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

[bob123]

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

This formatting is horrible to read.

If your computer is compromised and an attacker gains access to your credit card details, it will most probably be sold on a dark market, yes.


If you are setting up an offline computer (always offline, not even online a single minute), you basically do have a cold storage.
This already eliminates tons of attack vectors.

You'd still have to think about how to transfer signed/unsigned transactions and the direct access to your computer (evil maid scenario).
If you have a concept for both of them (transfer / HW access), your coins will be extremely secured.


I am not exactly sure what you mean with your hard drive and the reformatting. Can you elaborate this please ?

[Thomas29]

  Lol anyways I had to Buy more Bitcoin long story than I am comfortable with and sent 1$ to my Electrum Desktop Wallet. It worked and then I went to send a 190USD to the Wallet and it just simply says unconfirmed why is it saying this? How do I set up 2 Factor Authentication with my Electrum Wallet? It says nothing about it and the only thing protecting my Desktop Electrum Wallet is a stupid Password which I now understand EVERYTHING ABOUT BITCOIN is like a merry-go-around of time people repeating the exact same novel in their own words and it's exhausting not being able to get one single inch in the right direction due to the information being all over the place from every single person that posts replies here.


  Just saying it how I'm seeing it nobody get butt hurt/offended now lol were all grown adults right?


  Now this 190USD was meant to be spent right away but the Bitcoin Address the Seller gave Me expired which he did not tell Me anything but I would have to make the purchase today and not that this Bitcoin Address is going to change if you don't make it today if I had known that I never ever would of bought that much Bitcoin since it's fluctuating up and down and when ever I invest any amount of Bitcoin it's at 9,300.50 Cents right now but it goes up and goes back down in literally a matter of seconds.


  I read about this unconfirmed Bitcoin Payments being Sent to Electrum and basically... Essentially I have to wait for it to bounce back to my whatever your little heart desires calling the terminology for the www.blockchain.com Wallet (I simply choose to Call it a Wallet for simplicity sakes.)  since everyone describes it their own personalized way. I like this anxiety and they say Bitcoin the future and I think the future has come and past and maybe PAX whatever that is if it works like I think it is supposed to it keep Bitcoin alive but the way it is described is to good to be true.

[o_e_l_e_o]

I went to send a 190USD to the Wallet and it just simply says unconfirmed why is it saying this?

Because you set a fee that was too low. Your transaction will now be sitting in the pool of "unconfirmed transactions", from which the transactions with the highest fee are given priority and will confirm first. There are ways you can increase the fee to speed up your transaction. The easiest is RBF, but blockchain.com wallets do not support this. The other is CPFP, which you can do from your Electrum wallet.

How do I set up 2 Factor Authentication with my Electrum Wallet?

Open Electrum, create a new wallet, and select "Wallet with two-factor authentication".

It says nothing about it and the only thing protecting my Desktop Electrum Wallet is a stupid Password

The best option for using Electrum is to use it with a hardware wallet such as Ledger or Trezor, although if you are only transacting small amounts like a few hundred dollars, then the expenses probably isn't worth it for you.

Now this 190USD was meant to be spent right away but the Bitcoin Address the Seller gave Me expired

This is fairly standard practice when requesting a specific amount, due to the fluctuating price. Simply request a new one.

[Lucius]

Thomas29, bitcoin is not fiat, you should know that before you became involved in the world of cryptocurrency. Now you have the option to adapt, learn, and accept things which are important in this world, or to just sold bitcoin and turn back to fiat.

2FA in Electrum is not free and you should know that before you experience another surprise. Read more about this option here : Two Factor Authentication

I would not agree with o_e_l_e_o that few hundred $ stored on desktop / mobile wallet isn't worth of one hardware wallet which is cost between $50 and $100, but it is the personal thing of every user and the way he wants to protect his investment.

Electrum can be very safe wallet, but it is safe only how much is the one who uses it is aware of what he is doing. Download only from legit site, verify signature, set strong password, use good AV, antimalware, firewall and a little common sense.

[Thomas29]

Thomas29, bitcoin is not fiat, you should know that before you became involved in the world of cryptocurrency. Now you have the option to adapt, learn, and accept things which are important in this world, or to just sold bitcoin and turn back to fiat.

2FA in Electrum is not free and you should know that before you experience another surprise. Read more about this option here : Two Factor Authentication

I would not agree with o_e_l_e_o that few hundred $ stored on desktop / mobile wallet isn't worth of one hardware wallet which is cost between $50 and $100, but it is the personal thing of every user and the way he wants to protect his investment.

