Completely new to Bitcoin just downloaded Electrum, help set it up properly plz.

[Thomas29]

So I have Installed Electrum and I made my 12 Word Seed Code but I think i want to go back and make a 15 Word Seed Key but I don't even know if that's necessary like why is it an option is just for extra security for people who do like large investments/hold large amounts of Bitcoins.


  Now I am worried I am going to screw up Sending the Bitcoins from my Blockchain Wallet which I know it's not technically a wallet and I forget whatever the exact name is for what it's called but does it matter if I Call it A Blockchain.com Wallet or Blockchain.com's something that is the place they "put your Bitcoins in which is where everyone's Bitcoins are who uses Blockchain.com I'm assuming and using this an example and hence prone to Hackers taking my Money including everyone else's Money that Created an Account.


  I want to make it clear I never ever needed an Electrum Desktop Bitcoin Wallet which I am using Windows 7 and I am told that it's the worse O.S. to use and Mac second safest and Linux being safest. I have a Oracle VirtualBox VM and if you Google about it basically it's a program that let's you run it and if your running Windows 7 like I am and I want to use the Open Observator Network Interface which is only supported on Mac Computers it referred Me to using this program.


  Is the difference between using a Nano Ledger S U.S.B. Wallet Vs. just my regular WD Passport Portable 2TB U.S.B. Hard-Drive which has a Password for Encryption and that's it is the Encryption Capability of those U.S.B. devices and the Trezor Bitcoin U.S.B. Wallet etc.


  Now regardless of the answer to the question above is Downloading Electrum on my Password Protected WD Passport U.S.B. Hard-Drive more secure than just leaving Bitcoin on my Desktop Electrum Wallet which will be Online 24/7 as I leave my Computer Online to Upload Torrents for my Tracker to give back to the Downloading Community Tracker I am part of.


  If I Send Bitcoins to my Wallet it does not exactly seem as Easy to use as Advertised as I got my Bitcoin Address I can find it for the Bitcoin to be Sent to my specific Wallet now I am wondering if I simply use Add And Remove Programs to uninstall Electrum and Re-Install on my WD Passport U.S.B. Password Protected Hard-Drive which I won't loose and unlike the Hard Drive for my Computer it is less likely to stop working as it is not constantly being used 24/7 which is another reason why I am not asking whether I can even Download and USE ELECTRUM ON THIS Portable 2TB U.S.B. Hard-Drive or if I can only use it on my Desktop Windows 7 Computer which is constantly online.


  I got more questions but I thought I'd start with these.

[pooya87]

So I have Installed Electrum and I made my 12 Word Seed Code but I think i want to go back and make a 15 Word Seed Key but I don't even know if that's necessary like why is it an option is just for extra security for people who do like large investments/hold large amounts of Bitcoins.

if you are talking about "extending" your seed with additional 3 words then it is there to give you the opportunity to have 1 seed (the 12 words) but derive a different set of keys by having a "password" on top of it. they usually refer to it as plausible deniability. i personally don't know why it would be used though.

  Now I am worried I am going to screw up Sending the Bitcoins from my Blockchain Wallet which I know it's not technically a wallet and I forget whatever the exact name is for what it's called but does it matter if I Call it A Blockchain.com Wallet or Blockchain.com's something that is the place they "put your Bitcoins in which is where everyone's Bitcoins are who uses Blockchain.com I'm assuming and using this an example and hence prone to Hackers taking my Money including everyone else's Money that Created an Account.

they changed their name from blockchain.info to blockchain.com and it is a web wallet.
if you are worried then do it with a small amount to test things out, then spend that amount from your Electrum wallet too to be sure.
to test your Electrum setup you can also use TestNet mode. although you need to be extra careful in the future not to mix things up (like confusing the TestNet seed with your main wallet seed).
for example you can create a TestNet wallet, claim free (worthless) TestNet coins which are exactly like bitcoin from a faucet, receive this amount in your wallet then spend it (send back to the faucet) to see how things work.

  I want to make it clear I never ever needed an Electrum Desktop Bitcoin Wallet which I am using Windows 7 and I am told that it's the worse O.S. to use and Mac second safest and Linux being safest.

use cold storage if you want to be safe. Mac, Linux,... aren't giving you the safety you require.
this may answer your follow up questions too, using a portable hard disk.
disconnect your network physically, plug in the disk, install a fresh OS (Linux would work best here). change its setting so that it never connects to the internet. add necessary encryption (setting login password, user file encryption, disabling guest login,...) install Electrum (that you downloaded and verified before) add a strong password to that too. now this is your cold storage. never connect it to internet ever.
read more on how to send coins: http://docs.electrum.org/en/latest/coldstorage.html

[bones261]

So I have Installed Electrum and I made my 12 Word Seed Code but I think i want to go back and make a 15 Word Seed Key but I don't even know if that's necessary like why is it an option is just for extra security for people who do like large investments/hold large amounts of Bitcoins.

