Blockchain wallet problem Thailand. Electrum?

[bahtboy]

 I have a particular issue which I could do with guidance on....I am a UK citizen but I live in Thailand full time. I want to buy some BTC for the first time and after a lot of research and brick walls, I have opened an account with Quickbitcoin.co.uk and had it verified by their very helpful customer service. The reason I opened that account is that I wish to purchase BTC using GBP funds which are sitting in my UK bank account rather than funds from my Thai bank. Quickbitcoin tell me that I need to open a wallet in which to store any BTC I purchase from them, and they recommended Blockchain.com. and Electrum. I opened an account with Blockchain but when I did a test run on it I received a message that "buy and sell" is not available in your country (Thailand) at this time. (If I use my VPN which gives me a UK IP address I can proceed, but am wary of problems that may occur in the future. That is why I am here now. Will I have the same problem with Electrum? Regards.

[HCP]

Electrum is not a 3rd party "service" like Blockchain.com.

It is a software program that you run on your computer that connects to a decentralised network of Electrum servers around the world to retrieve and broadcast transaction data... As such, there is no IP filtering that I'm aware of on the Electrum network. That is to say, no-one cares where you're from

So, if you decided to download and install Electrum you should not have any issues... and will also have complete control over your funds!

Also, to avoid any scams, make sure you get Electrum from here: https://electrum.org/#download as there have been a number of scam clone wallets previously designed to steal coins from unsuspecting users.

[bob123]

Electrum is not a 3rd party "service" like Blockchain.com.

I can't emphasize this enough.

Get a real wallet. A software wallet without the need to trust a centralized server. Electrum is probably the best option for OP.

[... ]there is no IP filtering that I'm aware of on the Electrum network. That is to say, no-one cares where you're from

There is no IP filtering or anything else inside of the electrum network, BUT a few countries (russia at least) seems to block electrum traffic.
I can't fully confirm this, but multiple cases lead to the theory that the majority of ISP's in russia DO block electrum traffic.

I don't know whether this is the case for thailand, but i believe it is not.

Dear OP, electrum is definitely worth a try! Way better than any web wallet available (security-wise, privacy-wise and availability-wise).

[bahtboy]

Thank you HCP. I now have Electrum installed on my tablet. Am I right in thinking that before I make a purchase I need to log in to Electrum and get an address from them to give to the platform on which I buy Bitcoin, and my purchase will go directly to my Electrum wallet?

[bob123]

Am I right in thinking that before I make a purchase I need to log in to Electrum and get an address from them to give to the platform on which I buy Bitcoin, and my purchase will go directly to my Electrum wallet?

Not directly before you buy the bitcoins.
But if you want to withdraw coins from an exchange, you need to provide an address where the funds should be sent to.

So you need to open electrum and use a 'receiving address', which you then provide to the exchange.

Your BTC however don't go 'to your wallet'. Bitcoins (better: unspent transaction outputs; UTXO's) are assigned to your public key in the blockchain.
To access these coins, you need the corresponding private key (which is stored inside of your electrum wallet).

Also, please make sure to have a hand-written backup of your electrum mnemonic seed (you are being prompted to write it down upon creating the wallet).
Do NOT store this seed on your computer or any other device connected to the internet.

[bahtboy]

Thank you , bob123. This is a little confusing to me but I'll persevere. I'm thinking of using one of two platforms to which I've already subscribed. The first is quickbitcoin.co.uk and they tell me that they don't hold any purchased bitcoin in a wallet of their own (or of mine) but I have to give them an address to which they will send the bitcoin. (Or at least that is what I think they said).  The second is Bitcoin Co. Ltd. (Thailand) or https://bx.in.th/ and I'm now forgetting what happens if I buy bitcoin through them.
I'd really like a step by step guide in layman's terms and language as to how I can get any purchased bitcoin from either of those platforms into a wallet on Electrum. Really sorry for being pedantic and ignorant, but, as you may imagine, I need to know that my "hard-earned" isn't going to go into thin air.
All help will be greatly appreciated.
PS. Although I'm being a nuisance here, I learn well and will hopefully be up and running quickly without the need for further support again.
 Regards, bahtboy.

