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BITCOIN ADVICE


vitruviusbeard
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Very nice write up

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bavisionary

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Why do you need an application wallet? I use coinbase as my online wallet. Got linked to my account within minutes not 24 hours. Don't need to download a wallet. 

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On 8/6/2019 at 5:36 PM, DoomKitty said:

Buying/selling anything remotely illegal via your Coinbase wallet is an EXTREMELY bad idea.  Bitcoin is never really anonymous but directly connecting your IRL identity to those kinds of transaction is terrible OpSec and can put both buyer and seller at risk.  Also Coinbase has full rights to terminate your account if they suspect anything, and by court order can seize all assets in your Coinbase wallet.  Someone more knowledgeable than i in regards to Bitcoin could perhaps chime in and give more info.  good luck and stay safe....

Thanks @DoomKitty i did not know this! I'm looking for alternatives now. 

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vitruviusbeard

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@bavisionary You shouldnt use coinbase for transactions like these. Electrum is a private wallet which offers more security and is recommended by SL himself. 

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4 hours ago, bavisionary said:

Thanks @DoomKitty i did not know this! I'm looking for alternatives now. 

Electrum and Wasabi Wallets are both excellent alternatives!  Just be aware that if you continue to use Coinbase to purchase Bitcoins and then withdraw them to a desktop/mobile wallet, then you should buy the bitcoin in advance and wait b4 you send them to your private wallet.  If you purchase and immediately withdraw they will flag the transaction as suspicious and make you wait 72+ hrs before releasing the funds.  Some people are using Cashapp to buy bitcoin quickly (pros and cons to this, but they wont flag as suspicious immediate withdraw of purchased bitcoin if youre in a hurry) or the Bisq application is wonderful for decentralized purchasing.  Hope this helps

Edited by DoomKitty
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  • 2 weeks later...
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Get a wallet. I use Exodus

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porkandbeansboy

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I think beginners should start out using an Account on www.blockchain.com making sure to use 2-FA (2-Factor Authentication) before using an Electrum Wallet. I made the mistake of jumping into an Electrum Wallet and with the New BC1 starting Receiving Address etc. for Segwit Wallets which Legacy now means Standard Wallets. It took Me forever to figure out why I couldn't Send or Receive Money which was due to the Fact not all the places you Buy or spend Bitcoin have the Addresses that are not compatible with the New Bitcoin Receiving and Sending Bitcoin Addresses.


  Once someone learns the way Bitcoin works assuming your not Spending more than like 100-200USD or any Amount your willing to Risk loosing whether your using a Desktop Electrum Wallet or an Account with 2-FA on your Cell-Phone once you learn how Bitcoin works then it should be time to learn how Electrum works and how to make sure that if your Hard-Drive crashes which is why i got the Portable Version on a Thumb-Drive/U.S.B. Hard-Drive Storage Device since it will last basically a lifetime before it crashes theoretically compared to your Desktop Hard-Drive.


  I just learned if my Computer Hard-Drive breaks/crashes the Seed Key is not enough it just generates a new Wallet and it is required to have the "Root Seed Key" which I am still learning what that means and how to acquire it from my Electrum Wallet Files Folder which it let's you Re-Create your Old Wallet with all the Bitcoin and every other Detail like Addresses you Sent to when using it. 

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2 hours ago, porkandbeansboy said:

I think beginners should start out using an Account on www.blockchain.com making sure to use 2-FA (2-Factor Authentication) before using an Electrum Wallet. I made the mistake of jumping into an Electrum Wallet and with the New BC1 starting Receiving Address etc. for Segwit Wallets which Legacy now means Standard Wallets. It took Me forever to figure out why I couldn't Send or Receive Money which was due to the Fact not all the places you Buy or spend Bitcoin have the Addresses that are not compatible with the New Bitcoin Receiving and Sending Bitcoin Addresses.