Electrum can be very safe wallet, but it is safe only how much is the one who uses it is aware of what he is doing. Download only from legit site, verify signature, set strong password, use good AV, antimalware, firewall and a little common sense.

For the record I literally just started using Bitcoin and I've made literally like less than 200USD like 3x I have spent like 100ishUSD max so far per transaction and I am still learning it's like you people have all forgotten what it's like to be new to Bitcoin or something has done something to a lot of people replying here.


  Everything you just said except for having to Pay for 2-FA should be "needless" to say in fact it is repeatedly said so ya I'm not surprised by anything but the Posts of people regurgitating the same information over and over like this.


  Last time I checked a Ledger Nano S was like 150USD or some Brand New which is literally 200$ Canadian so unless your talking about purchasing used Ledger Nano S and Trezzor and similar Wallets I don't know what your talking about.

[HCP]

Last time I checked a Ledger Nano S was like 150USD or some Brand New which is literally 200$ Canadian so unless your talking about purchasing used Ledger Nano S and Trezzor and similar Wallets I don't know what your talking about.

Then you might want to revisit the Ledger store and check current pricing... the Nano S is considerably cheaper: https://shop.ledger.com/products/ledger-nano-s

The Nano X is certainly a lot more expensive than the S. Nano S is currently selling for CAD$89, Nano X is CAD$159... that includes free shipping.

[Thomas29]

Well moot point since the person did not give Me a new Bitcoin Address since he went on Vacation and I don't need a Ledger Nano S since I am spending all of the Money right now it's just the one place I have to choose from will be taking Orders and Shipping them out but since they are under staffed until the 26th they will simply just not be replying to Emails so again as I am spending it before I lose my 30USD Profit but what if it doesn't go down and keeps going up. Now knowing whether or not it would be good or bad idea to keep the Bitcoin to attempt making Profit for until the 26 is not a MOOT POINT!  if it was not essentially not literally determined by how popular Bitcoin is at any given moment.


  Heck very few of these posts have been helpful and to those that have made polite and helpful posts God Bless and Thank You I'm out. OH! Bracing myself for someone to rip my head off what is the difference between the S and X Ledger Wallets? As plenty of people have pointed out to even if I get one your prone when using it Online hence I would need to Buy a Computer to use for "Cold Storage" to be 100% safe against the potential malware which everyone seems to think/know/say it is essentially going to happen no matter how hard you try to avoid it etc.

[HCP]

what is the difference between the S and X Ledger Wallets?

The short version is:
S = older, limited onboard storage for holding coin "apps"
X = newer, more onboard storage + wireless connectivity for use with iOS/Android companion wallets

As plenty of people have pointed out to even if I get one your prone when using it Online hence I would need to Buy a Computer to use for "Cold Storage" to be 100% safe against the potential malware which everyone seems to think/know/say it is essentially going to happen no matter how hard you try to avoid it etc.

huh??!? The entire point of hardware wallets is that you can use them on a "normal" internet connected computer or mobile device and you don't need to worry about your private keys being compromised as they're secured within the hardware wallet.

[Pmalek]

As plenty of people have pointed out to even if I get one your prone when using it Online hence I would need to Buy a Computer to use for "Cold Storage" to be 100% safe against the potential malware which everyone seems to think/know/say it is essentially going to happen no matter how hard you try to avoid it etc.

Nobody can steal the coins from your hardware wallet. To send coins from a wallet like Ledger you need to confirm/allow the transaction to be sent by physically pressing a button on your device. Therefore a hacker can't get to your coins or your private keys because they are always stored on your hardware wallet. You can only lose you funds by being subjected to social engineering hacks and sending the bitcoins to the wrong address.

Even if your computer is infected you are safe when using hardware wallets.
Even if the site/exchange is under attack your funds will still be safe on your device.

You see, the only one who can compromise the safety of your assets on a hardware wallet is you.  

[Lucius]

Everything you just said except for having to Pay for 2-FA should be "needless" to say in fact it is repeatedly said so ya I'm not surprised by anything but the Posts of people regurgitating the same information over and over like this.

Last time I checked a Ledger Nano S was like 150USD or some Brand New which is literally 200$ Canadian so unless your talking about purchasing used Ledger Nano S and Trezzor and similar Wallets I don't know what your talking about.

Feel free to report to moderator every post you consider needless or spam in this thread, or just open self-moderated thread. I try to help you with some advice, but if this is not good for you this is your problem. How stupid is from you to claim that Ledger Nano S is has a price of $150, and more then a year ago is under $100, and in some promotion you could buy it for only $50.