  A 15 word seed is more secure than a 12 word seed. However, the probability that someone will be able to brute force your 12 word seed is very small.

 Now I am worried I am going to screw up Sending the Bitcoins from my Blockchain Wallet which I know it's not technically a wallet and I forget whatever the exact name is for what it's called but does it matter if I Call it A Blockchain.com Wallet or Blockchain.com's something that is the place they "put your Bitcoins in which is where everyone's Bitcoins are who uses Blockchain.com I'm assuming and using this an example and hence prone to Hackers taking my Money including everyone else's Money that Created an Account.

  Blockchain.com stores the private keys on your device. Therefore, it is only as secure as your device.

 I want to make it clear I never ever needed an Electrum Desktop Bitcoin Wallet which I am using Windows 7 and I am told that it's the worse O.S. to use and Mac second safest and Linux being safest. I have a Oracle VirtualBox VM and if you Google about it basically it's a program that let's you run it and if your running Windows 7 like I am and I want to use the Open Observator Network Interface which is only supported on Mac Computers it referred Me to using this program.

  One of the main reasons that Windows is less secure is because it has the most users and hackers want to program their malware to reach the widest audience possible as easy as possible. Don't be fooled. If a situation arises where hackers suspect that many Bitcoin users are using Linux, they will come up with malware that works on Linux to steal your Bitcoins.

 Is the difference between using a Nano Ledger S U.S.B. Wallet Vs. just my regular WD Passport Portable 2TB U.S.B. Hard-Drive which has a Password for Encryption and that's it is the Encryption Capability of those U.S.B. devices and the Trezor Bitcoin U.S.B. Wallet etc.

 Both the Ledger and Trezor have measures to ensure that the private keys never leaves the device and gets exposed to a hacker. I believe that your 2TB Hard-Drive may end up loading your private keys into the memory of the device, before signing. You could connect your 2tB Hard drive to an air-gapped computer to create a signed transaction. Then use an internet connected machine to broadcast the transaction.

 Now regardless of the answer to the question above is Downloading Electrum on my Password Protected WD Passport U.S.B. Hard-Drive more secure than just leaving Bitcoin on my Desktop Electrum Wallet which will be Online 24/7 as I leave my Computer Online to Upload Torrents for my Tracker to give back to the Downloading Community Tracker I am part of.

Yes. But once you have it interact with a compromised computer, anything loaded into the compromised computer's memory can also be considered compromised.

 If I Send Bitcoins to my Wallet it does not exactly seem as Easy to use as Advertised as I got my Bitcoin Address I can find it for the Bitcoin to be Sent to my specific Wallet now I am wondering if I simply use Add And Remove Programs to uninstall Electrum and Re-Install on my WD Passport U.S.B. Password Protected Hard-Drive which I won't loose and unlike the Hard Drive for my Computer it is less likely to stop working as it is not constantly being used 24/7 which is another reason why I am not asking whether I can even Download and USE ELECTRUM ON THIS Portable 2TB U.S.B. Hard-Drive or if I can only use it on my Desktop Windows 7 Computer which is constantly online.

As long as you have your seed words, you can restore your Electrum wallet on any device that you choose. You may want to ensure that the wallet is indeed restored, before purging it entirely from your computer.

[bob123]

  I want to make it clear I never ever needed an Electrum Desktop Bitcoin Wallet which I am using Windows 7 and I am told that it's the worse O.S. to use and Mac second safest and Linux being safest.

I have a Oracle VirtualBox VM [...]

Regarding safety overall, yes. That's correct.

But as bones261 already pointed out, in a targeted attack it doesn't matter which OS you are using.

Since 98%+ of all malware is written for windows, using MAC / linux is definitely a safer option. Especially when storing BTC on your computer.


Note, that running linux in a virtual machine won't protect you at all.
If you host (your win7) is compromised, your guest (VM) will be too. Just not vice versa .

 Is the difference between using a Nano Ledger S U.S.B. Wallet Vs. just my regular WD Passport Portable 2TB U.S.B. Hard-Drive which has a Password for Encryption and that's it is the Encryption Capability of those U.S.B. devices and the Trezor Bitcoin U.S.B. Wallet etc.

