Topic: Need more information (Read 232 times)
In my humble opinion, a hardware wallet such as Ledger is the best option for protecting all of your cryptocurrency holdings, not just Bitcoin. Non-custodial wallets, in which you maintain control over private keys, are your second-best option. Step it up a step and go offline. Write down those keys and store them in a secure location. The well-known multiwallets like Trust Wallet come in third, although I'd proceed with some caution there. For information on how to use the Electrum wallet, see their official channels. And remember to always check the links twice to avoid falling victim to phishing scams! Oh well, better safe than sorry.
I have been on this forum for sometimes now but I haven't been in this board because I don't have any technical ideas in Bitcoin but still on still, I am willing to learn the technical things in Bitcoin.
However, a month back. I created this thread and on the thread I was talking about my plans on how to buy Bitcoin and apply the DCA strategy so I can accumulate Bitcoin but one of the things that made me never to invest in Bitcoin is that I am a bit skeptical of the kind of wallet I can use to hold my Bitcoin, I want to be part of the long term Bitcoin holders and not the short timers.
I have a good PC, that's why I want to know about a better wallet that I can use to hold my coins for longer.
On that thread I created about my plans, someone suggeste I should use an electrum wallet.
I am just wondering on how you’ve been on the forum, surfing the places that exists on the forum and the one place you could and should have been is the one place you avoided with the reason that, you lack technical knowledge to be involved in discussions within the board.However, a month back. I created this thread and on the thread I was talking about my plans on how to buy Bitcoin and apply the DCA strategy so I can accumulate Bitcoin but one of the things that made me never to invest in Bitcoin is that I am a bit skeptical of the kind of wallet I can use to hold my Bitcoin, I want to be part of the long term Bitcoin holders and not the short timers.
I have a good PC, that's why I want to know about a better wallet that I can use to hold my coins for longer.
On that thread I created about my plans, someone suggeste I should use an electrum wallet.
I feel that shouldn’t be or you ought to have know better that this is B&H, just the right place for persons like yourself and just any other person that is and wants to learn the basics in Bitcoin/cryptos.
You seem even better in working the forum icons and codings and the leaves me with mixed feelings.
Anyway, investing in Bitcoin isn’t something you jump at but still, it is something you could do while learning as well.
Electrum wallet is one of the most supported and promoted amongst others, very safe and having it air gapped will ensure the most safety for your coins.
I already have a verified electrum wallet but haven fund it yet because of me skepticism but within a sometime, I will buy and store it in the electrum wallet as you already suggest earlier.
However, I don't have trouble with any specific topic.
However, I don't have trouble with any specific topic.
Its a good thing you have created an electrum wallet, since it one of the best and most recommended wallet for long term holding of bitcoin. However I hope you have securely backed up your mnemonic seed and private key, those are the credentials that proves you are the owner of that wallet, but if you misplace them, just consider creating a new wallet because their is no way you're getting it back. So I'll advice your store them in a water proof and fire proof safe because of cases of emergencies like natural disaster.
Aside that, now is the best time to buy bitcoin, next year we would be experiencing the halving event, and also a tremendous increase in price of bitcoin, so if you've not yet bought your first coin, I think now is the time to act right so you'll not miss this opportunity.
So like in general?
I typically use this forum -- electrum board/search engines and this guides website if I wanna know something, see: https://bitcoinelectrum.com/
However, note that an electrum wallet connected to the internet is a hot wallet and not advisable for significantly large amounts. Perhaps get a hardware wallet as a stretch goal? but if you have the extra money right now, black friday is around the corner which means you're likely to get a HW at a discounted price.
I typically use this forum -- electrum board/search engines and this guides website if I wanna know something, see: https://bitcoinelectrum.com/
However, note that an electrum wallet connected to the internet is a hot wallet and not advisable for significantly large amounts. Perhaps get a hardware wallet as a stretch goal? but if you have the extra money right now, black friday is around the corner which means you're likely to get a HW at a discounted price.
