Talk:Cryptocurrency wallet

Deleted incorrect statement

I deleted [this text], because it is basically not true: "When the user of a hardware wallet requests a payment, the wallet's API creates the transaction. Then the wallet's hardware signs the transaction and provides a public key, which is sent to the network by the API. That way, the signing keys never leave the hardware wallet."

This is a correct version: When the user of a hardware wallet requests a payment the requester only has to provide a public key (destination address). The current owner (not the requester) signes the transaction with his private key and 'connects' the cryptocurrency to the provided public address. Preparing the transaction could take place on e.g. a computer from the current owner. The actual signing takes place within the hardware wallet. The requester does not have to be online at all. --FlippyFlink (talk) 08:34, 3 August 2018 (UTC)

Wallet definition

I have for some years now taken the stance, which I have promoted on Reddit, that wallets are NOT software clients, but rather the keys themselves. This page has just been quoted to me as refuting my standpoint, and I think the page needs rewriting.

My reasoning is this...

A wallet is a number. 256-bits, typically encoded as a Base-58 private key, from which the public key and address are derived. Said wallet can be recorded in any fashion one may choose, from a text file, piece of paper, to being stored in one or multiple clients and/or services.

Software is not mandatory for either the generation nor the operation of a wallet, although of course it greatly simplifies things. The mathematics involved can (and has in at least one case with Bitcoin) be performed manually using paper and pencil.

I am aware that the view that a wallet is software has been prevalent since the dawn of Bitcoin. However I feel that this is incorrect and should be corrected, and this page and others on Wikipedia would be a good place to make that change.

But I don't want to arbitrarily make contentious changes if they're going to lead to edit wars.

Fulvio (talk) 02:55, 1 September 2018 (UTC)

A wallet can be the keys themselves. But more often each transaction is combined with a new keypair and a hard/software wallet contains all keys. More often a wallet also has signing capabilities. --FlippyFlink (talk) 06:53, 24 July 2020 (UTC)

Semi-protected edit request on 13 February 2019

Change Link in Hardware Wallet Section. Link contains all type of hardware wallets in use.

Gupta, Ankur. "Bitcoin Hardware Wallet". Ankurgupta1985 (talk) 09:50, 13 February 2019 (UTC)

 Not done. That link is a blog and would appear not to be a reliable source. 72 (talk) 14:14, 16 February 2019 (UTC)

Semi-protected edit request on 18 February 2019

Add a list of software and hardware wallets in appropriate section to make article more informative. Ankurgupta1985 (talk) 10:49, 18 February 2019 (UTC)

 Not done: Edit requests should include specific changes not just a general idea (but you are welcome to suggest such ideas in a regular thread for discussion). Your request also lacks an independent reliable source (not blogs, forums, PR platforms, and similar websites). All content and all edit requests must be based on such published reliable sources. Please make sure to read WP:V and WP:RS for these basic content requirements. GermanJoe (talk) 11:02, 18 February 2019 (UTC)

Crypto wallet

Providing an eID and a diploma and digitally signing the 'application form'.

I renamed cryptocurrency wallet to crypto wallet. A crypto wallet is a broader name of a wallet which holds the private and/or public keys. It can support one or all of these functions: 'control' cryptocurrency, 'control' an identity, sign information and encrypt information. For control an identity I added this section: ===eID wallet=== Some wallets are specifically designed to be compatible with an identity framework. The European Union is creating an eIDAS compatible European Self-Sovereign Identity Framework (ESSIF) which runs on the European Blockchain Services Infrastructure (EBSI). The EBSI wallet is designed to provide information, an eID and to sign 'transactions. Ref: https://ec.europa.eu/cefdigital/ebsi First I thought of also creating a new article crypto wallet (it was deleted) besides the existing cryptocurrency wallet, but others disagreed on similar articles. --FlippyFlink (talk) 16:41, 24 July 2020 (UTC)

Hi, FlippyFlink. You wrote: "I renamed cryptocurrency wallet to crypto wallet." I see a couple of serious issues with your renaming:

• You did not provide a citation of any source that confirms the claim that the crypto wallet notion is a broader notion than the cryptocurrency wallet notion.
• There is a question whether the crypto wallet notion is notable, while the notability of the cryptocurrency wallet notion was established.
• After the edits you made, the whole article looks hijacked. You simply used the formulations and citations of the existing sources confirming properties of cryptocurrency wallets as they were present in the article, pretending now that they actually describe your newly coined crypto wallet notion. That is, however, observably false.
• Knowing the issues, I do not think that there is any consensus with your edits. I also think that the article should be returned to WP:STATUSQUO. Ladislav Mecir (talk) 21:48, 29 July 2020 (UTC)