You should show a little more gratitude and respect to members who are answering to you questions, and most of them are already answered and it can be found by using forum search or any other search engine.

[Thomas29]

I made a mistake wow this place is super unfriendly and overly sensitive to a mistake I made about the cost of a hardware wallet, it seems there are nuances you just can't tell on the internet. Came to ask for advice about why my Electrum Wallet will not let the provided Bitcoin receiving address is not working it just says invalid and from what I read on Google I am not the only one. If I can't get Electrum Wallet working which I read you want to reinstall or use the Seed Keys to get it to set up so it has "Legacy" option or whatever they call the new "Standard" that's just the few limited pages I had time to read on google.


  But no need for anyone to being calling Me stupid for not knowing the recent Price of a hardware wallet lol it was an estimate and one I remembered from literally years ago and was in no way intended as a statement of fact. Yet here I am relentlessly getting my head ripped off after I made it very clear I am NEW to Bitcoin 100% Completely.

[bob123]

Came to ask for advice about why my Electrum Wallet will not let the provided Bitcoin receiving address is not working it just says invalid and from what I read on Google I am not the only one.

 

The provided 'receiving address' is valid.

You might have a bech32 format address (starting with bc1..) which is not yet accepted by older (not updated) online services.

Therefore, to get nested segwit (addresses starting with 3..) or legacy (starting with 1..) which are both accepted everywhere, recover your wallet with your seed.

If I can't get Electrum Wallet working which I read you want to reinstall or use the Seed Keys to get it to set up so it has "Legacy" option or whatever they call the new "Standard" that's just the few limited pages I had time to read on google.

Yes, simply recreate your wallet and choose nested segwit (P2WSH / P2SH).

But no need for anyone to being calling Me stupid for not knowing the recent Price of a hardware wallet lol it was an estimate and one I remembered from literally years ago and was in no way intended as a statement of fact. Yet here I am relentlessly getting my head ripped off after I made it very clear I am NEW to Bitcoin 100% Completely.

I don't think Lucius meant to insult you.
Accentuation can change a lot when talking, which unfortunately can not be transmitted via text on the internet.

I think he thought that you could simply google it (which literally takes less than 10 seconds) instead of calling numbers which are extremely high compared to the actual price.

No one wants to 'rip your head off'.

[Thomas29]

I just checked and my Receiving address does say bc1 at the beginning.



My Electrum Wallet is set to Segwit not Legacy here I was thinking setting it to Legacy will work what is this madness? I got 0.00096806 roughly 11USD and some Cents right now and it won't even let Me Send it due to "insufficient funds" despite having the Electrum Fee Slider all the way to the left. I have spent Days and Hours and precious time and I have even missed out on dinner getting caught up in this black hole of progressing nowhere.


  Last thing I want to do is Buy a Ledger Nano S to find out I can't use the thing because of some problems like this and if I used a "Cold Storage" on another Computer I don't understand how am I supposed to use a Computer which this Thread makes it seem like it's literally impossible to not get infected eventually with Malware. When the Computer gets infected with Malware how am I supposed to use the "Cold Storage" Computer to grab some Bitcoins...?


  Again I am completely new to Bitcoin and Electrum Wallet or any Wallets for that matter.

[TryNinja]

My Electrum Wallet is set to Segwit not Legacy here I was thinking setting it to Legacy will work what is this madness? I got 0.00096806 roughly 11USD and some Cents right now and it won't even let Me Send it due to "insufficient funds" despite having the Electrum Fee Slider all the way to the left. I have spent Days and Hours and precious time and I have even missed out on dinner getting caught up in this black hole of progressing nowhere.

Fees are high right now because of BTC going to the moon.

Enable manual fees on Tools -> Preferences -> Edit fees manually. Then you will be able to see how much you're paying in fees and manually set how many sat/byte ("fees measure unit") you want to pay.

 Last thing I want to do is Buy a Ledger Nano S to find out I can't use the thing because of some problems like this and if I used a "Cold Storage" on another Computer I don't understand how am I supposed to use a Computer which this Thread makes it seem like it's literally impossible to not get infected eventually with Malware. When the Computer gets infected with Malware how am I supposed to use the "Cold Storage" Computer to grab some Bitcoins...?

You will not have problems with a Nano S. You will connect the device and use it. It's the most newbie-friendly way of being 100% secure. A computer acting as a Cold Storage is safe because "Cold" means offline, without any connection to the outside world (internet). So, no hacker can get your private-keys, password or spend your coins.

