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I was able to transfer my bitcoins to a new electrum wallet that I created with a password and an extended mnemonic seedphrase. My question is this safe enough or would I have to create a new wallet with a password, extended mnemonic seedphrase AND also add 2FA?
As long as no one has access to your seed phrase (a series of 12 words) and your passphrase (the words or characters you entered to extend your seed phrase), your fund is secure. @hosseinimr93 As for the passphrase that you mentioned, what do you mean exactly? is this different from the seed phrase and the password?
The 12 words electrum gave you is called seed phrase. The words or characters you added to your seed phrase when creating the wallet is called passphrase. What you need to enter when opening the wallet or sending bitcoin is called password. If you don't use any passphrase, the seed phrase is enough for recovering the wallet. If you use a passphrase, for recovering the wallet, you need both seed phrase and passphrase. Note that your password is stored locally and is used only for encrypting the wallet file. Anyone has access to the seed phrase (+passphrase if there's any) doesn't need the password. What if my system gets compromised and someone has access to the 12 word seed phrase BUT not the pass phrase (extension words), is it still safe? As for 2FA, I feel like I should add that for extra security, is it necessary? My concern for 2FA is if it goes missing, then what? |
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So, by passphrase you meant the password you need when spending the fund. If that's the case, seems that your seed phrase hasn't been extended by any passphrase. The person who has access to your seed phrase is now able to spend the fund. Now, let's go back to your question about 2FA. If you lose 2FA, you can recover your wallet with your seed phrase.
In my opinion, I do not think jackg is right, or may I am the person that is wrong. Like I commented also above, the passphrase that I know are: - The BIP38 passphrase needed to encrypt paper wallet
- The mnenomic passphrase which is also regarded as extended word
You are 100% right. The problem is that a newbie may confuse password with passphrase. Just read the last post of OP. He is saying that he enters the passphrase when he wants to send bitcoin. OP hasn't used any passphrase when creating the wallet. He has only encrypted the wallet file with a password. Now he is calling that password a passphrase. @Charles-Tim @hosseinimr93 Ok, so luckily, I was able to transfer my bitcoins to a new electrum wallet that I created with a password and an extended mnemonic seedphrase. My question is this safe enough or would I have to create a new wallet with a password, extended mnemonic seedphrase AND also add 2FA? @hosseinimr93 As for the passphrase that you mentioned, what do you mean exactly? is this different from the seed phrase and the password? |
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For the new wallet, would it be wise to add 2fa to the new electrum wallet?
What do you want to achieve? If you create a 2FA wallet, you will be asked to enter the 2FA code whenever spending bitcoin. This will make your fund secure in the case your device is stolen or someone manage to access your wallet file. Note that even if your wallet is 2FA, your seed phrase is enough for spending your bitcoin. If your seed phrase is compromised, your fund will be stolen. Also note that, as stated by Charles-Tim, you will have to pay an additional fee to trustedCoin (Electrum 2FA wallet provider). Yes I want to secure it with the Google 2FA so that before sending btc I would enter both the passphrase and the 2fa btc my fear now is this, if I lose the 2fa then what? is there a way to recover the 2fa in my electrum account? |
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Tldr just move the funds to a new wallet as soon as possible and you feel up for it - not too tired to make a bad mistake.
Is the passphrase on the wallet or is it actually on the seed mnemonic.
If it's the mnemonic then it should be temporarily fine until you move the funds to a new wallet. If its the passphrase it asks you for before sending funds that you haven't released then the other person might have access to your funds if they have a way to access the seed - if they just saw it then it's unlikely they memorised it.
Anyone has the seed phrase needs the passphrase too.
Without the passphrase, your seed phrase will generate completely different addresses.
Although it's not possible to access your fund without the passphrase, I recommend you to create a new wallet and move all your fund to it as soon as possible.
I don't know how complicated your passphrase is. But there's a probability that it can be brute-forced.
Edit:
As mentioned by jackg in the below post, if by passphrase you mean the password used for encrypting your wallet file or the password asked when sending bitcoin, then the seed phrase is enough for spending your fund.
What I said above is true only if by passphrase you mean the custom words or characters you add to extend your seed phrase.
