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Proton Now Has a Bitcoin Wallet (www.howtogeek.com)

submitted 5 months ago by [email protected] to c/[email protected]

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[–] [email protected] 4 points 5 months ago (1 children)

cloud-hosted, secure, and private

Until homeomorphic encryption becomes a thing, cloud can't be secure or private.

every exchange I've looked at holds the keys to your account

Exchanges, are not wallets. You're supposed to move the coins out of the exchange for safekeeping. If you can't, then it's not a crypto exchange, it's an ETF peddler.

how a user can actually buy bitcoin using Proton Wallet.

Wallets, are not exchanges. They can link to exchanges, like Metamask does, but their core function is to hold your keys.

[–] [email protected] 3 points 5 months ago (2 children)

Until homeomorphic encryption becomes a thing, cloud can't be secure or private.

Why do you need homeomorphic encryption? Isn't client-side encryption good enough for most use cases?

[–] [email protected] 3 points 5 months ago (1 children)

Yes. Homomorphic encryption is for data processing, not data storage.

[–] [email protected] 2 points 5 months ago* (last edited 5 months ago)

I am aware. What processing is only possible in the cloud, and not locally?

Edit: My apologies, I didn't realize you weren't the same person I originally replied to. Please disregard!

[–] [email protected] 1 points 5 months ago* (last edited 5 months ago)

Client-side is not cloud.

Yes, you can keep client-side reasonably secure. You can't send the data for cloud processing and seriously expect much security or privacy... for now. Encrypt client-side and use cloud as storage... maybe; encryption algorithms also have a "best by" date.

My point is:

"Cloud hosted" can not be fully "secure and private" right now.
"With cloud storage", has a "best by" date.
"Not cloud"... well, is not cloud 🙂

Letting anyone with the ability to switch the software without you noticing, anywhere near the keys controlling some Bitcoin funds, is a really bad idea.