Bitcoin Forum

I want to set up my wallet so nothing can leave without my google authentication. I already set my wallet up and has coin in it. I know you can do it during set up but I must have missed it. Where can i do it while the wallet is already in existence?

My second question. Is it preferable, every time i receive Bitcoin to send it to a different available address? or is that not best practice?

Still new to the game so want to secure as much as possible.

Thanks!

You need to create a new wallet if you want to use two-factor authentication with Electrum: http://docs.electrum.org/en/latest/2fa.html
You don't necessarily have to send Bitcoin to a different address in your wallet, Electrum does that by default but you incur larger fees and should probably disable it.
Tools -> Preferences -> Uncheck use change addresses.

Is it safe to continue to send it to the same address?

Also, what the easiest way to create a new wallet?

Thanks for the help

Receiving bitcoin more than once to the same address in your Electrum wallet hurts your privacy, but is unavoidable some times, for example mining pool payouts. The sender pays the fees.

It's good practice to generate a new receive address, and exchanges, some exchanges, did this for a while. It's more a staying anon thing; it's harder trace back if you get forensiced. But unless you are purchasing some seriously dodgy shit, it shouldn't be an issue.

If you trust Coinbase (they are insured, but I don't know how much coin you are talking), their ETH wallet can be secured via Authy or Authenticator, per withdrawal. It's in the account security settings, and from experience, if you move your coins a lot, it will be a pain in the ass. Given the volatility of late, you may want to hang tight on an exchange, and implement this after the storm ;)

Yeah if you want a wallet with two-factor authorization you should have done it during set-up. You would have to set up a new Bitcoin wallet. Check this website fo further instruction: http://docs.electrum.org/en/latest/2fa.html

It is preferable to create a new address every time that you transact Bitcoin. When addresses are re-used, they allow others to determine that the address being reused is yours. Every time the re-used address's private key signs a fresh transaction, whoever receives it can use the histories of that address to discover information about you, and everyone who is interested in discovering the identity of the address's owner has one more target they can try to contact to discover who you are. It is a matter of privacy. But I have never had any problems so far with reusing my address.

Thanks for all the help guys. I am trying to create a new wallet and its asking for the seed which I am inputting correctly, but the NEXT button is greyed out.

Any ideas?

Are you sure that it's 12 word seed you input there? If you're creating a new wallet, just go on File>(wallet name)/next/Standard wallet/Create a new seed/Next/put your password/. Just like that and finished.

Are you trying to create a standard or a 2FA wallet? You cannot create a 2FA wallet using an existing seed for a standard wallet. You will need to create a new seed if you want to use a 2FA wallet now and send the coins from the old wallet to that one.

The only correct part of this bolded statement is that Electrum does it by default. Using change addresses DOES NOT make you incur larger fees, that is just completely wrong. Any "change" generated by a transaction that needs to come back to your wallet, regardless of the address it goes to (new change address or re-used pre-existing address) will generate a UTXO in your wallet, which will still incur the same "transaction size" cost in a future transaction.

In addition, unchecking that box hurts your privacy and the privacy of anyone you choose to send coins to.

Thank you all for the help. I guess I am just paranoid. Do most people use 2FA? Am i safe without it?

Most people don't use 2FA with Electrum. It hurts your privacy somewhat and costs extra. Do you want Google or Trusted Coin servers to have a record of your transactions? Also fees are high enough already:) The best way to use Electrum is with a hardware wallet: Trezor or Nano S take your pick.

I have my ledger on the way.

As it stands, are my coins safest with electrum? what are possible risks of just leaving it in that wallet for a year? what is the likelihood that my electrum gets hacked or my coins stolen?

Appreciate all the support.

There is malware that can steal bitcoin from password protected wallets. Chances are low if your security is good but it does happen. When you get your Ledger you will have the option of using Ledger's Bitcoin Chrome app, or you can use your Nano S with Electrum. Not the Electrum you are now using, you would have to make a new Electrum wallet to use with Nano S and send bitcoin from present Electrum to new one.

How can Google have your transaction history if you have enabled 2FA? ???


Malware go for private keys or wallet files specifically, right? I haven't heard about any malware which can hack into an encrypted wallet, unless of course your password is weak. Correct me if I am mistaken.

@BitcoinNewsMagazine: No offence! I don't have any problems with you! :)

They definitely can. If you use a RAT or anything similar, they can also keylog and steal your wallet file. No matter how strong your password may be, your wallet file and password will still be captured by the malware.
Next to zero, provided that you have good security practices. You cannot download anything that you don't trust or surf websites that is suspicious.

I personally don't have an antivirus on my computer for years and I've never once gotten hacked.

You don't incur larger fees if you use change addresses. Inputs always have to signed individually.

Ha you guys are making me super paranoid. I just want an easy way to secure this stuff and not have to worry that one day all my coin will be gone

I am basically technological illiterate. Maybe I will just buy a basic new laptop and leave the electrum wallet on that and never use it except to move coin in and out.

Thanks again for the help.