Silk Road forums
Discussion => Security => Topic started by: g01d3n on January 21, 2013, 02:17 pm
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Hey there everyone, I was just wondering what sites you recommend buying/storing your valuable BTC. I was using coinbase, but due to an anomaly in my funds, i think it's best for me to move on.
Thank you very much for your time.
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My opinion is that buying and storing are sort of 2 separate things, granted they can be the same depending on your comfort level...
Buying... Seems like you are not interested in more "legit" methods of getting coin (coinbase, MtGox etc). Here are some cash to BTC services...
- Blue Sky Traders (http://ok2yri46aaptiu2d.onion.to/index.htm) : Bank of America direct deposit
- Bitcopia (https://bitcopia.com/index.php): Wells Fargo direct deposit - I just used this service the other day, fast but WF did mess up with info and for faster service I had to email pic of receipt.
- Bitinstant.com (Bitinstant.com): Big boy on the block, many options (btc to wallet or email)... common is moneygram from almost any walmart. Charges % and a flat rate on top for moneygram vendor (for sure flat rate not sure how much %).
- Local Bitcoins (https://localbitcoins.com/): Buy bitcoins in your area in person via cash. Pretty much open market for people to sell BTC locally via meet up and other methods. In my area deals didn't seem that good, but maybe you would have better luck.
Wallets and storing BTC
First thing, ewallets provided by websites/exchanges are only as secure as the vendor trust. MtGox was hacked even a few years back which resulted in some loss of coin. These are not backed by the government so deposits are not insured except by the provider (if that). These should imo only be used for small amounts of BTC that you can afford to loose given worst case scenarios. If you want more secure storage, you can look into creating a local wallet using a BTC client. This way you can even store/back up BTC on a flash drive (I think some ewallet services have import/export btc features too!).
Common e-wallets (there are tons these I just see mentioned the most)
- Blockchain.info : Probably the most commonly mentioned, can even send anonymously (mix coins before send) for 1.5% flat rate. Uses account login.
- instawallet.org : Popular temp wallet, just go to site and it will assign a random wallet/address. No fees, no logins. Only way to get to wallet is by url given on that page, lose url, BTC are gone. Lots of people send BTC to these this service and then send to SR. Rumor is that service will mix coins but the one time I used it, it didn't (to be fair they had issue where transactions weren't being completed, once fixed they all went through ok just no mixing).
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Blockchain.info as a wallet service (for common use). For long term saving use paper wallets (cold storage) with offline generated bitcoin addresses.
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Get your personal wallet on http://electrum.org/
I am not going to explain it to you. All the info you need is on that link. Needless to say, that is what I use.
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Wallets and storing BTC
First thing, ewallets provided by websites/exchanges are only as secure as the vendor trust. MtGox was hacked even a few years back which resulted in some loss of coin. These are not backed by the government so deposits are not insured except by the provider (if that). These should imo only be used for small amounts of BTC that you can afford to loose given worst case scenarios. If you want more secure storage, you can look into creating a local wallet using a BTC client. This way you can even store/back up BTC on a flash drive (I think some ewallet services have import/export btc features too!).
Common e-wallets (there are tons these I just see mentioned the most)
- Blockchain.info : Probably the most commonly mentioned, can even send anonymously (mix coins before send) for 1.5% flat rate. Uses account login.
- instawallet.org : Popular temp wallet, just go to site and it will assign a random wallet/address. No fees, no logins. Only way to get to wallet is by url given on that page, lose url, BTC are gone. Lots of people send BTC to these this service and then send to SR. Rumor is that service will mix coins but the one time I used it, it didn't (to be fair they had issue where transactions weren't being completed, once fixed they all went through ok just no mixing).
To be honest, I don't recommend ewallets etc. at all, don't trust your money to a company! I don't understand why some want to store their wallets online? If something happens (site gets hacked etc.), you're screwed.
Secure your wallets offline and you'll be fine, use different TrueCrypt containers etc.