Topic: Completely new to Bitcoin just downloaded Electrum, help set it up properly plz. (Read 772 times)

 By the time I got to Posting this Thread I began getting very sleepy so I hope that it makes sense enough and not to many typos were made as I couldn't edit them out but I will re-read this all tomorrow and edit it out unless I get an answer that is then I will just leave it but that is all Sincerely from Thomas29.

  Yeah it seems like a hassle considering now that I know how much the current Cost of a Ledger Nano S is and the fact I am using Bitcoin probably often enough to use one I will be Buying one. I assume I don't need to use it with an Electrum Wallet and that I can Store like someone said the Ledger Nano X I assume they were trying to explain to Me that it will allow more Storage for Bitcoin but it is also made of "Glass" that can break or some.


  Point is though right now I tried using my Seed Code and Reinstalling Electrum Wallet to remove the BC1 Receive Address since I got Bitcoin stuck inside my Electrum Wallet I can't get it into another Wallet which will help Me out a lot.


  I have been told I need to Set my Wallet to the "Legacy" which is the New "Standard" Option for Electrum Wallets since the BC1 starting Receiving Address Codes or (Numbers and Letters whatever you want to Call it technically) but I went to Restore my Wallet which I went to "New/Restore" and it did not work maybe I did it wrong should I be making a New Thread? I read somewhere I should chose BIP39 Seed Option and that would work, except Electrum gave Me some kind of Warning I couldn't copy and Paste and remember it as I am so tired my eyes are heavy and burning right now but it says some like it says something that worries Me which is that "We do not generate BIP39 Seeds because they do not meet our safety standard. BIP39 Seeds do not include a Version Number, Which compromises compatibility with future Software. That is all I could manage to read and type in my exhausted state as I Edit this Post Hours after originally I began to type it for the reason I needed to Added New Information in it like this.


  Thank You to everyone that has replied to Me about Electrum Wallets and not about Hardware Wallets and all the reasons I should get one but please understand Hardware Wallets is not the question/subject or information I am seeking out about to find and I am very aware of that they are the most superior and Safest type of Bitcoin Wallet which if enough said in my opinion when it comes to this specific Thread that I have made right here. I didn't mean to offend anyone sorry to anyone that I have again I appreciate the help it's just been a frustrating time consuming time on top of current problems in my life again I apologize for offending anyone it was not at all my intentions to do so I guess I am just hated in Life and everywhere including Internet Forums and maybe I deserve to be hated by everyone I don't anymore.

  OH! Thank You for answering the question in my Thread about ELECTRUM WALLETS and not HARDWARE U.S.B. Wallets that Lucius had went on to Post about it instead of just simply leaving it alone which if he did it wouldn't feel so personal which it now does. When I un-ignored him since I planning to say "Thank you for letting Me know the current value of a Ledger Nano S and X but that is truly an entirely moot point not trying t be offensive." yet I began to read. What I was hoping to be a message explaining the misunderstanding and how someone else pointed out "he may of been just frustrated because you can google the price of a Ledger Nano S and Ledger Nano X" which HAS NOTHING TO DO WITH THIS THREAD! IT WAS NOT QUESTION I WAS ASKING EVER... that being said I am grateful for everyone who is trying to help me and not Posting trying to deliberately get others to "Not help me" since I am not speaking like it's a Christmas Card Seasons Greetings Lucius is mad at Me?


  To say I am CONFUSED by Lucius's actions is an understatement, I am not making this Post about him and only want to get help from the polite and experienced users.

You could try google... "what is bitcoin cold storage?". The very first result links to the Bitcoin Wiki article about it and the links at the bottom of that page should help out.

Using QR codes is one method. This can be implemented using either webcams or digital cameras.

Another method is using a USB stick to create an unsigned transaction on your online device in the watching-only wallet, transfer to offline device, check that the details match, sign it... then transfer the signed transaction back to the online device for broadcasting to the network.

This generalised workflow (create unsigned trans using "online" wallet -> transfer to "offline" -> sign trans -> transfer signed trans to "online" -> broadcast to network) is essentially identical to the workflow that a hardware wallet uses, but without requiring the manual transfer of unsigned and signed transactions files using QRCode/USB sticks etc.

You can Ignore me to the end of life, this is your choice. Your behavior is actually very irrational and you act like that this forum exists only for you and your needs. The fact that you are completely new to bitcoin, does not make you any special - we help hundreds or thousands beginners on this forum, but most were grateful for the help.

To all who want to help this beginner just one advice, instead thank you, you will probably get Ignore.

There are no guarantees when a transaction will be confirmed. All you can do is use a recommended fee based on the current state of the mempool and the amount other users are paying currently.