For the new wallet, would it be wise to add 2fa to the new electrum wallet? |
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I have an electrum wallet that has both a seed phrase and a passphrase, now I mistakenly exposed my seed phrase to someone but I still have my passphrase safe. My question is this, with only the seedphrase compromised, can someone send my bitcoins out of my electrum wallet?
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What's the best way to get bitcoins to monero and then back to bitcoins? is Exodus safe? I don't have an Iphone so cakewallet wouldn't be an option.
I am thinking of using Monero to wasabi to chipmixer to new bitcoin wallet?
is this a good route to go for bitcoin anonymity?
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How can you tell the difference between the fake and real chipmixer wallet? |
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I would like to know the best way to mix bitcoins. So far, I have read about converting to monero and then back to btc, I have read about using exodus wallet and then also seen the service of blender.io. I am not sure which service to use as it has been a very long time now since I have used a tumbling service, I would like to know which would be best to use.
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Just saw that this has been released, is it still in the test / beta stage or is it ready for use?
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when making a deposit to your coins.ph wallet, does the name of the incoming deposit have to be the same name as the name of the coins.ph account owner.
Depends on what cash in method you're using because sometimes or mostly, you need to use the name of coins.ph OR the coins.ph transaction/referrence number for deposits as the receiver while you as the sender and you should include your name in the form if required. Would an american citizen have to register with a Philippines address and identification or would they accept my US address and identity card / drivers license? I think it is better to message Coins.ph support directly. They have a good support and will answer your inquiries promtly. Your case is different, Coins.ph will of course question why are you using their platform when your address and documents are all in the US. I am actually in the Philippines at the moment so I am kind of concerned, I would like to know if I would need some sort of identification issued to me in the Philippines before I can use coins.ph. |
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when making a deposit to your coins.ph wallet, does the name of the incoming deposit have to be the same name as the name of the coins.ph account owner.
Depends on what cash in method you're using because sometimes or mostly, you need to use the name of coins.ph OR the coins.ph transaction/referrence number for deposits as the receiver while you as the sender and you should include your name in the form if required. Would an american citizen have to register with a Philippines address and identification or would they accept my US address and identity card / drivers license? |
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So I can use my US drivers license for KYC? what about address? can I use my US address also? what kind of selfie is required btw?
For foreign customers, please submit your international passport to comply with Philippine regulations.I'm not sure if US Drivers License will do. Use your passport instead. However, if you are not comfortable submitting your passport, as I do too, you are one click away to their support portal and you can ask them about your concern. At most of the cases, you can expect an urgent response from them during their office hours (weekdays) (8 am - 5 pm).
....until I have a clear understanding of how Coins.ph and Abra work.
Both works just the same. For reference, check the link given to you above about PH crypto wallets. To sort these things out, may we know what specific features or concerns you want or something along those lines. Others have their own preferences that might lead you into more confusions. This here is what worries me! I have no problem sending in some sort of identification, however I am totally uncomfortable with sending my US passport in for verification. |
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Before answering your questions, may I ask if from what country are you, if you dont mind? Here in the Philippines one of the most recognized website to buy and sell bitcoin is Coins.ph you can use it either in web or in an android/ios phones like a normal bitcoin wallet like Coinbase send/receive and if you dont know yet another one option is Abra.com you can cashin at 7/11 stores nationwide much little cheaper than Coinsph, if your questions are all answered you may lock this thread for now.
I am from the USA, I appreciate your help, my answers haven't all been answered so I would much rather have this thread open for now until I have a clear understanding of how Coins.ph and Abra work. |
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I don't mean to derail your topic but you may also consider Abra, a non-custodial wallet which offers better rate so far. You can check out our discussions at Discussion on Philippine crypto wallets/apps Feel free to ask additional questions. It's always better to have other options. Edit: All the basic information about Abra at https://support.abra.com/hc/en-usThere's no KYC by the way. How do you cash in / deposit in Abra? |
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Thanks you guys, I would give it a try, hope it's convenient! fingers crossed and @zenrol28 Thanks, I am already loving it! beautiful country, nice people  The thing is you must have the countries' valid ID's which can be seen here so that you can apply and be accepted to be capable of using the sevices coins' offered. [edit] Oh, as long as you have your passport IDs, they will accept it for foreign users. For foreign customers, please submit your international passport to comply with Philippine regulations. Thanks you guys, I would give it a try, hope it's convenient! fingers crossed and @zenrol28 Thanks, I am already loving it! beautiful country, nice people Don't forget to verify your account because unverified accounts from coins.ph can't transfer or send bitcoin to other wallets. If you are living in different countries I think you can't use coins.ph as a wallet but if you are here on the philippines I think you need to submit your passport to become a verified user.