Hardware wallets do not only store your private keys encrypted.
They have a secure element built in, which does not leak the private keys under any circumstances.

The secure element itself is responsible for signing transactions upon approving them on their built-in screen.
The private keys are basically always cut off from the internet or from an internet-connected device, which is not the case with your computer.

Encryption is only one (small) aspect which makes a hardware wallet secure.

 Now regardless of the answer to the question above is Downloading Electrum on my Password Protected WD Passport U.S.B. Hard-Drive more secure than just leaving Bitcoin on my Desktop Electrum Wallet which will be Online 24/7 as I leave my Computer Online to Upload Torrents for my Tracker to give back to the Downloading Community Tracker I am part of.

Where electrum is installed doesn't matter.
It matters where your wallet file is stored.

You can easily install electrum directly on your main drive, but store the wallet file on your encrypted hard drive.


But generally, yes if your wallet file is stored on a drive which is connected to your computer all the time, it is less secure than a non-mounted and/or encrypted hard drive.

However, once your computer is compromised (e.g. with a malware which waits for you to open electrum), it doesn't matter where your file is stored if you open it anyway at some time.

 If I Send Bitcoins to my Wallet it does not exactly seem as Easy to use as Advertised as I got my Bitcoin Address I can find it for the Bitcoin to be Sent to my specific Wallet now I am wondering if I simply use Add And Remove Programs to uninstall Electrum and Re-Install on my WD Passport U.S.B. Password Protected Hard-Drive which I won't loose and unlike the Hard Drive for my Computer it is less likely to stop working as it is not constantly being used 24/7 which is another reason why I am not asking whether I can even Download and USE ELECTRUM ON THIS Portable 2TB U.S.B. Hard-Drive or if I can only use it on my Desktop Windows 7 Computer which is constantly online.

You CAN use it wherever you want.
Make sure to have a backup of your 12 word mnemonic code, and you are fine.

I got more questions but I thought I'd start with these.

Feel free to ask as many questions as you want. A lot of us will be happy to help you out where we can.

One who never asks either knows everything or nothing.

[Pmalek]

... I leave my Computer Online to Upload Torrents for my Tracker to give back to the Downloading Community Tracker I am part of.

For better security try to not use the same computer you use for torrenting in connection with any private keys, seeds or other financial information. You never know what nasty thing you can catch downloading torrents and you are putting your money at risk.

[Thomas29]

So do I uninstall or keep the Electrum Wallet and where do I find these Files on my Computer are they ALL in the Electrum Folder and I just move them over onto my WD Passport Hard-drive since I am storing only 60 maybe 200 USD. If I was planning to for example get 1000USD in Bitcoin I would instantly 100% Buy a Ledger Nano S but considering the how little I use Bitcoin and how little Bitcoin I use and normally I don't have any extra Bitcoin.


  Coinmama.com is what I am using to Buy Bitcoin as I am new to it and don't know how to get it without using my Pre-Paid Credit Card to Buy Bitcoin and I send it to Blockchain and spend it instantly. The problem is that the minimum Amount of Bitcoin I can Purchase is 60$ and sometimes I need less than that to make a purchase and I am end up with a very small amount of Bitcoin left over in the Blockchain.com... whatever it is technically that you want to call it where the Bitcoin is Stored through Blockchain.com.


  So do I uninstall Electrum and Re-Install it on my 2TB Password Protected U.S.B. Hard-Drive and use the Seed Code to make sure it works or should I just move all the Electrum Files which I don't know where they all are as someone pointed out Electrum Files get stored on the Computer that are important since it will make my Electrum Wallet potentially vulnerable to attack.

[HCP]

Just FYI, uninstalling Electrum won't remove the wallet files... it's a feature to prevent loss of wallets due accidentally uninstalling etc.

You can find the wallet files in your "%AppData%\Electrum" directory... quick shortcut on Windows is:
- Press "Win+R"
- In the textbox, type: %AppData%
- Press enter
- You should see a folder named "Electrum" and in that will be a "wallets" folder, containing the wallet file(s)

Even if you attempt to install Electrum to your external drive, that will only place the application files on the drive. Windows will most likely still attempt to use this AppData folder for Electrum's data storage.

If you want the application AND all the wallet data to be on the external drive, you need to download and use the portable .exe version of Electrum... The portable .exe version creates a data directory in the same location as the .exe and stores the wallet files there.

