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Author Topic: Receiving bit coin deposits. Please help.  (Read 124 times)
El2Fuego
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March 31, 2018, 03:42:45 AM
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Hi People

I am new to bitcoin. I have created an account online with coin-jar. I am wanting to use bitcoin to receive payouts. Coin-jar mentions, due to the way CoinJar's wallet system operates, it does not support payouts. CoinJar uses various different addresses to send digital currencies - not the receiving wallet address you've generated in your CoinJar. As some external services are automatically configured to return payouts to your sending address, this can lead to funds not being returned to your CoinJar
 Due to this, we do not recommend you use your CoinJar for cryptocurrency mining or gambling websites. You can instead use an offline wallet for these payouts, and then transfer your funds to your CoinJar

With my research I picked Bit coin Armory, to create an offline wallet to receive payouts. I thought also with reading on bitcoin that I also need to install on my computer bitcoin core, I am not sure if I need to install bitcoin core, meaning does it work in with armory in promoting my created wallet in receiving and sending bitcoins. I thought i may have also needed bitcoin core due to a block chain.
 Bit coin core is still going through the process of installing on my computer, has been taking a while due to their years behind of installing. If bitcoin core works in with Armory,not sure if that needs to be fully installed before receiving funds.
 With Armory I have gone through the process in creating a wallet, the wallet I have created, is when I was offline. I have looked at you tube videos with tutorials on Armory, the point is if i am doing it the right way, or missing something. I thought when I have created a wallet all I need to do is have a wallet address to receive funds. I pushed receive bitcoins, a wallet address came up. With checking my wallet address it seems it has on record with armory that I created two, mentioned within the address book, the wallet address I copied in going with was the second address that seemed to be created.I thought I am all set to go in receiving payouts. To receive my payout, I put the details in of the wallet address, being the second one mentioned, does that matter in picking the second address will I still receive funds? I am doing this offline, not sure if offline is an issue, being in creating an address through receiving bitcoins, meaning I will still receive the bitcoins, or I was suppose to do all of my setup online. The payout area has the wallet address recorded on my records being the second address, I am all set to go in making that withdrawal, which I have made, done such yesterday. Only a small amount, in making sure it goes into my wallet account.
 When I checked Armory, it goes through its process database, organizing block chain, parsing TX hashes, and mentions [Suspicious link removed]plete. I check my wallet, and no funds, unless the funds takes a few days before it arrives into my wallet account. I click on the dash board and it says Armory is online. In the bottom right hand side it says node offline (402226 blocks ) not sure if the node offline is an issue.
 
I would appreciate any suggestions please to my above info. Please let me know if I need to do something different. I need to know please why I have not received my funds into my wallet account.

Thank you for taking the time to read my info, and provide support through replying.
 
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LoyceV
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March 31, 2018, 06:24:07 AM
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Your (long) story is quite hard to read, but let me try to help you. I'll pick out a few things, because I have the feeling you don't really know what you're doing (sorry).

First, Coinjar is not a wallet by my definition, it's an exchange. An exchange is fine to buy or sell coins, but doesn't give you full control over your private keys. A wallet does.
Your use of the word "offline" is confusing: you can't synchronize a wallet while being offline, and your funds only show up in your wallet if it's completely synchronized.

I think it will help you a lot if you read General] Bitcoin Wallets - Which, what, why? first, and come back if you have questions afterwards.

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March 31, 2018, 09:09:43 AM
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I check my wallet, and no funds, unless the funds takes a few days before it arrives into my wallet account. I click on the dash board and it says Armory is online. In the bottom right hand side it says node offline (402226 blocks ) not sure if the node offline is an issue.

Armory has to be connected to your (synced) node to show you the available balance.
Currently there are 515959 blocks, which means you are about 113733 blocks behind 'shedule'.
Your node simply didn't process the block (which contains your transaction) yet.

To see wether the TX went through successfully you can use any online block explorer [1]
Transactions propagate within a few seconds across the network. They are confirmed once included into a block (~10 mins between blocks being mined on average).

If you don't want (or don't need) a full node with the whole blockchain, you could use a lightweight client (like elctrum [2]).
For offline storage you can create your seed/wallet/private keys on an airgapped device and import the xpub into electrum.
This will give you the opportunity of seeing incoming TX's (and creating TX's) without the private key stored on your online device.
However, to send bitcoins you need to sign the transaction with the corresponding private key, which requires you to get your TX to your offline device.


[1] e.g. https://live.blockcypher.com/btc/, https://www.blocktrail.com/btc or https://blockchain.info/

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April 01, 2018, 02:40:27 AM
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With my research I picked Bit coin Armory, to create an offline wallet to receive payouts.
Armory is not really recommended for people who are new to Bitcoin. While it is a very secure wallet (if used as intended in a two computer "online"+"air gapped" setup), it is quite advanced and can be a bit complicated and daunting for new users.


Quote
I thought also with reading on bitcoin that I also need to install on my computer bitcoin core, I am not sure if I need to install bitcoin core, meaning does it work in with armory in promoting my created wallet in receiving and sending bitcoins. I thought i may have also needed bitcoin core due to a block chain.
Yes, Armory requires a "full node", that is to say you must ensure that Bitcoin Core is downloaded, installed and the blockchain FULLY synced (currently 170+gigs worth) before you will be able to "see" or "send" any coins that have been sent to an address in your Armory wallet (NOTE: you can still "receive" coins and view them on a blockchain explorer like the ones bob123 listed).