Just to remind you that transferring BTC from coins.ph to segwit was not sure,
What do you mean by this? I already tried coins.ph sending BTC from coins.ph to segwit wallet without issue. So I can use my US drivers license for KYC? what about address? can I use my US address also? what kind of selfie is required btw? |
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when making a deposit to your coins.ph wallet, does the name of the incoming deposit have to be the same name as the name of the coins.ph account owner.
Depends on what cash in method you're using because sometimes or mostly, you need to use the name of coins.ph OR the coins.ph transaction/referrence number for deposits as the receiver while you as the sender and you should include your name in the form if required. I would use the western union method. So how would that work? |
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What do you mean by this na wag nalang gawin brad? I'm more into crypto gambling and so far hindi pa naman nagka-problema yong account ko dahil siguro maliit lang yong withdrawals ko.
Online casino account >>mobile wallet>>coins.ph account
^^ that's the process i follow, withdrawal and depositing. I think it's the ideal, delikado kasi pag galing sa online casino account directly to your coins.ph account.
I made big withdrawals and I have a lot of transactions from sportsbet, nitrogen, and cloudbet, to my account and vise versa. So far my account is still okay, maybe I'll try to do the prevention thing now as we don't know what would happen in the future, hopefully its' not a serious offense that we would go to jail. when making a deposit to your coins.ph wallet, does the name of the incoming deposit have to be the same name as the name of the coins.ph account owner. |
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Yes like a normal bitcoin wallet. But, you can't have the private key for your wallet if that's ok to you. Also, you cannot set a specific amount of satoshi/byte for your transaction fees. Only "low", "normal" and "fast" are the only options which coinsph calculates depending on the network traffic. I hope these answer your questions. Enjoy staying here in the Philippines. Thanks you guys, I would give it a try, hope it's convenient! fingers crossed and @zenrol28 Thanks, I am already loving it! beautiful country, nice people |
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I am currently in the Phillipines and I want to buy some bitcoins, the offers I see on localbitcoins don't impress me so I am thinking about joining coins.ph, I would like to know if I can use the wallet as a normal bitcoin wallet to send and receive bitcoins? I would really appreciate some advise. Sorry for writing in English, I can't speak the language, I just know a few words. I have translated below.
Kasalukuyan akong nasa Phillipines at nais kong bumili ng ilang mga bitcoins, ang mga alok na nakikita ko sa mga localbitcoins ay hindi pinahanga sa akin kaya iniisip kong sumali sa mga barya.ph, nais kong malaman kung maaari kong gamitin ang pitaka bilang isang normal na bitcoin pitaka upang magpadala at tumanggap ng mga bitcoins? Gusto ko talagang pahalagahan ang ilang mga payo. Paumanhin sa pagsulat sa Ingles, hindi ako marunong magsalita ng wika, kakaunti lang ang alam ko. Isinalin ko sa ibaba.
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I am currently in the Phillipines and I want to buy some bitcoins, the offers I see on localbitcoins don't impress me so I am thinking about joining coins.ph, I would like to know if I can use the wallet as a normal bitcoin wallet to send and receive bitcoins? I would really appreciate some advise. Sorry for writing in English, I can't speak the language, I just know a few words. I have translated below.
Kasalukuyan akong nasa Phillipines at nais kong bumili ng ilang mga bitcoins, ang mga alok na nakikita ko sa mga localbitcoins ay hindi pinahanga sa akin kaya iniisip kong sumali sa mga barya.ph, nais kong malaman kung maaari kong gamitin ang pitaka bilang isang normal na bitcoin pitaka upang magpadala at tumanggap ng mga bitcoins? Gusto ko talagang pahalagahan ang ilang mga payo. Paumanhin sa pagsulat sa Ingles, hindi ako marunong magsalita ng wika, kakaunti lang ang alam ko. Isinalin ko sa ibaba.
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