Topic: bitaddress.org - wallet question - page 2. (Read 16036 times)

What wallet would you recommend for altcoins?

I have heard exodus and jaxx are good ones, any opinions?

I got an answer here:
https://bitcointalksearch.org/topic/brainwallet-which-how-2091971
An own password, like you suggested would be much better but didn"t work.

you can put whatever you want, it just has to be at least certain amount of characters

Coinmarketcap https://coinmarketcap.com/currencies/bitcoin/ is a good site to watch the prices. It shows all relevant markets.
Yes, that is the point, why you have to pay more than the bitcoin price.



Now back to the topic:
I tried to make a brain wallet on bitaddress, but don't know which words I may put into the seed. Is there a database for seeds?

Are you asking about bitcoin transaction fees? Or are you talking about the profit that a bitcoin seller wants you to pay him when he gives you some of his bitcoins?

Bitcoin transaction fees are "per byte" and NOT "per bitcoin".  You can get a good estimate here:
https://bitcoinfees.21.co/

If you are talking about profit for a seller, then it is up to the two of you to negotiate a price that you both find acceptable. If you cannot agree on a price, then you can look for another seller.


How much more than the generally accepted market price you'll have to pay will depend on a lot of factors.

What markets do you have access to?
How fast do you want the bitcoins?
How convenient do you want the transaction to be?
How much privacy do you want in the transaction?
How much security and/or trust is involved in the transaction?

All of these things have value and have an effect on how much you'll have to pay for bitcoins.

is there any website I can check how much the fee averages for a certain amount of BTC?

I am looking to buy some BTC now, but the seller is asking around 10% which is ridiculous to me.

Not easily.

Bitcoin Core is intended to be a fully participating node on the bitcoin network.

It validates every transaction and block it receives from peers, enforces the protocol rules, and relays valid transactions and blocks to all connected peers.
It also provides to new peers the historical blocks from the blockchain that they need to synchronize when they connect to the network.

There is a feature called pruning that you can turn on with a configuration file so that it won't store all those blocks, but it still needs to download and verify them all. The feature just reduces the amount of storage space you need to have available.


The sender sets it.

The fee is voluntary.  The sender chooses how much of a fee they want to pay based on how many transactions are waiting to be confirmed, the size of those transactions (in bytes), the fee that those transactions voluntarily paid, and how quickly the sender would like the transaction to confirm.

Some well written wallet software (such as Bitcoin Core and Electrum) will monitor the bitcoin network while they are running and collect statistics about the current transactions and blocks (quantity, size, fees, speed of confirmation, etc).  The wallet software will then attempt to recommend a fee to the sender that will get their transaction confirmed in a reasonable amount of time.

Some wallet software leaves the fee decision entirely up to the sender.  Other software implements a mandatory fee and doesn't allow the sender to change it. Still other software will recommend a fee, but allow the sender to alter it if they want to.  The decision on how software will handle the fee decision is left entirely up to the developer of the software.


It is sender based, and wallet software based.


That depends on the software, but in Bitcoin Core and Electrum it is constantly adjusted depending on the size of your transaction (in bytes) and the statistics of recent transactions on the network.

nice! is there any way to use bitcoin core without downloading the blockchain to a PC?

One thing I do not quite understand yet is fees. Who sets the btc transaction fee, that the sender pays? is it p2p client-based, is it a fix fee or a floating one?

Correct.

Thank you for your answers.

I tried electrum and bitcoin core and bitcoin core looks friendlier to me.
Do I understand correctly that bitcoin core operates in a way in which the client has to download the entire blockchain (which is 122GB as of today) to a computer?

Most clients don't collect any private information.

They all disclose public keys when transmitting transactions.

It is not possible.

Bitcoins exist only as transactions on the shared blockchain.

The only way to "send bitcoins" is to assemble the necessary bytes of data to represent a valid bitcoin transaction and then to share that data with p2p bitcoin clients so that it can be added to a block of data in the blockchain.

You could generate the transaction data without p2p software if you have access to the transaction data that sent you the bitcoins, but at some point you'd have to then get that data to some p2p client somehow.

What's the most reliable bitcoin client, which do not disclose any information and does not collect any private information, etc. ?

You just have to import your private key into a wallet, that supports importing private keys. Maybe there is also an easier way to send bitcoins from paper or mind wallets

How do I send my BTC to someone if I do not use any p2p btc client and I generate my addresses on bitaddress?

In this case, you should create a HD wallet, which will generate a new address for every transaction you do.

It's also not mandatory to use multiple addresses. You can use only one if you want.

This will only show the details for the address belonging to that private key.

You can check your balance by going to a blockchain explorer like Blockchain.info or live.blockcypher.com and searching your Bitcoin Address there.

Thank you for your answer, you really helped me to come closer to understanding!

'Only if you only want to use your address once.' - isn't it how it should be? I mean, satoshi himself recommends obtaining new address (which means gaining new private key too) for each transaction in order to ensure safety and anonymity.

How to do that? I need to go to 'Wallet Details' section and enter private key there? And also, how to check btc balance using public key/bitcoin address?

Only if you only want to use your address once.

Otherwise you want to keep both the address and the private key. That way, you are able to let people send funds to you without having to find the address paired up with the private key which could pose potential security risks. You could possibly go to bitaddress and access it offline every single time with your private key, but it's a hassle to do that.

So for convenience's sake, keep your private key written down, locked in a safe. Keep your public key/address wherever you like because it's not going to let someone else access your balance if they know your bitcoin address.

Am I right that I need my public address only once, just to receive the first and only transaction, so basically I have to remember my private key only?

Yes you are completely right mate. You can have as many addresses you want but remember to store the generated private key with the paired public address. If you loose the key then you loose all your funds on that particular wallet. If you want access the funds then you can try few of the well known wallets which support opening of wallet by using bitaddress shared keys and private keys. It's always yo print these keys or you can take screenshot as option to save them.