[bahtboy]

Further to the above post I feel that I have to ask for clarification on this paragraph:-

Your BTC however don't go 'to your wallet'. Bitcoins (better: unspent transaction outputs; UTXO's) are assigned to your public key in the blockchain.
To access these coins, you need the corresponding private key (which is stored inside of your electrum wallet).

How would I know what my "public key in the blockchain" is, and how would I find out what "the corresponding private key" is?

I really feel that I'm being a numbskull now but as I posted above, I really do learn well, and would crave your indulgence to help me understand completely. Once understood, I can't wait to buy some BTC.

[Lucius]

That literally means that BTC is actually stored at blockchain, and you only have private keys which allows you to spend/move that BTC through blockchain. You do not need to worry too much about it, you just need to be careful with your receiving address so that coins from exchange successfully reach your Electrum wallet.

From that point you need to pay attention on security of your wallet in terms of total security of your device (PC, tablet, smarthphone), by using good antivirus/antimalware and firewall. Also your most important backup is seed words you get in the installation process, write them down and keep them safe.

Another thing which is also very important, be sure to download original Electrum wallet - there are many fake sites with fake wallets. The only legitimate site is : https://electrum.org/#home

[AdolfinWolf]

Your BTC however don't go 'to your wallet'. Bitcoins (better: unspent transaction outputs; UTXO's) are assigned to your public key in the blockchain.
To access these coins, you need the corresponding private key (which is stored inside of your electrum wallet).

How would I know what my "public key in the blockchain" is, and how would I find out what "the corresponding private key" is?

A more technical answer:

As is normal when doing Elliptic Curve encryption, a private key is simply a random number. In the case of secp256k1, the elliptic curve used by Bitcoin, it has to be a number between 1 and 115792089237316195423570985008687907852837564279074904382605163141518161494336 (or in hexadecimal, between 0x1 and 0xFFFFFFFF FFFFFFFF FFFFFFFF FFFFFFFE BAAEDCE6 AF48A03B BFD25E8C D0364140).

This private key is converted to a public key by performing an EC point multiplication with the curve's base point. The result is an (x,y) coordinate pair, which constitutes the public key.

Finally, RIPEMD160(SHA256(pubkey)), where pubkey is a serialization of those coordinates, is computed, and encoded in base58, together with a checksum. This becomes the address.

https://bitcoin.stackexchange.com/questions/1389/how-are-public-private-keys-in-an-address-created/1715#1715
https://en.bitcoin.it/wiki/Secp256k1


https://en.bitcoin.it/wiki/Technical_background_of_version_1_Bitcoin_addresses

The easier answer:

You can simply click on show Public key/Private key when using Bitcoin Core/Electrum. I'd imagine that's the case for most other wallets aswell.


For Electrum it's simply right click on an adress -> Details for the public key, or -> Private key for the private key.

[harizen]

This is a little confusing to me but I'll persevere. I'm thinking of using one of two platforms to which I've already subscribed. The first is quickbitcoin.co.uk and they tell me that they don't hold any purchased bitcoin in a wallet of their own (or of mine) but I have to give them an address to which they will send the bitcoin. (Or at least that is what I think they said).  The second is Bitcoin Co. Ltd. (Thailand) or https://bx.in.th/ and I'm now forgetting what happens if I buy bitcoin through them.
I'd really like a step by step guide in layman's terms and language as to how I can get any purchased bitcoin from either of those platforms into a wallet on Electrum. Really sorry for being pedantic and ignorant, but, as you may imagine, I need to know that my "hard-earned" isn't going to go into thin air.

a) Access or open either; https://quickbitcoin.co.uk/  or https://bx.in.th - whatever you preferred between them.

b) Go to their respective buying/purchasing bitcoin page or something along those lines. (Not familiar with those sites you have mention)

b) Head to your Electrum wallet > click on Receive > You will see your bitcoin address on Receiving Address label. > Copy it.

c) Head back to those mentioned sites of yours and used the copied address for receiving your purchased bitcoins.

Important!
a) Backup your Electrum wallet so you can accessed it anywhere
- Go to Wallet tab
- Choose Seed
- Save those 12 words

b) Setup a password as a safety for an unauthorized used of your desktop/laptop.
- Go to Wallet tab
- Choose Password
- Setup your own password

We will head on technical details later on as you proceed.

