Topic: Need advice on creating offline wallet using Electrum (Read 638 times)

it's at coinbase.. but yeah I will send some outta it if I don't find an alternate, I am tryin microwallet faucets at landofbitcoin.com they pay out at 5890 something.. satoshis.

and I plan to buy some bitcoins and litecoins too soon, waitin on a payment to come through so.. just want to have some offline wallets that I know will work on the basis of above mentioned assumption.

You could maybe use the mBTCs you have in the wallet, which address you have in your signature?

I will but I only have wallets at coinbase and blockchain and someone told me that they charge a minimum fee of 0.0002 BTC on all transactions, so.. just looking for an alternative to avoid this, that's all.

I don't think there is atm. Why don't you just send a fraction of your bitcoins first to try?

Thanks!

I guess the only way to really tell is to try it, any direct paying faucets out there that might pay just a few satoshis, I don't want lose btc in lost wallets and/or transaction fees?

Your assumption is correct.

I'm not 100% on how Electrum works, but I can't see why it would not work? As long as you have the private keys you can do like this.

Firstly I read how to create an offline (or several) wallets using bitcoin core available on their website (bitcoin.org) which is by far the easiest IMO but.. it requires too much data download and same with Armory so Electrum is the only choice I have left.

But what I would just like to understand is.. IS THIS POSSIBLE... >

I download Electrum, transfer it to a usb, take it to an offline (and by offline I mean the computer which has never and will never be online) computer install it there, create several offline wallets with passwords, save their info ( seed and all..) and then store it their and on other offline usb and print it on paper etc.

So let's say I make 10 wallets, I take an address of one of those wallets, send all of my BTC to that address and that's it, since it has never been online, it's safe (according to the guides I read)

And when I need to send some BTC to someone, I install electrum online, restore the wallet (the wallet to which I sended BTC earlier) with the seed and password and it should show the Bitcoins in my account? right?

And say for example I have like 10 BTC, and I need to send someone 3, I send the 3 to that person and send the rest of them, which is 7 to my other offline wallet address?? and it will be safe?

Is this doable? or I am I making a huge mistake??