Electrum is a good wallet to use but if you are looking for more, this article may give you important information: The Best Bitcoin Wallets
The article stated:
Best for Security: Trezor Model T
Best for Integration: Ledger Nano X
Best for Advanced Bitcoin Users: Electrum
Best for Beginners: Exodus
Best for Mobile Users: Mycelium
According to Investopedia:
You can check the article for more information and read the reason why they are stated that way.
But in case you are really into Electrum, you can check the article review about Electrum
The article stated:
Best for Security: Trezor Model T
Best for Integration: Ledger Nano X
Best for Advanced Bitcoin Users: Electrum
Best for Beginners: Exodus
Best for Mobile Users: Mycelium
According to Investopedia:
Ledger Nano X is our pick for best overall Bitcoin wallet
You can check the article for more information and read the reason why they are stated that way.
But in case you are really into Electrum, you can check the article review about Electrum
Quote
Overview
Electrum is one of the original Bitcoin wallets. It has been around since 2011, two years after Bitcoin’s creation, and has changed little since.
5
While this wallet is bare bones in terms of its user interface and commitment to only Bitcoin, it excels at this primary function. Electrum is also more suited for advanced users due to its complex options.
Electrum is open source, allows its users to set custom transaction fees, and has the option to choose between legacy Bitcoin and Segwit. It also offers users the ability to determine the level of security they wish to use. For example, you can create a standard wallet, one with two-factor authentication, or a multi-signature wallet. You can also elongate your seed phrase with custom words.
Electrum is perfect for the more advanced Bitcoin holder who wants great security features and customizability, all in a simple layout.
Electrum is one of the original Bitcoin wallets. It has been around since 2011, two years after Bitcoin’s creation, and has changed little since.
5
While this wallet is bare bones in terms of its user interface and commitment to only Bitcoin, it excels at this primary function. Electrum is also more suited for advanced users due to its complex options.
Electrum is open source, allows its users to set custom transaction fees, and has the option to choose between legacy Bitcoin and Segwit. It also offers users the ability to determine the level of security they wish to use. For example, you can create a standard wallet, one with two-factor authentication, or a multi-signature wallet. You can also elongate your seed phrase with custom words.
Electrum is perfect for the more advanced Bitcoin holder who wants great security features and customizability, all in a simple layout.
Other than verifying electrum (which is a must), what other info are you looking for? It's kind of hard to answer a question as broad as "wanting to get more info from us" 
.
Any specific topics you have troubles with?
I already have a verified electrum wallet but haven fund it yet because of me skepticism but within a sometime, I will buy and store it in the electrum wallet as you already suggest earlier..Any specific topics you have troubles with?
However, I don't have trouble with any specific topic.
A good computer, as you OP put it, can also be susceptible to viruses. To use the Electrum wallet, you also need to be able to avoid creating provoking factors so that your wallet is not hacked. What do you do on your "good" computer? Are there many tasks, how do you share your interests? Games, finance, do you have everything in one system? And which one? If you think that Electrum requires a powerful computer with good data, then this is not at all necessary. Install the most common, resource-intensive Linux system, and then install Electrum into it. Keep your seed phrase secure, and carefully check your addresses during transactions.
However, I always keep my PC intact because most of my documents are been saved inside and it is free from virus, I don't watch or play video games on my PC because I am such a busy person that is looking forward to earn more living and still have interest in Bitcoin as well.Talking about the seed phrase, I have saved it in a better and secured place, so I have nothing to worry about my seed phrase.
I think it's better to fund your Electrum wallet already, I mean it's one of the best wallet you could have if you are a bitcoin investor.
And besides, in this market, you really need to have the experience and as much as how many threads your read, if you are not practicing it, the information is nothing. So download Electrum verified it and then fund it so at least you will know how wallets works in it's basic form and protect it by having your mnemonic seed safe and secure, (not online).
