I'm about to create a wallet and I have a couple of very basic questions.

[20kevin20]

Hello! Ok so what I'd like to suggest is adding paper wallets to your coin. Many people like me want to invest in new coins, and paper wallets are always the safest. A hard drive can always fail, a wallet can always be compromised.

[sportis]

btw I just installed Electrum, I created a standard wallet, got back a 'seed' to store on paper and then... nothing. Electrum won't start.

I un-installed it and re-installed it and still, when clicking on it, it kind of starts, I see for a second the task icon on my task bar, and then it's gone. This under Windows 7 with the standard installator. I'm not getting a security feeling about all this.

I have a blockchain.info as mobile and online wallet and an Electrum as a desktop one. My OS is Win7sp1 like yours and I have not face any problem with my electrum. I don't know what is yours when you state that does not start. Maybe if you post your case in this subforum which deals exclusively with electrum posts someone could help and answer to you.

[DannyHamilton]

Do you think it's ok to buy at their rate?

I typically buy at the rate advertised by gdax.com.

There is no "official price" for bitcoin.  Shop around as much as you like and find the price you like best with the convenience you need.  You may find places that offer it cheaper, but it might be more difficult or inconvenient.  You may find places where it is very easy and convenient, but it might cost more.

And what other fees etc am I going to have till I have the bitcoins in my account?

Some places might force you to pay a transaction fee when you sent the bitcoins from where you purchased them to where you want to store them.  Others might not. Most bitcoin based businesses aren't well regulated, audited, insured, or standardized.  It's up to the user to do their own due diligence and make sure they know what a business reputation, terms, requirements, and costs are before they make a decision.

Caveat Emptor.

How much money from my initial 50 € is goint to make it to my account and how much is going to slip away?

That's impossible to say.  Bitcoin exchange rate is constantly changing based on market conditions.  You could buy 50€ worth of bitcoins, and 3 minutes later they could be worth 55€ (or more) or 40€ (or less).

[DannyHamilton]

btw I just installed Electrum, I created a standard wallet, got back a 'seed' to store on paper and then... nothing. Electrum won't start.

I un-installed it and re-installed it and still, when clicking on it, it kind of starts, I see for a second the task icon on my task bar, and then it's gone. This under Windows 7 with the standard installator. I'm not getting a security feeling about all this.

I don't know a lot about Electrum.  I know it's a popular wallet, and doesn't have a reputation for being insecure.

There is a separate Electrum sub-forum here at bitcoin talk.  If you want to use Electrum, and want to better understand what is happening, why its happening, and how to prevent it, it might be a good idea to explain your problem and ask some questions there:

Electrum Sub-Forum:
https://bitcointalk.org/index.php?board=98.0

There is so much nonsense and so many useless posts in this thread that it's getting difficult to find your posts and maintain a good conversation.  In the future, when creating a new thread, it might not be a bad idea to mark the "self-moderated" checkbox before submitting your post.  That will allow you to delete unnecessary and unhelpful posts and keep the conversation clear and manageable.

[PurpleDog]

Yes. Actually, sportis mentioned the Electrum subforum and there's even an active topic, there, describing the very same problem.

But I don't see no handy solution. So I deinstalled it and I installed MultiBit, instead. This one seems to work ok.

[PurpleDog]

So, to see if I understand this right. A way to buy some bitcoins and store them locally is to buy them at https://blockchain.info for the proposed rate, paying with euros directly from my bank acount, and then move the bitcoins from my blockchain online wallet to my desktop wallet. And from there I could eventually make a paper backup. Right?

[DannyHamilton]

So, to see if I understand this right. A way to buy some bitcoins and store them locally is to buy them at https://blockchain.info for the proposed rate, paying with euros directly from my bank acount,

I hadn't realized that blockchain.info was selling bitcoins now.  If it is possible to buy bitcoins from blockchain.info, then yes your plan would work.

[SvenBomvolen]

My questions:
a) Is this a common practice? Having one wallet online and another one locally?
b) Is it easy to transfer money from the online wallet to the local one and vice versa? And does it cost?
c) What solution would you suggest for me? And which wallets?

I hope my questions are not too naïve or tiresome.
Thanks

a) its very common to have some wallets and some kind of wallets. Online wallets used more for fast transactions and not for holding money there.
b) yes, transactions are easy and for everything you will have to pay.
c) I suggest to you create one online wallet and one hardware wallet to keep your money there.

[PurpleDog]

I hadn't realized that blockchain.info was selling bitcoins now.  If it is possible to buy bitcoins from blockchain.info, then yes your plan would work.

Yes, they seem to do. You get a wallet (together with a 12-word security "seed" to write down on some paper and keep) and there's an option "Buy Bitcoins", once you are in your wallet. But you need to link a bank acount or a credit card, first. And you need to supply a utility bill for id verification.

[mrcash02]

Hi,

(Not sure if post in the right forum. I apologize if I don't.)

