet where the risk of getting phished always remains with the investors.

Electrum is an online wallet, though you can set it up in an airgapped device.

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Quote from: wd1 on October 11, 2023, 07:16:19 AM

Electrum has been around for a long term and is open source.

Open source does not automatically make a wallet is a good one. You can have an open source wallet with many issues in security. It is not a quality mark for a wallet.

Quote from: Zaguru12 on October 11, 2023, 09:39:43 AM

It is not about longevity but how you deal with vulnerability, they were wallets that started well as open source and today they are not much recommended, because they didn’t deal with the vulnerability well.

Verifying digital signature of a wallet reduces risk for a user and a longevity of a wallet can be one of factors for its quality and survival ability in this vulnerable space. Electrum wallet has a good longevity and get good feedback from communities too.

WalletScrutiny.com review on Electrum wallet.

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Quote from: jeraldskie11 on October 11, 2023, 07:31:20 AM

.
There are many wallets out there, not just electrum, where you can trust that your funds will be safe. They usually prefer hardware wallets, which are the most secured wallets. Although electrum is a very trusted wallet but it is also more vulnerable to hacking compared to hardware wallets.

If you say hacking do you mean the entire wallet software been compromised, i would say it is the same in almost all self custodian wallets. The only thing that makes hardware wallet edges electrum is the ability to stay offline and the electrum can also serve same purpose, you only need to accurately airgap it and it serves same purpose.

Quote from: wd1 on October 11, 2023, 07:16:19 AM

Electrum has been around for a long term and is open source.

It is not about longevity but how you deal with vulnerability, they were wallets that started well as open source and today they are not much recommended, because they didn’t deal with the vulnerability well. Electrum also faced some but cope well as newer versions come out.

Quote from: Ben Barubal on October 11, 2023, 07:46:13 AM

I've been using Electrum for several months, and so far it's been good, and I haven't faced any problems with it, as long as you have the private key to the address you created there. All I can tell you is that when you use Electrum on the desktop and it notifies you of updates, you should update it.

Be wary of just any updates notifications you get try as much as possible to download from the main site and also verify it. The beauty of this forum is once the version is available you will see it here because the developer is here.

Quote from: Ben Barubal on October 11, 2023, 07:46:13 AM

In addition to that, it is more advisable to use electrum on the desktop. It is not saying that it is not good to use electrum in mobile apps; it still depends on you how you trust it.

Virtually every wallet that has both the desktop version and mobile, the desktop version is always better because of the convenience and other features. Like electrum you cannot have some features and it is not even available on IOS, I will prefer a BlueWallet on mobile due to certain features than electrum. But it is best to use electrum on airgapped desktop and probably have a watch only wallet of it on mobile

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Quote from: Jawhead999 on October 11, 2023, 08:16:06 AM

I don't think it's a problem for an Average Joe to trust Electrum without need to dig deeper because not everyone able to read code.

Newbies don't have to read code because Electrum wallet is open source and is here long enough. There are many developer experts who can read code of Electrum wallet software and make their insights if something bad in the code.

Newbies can trust those expert reviews as well as good long history of Electrum wallet. But one thing they must do by themselves, verify the wallet with digital signature before using. They must do it by themselves because no experts can save newbies if newbies download fake Electrum wallet software and use it. When they fall to fake wallets, their bitcoin will be stolen but it is not fault of Electrum wallet developers or any expert in the Bitcoin community.

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