Hello Ladislav Mecir, Thank you for your reaction. I actually created a new page crypto wallet first, but it was nominated for speedy deletion on July 24 2020 by Wugapodes stating "Editor's summary: A10: Recently created article that duplicates an existing topic, Cryptocurrency wallet". I agreed and suggested to alter the cryptocurrency wallet article. With things like self-sovereign identity (SSI) and the (EBSI) eID wallet, wallets are not only used to manage cryptocurrency, but also to manage someones identity and corresponding tokens (Crypto wallet: credential exchange, identity wallet, SSI wallets). If the Wikipedia community has consensus, I would be happy to recreate crypto wallet besides cryptocurrency wallet. But the last week it was speedy deleted. --FlippyFlink (talk) 08:29, 31 July 2020 (UTC)

FlippyFlink, you also added unreliable sources like sovrin.org, CCN, Coindesk and more. I disagree with the way this article is going. I would support returning to status quo. Retimuko (talk) 16:34, 31 July 2020 (UTC)

Requested move 3 August 2020

The following discussion is an archived discussion of a requested move. Please do not modify it. Subsequent comments should be made in a new section on the talk page. No further edits should be made to this section.

No consensus to move, after extended time for discussion. BD2412 T 19:05, 27 August 2020 (UTC)

Cryptocurrency wallet → Crypto wallet – There is a dispute about the scope of this article (see #Crypto wallet discussion above). Cryptocurrency wallets are a subset of cryptographic wallets. To widen the scope of the article, it was moved to crypto wallet. This is a procedural RM after the move proved controversial. Comments on the proper title and scope of this article are appreciated. — Wug·a·po·des​ 23:30, 3 August 2020 (UTC)—Relisting. —usernamekiran (talk) 20:22, 11 August 2020 (UTC)

• Comment Should it not be cryptographic wallet? "Crypto" is tech jargon._{ZXCVBNM (TALK)} 05:33, 4 August 2020 (UTC)
• I guess my concern is that, until the user proposing this change (not the user who made this procedural nomination) made a string of recent edits, this article was solely about cryptocurrency wallets. And the sources are solely about cryptocurrency. Does it make sense to necessarily expand this, vs having another article -- and do we know that crypto wallets outside of cryptocurrency are notable?--Yaksar (let's chat) 02:18, 5 August 2020 (UTC)

The above discussion is preserved as an archive of a requested move. Please do not modify it. Subsequent comments should be made in a new section on this talk page. No further edits should be made to this section.

Another reference for "multisignature wallet security"

Add another reference for "Multisignature wallets are designed to have increased security": https://medium.com/shiftcrypto/bitbox02-multisignature-wallet-5c6023dd10eb.

The current reference points to an article about a multisignature wallet hack, not how it improves security. The reference I suggest does explain that in detail, as well as shows practical steps on how to set it up. X1carbonwiki (talk) 17:24, 15 September 2020 (UTC)

 Not done: Posts on Medium are generally not considered reliable sources. Please see also WP:COI for more information, in case it applies. GermanJoe (talk) 17:31, 15 September 2020 (UTC)

the phrase in image of deterministic Wallet.

The phrase gives you access to a wallet,is it yours? Zeon26 (talk) 09:34, 17 May 2021 (UTC)

@FlippyFlink ? Zeon26 (talk) 09:35, 17 May 2021 (UTC)

Seed phrases

How are seed phrases generated? kencf0618 (talk)

(Newbie to crypto). The Seed Phrase chapter raises some questions for me. Is the seed phrase = the unencrypted form of the private key? So the seed phrase = the private key? Also: "exchange and hardware wallets are generated". Exchange wallets? What are those? Hardware is generated? I can see keys be generated, but hardware? Thanks. — Preceding unsigned comment added by BartYgor (talk • contribs) 08:55, 26 August 2022 (UTC)

Custodial vs Non-Custodial

Is there a reason why this topic is not included here?

It's not anywhere else on Wikipedia (that I can see). https://en.wikipedia.org/wiki/Custody

PXumm (talk) 19:20, 29 January 2022 (UTC)

because it's an abstraction. i.e. 'custodial' vs 'non-custodial' safe, one at home one at a bank. they're both safes, one is just in someone elses control. likewise, there's no such thing as a non-custodial wallet, it's just someone elses wallet with your coins in it, and you have to trust they honor any transactions you make --101.98.134.21 (talk) 05:14, 23 February 2022 (UTC)

The original question makes no mention of safes or wallets.

We (Xumm Support) get questions because of this misconception all the time.

People confuse requesting the custodian do a transaction on their behalf for actually sending a transaction through the system then complaining because 'it didn't work' (when the custodian simply has not gotten around to it).

