After browsing some websites online, I learned about public and private keys, which I can distinguish a little.
Private key is used for spending the coins. As the name suggests, a private key should be kept secret. Any who has access to your private key can steal your fund. A public key can be shared publicly. Whenever you a make bitcoin tranaction, your reveal your public key. What I don't understand is the difference between open source and closed source wallets. How do they work, and how can you tell if a wallet is open source or closed source?
If a wallet is open-source, it means that the source code is available to the public and anyone is able to check the code to see how the wallet is working. If a wallet is close-source, there is no way to know how the keys are generated. You should avoid any close-source wallet. |
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Hi guys I do not know if this is suitable for me to share with you guys but still I think that is super cool and I like this new feature that is super good for me.
That's not a new feature. Click here and see a post made in 2015, in which a user was talking about quick edit button. Edit: Click here. The quick edit button was available even in 2011. |
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* The sheet likely is little bit inaccurate by using 14 days + 6 minutes for each 14-day period but it is not big issue.
That's accurate. According to the old post made by theymos, a new activity period starts when the remainder of division of the UNIX time to 1210000 equals to zero. This means that, each activity period is exactly 1210000 seconds which is 14 days, 6 minutes and 40 seconds. |
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Prediction 1: $20,880.00
bech32 address: bc1q06h9jgf2ccurtt0d07shkttjpdw5zdfkyh4l8j
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It's a good idea to use a multi-signature wallet if you worry about your seed phrase being stolen.
Just note that if you lose the seed phrase A, seed phrases B and C won't be enough for recovering the wallet. You will need the master public key derived from the seed phrase A as well.
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what if I only have the seed and switch my wallet to Sparrow,
Take note that the seed phrase generated by electrum can't be imported to sparrow wallet directly. Electrum generates the seed phrase using its own algorithm and you can only import BIP39 seed phrase in sparrow. If you want to import your electrum wallet to sparrow, you should import your wallet file. |
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I think the best and easiest solution would be to leave the amount on the change address.
You are right, unless you have many small inputs and you want to consolidate them when you can make transaction with low fee. Note that with consolidating your inputs, you link them together and you may hurt your privacy. Am I right with that?
All your private keys can be derived from your seed phrase and that's all you need. After I restore my wallet with the Seed, does electrum automatically give me the change address where my coins are?
Yes. |
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I just read an article that says:
In certain cases attackers could extract private keys from signatures, so you should always use other addresses.
As I said, there is no problem with reusing addresses, when it comes to your security. Does electrum automatically create new receiving and sending addresses for each transaction ?
Electrum generates numerous receiving addresses and change addresses for you and you can see them on "Addresses" tab. (If you don't see "Addresses" tab, click on "View" at top of the window and select "Show addresses". Every time you request a new address on "Receive" tab, electrum gives you a new address which is one of the receiving addresses shows on "Addresses" tab. |
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What could happen if I use my receiving addresses more than once, you say you shouldn't use an address more than once for privacy reasons, what could happen?
You can use any bitcoin address as many times as you want without any security issue. As I already said, it's recommended to not reuse addresses due to privacy reasons. If you give the same address to several people, any of those people can check your other transactions. Take note that all bitcoin transactions are public. |
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I don't understand why there are these 2 types of addresses doesn't make sense for me
Due to privacy reasons, it's always recommended to not reuse addresses. Assume that there is no change address in electrum and your receiving addresses are used for receiving the changes. You have fund in address A and you make a transaction. Electrum uses address B as the change address while you have already given the address B to someone to receive a payment. What will happen? Address B will be reused and that's not recommended. You have the change addresses, so that you don't use them for receiving fund and you can protect your privacy. |
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Your understanding is not correct.
Given your previous posts, I assume you are using electrum.
Electrum allow you to spend unconfirmed coins whether they are in change addresses or receiving addresses. Just make sure "Spend only confirmed coins" is unchecked.
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Each time a user sends a transaction he pays the fees from his own coins. Let's say you want to send 1 bitcoin to a friend, then you have to spend 1btc+0.0001btc of fees making this a total transaction of 1.0001BTC.
Where did the 0.0001 BTC come from? The fee rate is set the by the user and the required fee rate depends on how fast you want your transaction to be confirmed and how congested the network is. Also, the transaction fee doesn't depend on the amount of bitcoin you send at all. |
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Rolex? 1 in a billion? Yeah, why not?
It may worth mentioning that, the chance of winning the $15,000 Rolex is even lower. Every time you spin the wheel of fortune, a random 8 digit hexadecimal number is calculated and is converted to a decimal number. That's divided by 4.294967295 and then rounded down to the nearest whole number. The only 8 digit hexadecimal number that can give you 1 billion is FFFFFFFF. This means that the chance of winning the $15,000 Rolex is 1 in 4,294,967,295. |
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After the first 14 posts when you register an account on this forum, the activity will start counting 14 every 14 days.
Not necessarily true. Yesterday was the last day of a two-week activity period. Assume that you made your first post yesterday. If you post 27 posts today, you can have 28 activity while you registered just yesterday. Well I just noticed my activity just change now, so I guess its on every Thursday for me, that's two weeks from this Thursday my activity is going to change again.
The same activity periods are used for all users and the current one started yesterday. |
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actually the payment is successful or not can be seen from the txid provided,
Providing transaction ID wouldn't be enough if the same address is given to different people and especially if there are many customers. I can simply search for the address on a block explorer, pick the hash of an incoming transaction and claim that I have made that transaction. The simple solution is to give different addresses to different people. I don't really understand what you're saying, the only thing I understand is that there are 5 customers who bought bitcoin in different amounts, right?
OP isn't talking about people buying people. He/she is talking about people buying things and using bitcoin as payment method. |
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When you make a bitcoin transaction, you are the one who sets the transaction fee.
Since the block size is limited and miners can't include any number of transactions they want, they have to pick some transactions. To maximize their profit, they pick the transactions with higher fee rate.
Therefore, if you are in a hurry, you should use a high fee rate and if you are not in a hurry, you can set the fee rate as low as possible.
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Have you ever deposited bitcoin to an exchange? If so, have you ever asked yourself how they know the deposit has been made by me? Exchanges give a new address to each of users and that's how they can know who has made a deposit.
If you have a store and want to accept payments in bitcoin, you can do the same thing.
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Why does this transaction need to be added manually using mining pool? I know the nodes will reject it because it's non-standard but isn't it after a while it will drop from the mempool and he will be able to rebroadcast it just like it happens with transactions that have very low fees?
As you said yourself, the transaction OP is referring to isn't standard and nodes will reject it. This means that the transaction doesn't enter the mempool of any node at all. If a mining pool want to include that transaction, they keep it on their candidate block until they find a block. |
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You sure about those numbers?
Yes. I am sure. Can you point me in right direction where these rules are mentioned.
To see the pay table, click on "i" button at top right corner of the page before spinning the wheel of fortune. Below is the pay table.  |
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As you said yourself, that address is owned by Binance.
As we all know, Binance is a big exchange and they have many users. It's not surprising that the address in question has received such big amount of bitcoin.
What's the problem now? What do you find mysterious?
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