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27636809 No.27636809 [Reply] [Original]

Which is the best bitcoin wallet for a newbie?

There are so many, I'm confused.

>> No.27636864

BLOCKCHAIN

>> No.27636869

>>27636809
Electrum.

>> No.27636870

exodus

>> No.27636888

>>27636809
electrum

>> No.27637813

Electrum and Trust Wallet

>> No.27639018

>>27636809
Paper Physical Wallet
Copy - Safe Deposit Box
Copy 2 - Bury In Backyard
Copy 3 - Memorize it

>> No.27639351

this seems like a retard friendly thread so I'll shoot. is keeping funds on binance retarded? should I be moving funds to wallet like electrum(bcs suggested itt)?

>> No.27639426

>>27639018
How do you make transactions then?

>> No.27639437

Trustwallet

>> No.27639589

>>27639426
Keep some in another wallet.

>> No.27639764

>>27636809
anyone bought one of those fancy USB wallets?

>> No.27639864

>>27639351
If you don't own your keys you don't own your crypto. Binance might randomly one day decide to lock you out of your account. Or there might be an exchange hack. You can never be sure.

>> No.27639934

Trezor

>> No.27640055

>>27639351
this>>27639864 but on the other hand, binance is probably one of the safest centralized options. I wouldnt worry about a few grand, but if you have 6/7 figures on there, I'd be looking at alternative storage solutions

>> No.27640226

>>27639351

don't keep your entire portfolio on your account, i had this problem when binance.com locked out all US users of their accounts, and now the only way I can save it is by transferring it to their US based site, then to my hardware wallet. You might not be so lucky and the exchange might just go *poof* one day. keep most of your stack somewhere like electrum or a hardware wallet

>> No.27640227

>>27639864
I see thanks for the response. what can you tell me about cold storage? I read that electrum can be set up to used as one, or do you guys use >>27639764 this method?
I want to be the best hodler I can be, teach me sirs.

>> No.27640407

I use exodus as a hot wallet to track my hot portfolio. Anything I want to save long I transfer to a paper wallet in my safe.

>> No.27640526

>>27640227
You can just generate your wallet on an offline machine and then store your wallet seed on an encrypted USB. Not that hard. You can probably find tutorials on how to do that via google.

>> No.27640721

>>27640227
>what can you tell me about cold storage?
Cold storage is just having a wallet that can be accessible offline. A lot of people get trapped in keeping their crypto on an exchange because the shittier ones have ridiculous transfer fees.
The danger of keeping your money on an exchange is that it could go mt. gox or bitconnect. Look into these before you start investing in crypto so you are aware of how tits up it can go for you, and plan accordingly.

>> No.27641644

>>27640055
>>27640226
thanks guys.

>>27640526
>generate your wallet on an offline machine
I read about this, I will look into it more.

>>27640721
thanks for heads up. idea of storing funds in a way only accessible through a website did not feel safe at all that's why I hesitated.
tho I don't really understand how offline wallets work. like would using electrum to make few exchanges then turning off my computer and not touching it for 2 years make it a cold storage? idk how stupid this sounds but yeah.

>> No.27641809

how will my metamask be hacked and why will it not be hacked

>> No.27643199

>>27641644
>tho I don't really understand how offline wallets work. like would using electrum to make few exchanges then turning off my computer and not touching it for 2 years make it a cold storage? idk how stupid this sounds but yeah.
Yes, So you load up your electum wallet with 1 BTC using an old PC that won't be turned on for years.
When it's in your wallet and that wallet is not connected to the internet, it can't be hacked or manipulated at all.
Maybe this analogy doesn't work but it's like cashing your entire bank account out and putting it in your mattress. If the bank goes insolvent (even though your money is insured but lets pretend it isn't) or there's a big hack on in bank, your money's safe because you have it "off-site" (i.e. "offline")

Cold wallets are only ever cold temporarily. You still need to connect them to the internet if you want to transfer money in or out. The advantage is that YOU control exactly when and how it's connected, which is safer.

>> No.27643437

>>27643199
tysm my man. really cleared a lot of things I didn't understand.

>> No.27644051

Why fee is less for tether than udsc? and is it even worth to pull out/exchange when youre practiclly at the minimum?

>> No.27644670

>>27643437
be careful though. using an old PC is pretty bad idea DESU. Granted all my old PCs start up fine and I've never had problems but in the scenario that you dump a shitcoin onto a cold wallet and find out years later it's mooned, you REALLY will want to rope yourself if your wife threw that shitty old computer out or the harddrive is dead enough to never be able to get the coins or whatever.

I've also heard of people using raspberry pis for electrum but considering how shitty those SBCs are you never really know if it's safe.
Here's a guide in case you are interested:
https://armantheparman.com/how-to-set-up-a-raspberry-pi-zero-air-gapped-with-electrum-desktop-wallet/
I hope some /biz/fags can chime in with their two cents too

>> No.27646157

>>27643199
>Cold wallets are only ever cold temporarily. You still need to connect them to the internet if you want to transfer money in or out.
Not true. You can sign transactions offline.

>> No.27646280

Newfag here. Is transferring from Binance.US to Electrum safe from the taxman? Will I be found out? How do you keep your gains safe from the taxman?

>> No.27646660

>>27646280
I don't think Binance reports to the taxman. Coinbase does.

>> No.27646670

>safe from the taxman
It's called tax evasion. Pay your taxes or enjoy the jail time

>> No.27646689

>>27644670
funny you mentioned I was thinking about getting rasspie 4.

>>27646157
can you explain more? how does signing transactions works? in the end if I want to cash out wouldn't I have to hook up the cold storage internet? if not it's really impressive shit.

>> No.27646799

>>27646670
It's only evasion if they know.

>> No.27646882

>>27643199
>the future
>just do 100 things to keep your money safe

>> No.27647079

>>27646689
You only need your private key to sign a transaction, which you can do offline. You can then send the signed transaction when online without exposing your private key. I've never done it before so I'm not sure how it works exactly, but I do know that it's a thing that people do. I assume that's how whales and exchanges do it.

>> No.27647152

>>27643199
Does this work with a dual boot or can you burn a wallet onto a disc then? Sorry if total retard
Unrelated to above but i guess if ive got stuff on coinbase and i cant tranfer it or sell it whatever then its doomed? I got some link and grt and now it wont let me tranfer it :/

>> No.27647445

>>27647079
this is getting slightly above my intelligence level where all I can see is one blurry line instead of your post unfortunately. I am curious why don't you do it tho assuming it's safer?

>> No.27647540

>>27646670
rule 1 about taxes is that poor people and rich people don't pay them

>>27646157
not calling you a liar but I don't exactly follow? genuinely curious about this like the OP

>>27646689
rpi4s are great little devices and I constantly shill them. however, for an offline wallet you'd need a pi zero since it is isolated from any network.

>>27646882
yeah no one said this was convenient or easy. security in general is always a matter of convenience vs safety. Is keeping all your shit freely available online convenient? hell yeah. Is it secure? fuck no.

>>27647152
why would you use a CD? I guess in theory it would be no different than a USB if you could read-write.
Actually this question is so out of left field I don't even know how to answer.

>> No.27647783
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27647783

>>27647079
mfw reading this explanation.

>> No.27648457

>>27647445
>I am curious why don't you do it tho assuming it's safer?
Because I think it's overkill. I keep my system reasonably secure as it is. If I was a crypto millionaire I'd look into it though.