Using this site https://coinb.in/#fees is a good way to determine what fees to use if you want your transaction to confirm in the next couple of blocks.
But again it is not a guarantee. 62 sat/byte were suggested just a min ago and now while writing this post it went up to 71 Sat/Byte. in 30 minutes it can be 100 Sat/Byte or it can go down to 15 sat/byte. But the recommended fee is usually enough to get a fast confirmation.

What you can also do is go into the settings of Electrum and tick the RBF option. Replace By Fee.
If you set a 40 sat/byte fee and your transaction doesn't get confirmed when you want it to you can edit the fee and put 60 sat/byte if you want.

I am a bit desperate to make a Transaction of Bitcoin to another individual tonight and I don't know if I will make it in time. I figured out how to Edit the Fees but it says on the www.blockchain.com "Account Wallet or your preferred technical term for Calling it." but how much is is the smallest amount of Fee I can use without risking my Transaction from accidentally simply not Sending or like on Blockchain.com it went from 8 to 14 to 18 for the Minimum Fee to Send Bitcoin so it's all over the place right now.


  It also has a "regular and priority" which just says 60+ Minutes and 0-60 Minutes for Priority so?


 


  Okay so I figured out how to Edit the Fees for Electrum except I have No idea what to set them at can someone please help Me with this please? It says on the www.blockchain.com "Account Wallet or your preferred technical term for Calling it." but how much is is the smallest amount of Fee I can use without risking my Transaction from accidentally simply not Sending or like on Blockchain.com it went from 8 to 14 to 18 for the Minimum Fee to Send Bitcoin so it's all over the place right now.


  It also has a "regular and priority" which just says 60+ Minutes and 0-60 Minutes for Priority so?

  I have the Fees Set to "Edit Fees Manually" and I think it's because I don't know how to reset the Seed Key. Since my Receive Address starts with BC1 or whatever... If someone tells Me "Cold Storage" means "Offline Storage" I am gonna bash my head into a brick wall over and over and over since I keep hearing that statement and it's not like I have ever even asked "What does Cold Storage mean?" either.


  Not complaining just saying and grateful for the help provided just wish I could figure this out without all the stress and Hours upon Hours that go into figuring it out. If it makes a difference I am using the Newest Version of Electrum. 3.3.6 Version.

How does it get a QR Code if it is offline?

How do I go learn about Cold-Storage since I don't know what you mean craft a U.S.B. like what U.S.B. cord or hard-drive or the countless other things it could mean. But as I said I haven't even eaten dinner yet because I now have to use my Seed Key which means?


  I got to go and do what exactly in the Wallet?

I don't think it works like this.

All an usb device (flash drive) does is mount a storage to put files on it. It can't run things if you don't tell them to run, and you can actually see what files are inside of it.

Anyways, there are other ways you can do that. E.g: craft the transaction, generate a QR code for it, and then scan it with a camera on the cold pc. No way of sending a malware to it.

How do you know the U.S.B. device your using for "Cold Storage" Computer is not infected with malware though? The point is I was never asking about the prices of Ledger Nano S I just simply mentioned it so I do feel personally attacked in a very hostile way by that user which I have now set to "ignored"

Fees are high right now because of BTC going to the moon.

Enable manual fees on Tools -> Preferences -> Edit fees manually. Then you will be able to see how much you're paying in fees and manually set how many sat/byte ("fees measure unit") you want to pay.

You will not have problems with a Nano S. You will connect the device and use it. It's the most newbie-friendly way of being 100% secure. A computer acting as a Cold Storage is safe because "Cold" means offline, without any connection to the outside world (internet). So, no hacker can get your private-keys, password or spend your coins.

But that's more complicate, because you have to craft the transaction in an online device, send it to the offline PC (through usb, for example), sign the transaction, send it back and broadcast (lots of not-newbie-friendly words). With a Nano S, you just connect, make the transaction, click the "Confirm" button on the hardware device and you're done.

I just checked and my Receiving address does say bc1 at the beginning.



My Electrum Wallet is set to Segwit not Legacy here I was thinking setting it to Legacy will work what is this madness? I got 0.00096806 roughly 11USD and some Cents right now and it won't even let Me Send it due to "insufficient funds" despite having the Electrum Fee Slider all the way to the left. I have spent Days and Hours and precious time and I have even missed out on dinner getting caught up in this black hole of progressing nowhere.


  Last thing I want to do is Buy a Ledger Nano S to find out I can't use the thing because of some problems like this and if I used a "Cold Storage" on another Computer I don't understand how am I supposed to use a Computer which this Thread makes it seem like it's literally impossible to not get infected eventually with Malware. When the Computer gets infected with Malware how am I supposed to use the "Cold Storage" Computer to grab some Bitcoins...?


  Again I am completely new to Bitcoin and Electrum Wallet or any Wallets for that matter.