I’m thinking of buying a few bitcoins, say for 50 or 100 euro. For no real reason, just to see what it is, how it works and be part of this thing. And if I like it, see what's next.

I read all kinds of articles in the web about bitcoins and I think I understand the basics.

So I’m about to create a wallet.

I've seen quite a few people getting ripped off and bitcoin sites seem to close suddenly leaving their users uncovered. Which creates a rather unstable environment for this new currency.

I’d feel safer if I have my bitcoins locally, on my computer (with backup, I suppose). So, my idea is to have a local desktop wallet (like Armory or Bitcoin Core) and one online (preferably one that’s been up for quite a long time) in order to buy and sell, eventually, or even pay for something.

My questions:
a) Is this a common practice? Having one wallet online and another one locally?
b) Is it easy to transfer money from the online wallet to the local one and vice versa? And does it cost?
c) What solution would you suggest for me? And which wallets?

I hope my questions are not too naïve or tiresome.
Thanks

a) Yes, it is.
b) Yes, it's. But there is a transaction cost, it's not a fixed price. Always that you send Bitcoins from one address to another you will need to pay fees.
c) I don't know about good desktop wallets, they took a big part of computer space and I don't have enough for this, so I use only online wallet, I can recommend you the traditional BlockChain.info, it's a good online wallet and it's working since a good time ago. There are another good wallets too like the very common CoinBase.

[neochiny]

--

A. Yes. The usual reason for this is so you'd have access to whatever funds you have, even when you're away from your personal computer. The one on your desktop is the main, while the web wallet has some for spending, etc.
(Of course you'll have to remember to top-up your web wallet from time to time.  There was a time when I was away from my personal computer and was sorely in need of bitcoins, but realized my web wallet was drained.  )

B. It's easy. It all depends on the blockchain network and your fees. As for cost, it'd be better if you learn about calculating the appropriate fees. Checking bitcoinfees21 for the suggested fees at the time would help.)

C. Electrum for desktop. Doesn't require much space, functional and easy to use. Coinbase for free tx fees and there's also blockchain.info

Yes, they seem to do. You get a wallet (together with a 12-word security "seed" to write down on some paper and keep) and there's an option "Buy Bitcoins", once you are in your wallet. But you need to link a bank acount or a credit card, first. And you need to supply a utility bill for id verification.

That's usually the case with exchanges nowadays. Tons of verification/KYC/AML.
Sorry Electrum didn't work out for you, I wonder what's causing the issue. Hadn't encountered a problem when I first installed mine. Though I've not tried multibit yet, but I have seen some good reviews previously. Just that Electrum is more popular.

[HaXX0R1337]

a) its very common to have some wallets and some kind of wallets. Online wallets used more for fast transactions and not for holding money there.
b) yes, transactions are easy and for everything you will have to pay.
c) I suggest to you create one online wallet and one hardware wallet to keep your money there.

What is having some wallets and some kind of wallets ? Even if you store your bitcoin in your desktop wallet you can have faster transaction if you are giving a higher fees like in the exchanges,so that is not true that online wallets have fast transactions.

[CraigWrightBTC]

a) its very common to have some wallets and some kind of wallets. Online wallets used more for fast transactions and not for holding money there.
b) yes, transactions are easy and for everything you will have to pay.
c) I suggest to you create one online wallet and one hardware wallet to keep your money there.

What is having some wallets and some kind of wallets ? Even if you store your bitcoin in your desktop wallet you can have faster transaction if you are giving a higher fees like in the exchanges,so that is not true that online wallets have fast transactions.

Yes, right now transaction of bitcoin has high fees and it is because of block size bitcoin
and it is not about wallet of bitcoin, until right now still there are not solution for block size,
slow transaction be confirmed and expensive fees transaction.

[robelneo]

For desktop wallet you can use electrum for online wallet you can use blockchain,beware of some scam online Bitcoin wallet,like Tor wallet,my friend used this wallet and 3 of it's transactions did not show up,although on block explorer it clearly shows that it landed ..

[PurpleDog]

Thanks everyone.

The first time I installed Electrum it didn't work.

Now I re-installed it after a new o.s. installation and all well.

I transferred a small amount of BC from my blockchain.info account and I see it appear in Electrum but as unconfirmed:

Balance: 0.BTC [+0.016 unconfirmed]

Why is that?

[Soul Reaper]

Hi,

(Not sure if post in the right forum. I apologize if I don't.)

I’m thinking of buying a few bitcoins, say for 50 or 100 euro. For no real reason, just to see what it is, how it works and be part of this thing. And if I like it, see what's next.

I read all kinds of articles in the web about bitcoins and I think I understand the basics.

So I’m about to create a wallet.

I've seen quite a few people getting ripped off and bitcoin sites seem to close suddenly leaving their users uncovered. Which creates a rather unstable environment for this new currency.

