Jump to content
gwapoman

Bitcoin Wallet

Recommended Posts

I have read a lot of news regarding hacking in the past few days. Even the larger exchanges who i thought are more secured also failed. So now i will give my insight about wallets to use in crypto currency. The Pros and cons. 

Currently i am using two wallets which are online wallet(mobile) and hardware wallet(Trezor). As far as security is concern i give a thumbs up for my trezor wallet. So i will now start with my experience using online wallet.

Online Wallet: I usually use my online wallet to buy items online and i think using this is a great idea if you are storing just a small of crypto. You can also store your crypto in an exchange but its more vulnerable to hacking since your keys are stored on another server. Recently a famous exchange just got hacked. The good thing about using an online wallet is you can access it anytime or anywhere as long as you have internet. You must be very careful not using public wifi accessing your online wallet for they can steal your keys, one of the saddest thing in using online wallet is less secure. 

Hardware Wallet: A hardware wallet is a special type of bitcoin wallet which stores the user's private keys in a secure hardware device.

Unlike online wallets that are in the cloud, hardware wallets store your private keys offline in a hardware. They are more secured that online wallets, since its not connected to the web, there will be no threat of possible hacking. When you buy a hardware wallet(trezor), you need to set it up and then it will generate a seed words that you need to write for this is the thing you will be needing just in case you lost or broke your hardware wallet. Be careful buying hardware wallet be sure that you are buying from an authorized dealer. Dont try to buy it cheap with a reseller with a pre-written recovery seed. Credits to mjglqw for this info. https://news.bitcoin.com/mans-life-savings-stolen-from-hardware-wallet-supplied-by-a-reseller/

Ps: these are just my opinions for using these two wallets. It is still better to do some research before going into anything. Choosing the most secure crypto wallet is vital in your crypto journey as a newbie you  do now want to be hack in your first day. 

Using a hardware wallet can’t prevent you from all risks but a choice of a trusted manufacturer with a good reputation can help to protect your wallet from much more vulnerabilities comparing to software wallets.

Share this post


Link to post
Share on other sites

In a world like ours, where nothing is safe online, my suggestion is to store your crypto on a hardware wallet. This is the safest option in my opinion, because the only risk you run is losing the hardware, or the hardware getting stolen or lost or destroyed. If you manage these risks, you will never lose your coins.

Share this post


Link to post
Share on other sites

The wallets i use are online because mainly i just hate syncing up every time to the blockchain just to send some bitcoins this is why i prefer online wallets in terms of security they are not that bad to be honest. 

Share this post


Link to post
Share on other sites

I don't have a hard wallet, but I often store the website casino crypto coins like primedice, I hope my money will be safe because I trust the primdice, I often put in the vault on the system. Hope my money will be safe, thanks to primedice

Share this post


Link to post
Share on other sites

Now I am already with the bestchange exchanger immediately on the card or throwing a purse, but before that I was sitting on several wallets.
Normal in my:
1) Spectrocoin. Easy to use, multi-functional, uses two-factor authentication.
2) Exmo. I bring and withdraw and keep the crypt
3) And all the famous - Blockchain. Security and security, Reduces transaction costs
etc

Share this post


Link to post
Share on other sites

Have never faced any kind of online wallets to begin with since i have informed myself in first place before making my way into some random online exchange.

If you know the exchange you are more likely to asume it as being safe, else just don't try to leave your money there. Immediatly exchange to fiat and don't HODL if you have concerns.

Also hardware wallets might fail on their hardware side which will make you lose all your money.

Share this post


Link to post
Share on other sites
On 18/06/2019 at 15:29, FotisNt said:

Well, I do use blockchain since its safe.Maybe higher fees than many online wallets but the safest to me. Safety goes always first!

Well i dont have any sort of blockchain fees for storing my balance there...

What you mean with higher fees? :D 

For having a blockchain wallet? Or some kind of exchange you do from blockchain?

Mine is only Coinbase by the way. And it has been so good since it's opening.

Share this post


Link to post
Share on other sites
On 18/06/2019 at 23:59, FotisNt said:

Well, I do use blockchain since its safe.Maybe higher fees than many online wallets but the safest to me. Safety goes always first!

Blockchain has the lowest fee for sure the highest fee is coinbase no doubt because they take like 2 dollars for every small transactions which is the worst.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


×