[Lucius]

Your BTC however don't go 'to your wallet'. Bitcoins (better: unspent transaction outputs; UTXO's) are assigned to your public key in the blockchain.
To access these coins, you need the corresponding private key (which is stored inside of your electrum wallet).

How would I know what my "public key in the blockchain" is, and how would I find out what "the corresponding private key" is?

A more technical answer:

As is normal when doing Elliptic Curve encryption, a private key is simply a random number. In the case of secp256k1, the elliptic curve used by Bitcoin, it has to be a number between 1 and 115792089237316195423570985008687907852837564279074904382605163141518161494336 (or in hexadecimal, between 0x1 and 0xFFFFFFFF FFFFFFFF FFFFFFFF FFFFFFFE BAAEDCE6 AF48A03B BFD25E8C D0364140).

This private key is converted to a public key by performing an EC point multiplication with the curve's base point. The result is an (x,y) coordinate pair, which constitutes the public key.

Finally, RIPEMD160(SHA256(pubkey)), where pubkey is a serialization of those coordinates, is computed, and encoded in base58, together with a checksum. This becomes the address.

https://bitcoin.stackexchange.com/questions/1389/how-are-public-private-keys-in-an-address-created/1715#1715
https://en.bitcoin.it/wiki/Secp256k1


https://en.bitcoin.it/wiki/Technical_background_of_version_1_Bitcoin_addresses

The easier answer:

You can simply click on show Public key/Private key when using Bitcoin Core/Electrum. I'd imagine that's the case for most other wallets aswell.


For Electrum it's simply right click on an adress -> Details for the public key, or -> Private key for the private key.

Does my explanation was not good enough and appropriate for Newbie so you need to show your skills of copy/paste and just bring more confusion in his head? Electrum is HD wallet and makes no sense to play with private keys....

[AdolfinWolf]

Does my explanation was not good enough and appropriate for Newbie so you need to show your skills of copy/paste and just bring more confusion in his head? Electrum is HD wallet and makes no sense to play with private keys....

How would I know what my "public key in the blockchain" is, and how would I find out what "the corresponding private key" is?

He explicitely asked for it. I simply answered with a picture that shows exactly how he can see his private key/public key, using the same wallet as he is.

I don't see what's wrong here.

If someone is willing to learn more about the inner workings of bitcoin, and explicitely asking for it, i really don't see a reason to gatekeep him from it for it being "dumb" or unnecessary to learn/know.
(Because it really isn't..)

[bahtboy]

This is a little confusing to me but I'll persevere. I'm thinking of using one of two platforms to which I've already subscribed. The first is quickbitcoin.co.uk and they tell me that they don't hold any purchased bitcoin in a wallet of their own (or of mine) but I have to give them an address to which they will send the bitcoin. (Or at least that is what I think they said).  The second is Bitcoin Co. Ltd. (Thailand) or https://bx.in.th/ and I'm now forgetting what happens if I buy bitcoin through them.
I'd really like a step by step guide in layman's terms and language as to how I can get any purchased bitcoin from either of those platforms into a wallet on Electrum. Really sorry for being pedantic and ignorant, but, as you may imagine, I need to know that my "hard-earned" isn't going to go into thin air.

a) Access or open either; https://quickbitcoin.co.uk/  or https://bx.in.th - whatever you preferred between them.

b) Go to their respective buying/purchasing bitcoin page or something along those lines. (Not familiar with those sites you have mention)

b) Head to your Electrum wallet > click on Receive > You will see your bitcoin address on Receiving Address label. > Copy it.

c) Head back to those mentioned sites of yours and used the copied address for receiving your purchased bitcoins.

Important!
a) Backup your Electrum wallet so you can accessed it anywhere
- Go to Wallet tab
- Choose Seed
- Save those 12 words

b) Setup a password as a safety for an unauthorized used of your desktop/laptop.
- Go to Wallet tab
- Choose Password
- Setup your own password

We will head on technical details later on as you proceed.

That was exactly what I was looking for. Step by step instructions/guidance. Thank you so much, harizen.