Electrum set up questions

[Oneleg]

 Hay every one I have 2 questions actually . .   1st is I'm trying to set up Electrum wallet and do not know what wallet I want / need ?  I'd like to use this for other purchases at other stores / sites as well as donation to this site.

My choices for Electrum wallet's are 

Standard wallet

Wallet with two factor authentication 

Multi signature wallet 

Import bitcoin addresses or private key

2nd  When purchasing from other places it's ok to just send from coinbase or is that not safe or a good idea? 

 

[2earls]

I can answer the second question with authority and the answer is NO! Do not attempt to send directly from Coin base or you will probably get your account closed. Members trying to donate have had this happen, but there are never any problems if you take the extra step of going through your personal wallet.

It has been a while since I got my Electrum wallet, but I am thinking I have the standard wallet. Coinbase uses the two factor authentication and I don't have to go through it again on Electrum. I just enter my password and go. It depends on whether you want the extra security and want to go through the extra steps.

I'm definitely not the expert here so I don't even know what the last choice is so maybe someone else will come along and enlighten us?

 

[Stas56]

@2earls

I can answer the second question with authority and the answer is NO! Do not attempt to send directly from Coin base or you will probably get your account closed. Members trying to donate have had this happen, but there are never any problems if you take the extra step of going through your personal wallet.

It has been a while since I got my Electrum wallet, but I am thinking I have the standard wallet. Coinbase uses the two factor authentication and I don't have to go through it again on Electrum. I just enter my password and go. It depends on whether you want the extra security and want to go through the extra steps.

I'm definitely not the expert here so I don't even know what the last choice is so maybe someone else will come along and enlighten us?

@2earls  is correct. There is no 2 factor FFA in Electrum. Install, create a passwaord, (save your seed offline), and you are good to go.

PW is used for starting app, and for sending

 

[Oneleg]

Thank you guys this is truly a huge pain in the butt. There is no information on what all the choices mean for all the  different slections are.  Now it wants to know if  I want to

create a new seed 

I already have a seed 

Use a master key

I chose to create a new seed  ( hope this is right )

Now it wants to know if I want to use

Segwit or Legacy 

I chose Legacy  (I hope this is best I read about and it seems most people use this ?

Anyway it looks like I have a wallet but have no idea how to use it there is no information about what is what. Obviously I need to import bitcoin I will play around and see if I can figure this out. Do I import all my bitcoin or just enough?  Thanks for your input fellas 

 

[Oneleg]

This is very difficult without instructions I cant believe there is no help on Electrum app on how to use I have no idea how to use this I cant even copy an address I think I'm supposed to use to send bitcoin from coinbase 

 

[2earls]

If you are starting I would think you chose correctly with create a new seed.

Segwit or Legacy? WTH is that? Pretty sure I wasn't asked that question, but I'm sure whatever Google came up with is OK.

Now you have a wallet. If you already have bitcoin on coinbase hit the recieve tab and copy the address that comes up. Paste it into coinbase and that should be all there is to it. Send it on from Electrum using the send tab and copying in whatever address you are sending to. I use whatever bitcoin converter comes up first to figure out the amounts I need to send. 

 

[Kelakarekrew]

If you are starting I would think you chose correctly with create a new seed.

Segwit or Legacy? WTH is that? Pretty sure I wasn't asked that question, but I'm sure whatever Google came up with is OK.

Now you have a wallet. If you already have bitcoin on coinbase hit the recieve tab and copy the address that comes up. Paste it into coinbase and that should be all there is to it. Send it on from Electrum using the send tab and copying in whatever address you are sending to. I use whatever bitcoin converter comes up first to figure out the amounts I need to send. 

There is a bit of a split on segwit vs old style. Segwit is usually ok, but once in a while it doesn't get recognized as legit address. I use legacy, no idea is one is better than another. But they are different ways of dealing with some BTC coding issues that came up. Legacy has always worked for me.

 

[Kelakarekrew]

Thank you guys this is truly a huge pain in the butt. There is no information on what all the choices mean for all the  different slections are.  Now it wants to know if  I want to

create a new seed 

I already have a seed 

Use a master key

I chose to create a new seed  ( hope this is right )

Now it wants to know if I want to use

Segwit or Legacy 

I chose Legacy  (I hope this is best I read about and it seems most people use this ?

Anyway it looks like I have a wallet but have no idea how to use it there is no information about what is what. Obviously I need to import bitcoin I will play around and see if I can figure this out. Do I import all my bitcoin or just enough?  Thanks for your input fellas 

If you haven't got this sorted yet... If you use an existing seed it will essentially just be balance from whatever wallet that seed came from. If in doubt about old wallet for security or you just want new wallet, make new seed and record it securely, in duplicate if possible. I personally have 2 PC's and a network storage system (NAS). I encrypt it and store locally with a copy online (not the best practice at all). You can use old pen and paper for better security if you have confidence in your physical location.

 

[Hazadardous1]

may i suggest using Exodus wallet, it's what i use for managing multiple types of cryptos in one portfolio, also offers in wallet exchanging between currencies. I keep my seed printed on paper in a ziplock bag, locked in my safe.