But that's more complicate, because you have to craft the transaction in an online device, send it to the offline PC (through usb, for example), sign the transaction, send it back and broadcast (lots of not-newbie-friendly words). With a Nano S, you just connect, make the transaction, click the "Confirm" button on the hardware device and you're done.

[Thomas29]

How do you know the U.S.B. device your using for "Cold Storage" Computer is not infected with malware though? The point is I was never asking about the prices of Ledger Nano S I just simply mentioned it so I do feel personally attacked in a very hostile way by that user which I have now set to "ignored"

[TryNinja]

How do you know the U.S.B. device your using for "Cold Storage" Computer is not infected with malware though?

I don't think it works like this.

All an usb device (flash drive) does is mount a storage to put files on it. It can't run things if you don't tell them to run, and you can actually see what files are inside of it.

Anyways, there are other ways you can do that. E.g: craft the transaction, generate a QR code for it, and then scan it with a camera on the cold pc. No way of sending a malware to it.

[Thomas29]

How do I go learn about Cold-Storage since I don't know what you mean craft a U.S.B. like what U.S.B. cord or hard-drive or the countless other things it could mean. But as I said I haven't even eaten dinner yet because I now have to use my Seed Key which means?


  I got to go and do what exactly in the Wallet?

[Thomas29]

How does it get a QR Code if it is offline?

[Thomas29]

My Electrum Wallet is set to Segwit not Legacy here I was thinking setting it to Legacy will work what is this madness? I got 0.00096806 roughly 11USD and some Cents right now and it won't even let Me Send it due to "insufficient funds" despite having the Electrum Fee Slider all the way to the left. I have spent Days and Hours and precious time and I have even missed out on dinner getting caught up in this black hole of progressing nowhere.

Fees are high right now because of BTC going to the moon.

Enable manual fees on Tools -> Preferences -> Edit fees manually. Then you will be able to see how much you're paying in fees and manually set how many sat/byte ("fees measure unit") you want to pay.

 Last thing I want to do is Buy a Ledger Nano S to find out I can't use the thing because of some problems like this and if I used a "Cold Storage" on another Computer I don't understand how am I supposed to use a Computer which this Thread makes it seem like it's literally impossible to not get infected eventually with Malware. When the Computer gets infected with Malware how am I supposed to use the "Cold Storage" Computer to grab some Bitcoins...?

You will not have problems with a Nano S. You will connect the device and use it. It's the most newbie-friendly way of being 100% secure. A computer acting as a Cold Storage is safe because "Cold" means offline, without any connection to the outside world (internet). So, no hacker can get your private-keys, password or spend your coins.

But that's more complicate, because you have to craft the transaction in an online device, send it to the offline PC (through usb, for example), sign the transaction, send it back and broadcast (lots of not-newbie-friendly words). With a Nano S, you just connect, make the transaction, click the "Confirm" button on the hardware device and you're done.

  I have the Fees Set to "Edit Fees Manually" and I think it's because I don't know how to reset the Seed Key. Since my Receive Address starts with BC1 or whatever... If someone tells Me "Cold Storage" means "Offline Storage" I am gonna bash my head into a brick wall over and over and over since I keep hearing that statement and it's not like I have ever even asked "What does Cold Storage mean?" either.


  Not complaining just saying and grateful for the help provided just wish I could figure this out without all the stress and Hours upon Hours that go into figuring it out. If it makes a difference I am using the Newest Version of Electrum. 3.3.6 Version.

[Thomas29]

I am a bit desperate to make a Transaction of Bitcoin to another individual tonight and I don't know if I will make it in time. I figured out how to Edit the Fees but it says on the www.blockchain.com "Account Wallet or your preferred technical term for Calling it." but how much is is the smallest amount of Fee I can use without risking my Transaction from accidentally simply not Sending or like on Blockchain.com it went from 8 to 14 to 18 for the Minimum Fee to Send Bitcoin so it's all over the place right now.


  It also has a "regular and priority" which just says 60+ Minutes and 0-60 Minutes for Priority so?


 


  Okay so I figured out how to Edit the Fees for Electrum except I have No idea what to set them at can someone please help Me with this please? It says on the www.blockchain.com "Account Wallet or your preferred technical term for Calling it." but how much is is the smallest amount of Fee I can use without risking my Transaction from accidentally simply not Sending or like on Blockchain.com it went from 8 to 14 to 18 for the Minimum Fee to Send Bitcoin so it's all over the place right now.


  It also has a "regular and priority" which just says 60+ Minutes and 0-60 Minutes for Priority so?