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As someone who hasn't read the article, is holding bitcoin in your own wallet going to become illegal? Also, which wallet do you guys recommend, I use Coinbase

As someone who hasn't read the article, is holding bitcoin in your own wallet going to become illegal? Also, which wallet do you guys recommend, I use Coinbase but it sucks.

Mistletoe 1y ago
Use a hardware wallet like Trezor.
- cypherpunks01 1y ago
  Yes, and for even higher security, use a bitcoin-only airgapped hardware wallet like Coinkite's Coldcard or Foundation's Passport Core.
truffet 1y ago
[dead]
- moduspol 1y ago
  Coinbase is an exchange, but they also acquired a standalone wallet that's been rebranded a few times, but now it seems to be called Base (Formerly Coinbase Wallet).
- koakuma-chan 1y ago
  No it's not in my control but I use it because it is convenient to buy and sell.
moduspol 1y ago
It doesn't look like that explicitly will become illegal, but this part undermines a lot of the value of it: > creating and using single-use wallets, addresses, or accounts, and sending [cryptocurrency] through such wallets, addresses, or accounts through a series of independent transactions That's the default way Bitcoin wallets work, and it helps a ton to improve privacy. If we were limited to always reusing the same few addresses, it'll be very easy for not just law enforcement but ANYONE to see just how much Bitcoin you have. If that's a small amount, it's not a risk. If it's a big amount, now you've got a target on your back. For me to accept Bitcoin payments, I need to publish my address, and from that address, you'll be able to see how much Bitcoin I have (and trace other transactions) over time. Imagine everyone in town knowing that you've got six figures (or more) of money that can undoubtedly be extracted from you by invading your home, taking family members hostage, etc. At that point, you may think it's safer to keep it in an exchange, and you may be right.
jmclnx 1y ago
Good luck with that. If you are on a 'real' OS like Linux or BSD and have *coins there, I doubt anyone would know. Especially if you have disk encryption and using a trusted VPN or tor or something like that. Remember to enable MAC spoofing too. If you have your wallet on a Cell Phone, you might as well post a sign outside of your house stating "I am a bitcoin user and trying to keep that use secret" :)
csomar 1y ago
If you are in Europe, it already kinda is. You need to declare/KYC that wallet. Europe also want these self-custodial wallets to become "accessible" somehow to the authorities.

As someone who hasn't read the article, is holding bitcoin in your own wallet going to become illegal? Also, which wallet do you guys recommend, I use Coinbase but it sucks.

Mistletoe 1y ago

Use a hardware wallet like Trezor.

cypherpunks01 1y ago
Yes, and for even higher security, use a bitcoin-only airgapped hardware wallet like Coinkite's Coldcard or Foundation's Passport Core.

truffet 1y ago

[dead]

moduspol 1y ago
Coinbase is an exchange, but they also acquired a standalone wallet that's been rebranded a few times, but now it seems to be called Base (Formerly Coinbase Wallet).
koakuma-chan 1y ago
No it's not in my control but I use it because it is convenient to buy and sell.

moduspol 1y ago

It doesn't look like that explicitly will become illegal, but this part undermines a lot of the value of it: > creating and using single-use wallets, addresses, or accounts, and sending [cryptocurrency] through such wallets, addresses, or accounts through a series of independent transactions That's the default way Bitcoin wallets work, and it helps a ton to improve privacy. If we were limited to always reusing the same few addresses, it'll be very easy for not just law enforcement but ANYONE to see just how much Bitcoin you have. If that's a small amount, it's not a risk. If it's a big amount, now you've got a target on your back. For me to accept Bitcoin payments, I need to publish my address, and from that address, you'll be able to see how much Bitcoin I have (and trace other transactions) over time. Imagine everyone in town knowing that you've got six figures (or more) of money that can undoubtedly be extracted from you by invading your home, taking family members hostage, etc. At that point, you may think it's safer to keep it in an exchange, and you may be right.

jmclnx 1y ago

Good luck with that. If you are on a 'real' OS like Linux or BSD and have *coins there, I doubt anyone would know. Especially if you have disk encryption and using a trusted VPN or tor or something like that. Remember to enable MAC spoofing too. If you have your wallet on a Cell Phone, you might as well post a sign outside of your house stating "I am a bitcoin user and trying to keep that use secret" :)

csomar 1y ago

If you are in Europe, it already kinda is. You need to declare/KYC that wallet. Europe also want these self-custodial wallets to become "accessible" somehow to the authorities.