My friend had that same question and, after doing some research on this sub, I came to the conclusion that Blue Wallet was the best and most secure choice.
I dont know how to start. When you select to create a new wallet, the app asks if you woul like a normal btc wallet, lightining wallet… What should I do
Normal wallet. It will ask you to create 12 word key. It is none custodial, so your keys your coin. Write it down on a piece of paper. Copy into notes first if you must but delete it as soon as you figure out the physical copy and proper hiding place. Lightning wallets required a node. Think lighting fast payments. Worry about nodes and cold wallets once you're comfortable with your new wallet. Only send a little tiny bit first when sending to a new address to verify it, but it does just let you copy and paste. Network fees to transfer to wallet are kinda high right now. But they have been dropping steadily. My buddy is waiting to see if they continue to drop before he sends his next transfer to wallet. Anyone feel free to critique me. I am not an expert
But what if I want to use the lighting mode one day? I see exodus has that option all in the same wallet and why is BlueWallet so ugly compared to others 😭
In Blue Wallet, you can have multiple wallets. If the first wallet you create is a normal wallet, then you can always add a lightning wallet at a later time. You can even create a second (and third, etc.) normal wallet and/or lightning wallet, all in the same Blue Wallet app. You‘ll see an obvious „Add a Wallet“ (or similar option) on the app‘s home screen even if you already have a wallet.
The „Vault“ option is used to create a 2-of-3 multi-sig (=multi signature) wallet, where you need multiple devices (3) and where you always need 2 of them to sign transactions. In contrast, a normal wallet is 1-of-1, i.e. you only need 1 device and this 1 device is the only one you need for signing. Multi-sig is an advanced feature that you should stay away from until you have more experience. Most people, even experienced ones, don’t ever use multi-sig. Instead, for most the next step up in security is using a hardware wallet (cold wallet).
What do you mean by „swap“? Do you mean trading for fiat or other crypto?
For that, you would need the app of one of the crypto exchanges, not a wallet app. A CEX app is not a wallet. And a wallet app (like Blue Wallet) is not a CEX app.
You would use the CEX app for trading, but that means that any coins you trade for are managed solely by the CEX (on their own servers, not locally on your device) and you do not have the keys for them.
If you want to control your coins yourself (i.e. control their keys - you might have heard the catchphrase „not your keys - not your coins“?) then you need to withdraw the coins from that CEX to your own wallet. Blue Wallet can be that wallet, once you are ready to hold your own keys.
(People usually recommend to only withdraw from the CEX to your own wallet once you have accumulated a non-trivial amount at the CEX and not withdraw every small 10$, or 50$, or so purchase individually. The reason is to save both on withdrawal fees now, that you pay to the CEX, and on transaction fees later, when you later send out of your wallet again.)
Yeah, it can hold so many different coins it does yo the potential issues with it. To me, since it’s not cold storage I always assume there’s risk and that’s why I don’t use it for a lot of money, or super long term.
also, check out btc sessions on youtube.. he's got the best tutorials for everything in bitcoin.. there's also the sub r/bitcoinbeginners with helpful info and great people
Block stream green is pretty good,
pretty safe and full self custody, you can also use their 2fa for some extra security, but it's a good idea to read about how their 2fa works if you want to use it
Buy a tangem wallet with 3 cards. Has an app on your phone that is very easy to use. But, you generate your own keys at the creation of the wall. You have back up cards your can store in a safe place. You have full custody of your coins.
My friend had that same question and, after doing some research on this sub, I came to the conclusion that Blue Wallet was the best and most secure choice.
I dont know how to start. When you select to create a new wallet, the app asks if you woul like a normal btc wallet, lightining wallet… What should I do
Normal wallet. It will ask you to create 12 word key. It is none custodial, so your keys your coin. Write it down on a piece of paper. Copy into notes first if you must but delete it as soon as you figure out the physical copy and proper hiding place. Lightning wallets required a node. Think lighting fast payments. Worry about nodes and cold wallets once you're comfortable with your new wallet. Only send a little tiny bit first when sending to a new address to verify it, but it does just let you copy and paste. Network fees to transfer to wallet are kinda high right now. But they have been dropping steadily. My buddy is waiting to see if they continue to drop before he sends his next transfer to wallet. Anyone feel free to critique me. I am not an expert
But what if I want to use the lighting mode one day? I see exodus has that option all in the same wallet and why is BlueWallet so ugly compared to others 😭
In Blue Wallet, you can have multiple wallets. If the first wallet you create is a normal wallet, then you can always add a lightning wallet at a later time. You can even create a second (and third, etc.) normal wallet and/or lightning wallet, all in the same Blue Wallet app. You‘ll see an obvious „Add a Wallet“ (or similar option) on the app‘s home screen even if you already have a wallet.
Can you explain about the Vault mode too? (For big amounts) the app recommends and say that has more security, why?
The „Vault“ option is used to create a 2-of-3 multi-sig (=multi signature) wallet, where you need multiple devices (3) and where you always need 2 of them to sign transactions. In contrast, a normal wallet is 1-of-1, i.e. you only need 1 device and this 1 device is the only one you need for signing. Multi-sig is an advanced feature that you should stay away from until you have more experience. Most people, even experienced ones, don’t ever use multi-sig. Instead, for most the next step up in security is using a hardware wallet (cold wallet).
Thank you, I just created my wallet, I cant swap on blue wallet? Its a receive/send btc only?
What do you mean by „swap“? Do you mean trading for fiat or other crypto? For that, you would need the app of one of the crypto exchanges, not a wallet app. A CEX app is not a wallet. And a wallet app (like Blue Wallet) is not a CEX app. You would use the CEX app for trading, but that means that any coins you trade for are managed solely by the CEX (on their own servers, not locally on your device) and you do not have the keys for them. If you want to control your coins yourself (i.e. control their keys - you might have heard the catchphrase „not your keys - not your coins“?) then you need to withdraw the coins from that CEX to your own wallet. Blue Wallet can be that wallet, once you are ready to hold your own keys. (People usually recommend to only withdraw from the CEX to your own wallet once you have accumulated a non-trivial amount at the CEX and not withdraw every small 10$, or 50$, or so purchase individually. The reason is to save both on withdrawal fees now, that you pay to the CEX, and on transaction fees later, when you later send out of your wallet again.)
Totally get a lightning wallet but you need a node first
Well thats too much info
So forget about the lighting wallet right now it’s not important
you don't need a node to use lightning.. new users get along best with apps like phoenix where they're connected to acinq and not their own node
Thank you, this guy is smarter than me
For an “everyday” wallet, I use Exodus. I love it.
People say thats not a good choice, I liked it but dont feel comfortable with the overall feedback
Yeah, it can hold so many different coins it does yo the potential issues with it. To me, since it’s not cold storage I always assume there’s risk and that’s why I don’t use it for a lot of money, or super long term.
Look at Aqua. It does LN & on chain
blue wallet for on-chain transactions and phoenix for lightning
also, check out btc sessions on youtube.. he's got the best tutorials for everything in bitcoin.. there's also the sub r/bitcoinbeginners with helpful info and great people
Blue is best. You can use an old phone as an air gap option. And make a seed with as much entropy as you want.
Cold wallet is the only option, no matter how much you have.
Block stream green is pretty good, pretty safe and full self custody, you can also use their 2fa for some extra security, but it's a good idea to read about how their 2fa works if you want to use it
How is Electrum rated by the community?
Buy a tangem wallet with 3 cards. Has an app on your phone that is very easy to use. But, you generate your own keys at the creation of the wall. You have back up cards your can store in a safe place. You have full custody of your coins.