The "installer" and "standalone" versions use the Windows %AppData% folder structure for storage by default.

[Thomas29]

Just FYI, uninstalling Electrum won't remove the wallet files... it's a feature to prevent loss of wallets due accidentally uninstalling etc.

You can find the wallet files in your "%AppData%\Electrum" directory... quick shortcut on Windows is:
- Press "Win+R"
- In the textbox, type: %AppData%
- Press enter
- You should see a folder named "Electrum" and in that will be a "wallets" folder, containing the wallet file(s)

Even if you attempt to install Electrum to your external drive, that will only place the application files on the drive. Windows will most likely still attempt to use this AppData folder for Electrum's data storage.

If you want the application AND all the wallet data to be on the external drive, you need to download and use the portable .exe version of Electrum... The portable .exe version creates a data directory in the same location as the .exe and stores the wallet files there.

The "installer" and "standalone" versions use the Windows %AppData% folder structure for storage by default.

  Thank you very much for your reply this is very helpful. Where do I go on the Electrum Website er... what exactly is it I need to Download for the "portable .exe version of electrum" so I can put it entirely on my portable U.S.B. Hard-Drive and again thank you.


  OH! I don't know if I should check the Box that says "Send only Confirmed Coins" I have no idea what that option will do and if I should select it and if their are any other options I should choose. Currently I am using Windows 7 but I am Updating to Windows 10 very soon so keep that in mind when it comes to my questions and how to set up my Electrum Wallet properly. I need help for Setting up Electrum Wallet Options such as whether or not I should check the Box next to the option for "Send only Confirmed Coins" or whether I should leave the box unchecked next to that option. If anybody with a lot of knowledge on Setting up Electrum Desktop Wallets to be set up for the best possible options to choose from in the Electrum Wallet Settings in Order to use my Wallet as efficiently as possible please let Me know.

[TryNinja]

  Thank you very much for your reply this is very helpful. Where do I go on the Electrum Website er... what exactly is it I need to Download for the "portable .exe version of electrum" so I can put it entirely on my portable U.S.B. Hard-Drive and again thank you.

There is an "Portable version" link on https://electrum.org/#download

[Thomas29]

How do I test my Seed Key/Code to make sure it is working before I begin using and Transferring Money to the Electrum Wallet.

[TryNinja]

How do I test my Seed Key/Code to make sure it is working before I begin using and Transferring Money to the Electrum Wallet.

You can restore the wallet from the seed and compare the addresses.

On Electrum: File -> New/Restore -> Write a random wallet name -> Standard wallet -> I already have a seed -> Enter the seed.

Then, compare the addresses from your wallet with this one you just restored.

[pooya87]

  OH! I don't know if I should check the Box that says "Send only Confirmed Coins" I have no idea what that option will do and if I should select it and if their are any other options I should choose. Currently I am using Windows 7 but I am Updating to Windows 10 very soon so keep that in mind when it comes to my questions and how to set up my Electrum Wallet properly. I need help for Setting up Electrum Wallet Options such as whether or not I should check the Box next to the option for "Send only Confirmed Coins" or whether I should leave the box unchecked next to that option. If anybody with a lot of knowledge on Setting up Electrum Desktop Wallets to be set up for the best possible options to choose from in the Electrum Wallet Settings in Order to use my Wallet as efficiently as possible please let Me know.

try to focus on your security and how to use bitcoin properly, your backup,... these additional options aren't really game changers. for instance this particular option may only affect you if you are spending bitcoin regularly and receiving regularly so that you may see an input that is not yet confirmed and you want to spend or not spend that particular one so you use this option. otherwise for regular users who rarely spend bitcoin this option may never be useful.

How do I test my Seed Key/Code to make sure it is working before I begin using and Transferring Money to the Electrum Wallet.

apart from what @TryNinja said, you can try by actually sending a small amount to your wallet and then spending it. something like $1 would work, you won't lose any money if something were wrong and at the same time you become more familiar with the wallet and usage of bitcoin in general.

[o_e_l_e_o]

You can restore the wallet from the seed and compare the addresses.

On Electrum: File -> New/Restore -> Write a random wallet name -> Standard wallet -> I already have a seed -> Enter the seed.

Then, compare the addresses from your wallet with this one you just restored.

I would add a caveat that ideally (depending on your level of paranoia and how much bitcoin you are planning to store in this wallet), this should be done on an air-gapped device (i.e. a device which does not have, and will never have, internet access). An almost as good alternative would be a live Linux distro. There is a possibility (small, but not insignificant) that there is a keylogger or similar malware on your device, and by typing in your seed phrase it becomes compromised in the process.