 

[Roxyanne]

I can answer the second question with authority and the answer is NO! Do not attempt to send directly from Coin base or you will probably get your account closed.

So - does Coinbase know the difference of me sending funds to my own electrum wallet vs a friend's wallet?  Electrum got hacked, and I am hesistant to use it again based on what I was reading, so was going to send funds right from Coinbase to someone else's wallet.   I have sent a bunch of times to my own electrum with no issues... just wondering what the difference would be?

 

[DoomKitty]

So - does Coinbase know the difference of me sending funds to my own electrum wallet vs a friend's wallet?  Electrum got hacked, and I am hesistant to use it again based on what I was reading, so was going to send funds right from Coinbase to someone else's wallet.   I have sent a bunch of times to my own electrum with no issues... just wondering what the difference would be?

Coinbase only knows that the two wallets are different wallets.  If you download Electrum from the correct website and enter your seed you will have access to your wallet (without it being hacked/phished), or you can just download Electrum (from the correct site) and make a new wallet and use that as a receiving address.  The only difference between using your wallet versus your friends is who owns the wallet.  Hope this helps!

 

[Oneleg]

So - does Coinbase know the difference of me sending funds to my own electrum wallet vs a friend's wallet?  Electrum got hacked, and I am hesistant to use it again based on what I was reading, so was going to send funds right from Coinbase to someone else's wallet.   I have sent a bunch of times to my own electrum with no issues... just wondering what the difference would be?

 Hi Roxanne  I actually would like to know about this too. Thanks 2 all those who have helped I am waiting on coinbase to give me the ok to spend. Then I will try and move some coin in to my wallet & let u guys & gals know how it went. So when it's in the wallet it looks like it changes in to mBTC does that mean more converson? (So I'm not the best with numbers) and If so SERIOUSLY like it's not hard enough already.   On an unrelated note because of the nature of bitcoin I have lost 70 somthing dollars because of fluctuation in market value  that seems like a lot. This is going to be the most expensive donation ever for me anyway.

 

[2earls]

@Oneleg I think of mBTC and Bitcoin kinda like dollars and cents. Because Bitcoin is worth so much it's just more practical to use mBTC for the amounts that most of us are talking about. It's still a one time conversion, you are just going to use USD to mBTC or vice versa.

I feel bad that this is the week you started, I lost some money this week waiting for access to my Bitcoins too. The majority of the time it has been the other way and I ended up with excess, but it is like the stock market the way it fluctuates. Watch your email on the day it becomes available so you can send to your intended receiver right away.

The first Bitcoin purchase I ever made I saw that the Bitcoins were ready, but I thought oh not tonight I'll do it tomorrow and sure enough I didn't have enough by then. I think it's good to have a new user that asks questions now and then because this discussion should help others that are trying to figure it out. 

 

[Oneleg]

Holy crap I believe I did it.   Thanks 2earls  for the help and information

do I need to post that I donated? Oh man . .  I just realized there's a fee for the transaction I hope thers enough it was supposed to be 20$

Also just before I sent it electrum asked if I wanted the transaction to be replaceable I clicked no.  What does that mean any way?

 

[DoomKitty]

@Oneleg Use the "Contact Us" button at the bottom of any screen and tell the Admins the amount of BTC you sent and they will upgrade you!! It can take up to 24hrs.  And you did fine by saying to to replaceability.  Here is an article explaining replaceable transactions to help with understanding them: Replace-By-Fee Guide

Welcome aboard and congrats on figuring out the wild and wonderful world of bitcoin! Its daunting at first but definitely gets easier and easier!!!

 

[Oneleg]

@Oneleg Use the "Contact Us" button at the bottom of any screen and tell the Admins the amount of BTC you sent and they will upgrade you!! It can take up to 24hrs.  And you did fine by saying to to replaceability.  Here is an article explaining replaceable transactions to help with understanding them: Replace-By-Fee Guide

Welcome aboard and congrats on figuring out the wild and wonderful world of bitcoin! Its daunting at first but definitely gets easier and easier!!!

It TOTALLY is daunting I feel exhausted lol.  . . Thank you so much for everything 

 

[Oneleg]

How might oneself figure out how much Electrum will charge for any particular transaction? 

 

[DoomKitty]

@Oneleg Electrum itself doesn't charge anything.  The fees being charged are the amount miners get paid to solve your transaction on the blockchain.  (that probably sounds like a mesh of gobbledegoop sorry!).  When you are sending bitcoin from your wallet, you can adjust the miner's fee.  The higher the fee, the quicker the confirmation on the blockchain, the lower the fee the slower the confirmation.  You can easily tell how much you are spending on miner's fees by googling the exchange rate.  For instance ".0004235btc to usd." Hope this helps!!

 

[EuroMeds]

Anyone wanting some personal assistance via one of my burner phones or telegram, direct message me...I don't want fear to keep people from learning how to do things right the first time..it's too easy to get scammed or make mistakes..it's not easy, don't just take some random persons advice, as they probably wanna shill a referral link..I'm not here for that...I want more users on the network..and I want more comfort and less fear.