The difference between custodial vs non-custodial goes directly to the heart of what cryptocurrency is about;

"an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party"

— Satoshi Nakamoto -- Bitcoin: A Peer-to-Peer Electronic Cash System (2022-03-09)

Once the definition is established it can be applied to cryptocurrency wallets (or safes).

PXumm (talk) 18:13, 9 March 2022 (UTC)

There is no such thing as a non-custodial wallet. Wallets are not differentiated within blockchain networks based on ownership (i.e. whether they are held on behalf of someone else or not). There is no cryptographic or mathematical basis for the idea, it's an abstraction. You have misinterpreted Nakamoto's whitepaper. Two exchange wallets (i.e. wallets holding funds on behalf of users) transacting directly on the blockchain are transacting without the need for a trusted third-party. 'Trusted third party' in this instance refers to the need for settlement by a trusted bank or payment entity, not some kind of preclusion to the possibility of a third party holding funds on behalf of someone else - that's outside of the network (hence it being an abstraction). 101.98.134.21 (talk) 01:54, 12 March 2022 (UTC)

Semi-protected edit request on 11 March 2022

Add in below the "Wallet Access Permissions" and "Vulnerabilites" Sections under "Concerns"

The Risk of a One-Wallet Approach:

Now that wallets have been discussed, the question remains - should you store all of your cryptocurrency in the same wallet? The main risk to holding all your crypto assets in one wallet is that if you got phished or hacked, you could lose all your funds. On the other hand with multiple wallets, only that one wallet that is targeted in a a hack would be vulnerable. Similarly, with the one-wallet approach, you runs the risk losing access to all of your funds, if you lose your recovery phrase and forget your password. (Source: https://www.cryptovantage.com/news/ask-cryptovantage-should-i-store-all-my-crypto-in-one-wallet/) While most people don't anticipate losing their recovery seed phrase, it has happened to wallets with extremely large sums of money in the past, and the risk should not be minimized. Hermanmedway (talk) 14:50, 11 March 2022 (UTC)

 Not done: That is not a reliable source. ScottishFinnishRadish (talk) 15:27, 11 March 2022 (UTC)

Semi-protected edit request on 31 July 2022

 Not done: please provide reliable sources that support the change you want to be made. ScottishFinnishRadish (talk) 12:52, 31 July 2022 (UTC)

Speed & Costs

There are few crypto currencies that are very efficient when it comes to speed and transactions costs. here's crypto currency ranks by speed and costs: DOGE - very low costs and speedy network XLM - Steller 83.26 transactions per second with 0.00001 XLM as costs. XNO - offers instant transactions 0.14 seconds and no transactions fees at all. ADA - charging 0.16-0.17 ADA per transction and its network can handle 250 transactions per second. XRP - 3-5 seconds per transaction confirmation, and $0.000265 cost . Maxtongh (talk) 12:40, 31 July 2022 (UTC)

Semi-protected edit request on 12 November 2022

Add some f*ing examples! I lost millions of dollars due to FTX and this page should not only be informational and also guide people. Electrum.org SecureBTCWallet.com Ledger.io Trezor.com as examples!

 Not done: Only notable examples with Wikipedia articles will be added. ScottishFinnishRadish (talk) 13:37, 12 November 2022 (UTC)

Semi-protected edit request on 15 November 2022

For the following that needs a citation... The number of possible wallets in any cryptocurrency cryptography is slightly less than the number of atoms in the universe[citation needed],

Here is a link to https://sacmav.com/the-great-crypto-wallet-debate-hot-wallet-vs-cold-wallet/

"Since the cryptography behind bitcoin is based on the SHA-256 algorithm cracking this is practically impossible. There are more possible private keys that would have to be tested (22^56) than there are atoms in the universe."

The number of possible wallets in any cryptocurrency cryptography is slightly less than the number of atoms in the universe, Stevehatmaker (talk) 11:20, 15 November 2022 (UTC)

 Not done: please provide reliable sources that support the change you want to be made. SacMav is, as far as I can tell, a self-published blog and thus not considered reliable. Actualcpscm (talk) 22:47, 16 November 2022 (UTC)

References

Semi-protected edit request on 26 June 2023

There is a relevant paper published in a leading, academic, legal journal that could be of relevance to this entry.

Although it's arguments are doctrinal/normative, it could be used as valuable source and citation in the sections "Technology" and "Concerns". Plus, it may be a relevant base source to develop the previous request entitled "Custodial vs Non-custodial". TomJBar (talk) 07:31, 26 June 2023 (UTC)

References

Typo

Would an editor with requisite permission please correct the following typographical error?

asside -> aside — Preceding unsigned comment added by 2806:2F0:93A1:8106:10A6:3EA9:5272:D968 (talk) 18:27, 25 February 2024 (UTC)

 Done OhNoitsJamie ^Talk 18:29, 25 February 2024 (UTC)