Personally I always recommend a hardware wallet. It generates the seeds for you. If I ever have to enter a seed in to any computer or phone, I immediately consider it compromised and move all my funds to a new wallet.

[Thomas29]

You can restore the wallet from the seed and compare the addresses.

On Electrum: File -> New/Restore -> Write a random wallet name -> Standard wallet -> I already have a seed -> Enter the seed.

Then, compare the addresses from your wallet with this one you just restored.

I would add a caveat that ideally (depending on your level of paranoia and how much bitcoin you are planning to store in this wallet), this should be done on an air-gapped device (i.e. a device which does not have, and will never have, internet access). An almost as good alternative would be a live Linux distro. There is a possibility (small, but not insignificant) that there is a keylogger or similar malware on your device, and by typing in your seed phrase it becomes compromised in the process.

Personally I always recommend a hardware wallet. It generates the seeds for you. If I ever have to enter a seed in to any computer or phone, I immediately consider it compromised and move all my funds to a new wallet.

Thank you for all the replies its a little bit confusing but it's still helpful thank you.


I just made an 80$ USD Purchase and have just made a purchase with the Bitcoin I am using a Pre-Paid Credit Card to Buy it from Coinmama.com. That being said Coinmama.com only allows Minimum of 60USD Purchase of Bitcoin... So sometimes I got like 20$ or 40$ left that I either can't spend right away until I get more Money or I need somewhere to just put that is key word here slightly more secure than putting it in the Blockchain.com what ever you want to Call the Bitcoin Account in technical terms.


  Now I am going to Download the Portable Version on my U.S.B. WD Passport 2TB Hard-Drive will I be able to Test the Seed Code by Restoring my Empty Desktop Wallet on my Portable Hard Drive? I am assuming I will have to manually delete that one file after uninstalling Electrum or does it not matter if I Download the Portable Version on my U.S.B. 2TB Hard-Drive so that it's completely separated.


   If I am unplugging my Computer from the Internet and Sending Money from my Portable Bitcoin Wallet to the Computer Hard-Drive Desktop Wallet... I understand my Computer can possible be compromised blah blah blah. Even if I wasted more money on a Ledger Nano S which literally would Cost Me more than TWICE AS MUCH Money in Bitcoin USD I Purchase and then spend literally the very moment it is received to my Blockchain.com Account. If I did Buy a Ledger Nano S someone could just simply wait until I go to to use and than use my "Infected Computer" to steal the Bitcoins there is no such thing as perfect security without using Cold Storage I simply BARELY EVER use Bitcoin and when I do use it's very small small super duper small amounts of USD and for a very very extremely short amount of time that I would even keep them before spending like a matter of less than 30 Minutes literally.


  I guess the people who are desperate enough to get passed my ESET Nod32 Anti Virus to get like 30USD in Bitcoin when I type in my Seed Code on my potentially "infected Computer" I guess they deserve and can keep the Money for all I care lol. I just don't understand how Bitcoin is going to be the future if small time users such as myself are at risk of being ripped off and are discouraged from Buying Bitcoin anymore often than they "forced" too or encouraged by Websites with Discounts for using Bitcoin or only accept Bitcoin as Payment since Paypal is a Scam and they should be shut down and someone who who is in charge of Paypal needs to be arrested.


  The entire goal I am trying to accomplish is maintaining the best security when comparing it to my Blockchain.com Account. I am not looking to put 20K of Bitcoin or even 500USD into my Electrum Wallet Like I said I would only be putting Bitcoin I either gained if it goes up in price or because I got nothing to Buy with it yet. To put it simply Buying a Ledger Nano S which would simply be a waste of money for considering how infrequent my use of it is and minor small time amount of Bitcoin I am Transferring and using for Purchases.



  

[bob123]

I need somewhere to just put that is key word here slightly more secure than putting it in the Blockchain.com what ever you want to Call the Bitcoin Account in technical terms.   

There are no bitcoin 'accounts'.
Blockchain.com offers a web wallet, where your private keys are stored on their server (encrypted by your password).

Any wallet is more secure than that.

  Now I am going to Download the Portable Version on my U.S.B. WD Passport 2TB Hard-Drive will I be able to Test the Seed Code by Restoring my Empty Desktop Wallet on my Portable Hard Drive? I am assuming I will have to manually delete that one file after uninstalling Electrum or does it not matter if I Download the Portable Version on my U.S.B. 2TB Hard-Drive so that it's completely separated.