 

The provided 'receiving address' is valid.

You might have a bech32 format address (starting with bc1..) which is not yet accepted by older (not updated) online services.

Therefore, to get nested segwit (addresses starting with 3..) or legacy (starting with 1..) which are both accepted everywhere, recover your wallet with your seed.




Yes, simply recreate your wallet and choose nested segwit (P2WSH / P2SH).




I don't think Lucius meant to insult you.
Accentuation can change a lot when talking, which unfortunately can not be transmitted via text on the internet.

I think he thought that you could simply google it (which literally takes less than 10 seconds) instead of calling numbers which are extremely high compared to the actual price.

No one wants to 'rip your head off'.

I made a mistake wow this place is super unfriendly and overly sensitive to a mistake I made about the cost of a hardware wallet, it seems there are nuances you just can't tell on the internet. Came to ask for advice about why my Electrum Wallet will not let the provided Bitcoin receiving address is not working it just says invalid and from what I read on Google I am not the only one. If I can't get Electrum Wallet working which I read you want to reinstall or use the Seed Keys to get it to set up so it has "Legacy" option or whatever they call the new "Standard" that's just the few limited pages I had time to read on google.


  But no need for anyone to being calling Me stupid for not knowing the recent Price of a hardware wallet lol it was an estimate and one I remembered from literally years ago and was in no way intended as a statement of fact. Yet here I am relentlessly getting my head ripped off after I made it very clear I am NEW to Bitcoin 100% Completely.

Feel free to report to moderator every post you consider needless or spam in this thread, or just open self-moderated thread. I try to help you with some advice, but if this is not good for you this is your problem. How stupid is from you to claim that Ledger Nano S is has a price of $150, and more then a year ago is under $100, and in some promotion you could buy it for only $50.

You should show a little more gratitude and respect to members who are answering to you questions, and most of them are already answered and it can be found by using forum search or any other search engine.

Nobody can steal the coins from your hardware wallet. To send coins from a wallet like Ledger you need to confirm/allow the transaction to be sent by physically pressing a button on your device. Therefore a hacker can't get to your coins or your private keys because they are always stored on your hardware wallet. You can only lose you funds by being subjected to social engineering hacks and sending the bitcoins to the wrong address.

Even if your computer is infected you are safe when using hardware wallets.
Even if the site/exchange is under attack your funds will still be safe on your device.

You see, the only one who can compromise the safety of your assets on a hardware wallet is you.  

The short version is:
S = older, limited onboard storage for holding coin "apps"
X = newer, more onboard storage + wireless connectivity for use with iOS/Android companion wallets


huh??!? The entire point of hardware wallets is that you can use them on a "normal" internet connected computer or mobile device and you don't need to worry about your private keys being compromised as they're secured within the hardware wallet.

Well moot point since the person did not give Me a new Bitcoin Address since he went on Vacation and I don't need a Ledger Nano S since I am spending all of the Money right now it's just the one place I have to choose from will be taking Orders and Shipping them out but since they are under staffed until the 26th they will simply just not be replying to Emails so again as I am spending it before I lose my 30USD Profit but what if it doesn't go down and keeps going up. Now knowing whether or not it would be good or bad idea to keep the Bitcoin to attempt making Profit for until the 26 is not a MOOT POINT!  if it was not essentially not literally determined by how popular Bitcoin is at any given moment.


  Heck very few of these posts have been helpful and to those that have made polite and helpful posts God Bless and Thank You I'm out. OH! Bracing myself for someone to rip my head off what is the difference between the S and X Ledger Wallets? As plenty of people have pointed out to even if I get one your prone when using it Online hence I would need to Buy a Computer to use for "Cold Storage" to be 100% safe against the potential malware which everyone seems to think/know/say it is essentially going to happen no matter how hard you try to avoid it etc.

Then you might want to revisit the Ledger store and check current pricing... the Nano S is considerably cheaper: https://shop.ledger.com/products/ledger-nano-s

The Nano X is certainly a lot more expensive than the S. Nano S is currently selling for CAD$89, Nano X is CAD$159... that includes free shipping.

For the record I literally just started using Bitcoin and I've made literally like less than 200USD like 3x I have spent like 100ishUSD max so far per transaction and I am still learning it's like you people have all forgotten what it's like to be new to Bitcoin or something has done something to a lot of people replying here.


  Everything you just said except for having to Pay for 2-FA should be "needless" to say in fact it is repeatedly said so ya I'm not surprised by anything but the Posts of people regurgitating the same information over and over like this.


  Last time I checked a Ledger Nano S was like 150USD or some Brand New which is literally 200$ Canadian so unless your talking about purchasing used Ledger Nano S and Trezzor and similar Wallets I don't know what your talking about.