Other than verifying electrum (which is a must), what other info are you looking for? It's kind of hard to answer a question as broad as "wanting to get more info from us" .
Any specific topics you have troubles with?
I already have a verified electrum wallet but haven fund it yet because of me skepticism but within a sometime, I will buy and store it in the electrum wallet as you already suggest earlier..Any specific topics you have troubles with?
However, I don't have trouble with any specific topic.
A good computer, as you OP put it, can also be susceptible to viruses. To use the Electrum wallet, you also need to be able to avoid creating provoking factors so that your wallet is not hacked. What do you do on your "good" computer? Are there many tasks, how do you share your interests? Games, finance, do you have everything in one system? And which one? If you think that Electrum requires a powerful computer with good data, then this is not at all necessary. Install the most common, resource-intensive Linux system, and then install Electrum into it. Keep your seed phrase secure, and carefully check your addresses during transactions.
However, I always keep my PC intact because most of my documents are been saved inside and it is free from virus, I don't watch or play video games on my PC because I am such a busy person that is looking forward to earn more living and still have interest in Bitcoin as well.Talking about the seed phrase, I have saved it in a better and secured place, so I have nothing to worry about my seed phrase.
A good computer, as you OP put it, can also be susceptible to viruses. To use the Electrum wallet, you also need to be able to avoid creating provoking factors so that your wallet is not hacked. What do you do on your "good" computer? Are there many tasks, how do you share your interests? Games, finance, do you have everything in one system? And which one? If you think that Electrum requires a powerful computer with good data, then this is not at all necessary. Install the most common, resource-intensive Linux system, and then install Electrum into it. Keep your seed phrase secure, and carefully check your addresses during transactions.
So far the electrum wallet option provided is okay to work with as it is very much safe compared to others but that does not mean you should be loose to it. You too should take precautionary measures to securing your assets after storing them there. The safety of your assets depends on you because you are the watchman over it so of anyone should be bothered much it should be you because you have your assets under your custody to protect coupled with the fact that you are using electrum wallet to store your coin.
But I still want to know more about the electrum wallet, although I have clicked on the link, but still want to get more info from you guys.
I also just use electrum and so far everything is fine. But I've read that using a hardware wallet would be safer. Because viruses cannot attack hardware wallets. Actually Electrum is also very safe if you can keep your keys safe, but if you use Windows there are lots of dangerous malware that can spy on our computer, making it unsafe.
I have a concern though, you are a newbie and you want to start using a PC wallet to store your crypto? I think it's not safe, because you using a PC for storing your assets and also using that same PC for something else like browsing and possible doing airdrops will get your PC compromised.
This was how my cousin lost all his assets to keyboard malware, he never told he that he is using the PC for Airdrops and I don't worry because he always hate Airdrops, until he fucked up and I detected that a malware is also switching is address to another when he copy to paste.
All his solana tokens and Eth tokens were drained, this happened somewhere in 2022, he had to format the PC before he start using again, PC is very vulnerable to attacks if you are using it for browsing, I trust running Electrum wallet on a smartphone for beginners than running it on a PC unless you won't do any other thing on that PC.
This was how my cousin lost all his assets to keyboard malware, he never told he that he is using the PC for Airdrops and I don't worry because he always hate Airdrops, until he fucked up and I detected that a malware is also switching is address to another when he copy to paste.
All his solana tokens and Eth tokens were drained, this happened somewhere in 2022, he had to format the PC before he start using again, PC is very vulnerable to attacks if you are using it for browsing, I trust running Electrum wallet on a smartphone for beginners than running it on a PC unless you won't do any other thing on that PC.
However, a month back. I created this thread and on the thread I was talking about my plans on how to buy Bitcoin and apply the DCA strategy so I can accumulate Bitcoin but one of the things that made me never to invest in Bitcoin is that I am a bit skeptical of the kind of wallet I can use to hold my Bitcoin, I want to be part of the long term Bitcoin holders and not the short timers.
