Bitcoin Thread 2 Satoshi

I'm nearing the point where it's time to move BTC off of the exchange and I am comfortable with the idea of a software wallet and storing my recovery phrase words safely where they will not be seen or destroyed.

May I please get your trusted/preferred software wallet recommendations for Android?

Secondly, hypothetically: If I used a certain software wallet and the App was discontinued and I lost my phone, am I correct in saying I could just download a different software wallet and use my recovery phrase words to import my bitcoin wallet into this new software wallet App?

Am I correct by saying the software wallet is just an interface with the private key behind a username and password, while the Bitcoin actually lives on the internet as a public key wallet address?
 
FlashSA said:
I'm nearing the point where it's time to move BTC off of the exchange and I am comfortable with the idea of a software wallet and storing my recovery phrase words safely where they will not be seen or destroyed.

May I please get your trusted/preferred software wallet recommendations for Android?

Secondly, hypothetically: If I used a certain software wallet and the App was discontinued and I lost my phone, am I correct in saying I could just download a different software wallet and use my recovery phrase words to import my bitcoin wallet into this new software wallet App?

Am I correct by saying the software wallet is just an interface with the private key behind a username and password, while the Bitcoin actually lives on the internet as a public key wallet address?
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You are correct in your understanding of how the wallets work.

I recently went through the wallet decision and landed on trust wallet
 
FlashSA said:
Secondly, hypothetically: If I used a certain software wallet and the App was discontinued and I lost my phone, am I correct in saying I could just download a different software wallet and use my recovery phrase words to import my bitcoin wallet into this new software wallet App?
Click to expand...
Brilliant info, thanks.

I was supposed to do this long ago but didn't know which wallet to go with. Let us know which one you pick.
 
Dylan_G said:
Brilliant info, thanks.

I was supposed to do this long ago but didn't know which wallet to go with. Let us know which one you pick.
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It's looking like it will be Trust wallet. They are owned by Binance and seem to be the most used wallet by tens of millions of users. I don't like their new biometric security option and will rather stick with the usual written down security phrase words as a backup.
 
FlashSA said:
It's looking like it will be Trust wallet. They are owned by Binance and seem to be the most used wallet by tens of millions of users. I don't like their new biometric security option and will rather stick with the usual written down security phrase words as a backup.
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Biometrics is for the app. You use the mnemonic phrase as backup to access the wallet from a different app/platform.

I.e. you use the biometric when accessing the wallet on your phone. You use mnemonic when adding the wallet to a different app
 
FlashSA said:
I'm nearing the point where it's time to move BTC off of the exchange and I am comfortable with the idea of a software wallet and storing my recovery phrase words safely where they will not be seen or destroyed.

May I please get your trusted/preferred software wallet recommendations for Android?

Secondly, hypothetically: If I used a certain software wallet and the App was discontinued and I lost my phone, am I correct in saying I could just download a different software wallet and use my recovery phrase words to import my bitcoin wallet into this new software wallet App?

Am I correct by saying the software wallet is just an interface with the private key behind a username and password, while the Bitcoin actually lives on the internet as a public key wallet address?
Click to expand...
I'm not up to date so salt

Different wallets can use different ways of turning a mnemonic phrase into a private key

So derivation paths also matter
But often you will find info online with others doing the same if a wallet has died to recover in a new one

One popular standard was/is bip39

So one way of doing this is to create a wallet , dump it and recover it with phrase to be sure you know how to do it with a small balance wallet

Then proceed to create a new wallet or use existing wallet for your move and feel secure at least you can recover if needs be

A person can also create a safer wallet with a offline phone ie create the wallet while in ofline mode no wifi etc

And then create a online wallet on a intenet activated phone

Where you then use it as wallet without private key the ofline phone would then create the transaction and the online one then just propagates the tramsaction by scanning a qr code

ie the device that signs the transaction can't ever do any phone home dubious transactions leaking any info if the app hapens to have malware

But yea it was ages ago that i saw the tutorial not sure if wallets still have these options
 
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Has anyone had any dealings with Bittrex? I know they went under. Received an email reminding me to withdraw the ETH I have with them. When I try, I get an error message saying "your account is not permitted to perform this action".

Any idea why I receive this message or how to solve it?
 
Candystore said:
Has anyone had any dealings with Bittrex? I know they went under. Received an email reminding me to withdraw the ETH I have with them. When I try, I get an error message saying "your account is not permitted to perform this action".

Any idea why I receive this message or how to solve it?
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If I have to guess it's a KYC thing
 
Candystore said:
Has anyone had any dealings with Bittrex? I know they went under. Received an email reminding me to withdraw the ETH I have with them. When I try, I get an error message saying "your account is not permitted to perform this action".

Any idea why I receive this message or how to solve it?
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Can also try a lesser amount , often the non kyc acounts had lower daily limits back in the day

And kyc no limit

Though i thnk that is why they are closing down not wanting to adhere to all the red tape being US based

So not sure if any old ways of doing these will fly
 
So how far is this Mt Gox drop going, chaps?

My SARS refund will be keen to buy the dip :p
 
FlashSA said:
So how far is this Mt Gox drop going, chaps?
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the Mt Gox dip has been the reason for a BTC price drop so many times over the past 5 years I've lost count

just like the "China is banning crypto" dip, it was never true for the longest time, but so many dips were "because of it", so much crying wolf that the actual ban had comparatively little effect on the markets

read somewhere the entire Mt Gox load only amounts to 6% of global BTC daily trade volume, even if the beneficiaries of that distribution blow their entire wad in one shot it shouldn't be much of a problem

alas, FUD and emotion moves the markets and it can go quite far down still
 
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German goverment selling bitcoin, no ETF buying as it is a public holdiday etc. No one knows why its duping maybe because it is up 85% over the last year and a small correction is needed
 
I have R10k I don’t know what to do with, sounds like bitcoin is going on sale soon?
 
Saitama said:
I have R10k I don’t know what to do with, sounds like bitcoin is going on sale soon?
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guys although bitcoin is at a good price now R10k is not gonna get you anywhere

It will need to go to 250k USD for you to even see 50k ZAR...
 
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