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Bit coin core is still going through the process of installing on my computer, has been taking a while due to their years behind of installing. If bitcoin core works in with Armory,not sure if that needs to be fully installed before receiving funds.
Bitcoin Core syncing can be slow especially if your CPU, Storage or Internet Connection are "slow"... As mentioned, you can "receive" BTC without being fully synced, you just won't "see" them... and won't be able to "send" them until Bitcoin Core (and Armory) is fully synced.


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When I checked Armory, it goes through its process database, organizing block chain, parsing TX hashes, and mentions [Suspicious link removed]plete. I check my wallet, and no funds, unless the funds takes a few days before it arrives into my wallet account. I click on the dash board and it says Armory is online. In the bottom right hand side it says node offline (402226 blocks ) not sure if the node offline is an issue.
"Node Offline" will indeed be an issue... it means that your Armory is not able to communicate with your Bitcoin Core correctly. It has found the data, but is not live... so it will not automatically update as new blocks/transactions arrive.

 
Quote
I would appreciate any suggestions please to my above info. Please let me know if I need to do something different. I need to know please why I have not received my funds into my wallet account.
I would highly recommend you install a lightweight wallet like Electrum (https://electrum.org/#download) until you are more familiar with Bitcoin and how it works before you get involved with Armory.

At this point, you can either wait until Bitcoin Core has finished syncing, and you have Armory connected to it (it should say Node is "Online") and then send your Bitcoin from Armory, however if you don't want to wait to get your BTC out of Armory before the syncing has finished, you will need to do the following:

Firstly, create a new wallet in Electrum that has a seed ("File -> New\restore -> Standard wallet -> Create a new seed")... make sure you write the seed down! Then use the following menu options in Armory:
- Wallet Properties
- Backup This Wallet


- Select "Export Keys List" (top left box)
- Click "Export Keys List" (bottom box)


- Select the following options: "Address String", "Private Key (Plain Base58)","Include Unused (Address Pool)"... and make sure "Omit spaces in key data" is checked


You'll end up with a list of all the addresses and private keys displayed in the text box. The private keys will be labelled as "Plain Base58"

You can then go to your new Electrum wallet and use "Wallet -> Private Keys -> Sweep" to move the bitcoins into the new wallet that you setup in Electrum.

El2Fuego
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April 02, 2018, 04:14:31 AM
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Hi Readers Smiley

Thank you very much to the people that has taken the time in reading my info, and thank you for providing supportive information.
 Sorry if my info was too long, and tricky to understand.

With the information that I have received. I have not fully installed bit core, the block chain would not be fully synced, as the blocks would not be fully processed.

I understand what the issue is bit core. I was installing bit core before I got onto Armory. Thought Armory may work fully before bit core installed. Newbies Smiley

I checked the online block explorer to see if i received funds in the wallet address I provided, and yes I can see the funds.

I am happy to look into the light weight wallet like Elect rum, thank you for suggesting.

I have some more questions.

When it comes to receiving bit coins, the wallet address that I generated and used within Armory. Do I use that wallet address other times when receiving, and sending coins, or is it better to have a new address all the time?
 Is there a one main wallet address you should be using, or they need to change all the time. Meaning also if you generate and have different addresses you will still receive the funds?


Thank you to all that has provided support, the information has been very helpful Smiley



 
 
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April 02, 2018, 05:30:39 AM
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When it comes to receiving bit coins, the wallet address that I generated and used within Armory. Do I use that wallet address other times when receiving, and sending coins, or is it better to have a new address all the time?
While you CAN use the same address forever, it's usually not recommended because of privacy reasons.
If you reuse addresses then someone can link you to your purchases or transactions.
That's why (most) bitcoin wallets generate a new receiving address for you every time you make a transaction. Your wallet stores the private keys for these addresses so you can always access them.
If the wallet implements BIP 39, then all the addresses are derived from a "seed" which can be represented as a set of 12-24 words, making it easy for you to restore your funds on any wallet supporting BIP 39 by just typing the phrase.
Quote
Is there a one main wallet address you should be using, or they need to change all the time. Meaning also if you generate and have different addresses you will still receive the funds?
Like I said above, you can use anyone or different addresses all the time.
Your wallet can access the funds there because it stores the private keys.
You can also receive funds in a previously used address and still be able to access it.


bob123
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April 02, 2018, 09:16:23 AM
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When it comes to receiving bit coins, the wallet address that I generated and used within Armory. Do I use that wallet address other times when receiving, and sending coins, or is it better to have a new address all the time?
Is there a one main wallet address you should be using, or they need to change all the time.

There is no security risk in receiving coins to an address multiple times.
However it is advised - for privacy reasons - to only receive coins to an address once.
This way your different payments can't be linked together (until all of those UTXO's are being spend in one transaction).

The best would be to look at addresses as a kind of invoice number. Give them away once, and use a different one each time.



Meaning also if you generate and have different addresses you will still receive the funds?

Yes. A wallet manages all of your private-/public- keys.
You can reveive funds (and be able to spend them afterwards) to any address generated by your wallet.
This, of course, assumes your wallet does also hold the private key for an address. But thats basically a definition of a wallet.

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