  Once someone learns the way Bitcoin works assuming your not Spending more than like 100-200USD or any Amount your willing to Risk loosing whether your using a Desktop Electrum Wallet or an Account with 2-FA on your Cell-Phone once you learn how Bitcoin works then it should be time to learn how Electrum works and how to make sure that if your Hard-Drive crashes which is why i got the Portable Version on a Thumb-Drive/U.S.B. Hard-Drive Storage Device since it will last basically a lifetime before it crashes theoretically compared to your Desktop Hard-Drive.


  I just learned if my Computer Hard-Drive breaks/crashes the Seed Key is not enough it just generates a new Wallet and it is required to have the "Root Seed Key" which I am still learning what that means and how to acquire it from my Electrum Wallet Files Folder which it let's you Re-Create your Old Wallet with all the Bitcoin and every other Detail like Addresses you Sent to when using it. 

Im pretty sure you can definitely restore your wallet and bitcoin (as long as you do it right) with just the mnemonic seed, not the root seed. At least with Electrum. (https://bitcoinelectrum.com/restoring-your-standard-wallet-from-seed/) . You wont have the labels and addresses kept but the wallet and bitcoin will be restored.  Theres no point to "restoring a wallet" really if there would be nothing in it.   Even with external wallets, if you lose the wallet or it breaks you just buy a new one and choose the restore from seed option and bingo theres your coins......Lmk if theres something im missing or i misunderstood you...

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  • 2 weeks later...
Guest Kelakarekrew

There are lots of wallets, I use electrum as it's an old, well respected one. Only download from official site. When you set up a new wallet you'll get a passphrase/seed words. Write them down and double check them; then put them somewhere safe. Those words can restore your wallet in the event of a PC crash, hard drive failure, etc...

They are also commonly called keys. "Not your keys, not your BTC" is a common saying. Few exchanges give you your keys so if they crash/get hacked/exit scam you lose. It happens to the tune of 100's of millions of $ yearly. 

So get your BTC off the exchanges and into a safer wallet that only you control.

Edited by delawaredrew
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10 hours ago, delawaredrew said:

There are lots of wallets, I use electrum as it's an old, well respected one. Only download from official site. When you set up a new wallet you'll get a passphrase/seed words. Write them down and double check them; then put them somewhere safe. Those words can restore your wallet in the event of a PC crash, hard drive failure, etc...

They are also commonly called keys. "Not your keys, not your BTC" is a common saying. Few exchanges give you your keys so if they crash/get hacked/exit scam you lose. It happens to the tune of 100's of millions of $ yearly. 

So get your BTC off the exchanges and into a safer wallet that only you control.

I tried to use the seed words to get back into electrum. Can't even enter the words. Had know problem with the wallet untill i had to update the wallet. Could this be a hack? Do electrum do updates? Can't even download load a new wallet on the device i used

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4 hours ago, Conceited said:

I tried to use the seed words to get back into electrum. Can't even enter the words. Had know problem with the wallet untill i had to update the wallet. Could this be a hack? Do electrum do updates? Can't even download load a new wallet on the device i used

what site are you using to download? fake phishing sites have lead people to download phony electrum wallets that have then lead to all their bitcoins being stolen....hope this isnt whats happening to you.  electrum.org is their website.  If you actually had the real wallet previously, you will be able to use the restore wallet option.  If you initially downloaded the fake app, there is nothing you can do.  It would have given you fake keys....

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1 hour ago, DoomKitty said:

what site are you using to download? fake phishing sites have lead people to download phony electrum wallets that have then lead to all their bitcoins being stolen....hope this isnt whats happening to you.  electrum.org is their website.  If you actually had the real wallet previously, you will be able to use the restore wallet option.  If you initially downloaded the fake app, there is nothing you can do.  It would have given you fake keys....

Im pretty sure when i originally downloaded electrum it was the legit site. I would of got the address of here. I had it for 18 month to 2 years with know issue. Loads of bitcoin been through it. I went to sign in one day and it wouldn't let me saying download the latest version i think. Did that not sure if it was electrum. org. But it looked like it was suppose to. I guess that's what you do when setting a fake site up. 

I will try the electrum.org and use seed words. There's probably less the $50 on there. Just annoying it won't let me set a new wallet up on that device.  

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