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hexwin

Bitcoin wallets

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For any newbie it is very important to know what wallets are and how to use them in correct way.

Best website to introduce you with wallets in Bitcoin.org

https://bitcoin.org/

 

Best desktop wallet is Electrum, but you can and compare it with other wallets.

There are also options for mobile, web and hardware wallets.

 

Always double check if you are on official Electrum wallet website:

https://electrum.org 

 

 

Edited by hexwin
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I saw one member reporting that his account at blockchain.com was hacked,

so I also don't recommend anyone using online wallets like that.

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If we are talking about best desktop wallet for only Bitcoin,
your best bet is to use Electrum wallet.

Only download it from official website.

Note: You can manually adjust fees if you want.
 

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I used blockchain and Coinbase in the past, but presently looking to move my funds into Electrum wallet. Does somebody tell me what could be the fee in Elctrum while moving funds to outside of the wallet?

Does is it cheaper than Blockchain?

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For those who were concerned about retaining privacy  and anonymity I would advise Wasabi wallet that has build-in  CoinJoins protocol to mix coins coming from trustless sources.

Edited by cryptex

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15 hours ago, cryptex said:

For those who were concerned about retaining privacy  and anonymity I would advise Wasabi wallet that has build-in  CoinJoins protocol to mix coin coming from trustless sources.

Yeah Wasabi is great if you want privacy for your bitcoin transactions.
Other option I like a bit better is samourai wallet  https://samouraiwallet.com/

I would like to see more options in future also

 

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Wasabi wallet is only used for private transactions...
and have higher fees because it has integrate mixing option.

Electrum is just fine and best option for regular users

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14 hours ago, hexwin said:

Yeah Wasabi is great if you want privacy for your bitcoin transactions.
Other option I like a bit better is samourai wallet  https://samouraiwallet.com/

I would like to see more options in future also

 

If I am not wrong samourai don't have coin control option that allows to choose UTXO manually and thus construct transactions,  so in this respect  it is  less advanced than wasabi. At the same the last can not be installed on mobile as it is desktop-only wallet. So those who focused on mobile wallets should pay attention to  samourai.

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On 10/1/2019 at 10:02 PM, xBDT Script said:

The wallets I have used so far:

~ Bitcoin core

~ Electrum

~ BitPay

Electrum is the best for everyone I think because it doesn't require anything to be downloaded unlike Bitcoin Core, Core requires a lot of time to be sync as well as a lot of space in the device unless anyone using prune mode.

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16 minutes ago, Consignee said:

Electrum is the best for everyone I think because it doesn't require anything to be downloaded unlike Bitcoin Core, Core requires a lot of time to be sync as well as a lot of space in the device unless anyone using prune mode.

I really do not have much idea but what I understand is that they have full node in their server and from there the Electrum client synchronize the wallet.

I could be totally wrong in it.

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3 minutes ago, xBDT Script said:

I really do not have much idea but what I understand is that they have full node in their server and from there the Electrum client synchronize the wallet.

I could be totally wrong in it.

There are a lot of server from Electrum, you can connect anyone of them or it can also be automatically done. Sometimes, you have to change the server if anything goes wrong with default chosen server.

Screenshot_2.png.9aa70a71edb07b266eda6ac16089f5b1.png

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Just now, Consignee said:

There are a lot of server from Electrum, you can connect anyone of them or it can also be automatically done. Sometimes, you have to change the server if anything goes wrong with default chosen server.

 

I am talking about the synchronization of the whole blockchain. In those servers they have the full nodes so may be the client we have in out desktop it synchronize with those nodes.

Without synchronizing they can not update the blockchain of-course. 

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1 minute ago, xBDT Script said:

I am talking about the synchronization of the whole blockchain. In those servers they have the full nodes so may be the client we have in out desktop it synchronize with those nodes.

Without synchronizing they can not update the blockchain of-course. 

Yup, Electrum server is doing the downloading the blockchain for us. I have seen some altcoin blockchain have pre-downloaded blockchain which is being updated time to time in their official. Don't know why such file isn't available for Bitcoin.

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4 minutes ago, Consignee said:

Yup, Electrum server is doing the downloading the blockchain for us.

I think you are correct. There must have some connection with the full node and the servers are the only logical option.

 

Quote

I have seen some altcoin blockchain have pre-downloaded blockchain which is being updated time to time in their official. Don't know why such file isn't available for Bitcoin.

I really do not have much idea about those alts. 😊

 

1 minute ago, seriousguywithfunnypants said:

A crypto hodler must have a hardware wallet for the maximum security.

Well what do you think about a multiSig wallet?

Edited by xBDT Script

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I am mostly using Nexo.io wallet for my regular transactions as they don’t charge any withdrawal fees and are planing to pay interest on your crypto balance. Also there will be a debit card in the near future 🙂

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1 minute ago, clarityfund said:

are planing to pay interest on your crypto balance.

Sounds cool, I hope we will not see another version of Bittttcooooonnnnecttttt!

This kind of wallet or whatever you say it which offer interest, will certainly one day get run out because when there will be a significant price change, they will get trouble to be stable.

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4 minutes ago, Consignee said:

Sounds cool, I hope we will not see another version of Bittttcooooonnnnecttttt!

This kind of wallet or whatever you say it which offer interest, will certainly one day get run out because when there will be a significant price change, they will get trouble to be stable.

Nexo makes profit as they offer their users a credit line against their crypto holdings. If you choose to take a credit you pay between 8-12% p.a. Interest. That is how they are able to pay interest to hodlers and offer a no fee policy

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Just now, clarityfund said:

Nexo makes profit as they offer their users a credit line against their crypto holdings. If you choose to take a credit you pay between 8-12% p.a. Interest. That is how they are able to pay interest to hodlers and offer a no fee policy

Make sure someday they will not run away with the money you are giving them to hold. Really guys, please do not get greedy. Not your keys not your coins.

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Just now, clarityfund said:

Nexo makes profit as they offer their users a credit line against their crypto holdings. If you choose to take a credit you pay between 8-12% p.a. Interest. That is how they are able to pay interest to hodlers and offer a no fee policy

It's very similar as lending platform, I think you should not use it as wallet. You must be aware of the possible risk, we have seen it earlier, right?

Now it's up to you. I would not bother putting a single penny there.

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