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Bitcoin rules: 1. Keep your own self-generated, backupable and recoverable wallet without dependency on any third party babysitting services that are being con
by gesman 14y ago
Bitcoin rules:
1.
Keep your own self-generated, backupable and recoverable wallet without dependency on any third party babysitting services that are being consistently broken into (and your money is lost).
Electrum wallet is recommended as it also allows you to export "master public key" using which you may launch your own online store business and accept bitcoins as a payment without risk of losing money if someone hacks your online store.
2.
Use third party service only for buying and selling bitcoins. As soon as transaction is complete - transfer bitcoins back to your own wallet.
3.
Have a will so your loved one could get a hold of coins. Just in case.
- dobbsbob 14y agoYes Electrum is good but remember you're relying on somebody else's blockchain instead of your own. Though I generally trust the Electrum blockchain servers you never know. Your online store key, you should be using some sort of script to generate receive payment addresses offline and stick those in a db. The payments should go to a cold wallet you can either with a serial cable send a txn or manually enter the signed transactions, but that's just my paranoid security
- gesman 14y agoThe beauty of electrum master public key is that it can be used to generate unlimited number of "receive only" bitcoin addresses. Server script could do it for each sale. If someone hacks into server - he can't steal anything, because Electrum's master private key (to send money) never stored in server.