I’d feel safer if I have my bitcoins locally, on my computer (with backup, I suppose). So, my idea is to have a local desktop wallet (like Armory or Bitcoin Core) and one online (preferably one that’s been up for quite a long time) in order to buy and sell, eventually, or even pay for something.

My questions:
a) Is this a common practice? Having one wallet online and another one locally?
b) Is it easy to transfer money from the online wallet to the local one and vice versa? And does it cost?
c) What solution would you suggest for me? And which wallets?

I hope my questions are not too naïve or tiresome.
Thanks

You being worried is quite normal.
If it's a small amount at the start to invest on bitcoin,
Then just go for it,
Try it once - if you like it then continue doing more.
A)
Yes it is a very common practice to have one wallet online and one local wallet.
Your money will be safe don't worry.
B)
Yes it is very easy to transfer online money to local wallet.
Thereay be some fees but it will be obsolete.
C)
I think that what you are doing is right.
First invest a small amount on it and then go for big ones if you like it.
You should create an account on blockchain

[NoiseBoy]

Tangentially related: most of my transaction volume is in Eth, not BTC, but because of that, I use a set-up very similar to what you're describing. It works quite well (for me, ymmv). I use Jaxx for my "hot wallet," and have had only good experiences with it.

[Sled]

Hi,

(Not sure if post in the right forum. I apologize if I don't.)

I’m thinking of buying a few bitcoins, say for 50 or 100 euro. For no real reason, just to see what it is, how it works and be part of this thing. And if I like it, see what's next.

I read all kinds of articles in the web about bitcoins and I think I understand the basics.

So I’m about to create a wallet.

I've seen quite a few people getting ripped off and bitcoin sites seem to close suddenly leaving their users uncovered. Which creates a rather unstable environment for this new currency.

I’d feel safer if I have my bitcoins locally, on my computer (with backup, I suppose). So, my idea is to have a local desktop wallet (like Armory or Bitcoin Core) and one online (preferably one that’s been up for quite a long time) in order to buy and sell, eventually, or even pay for something.

My questions:
a) Is this a common practice? Having one wallet online and another one locally?
b) Is it easy to transfer money from the online wallet to the local one and vice versa? And does it cost?
c) What solution would you suggest for me? And which wallets?

I hope my questions are not too naïve or tiresome.
Thanks

Having one wallet for your regular transaction and another one for cold storage is a common practice and that is what other smart users do because they minimize their risk of losing money by having a secured cold storage wallet.

Yes it is easy to transfer your money from your current wallet to another whether it is in local or international and the only thing you will do after sending is just to wait. But don't forget to pay exact or above average mining fee for miners to be able to attain faster confirmation on your transaction.

You can use trezor wallet for cold storage or secured wallet and for online wallets, you can choose a lot of wallet like coinbase,xapo , blockchain etc. But i prefer coinbase online wallet and you can also download their app.

[ReLieD]

Hi,

(Not sure if post in the right forum. I apologize if I don't.)

I’m thinking of buying a few bitcoins, say for 50 or 100 euro. For no real reason, just to see what it is, how it works and be part of this thing. And if I like it, see what's next.

I read all kinds of articles in the web about bitcoins and I think I understand the basics.

So I’m about to create a wallet.

I've seen quite a few people getting ripped off and bitcoin sites seem to close suddenly leaving their users uncovered. Which creates a rather unstable environment for this new currency.

I’d feel safer if I have my bitcoins locally, on my computer (with backup, I suppose). So, my idea is to have a local desktop wallet (like Armory or Bitcoin Core) and one online (preferably one that’s been up for quite a long time) in order to buy and sell, eventually, or even pay for something.

My questions:
a) Is this a common practice? Having one wallet online and another one locally?
b) Is it easy to transfer money from the online wallet to the local one and vice versa? And does it cost?
c) What solution would you suggest for me? And which wallets?

I hope my questions are not too naïve or tiresome.
Thanks

Just a simple explanation for your questions.
A) It's not at all like that. It's totally up to you how you want to store your bitcoins. Like you can have them all in one wallet or in different. But keeping them in different wallets is recommended .
B) Yes it is very easy to transfer bitcoins from one online wallet to another offline wallets or any kind of wallet. You just have to put your wallet address and the amount that you have to send in the send option. And yes it does cost as it would ask for a fee everytime you go to make a transaction.
C) My suggestion to you is to use offline wallets like electurm or mycelium as they do not crash much. But in case of online wallets like blockchain.info , it crashes quite often.

[iram3130]

Thanks everyone.

The first time I installed Electrum it didn't work.

Now I re-installed it after a new o.s. installation and all well.

I transferred a small amount of BC from my blockchain.info account and I see it appear in Electrum but as unconfirmed:

Balance: 0.BTC [+0.016 unconfirmed]

Why is that?

The confirmations in the transactions are getting delayed now. Because the number of users and transactions are high and miners for confirmations are comparatively less..
I hope it is confirmed now or reply your txn id here..