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Wallets

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  • 23-10-2017 8:59am
    #1
    DANNY2014
    Registered Users Posts: 1,164 ✭✭✭


    New to all this so would like to know about wallets have done some research and it's somewhat a tiny bit confusing...

    So Say using android I use Mycelium wallet for small amounts of monies (just gonna dabble till I get my head around it fully) do I just purchase off coinbase and transfer to this wallet...

    And for larger amounts use a paper wallet (is this the most secure) or continue with original wallet above...

    1. I buy some bitcoin (thinking some litecoin too) from say coinbase...

    2. Transfer to Mycelium wallet...

    3. Hodl.

    4. Sell in 20 years time and buy an island....(least likely to happen)


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    #2
    Grumpypants
    Registered Users Posts: 7,750 ✭✭✭Grumpypants


    A wallet is essentially just a key to access your money. The coins stay in the block chain.

    People are nervous of exchanges as your account could get hacked (mitigated with TFA).

    Or with Coinbase, place coins you want to hold into the vault. This takes 2 email verifications and a few days to withdraw. So much harder to be cleared out.

    Biggest risk with exchanges is it could simply close down and you would lose the coins.

    Wallets are the most secure. I'm more nervous of wallets than exchanges as forgetting your wallet password means it is gone forever.


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    #3
    DANNY2014
    Registered Users Posts: 1,164 ✭✭✭DANNY2014


    Grumpypants wrote: »
    Or with Coinbase, place coins you want to hold into the vault. This takes 2 email verifications and a few days to withdraw. So much harder to be cleared out.

    Biggest risk with exchanges is it could simply close down and you would lose the coins.

    So basically coinbase could be used to store the coins in their vault... Exchanges such as coinbase shouldn't in theory close down but it is a risk obviously and the coins are never in your actual possession when stored there... Have I got that right...
    Grumpypants wrote: »
    Wallets are the most secure. I'm more nervous of wallets than exchanges as forgetting your wallet password means it is gone forever.

    Wallet seems to be the way I'm going to go and I've read to write down everything on paper so as to always have it just in case you forget passwords etc...


  • Options
    #4
    DANNY2014
    Registered Users Posts: 1,164 ✭✭✭DANNY2014


    Any thoughts on bitcoin paper wallet???... Ya print a physical copy of your keys... Obviously it's dangerous to the sense of losing the key but would this be the best way to go as in this way you have the sole responsibility for your coins...


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