You don't need to delete any file to check whether your mnemonic code (the seed encoded into 12 words) is correct.
You can simply create a new 'wallet' (more like: wallet file) and enter the same words to check whether it reproduces the same 'wallet' (addresses, etc. ).

   If I am unplugging my Computer from the Internet and Sending Money from my Portable Bitcoin Wallet to the Computer Hard-Drive Desktop Wallet... I understand my Computer can possible be compromised blah blah blah. Even if I wasted more money on a Ledger Nano S which literally would Cost Me more than TWICE AS MUCH Money in Bitcoin USD I Purchase and then spend literally the very moment it is received to my Blockchain.com Account. If I did Buy a Ledger Nano S someone could just simply wait until I go to to use and than use my "Infected Computer" to steal the Bitcoins there is no such thing as perfect security without using Cold Storage I simply BARELY EVER use Bitcoin and when I do use it's very small small super duper small amounts of USD and for a very very extremely short amount of time that I would even keep them before spending like a matter of less than 30 Minutes literally.

If a hardware wallet costs more than you own in BTC, it would be a complete waste.
Rather have some BTC stored on a desktop wallet than no BTC on a hardware wallet.

However, with the nano s an infected computer can not compromise your private keys / transactions.

Hardware wallets (at least the good ones (i.e. ledger nano, trezor ,..), not some shit like the bitfi garbage) do have a secure element built in which does not leak the private keys under any circumstances.
When you create a transaction on your computer (which itself is still 'vulnerable' to attacks), it is being handed to the hardware wallet.

Then you have to check the receipent / amount on your hardware wallet (built-in screen). If it does not match with what you have entered, don't confirm the transaction (in this case your computer created a compromised transaction).
If you see the recipient and amount is correct, you can confirm it with pressing a button on your hardware device. No tampering possible here.

  I guess the people who are desperate enough to get passed my ESET Nod32 Anti Virus to get like 30USD in Bitcoin when I type in my Seed Code on my potentially "infected Computer" I guess they deserve and can keep the Money for all I care lol. I just don't understand how Bitcoin is going to be the future if small time users such as myself are at risk of being ripped off and are discouraged from Buying Bitcoin anymore often than they "forced" too or encouraged by Websites with Discounts for using Bitcoin or only accept Bitcoin as Payment since Paypal is a Scam and they should be shut down and someone who who is in charge of Paypal needs to be arrested.

Well, the problem is not cryptocurrency in special.

Malware can be obfuscated and coded to bypass any AV checks. This applies to bitcoin-stealing malware the same way it applies to any other form of malware (except maybe ransomware which encrypts everything on your harddrive, that is very easy to spot).

It is not hard at all to infect a computer if it isn't explicitly maintained to be properly secured (which is not that easy, especially not in windows).


If you have ANY valuable data on your computer which you can not afford to lose, you are at risk.
But would you say that computers aren't the future ? I guess not.

Crypto is just some kind of a 'special case' because sensitive data in cryptocurrency equals money.
While other data would first have to be sold on a dark market or anywhere else, stealing private keys instantly gives you money. Therefore it is a lucrative target.

  The entire goal I am trying to accomplish is maintaining the best security when comparing it to my Blockchain.com Account. I am not looking to put 20K of Bitcoin or even 500USD into my Electrum Wallet Like I said I would only be putting Bitcoin I either gained if it goes up in price or because I got nothing to Buy with it yet. To put it simply Buying a Ledger Nano S which would simply be a waste of money for considering how infrequent my use of it is and minor small time amount of Bitcoin I am Transferring and using for Purchases.   

A web wallet is less secure in every aspect.

If you computer is compromised, an attacker can also gain access to your web wallet once you log in from this computer.
A web wallet has all the same attack vectors a desktop- or mobile wallet has, plus multiple others additionally.


Set a wallet password in electrum, keep sure to have your software up-to-date, including your operating system, don't download cracked or shady software and use your computer and the internet with common sense.
This is more than enough to protect <100$ worth of BTC.

[o_e_l_e_o]

If we are talking sums of around $50, then yes, a hardware wallet is unnecessary. It is perfectly reasonable to store that amount on Electrum or another software wallet. I carry more than that around on a mobile wallet every day, for any on-the-go spending I may need to do. Yes, it's not as secure as a hardware wallet, but for such a small amount it's an acceptable risk.

I would repeat the advice above to generally avoid web wallets, however.