I have a good PC, that's why I want to know about a better wallet that I can use to hold my coins for longer.
You want teach others about DCA for investment and you yourself even did not invest, did not apply DCA!I have a good PC, that's why I want to know about a better wallet that I can use to hold my coins for longer.
Wallets can be chosen from
https://bitcoin.org/en/choose-your-wallet
Electrum wallet is most common wallet for newbies because you can use it on Windows, MacOS, amd mobile like Android. It is a SPV wallet, very light in storage space and you can have Coin Control, Replace By Fee opt-in, Multisig wallet or cold wallet with Electrum.
If you are planning to hold it for the long term then you need a wallet that is totally disconnected from the internet to make sure you are far from any online attack.
Like the other said Electrum is a good choice but without knowledge of how to protect your wallet, you're still vulnerable to any attacks that is why having a cold storage wallet or offline wallet is one of the best solutions to protect your wallet from online attacks.
However, since you want to DCA your funds cold/offline wallet is a bit technical when making a transaction and not good for daily use because it might infect the device where your cold/offline wallet is installed.
Like the other said Electrum is a good choice but without knowledge of how to protect your wallet, you're still vulnerable to any attacks that is why having a cold storage wallet or offline wallet is one of the best solutions to protect your wallet from online attacks.
However, since you want to DCA your funds cold/offline wallet is a bit technical when making a transaction and not good for daily use because it might infect the device where your cold/offline wallet is installed.
Other than verifying electrum (which is a must), what other info are you looking for? It's kind of hard to answer a question as broad as "wanting to get more info from us" .
Any specific topics you have troubles with?
.Any specific topics you have troubles with?
[GUIDE] How to Safely Download and Verify Electrum [Guide]
Every information related to electrum can be found here : https://electrum.org/
Every information related to electrum can be found here : https://electrum.org/
I have been on this forum for sometimes now but I haven't been in this board because I don't have any technical ideas in Bitcoin but still on still, I am willing to learn the technical things in Bitcoin.
However, a month back. I created this thread and on the thread I was talking about my plans on how to buy Bitcoin and apply the DCA strategy so I can accumulate Bitcoin but one of the things that made me never to invest in Bitcoin is that I am a bit skeptical of the kind of wallet I can use to hold my Bitcoin, I want to be part of the long term Bitcoin holders and not the short timers.
I have a good PC, that's why I want to know about a better wallet that I can use to hold my coins for longer.
On that thread I created about my plans, someone suggeste I should use an electrum wallet.
However, a month back. I created this thread and on the thread I was talking about my plans on how to buy Bitcoin and apply the DCA strategy so I can accumulate Bitcoin but one of the things that made me never to invest in Bitcoin is that I am a bit skeptical of the kind of wallet I can use to hold my Bitcoin, I want to be part of the long term Bitcoin holders and not the short timers.
I have a good PC, that's why I want to know about a better wallet that I can use to hold my coins for longer.
On that thread I created about my plans, someone suggeste I should use an electrum wallet.
Sounds like a plan... The only tip i'd give you is to look into running electrum on an airgapped machine... If you are going to convert around 1/6th of your monthly income to bitcoin, it'll represent a big part of your funds, and it might be a good idear to keep it as safe as humanly possible.
you'll need this (official) electrum document to set this up: https://electrum.readthedocs.io/en/latest/coldstorage.html
I'd also suggest to test non-"default" setups with tBTC before actually using it on the main chain, that way you can make sure you know how everything works
But I still want to know more about the electrum wallet, although I have clicked on the link, but still want to get more info from you guys. you'll need this (official) electrum document to set this up: https://electrum.readthedocs.io/en/latest/coldstorage.html
I'd also suggest to test non-"default" setups with tBTC before actually using it on the main chain, that way you can make sure you know how everything works
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