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vitruviusbeard

BITCOIN ADVICE

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vitruviusbeard

If you are having trouble with bitcoin, please let me help you. It is a lot easier then Google would make you believe. 

Step 1: Download Electrum wallet. It will give you a set of words to allow access to your wallet. Keep these somewhere safe. It is the only way to access your money if you forget your password, etc. 

Step 2: Set up an account with Coinmama. (this takes a bit of time and pictures, but after 12-24 hours you will be able to buy bitcoin immediately) Banks do not like to support bitcoin so only certain vendors can get passed this. 

Step 3: In the receive tab of your Electrum wallet you will see a wallet address. You give this to people so they can send you money. The same goes for Coinmama. When buying Bitcoin from that website it will ask you for your wallet address. This is the Electrum address that you copy and paste in. The money has to bounce around the world for a few hours securing your transaction. (Sometimes you will have to restart the Electrum so it will begin to track your order, you may have to do this a few times)

Step 4: OPTIONAL - You can have multiple Electrum wallet addresses if you want, but the only advantage to this is to know exactly who sent you money. That is the ONLY reason. If you do not need to know who sent you money then don't add other addresses, just keep one. 

Step 5: To send money, the recipient will have to send you their wallet address. Go to the send tab in your Electrum wallet and paste that address in. Select the amount of bitcoin to send using google (USD to bitcoin, CAD to Bitcoin, etc) to get the exact amount to send. There is a slider bar underneath asking the fee amount you would like use. Its use is how fast the money gets sent around the world. Whether you set it to high or low, it is really not a large amount of money. So I always send high because it is just a nice thing to do for your recipient. I have never used low so I dont know how much longer it takes, but its only a couple of bucks so just use high. 

Step 6: Thank Bitcoin for being amazing and giving us freedom with our money.  

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Stas56

Very nice write up

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bavisionary

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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bavisionary
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

@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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DoomKitty
Posted (edited)
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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Kronekillx14swim

Thank you for this forum and all the help. I have a question about electrum. I have just now sent some payments to my subscriber and I used the highest fee payment available in order to send faster(as recommended) but then when I check in tools>preferences>fees I see Electrum automatically checked "use replace by fee". Will this slow down the process as now I have to wait for my subscriber to confirm?

Thanks in advance. Everyone here is super chill.

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eric5476us

Get a wallet. I use Exodus

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Beasy
Posted (edited)

Wish I saw this a week ago 😂  I’ve been using edge and paxful.  Should I switch to Electrum? 

Edited by Beasy
Forgot to ask question

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porkandbeansboy

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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DoomKitty
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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2earls

To anyone new to bitcoin and reading this thread; if your head is exploding the really important things to take from it is yes, you should not send directly from Coin base for the reasons I believe it was @doomkitty stated. I always stress it's important to take the extra step, but maybe don't explain the reasons. 

If you move your bitcoin quickly and are not holding large amounts as an investment or whatever reasons then don't worry about having to become expert with bitcoins. I would think anyone who really wants to get into it would take the time to educate themselves, but if your only immediate goal is to donate to DBG then the simple guides that are posted throughout this section are adequate.

I understand that for a first time user it can be intimidating enough without worrying about how to restore your wallet. This is all good information and I appreciate the posts, but reading it through the eyes of a beginner it's a little overwhelming. 

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delawaredrew

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
mistake
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Conceited
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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