[Thomas29]

I need somewhere to just put that is key word here slightly more secure than putting it in the Blockchain.com what ever you want to Call the Bitcoin Account in technical terms.    

There are no bitcoin 'accounts'.
Blockchain.com offers a web wallet, where your private keys are stored on their server (encrypted by your password).

Any wallet is more secure than that.

 Now I am going to Download the Portable Version on my U.S.B. WD Passport 2TB Hard-Drive will I be able to Test the Seed Code by Restoring my Empty Desktop Wallet on my Portable Hard Drive? I am assuming I will have to manually delete that one file after uninstalling Electrum or does it not matter if I Download the Portable Version on my U.S.B. 2TB Hard-Drive so that it's completely separated.

You don't need to delete any file to check whether your mnemonic code (the seed encoded into 12 words) is correct.
You can simply create a new 'wallet' (more like: wallet file) and enter the same words to check whether it reproduces the same 'wallet' (addresses, etc. ).

  If I am unplugging my Computer from the Internet and Sending Money from my Portable Bitcoin Wallet to the Computer Hard-Drive Desktop Wallet... I understand my Computer can possible be compromised blah blah blah. Even if I wasted more money on a Ledger Nano S which literally would Cost Me more than TWICE AS MUCH Money in Bitcoin USD I Purchase and then spend literally the very moment it is received to my Blockchain.com Account. If I did Buy a Ledger Nano S someone could just simply wait until I go to to use and than use my "Infected Computer" to steal the Bitcoins there is no such thing as perfect security without using Cold Storage I simply BARELY EVER use Bitcoin and when I do use it's very small small super duper small amounts of USD and for a very very extremely short amount of time that I would even keep them before spending like a matter of less than 30 Minutes literally.

If a hardware wallet costs more than you own in BTC, it would be a complete waste.
Rather have some BTC stored on a desktop wallet than no BTC on a hardware wallet.

However, with the nano s an infected computer can not compromise your private keys / transactions.

Hardware wallets (at least the good ones (i.e. ledger nano, trezor ,..), not some shit like the bitfi garbage) do have a secure element built in which does not leak the private keys under any circumstances.
When you create a transaction on your computer (which itself is still 'vulnerable' to attacks), it is being handed to the hardware wallet.

Then you have to check the receipent / amount on your hardware wallet (built-in screen). If it does not match with what you have entered, don't confirm the transaction (in this case your computer created a compromised transaction).
If you see the recipient and amount is correct, you can confirm it with pressing a button on your hardware device. No tampering possible here.

 I guess the people who are desperate enough to get passed my ESET Nod32 Anti Virus to get like 30USD in Bitcoin when I type in my Seed Code on my potentially "infected Computer" I guess they deserve and can keep the Money for all I care lol. I just don't understand how Bitcoin is going to be the future if small time users such as myself are at risk of being ripped off and are discouraged from Buying Bitcoin anymore often than they "forced" too or encouraged by Websites with Discounts for using Bitcoin or only accept Bitcoin as Payment since Paypal is a Scam and they should be shut down and someone who who is in charge of Paypal needs to be arrested.

Well, the problem is not cryptocurrency in special.

Malware can be obfuscated and coded to bypass any AV checks. This applies to bitcoin-stealing malware the same way it applies to any other form of malware (except maybe ransomware which encrypts everything on your harddrive, that is very easy to spot).

It is not hard at all to infect a computer if it isn't explicitly maintained to be properly secured (which is not that easy, especially not in windows).


If you have ANY valuable data on your computer which you can not afford to lose, you are at risk.
But would you say that computers aren't the future ? I guess not.

Crypto is just some kind of a 'special case' because sensitive data in cryptocurrency equals money.
While other data would first have to be sold on a dark market or anywhere else, stealing private keys instantly gives you money. Therefore it is a lucrative target.

 The entire goal I am trying to accomplish is maintaining the best security when comparing it to my Blockchain.com Account. I am not looking to put 20K of Bitcoin or even 500USD into my Electrum Wallet Like I said I would only be putting Bitcoin I either gained if it goes up in price or because I got nothing to Buy with it yet. To put it simply Buying a Ledger Nano S which would simply be a waste of money for considering how infrequent my use of it is and minor small time amount of Bitcoin I am Transferring and using for Purchases.  

A web wallet is less secure in every aspect.

If you computer is compromised, an attacker can also gain access to your web wallet once you log in from this computer.
A web wallet has all the same attack vectors a desktop- or mobile wallet has, plus multiple others additionally.


