Some questions regarding Electrum

[Sasfsafd]

Hi. I have just installed Electum. I am looking to set it up for maximum possible privacy. I have seen a setting under the Transactions options stating "Coin Selection, Privacy or Priority". The default setting is Priority. If I was to change this to Privacy, what difference would this make?

Under the Addresses section I can see a bunch of addresses which have been generated. Do new ones get added here over time or am I only assigned these for this account? Would it be recommended to use a different receiving address for every transaction or is this not really necessary?

Ultimately my plan is to get some bitcoins from One online wallet to another online Wallet so my plan is to use Electrum in the middle of these 2 online wallets.    Online Wallet A > Electrum > Online Wallet B. I am hoping that by using Electrum I can completely break the link between these 2 online wallets, making it impossible to trace the transaction from Online wallet A to online wallet B.

[kolloh]

Hi. I have just installed Electum. I am looking to set it up for maximum possible privacy. I have seen a setting under the Transactions options stating "Coin Selection, Privacy or Priority". The default setting is Priority. If I was to change this to Privacy, what difference would this make?

Privacy will create new change addresses for each transaction and avoid reusing addresses or sending coins back to the same address they were sent from.

Under the Addresses section I can see a bunch of addresses which have been generated. Do new ones get added here over time or am I only assigned these for this account? Would it be recommended to use a different receiving address for every transaction or is this not really necessary?

Yes, you should use a different receiving address for each transaction for more privacy. That list of addresses will populate with new addresses as you use them.

Ultimately my plan is to get some bitcoins from One online wallet to another online Wallet so my plan is to use Electrum in the middle of these 2 online wallets.    Online Wallet A > Electrum > Online Wallet B. I am hoping that by using Electrum I can completely break the link between these 2 online wallets, making it impossible to trace the transaction from Online wallet A to online wallet B.

Electrum is not a coin mixer and won't break the link between the two wallets. You will still be able to follow the transactions to see where the coins end up. To accomplish this, you would need to use a mixer such as BitMixer or similar.

[TryNinja]

If you really want to make your Bitcoins untraceable, you shouldn't be using this method because your coins can still be traced back to you.

Do you really want to anonymize your coins? Use chipmixer.io (TOR link);

- They don't require you to pay any fees when mixing (but you can donate something if you really like their service and want to support them)
- Your coins will become 100% ANONYMOUS. Not a single chance to trace the coins back to you from the blockchain.
- They are really legit. Don't even worry about losing any of your coins.

How simple is it? You send the coins, then you can split those coins in several (or just one) "chips" and withdraw them directly by importing in your wallet it's private keys loaded with that amount of BTC. You don't even need to wait the mixed coins to arrive a new wallet.

I legit recommend them. Not just because I am in their signature campaign but also because I really like the way they work and support them.

Check out their thread: https://bitcointalk.org/index.php?topic=1935098.0

[Sasfsafd]

I was considering using a bitmixer. In which point do you think it would be best to use the bitmixer

Option 1: Online Wallet A > Bitcoin mixer > Electrum wallet > Online Wallet B
Option 2: Online Wallet A > Electrum wallet > Bitcoin mixer > Online wallet B
Option 3: Online Wallet A > Bitcoin mixer > Electrum wallet > Bitcoin mixer > Online Wallet B

Option 3 uses the bitcoin mixer twice but may be unnecessary.

[kolloh]

I was considering using a bitmixer. In which point do you think it would be best to use the bitmixer

Option 1: Online Wallet A > Bitcoin mixer > Electrum wallet > Online Wallet B
Option 2: Online Wallet A > Electrum wallet > Bitcoin mixer > Online wallet B
Option 3: Online Wallet A > Bitcoin mixer > Electrum wallet > Bitcoin mixer > Online Wallet B

Option 3 uses the bitcoin mixer twice but may be unnecessary.

Honestly, you could just do: Online Wallet A > Bitcoin mixer > Online Wallet B

The less transactions you do, the lower your fees will end up being. The extra steps don't really add much extra privacy.

[Sasfsafd]

I was considering using a bitmixer. In which point do you think it would be best to use the bitmixer

Option 1: Online Wallet A > Bitcoin mixer > Electrum wallet > Online Wallet B
Option 2: Online Wallet A > Electrum wallet > Bitcoin mixer > Online wallet B
Option 3: Online Wallet A > Bitcoin mixer > Electrum wallet > Bitcoin mixer > Online Wallet B

Option 3 uses the bitcoin mixer twice but may be unnecessary.

Honestly, you could just do: Online Wallet A > Bitcoin mixer > Online Wallet B

The less transactions you do, the lower your fees will end up being. The extra steps don't really add much extra privacy.

I thought by adding a desktop wallet into the chain, it would make it much harder to trace the payment. So you think using electrum will add no benefit at all?

[ranochigo]

Hi. I have just installed Electum. I am looking to set it up for maximum possible privacy. I have seen a setting under the Transactions options stating "Coin Selection, Privacy or Priority". The default setting is Priority. If I was to change this to Privacy, what difference would this make?

Privacy will create new change addresses for each transaction and avoid reusing addresses or sending coins back to the same address they were sent from.

This is incorrect. As long as the option "use change address" is enabled, the client will use a new change address for every transaction. The purpose of that coin selection has a different meaning to it:
Priority: Oldest unspent inputs will be used first, to maximise priority.
Privacy: All of the inputs within the address will be used in the transaction, regardless of how much is spent. The remainder will be spent to a change address.

I thought by adding a desktop wallet into the chain, it would make it much harder to trace the payment. So you think using electrum will add no benefit at all?

Pretty much no benefits. If your mixer is good, the desktop wallet shouldn't be doing anything.

Using Electrum would also be counter effective. The way Electrum (or SPV wallets) work will compromise your privacy.

[pooya87]

I was considering using a bitmixer. In which point do you think it would be best to use the bitmixer

Option 1: Online Wallet A > Bitcoin mixer > Electrum wallet > Online Wallet B
Option 2: Online Wallet A > Electrum wallet > Bitcoin mixer > Online wallet B
Option 3: Online Wallet A > Bitcoin mixer > Electrum wallet > Bitcoin mixer > Online Wallet B

Option 3 uses the bitcoin mixer twice but may be unnecessary.

what do you mean by "online wallet"!
you send bitcoins from a key (you know it as a bitcoin address) to the mixer and receive it in a newly generate address that was never used before.
as long as you are using a new empty address and never mix that address with your old ones you can consider your coins mixed. you don't need to use a mixer multiple times. or send from wallet to wallet.

[TryNinja]

I was considering using a bitmixer. In which point do you think it would be best to use the bitmixer

Option 1: Online Wallet A > Bitcoin mixer > Electrum wallet > Online Wallet B
Option 2: Online Wallet A > Electrum wallet > Bitcoin mixer > Online wallet B
Option 3: Online Wallet A > Bitcoin mixer > Electrum wallet > Bitcoin mixer > Online Wallet B

Option 3 uses the bitcoin mixer twice but may be unnecessary.

That's not necessary and overly paranoid. Using more mixers and online wallets won't make your transactions more anonymous. As I said before, all you need is to use a mixer.

Those mixers will only receive your coins and send other coins without any connection to the first ones to your wallet.

In case of ChipMixer, they are fully different from those regular mixers. The way they work, you are as safe as if you sent me 10 BTC and I gave you a paper wallet with another 10 BTC from 2 years ago. How could someone trace that Bitcoins back to you? It's not possible. And that's what you should be using.