Ok, so I am only a few months into the crypto world and have found myself putting bank info into sites to buy btc. I have done enough research to understand the normal risks and all that. With so many options what do you guys feel is the best online account like ok pay or ewallet? I would like to just use a service like that as most exchanges accept that type of deposit. I know everybody is different but what are some of the services you guys use?
In general the standard rule is to not keep your BTC in an online wallet.
This will (in general) prevent you from falling victim to the alleged wallet hacks that have apparently become the latest fashion. One of the greatest advantages of cryptocurrencies is the ability to be your own bank thanks to the low transaction costs which are rather quick as well.
I would recommend for you to look into keeping larger amounts in cold storage, on a paper wallet or in a multi-sig wallet such as Armory or BitHalo which requires two keys to sign a transaction. I also have a couple of CryoCards for BTC and BLK.
For my “day-to-day” use I use Electrum which is a light-weight wallet with some nifty features such as freezing an address, tag syncing and the ability to setup the same wallet on multiple devices by simply importing the wallet seed.
Armory or Electrum cold storage are good options, but both require two computers, one always kept offline. Your private keys are kept on the offline computer and transactions require using a USB drive to communicate between the online and offline portions of the wallets.
Your other option for cold storage is Trezor. Your private keys are kept on the Trezor device which plugs into your laptop. The wallet used is Trezor’s proprietary online wallet called MyWallet. More convenient than Armory or Electrum and just as secure. You lose some of the advanced functionality of Armory or Electrum but Trezor is the easiest option for most.
I don’t have that for Electrum at all and to my best knowledge it doesn’t support multi-sig. I also don’t use Armory since I never liked it much. Trezor is a great option as well or even just buying a pair of dog-tags and having your cold storage keys engraved on those by your local hardware store. I got mine done at a local place that also cuts keys. They engraved the public and private key to the dog-tags for me while I was there and he surely doesn’t remember the key string off the top of his head.
I have a Trezor and have a good opinion about it. If you do decide to get a Trezor, have a few tips:
- Have a spare cable handy (mine was faulty)
- Leave the Trezor page open while sending coins
- Keep a photocopy of your security info in a secondary place in the event you can’t find your original.
Did some research after you had said mutli-sig for Electrum and discovered v2. Not to sure what to make of it since I don’t like the idea of the multi-sig with 2fa module being a “paid for” extension. I guess I’ll continue using Halo for the uber-security stuff and Electrum as my day-to-day wallet.