Set a wallet password in electrum, keep sure to have your software up-to-date, including your operating system, don't download cracked or shady software and use your computer and the internet with common sense.
This is more than enough to protect <100$ worth of BTC.

So what your saying is without a EVEN with a Ledger Nano S U.S.B. Hard-Drive it would literally at best only protect my Bitcoin and every other little bit of information like the Coinmama Visa Debit Card Number will be compromised and that every single thing of value will be sold on the dark net and we already established if my Computer is infected Testing my 12 Seed Password is as good as giving them my Money. Now my question I can't see how you could use Cold Storage either without Buying a Ledger Nano S but if I can somehow Buy another cheap Computer and preferably Install Linux for the sake of the fact it will never be online or in use so who cares and I Buy 32GB U.S.B. Hard-Drives I use for storing Files on my Xbox 360 which fill up fast. That way I would always have a new Hard Drive that after sending Bitcoin from my Cold-Storage Computer and then to the potentially Infected Computer I would be just simply Re-Formatting the Hard-Drive to run on my Xbox 360 and I'm not sure if I could recycle Re-Formatted U.S.B. Hard-Drives or if that idea would even work so please don't bite my head off for asking this simple question. I am SIMPLY just trying to be as SAFE as I can POSSIBLY BE nothing more and nothing less if I can't accomplish anything but a Desktop Wallet for Security than so be it[/u

  

[Thomas29]

Quick question about Online Hot Wallets what if your Computer is compromised wouldn't the password and 2-Factor Authentication be no different than Electrum with a password and no 2FA? Just a question of curiosity don't rip my head off please lol I understand Online Hot Wallets equals = DO NOT USE... I am worried my Computer might be compromised you all make it seem like if I make a large Bitcoin Purchase from my Electrum Wallet I will get jacked for all my Bitcoin because I never payed a Ledger Nano S which I would if it was slightly cheaper.

[TryNinja]

Quick question about Online Hot Wallets what if your Computer is compromised wouldn't the password and 2-Factor Authentication be no different than Electrum with a password and no 2FA? Just a question of curiosity don't rip my head off please lol I understand Online Hot Wallets equals = DO NOT USE... I am worried my Computer might be compromised you all make it seem like if I make a large Bitcoin Purchase from my Electrum Wallet I will get jacked for all my Bitcoin because I never payed a Ledger Nano S which I would if it was slightly cheaper.

When someone gets your password (due to your computer being compromised), they can at any time copy your wallet and spend your coins. So, that means your coins are totally compromised.

If you're using a 2FA wallet, at least you need the 2FA code (which changes every 30 seconds) to spend the money. This means that the hacker can only steal your coins if he's seeing your screen (or what you type) at the moment you try to make a tx and type the code (so he can use it first in his own device). Or... if he also infected the device which has the 2FA (e.g you phone).

If you think your computer is compromised, DON'T SEND ANY MONEY TO ANY WALLET ON IT. If you do, there is a chance your coins will be stolen. What you need to do is format your computer and do a clean reinstall, then create a new brand wallet, and then send your coins to it. Now, if you really want to be 100% safe, buy a Nano S or Trezor and use it to store your coins.

[pooya87]

Quick question about Online Hot Wallets what if your Computer is compromised wouldn't the password and 2-Factor Authentication be no different than Electrum with a password and no 2FA? Just a question of curiosity don't rip my head off please lol I understand Online Hot Wallets equals = DO NOT USE... I am worried my Computer might be compromised you all make it seem like if I make a large Bitcoin Purchase from my Electrum Wallet I will get jacked for all my Bitcoin because I never payed a Ledger Nano S which I would if it was slightly cheaper.

first lets clarify your question with bad terminology.
- an online wallet is a wallet that is connected to internet. for example if you install Electrum on your PC and connect to internet, your Electrum wallet is an online wallet.
- a web wallet is a wallet that is hosted somewhere on a server and you visit it through a website. like blockchain.com

now 2FA concept is different in a web wallet and in Electrum (the online wallet). for the web wallet you only get a secondary password that you have to enter to have access to your account. for Electrum the 2FA is not just a password, it is a third party holding 1 of 3 keys, 2 of which are required to spend coins (you hold the other one) so they sign the transaction that you half-sign and give them so it gives a better security.

also online or even web wallets are NOT equal to "DO NOT USE". they have their own usages and should only be used for the purpose they sever. for example an online wallet is your hot wallet, just like the physical wallet you keep in your back pocket and don't store $1 million in it, instead store a small pocket money that you want to spend.