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Loque
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August 14, 2019, 11:50:00 AM
 #21

Most important thing I need is an address that can allow my customers to send me money.
Instead of withdraw with exchangers every time it can happen I'll use some btc too.
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August 14, 2019, 11:58:23 AM
 #22

Most important thing I need is an address that can allow my customers to send me money.
Instead of withdraw with exchangers every time it can happen I'll use some btc too.

Choose Legacy then. Your customers might want to send you coins from exchanges or wallets which don't support native SegWit addresses. Alternatively, you could try getting nested SegWit addresses to work (they start from 3) which are compatible with all services and still allow you to save some money on fees. However, this will require and extra step during setup.

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August 14, 2019, 12:32:40 PM
 #23

Some people in this forum hate coinomi because it is not open source, and because its mobile version had a bug that could share seed with Google docs (something like that)

However, it is a convenient wallet, in the mobile version. There is no multicurrency wallet which is open source. Also, the Google bug with the seed never affected the mobile version.

So, imo, you can use the mobile version to hold small amounts of money, especially if you need a multicurrency wallet.

For large amounts, ledger nano and trezor are the best choices, no doubt
Did anyone ask for a multicurrency wallet here? No. Therefore, that post was pointless. Coinomi is unsafe and should not be used, convenient or not. People need to start being held liable for their recommendations.

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Lucius
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August 14, 2019, 12:53:20 PM
 #24

I'm still undecided if choose Segwit or Legacy.  Smiley

@Lucius thanks.

You can have both, just make two wallets in same Electrum and name it Legacy wallet and SegWit wallet. In this way you can use SegWit and benefit from lower fees, and in case some service is not support bc1 (native SegWit) it is easy to use address from Legacy wallet.

The process of creating a new wallet in Electrum is simple, just click File -> New/Restore and make new standard wallet with the only difference in type of address.

You're welcome Wink

Lauda
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August 14, 2019, 12:55:47 PM
 #25

I'm still undecided if choose Segwit or Legacy.  Smiley

@Lucius thanks.

You can have both, just make two wallets in same Electrum and name it Legacy wallet and SegWit wallet. In this way you can use SegWit and benefit from lower fees, and in case some service is not support bc1 (native SegWit) it is easy to use address from Legacy wallet.

The process of creating a new wallet in Electrum is simple, just click File -> New/Restore and make new standard wallet with the only difference in type of address.

You're welcome Wink
Samurai: Settings -> Transactions -> Check one box on/off depending on which type you want to generate next (legacy vs. bc1). Easy with both of them, but easier with Samurai as it is the same wallet.

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bitmover
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August 14, 2019, 01:10:55 PM
 #26

Some people in this forum hate coinomi because it is not open source, and because its mobile version had a bug that could share seed with Google docs (something like that)
However, it is a convenient wallet, in the mobile version. There is no multicurrency wallet which is open source. Also, the Google bug with the seed never affected the mobile version.

These sentences are contradictory. Unless OP mentions that he needs a multicurrency wallet, we should recommend the best option for Bitcoin only since we are in the Bitcoin Technical Support board.

Sorry, just correct my mistake. The bug affected the Desktop version, not the mobile one.



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August 14, 2019, 01:43:18 PM
 #27

Googling, I'm just reading that legacy fees can go up to 140 usd circa!
Maybe I'll create two wallets but I'd start with one and see how it works.
Basically customers can't see the difference except for compatibility, but for me the difference are the fees when I'll have to make payments. If I understood well.

I'd start using the nested segwit. The nested segwit has the same fees of standard segwit? Is this tutorial valid on how to create one? https://bitcoinelectrum.com/creating-a-p2sh-segwit-wallet-with-electrum/

Generally if you have other suggestions I apreciate.
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August 14, 2019, 01:49:35 PM
 #28

Googling, I'm just reading that legacy fees can go up to 140 usd circa!

Transaction fees depend on the transaction size, the number of transactions in the mempool (awaiting confirmation) and the type of address you are using. Right now, less than $1 is enough to get a small transaction (1 input, 1 output) confirmed in the next block. It's still a lot because usually a few cents is enough, but it looks like the fees have spiked due to decreasing price. You can check the recommended fee here. 1 sat/byte is the lowest possible fee and it was enough for the past few months.

I'd start using the nested segwit. Is this tutorial valid on how to create one? https://bitcoinelectrum.com/creating-a-p2sh-segwit-wallet-with-electrum/

There is no need to create two wallets if you are going to use nested SegWit addresses. This tutorial is valid.

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August 14, 2019, 02:00:52 PM
Last edit: August 14, 2019, 03:46:18 PM by jnano
 #29

Googling, I'm just reading that legacy fees can go up to 140 usd circa!

No, $140 doesn't make sense. The fees depend on how busy the network is at a given time, and how quickly you want the transaction to get confirmed.

At the peak of the last price rise (late 2017-early 2018) the network was very busy. If you were impatient then you could end up paying high fees.

Right NOW, you can have a transaction confirm quickly for 0.05$ (or less). During the busiest times the past week you may have had to pay $0.50, and it could still take a few hours to confirm. If you wanted to get a quick confirmation, $2.50 would probably do it.

You don't gain any advantages using legacy type addresses, only disadvantages.
There's still no standard way to sign messages with a Segwit addresses. Electrum might do it, but not Bitcoin Core.


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August 14, 2019, 02:21:49 PM
 #30

Is a bug or what that if I click copy address nothing happens and I can't paste it somewhere...
Edit: restarting Electrum now works. Smiley
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August 14, 2019, 02:30:56 PM
 #31

https://jochen-hoenicke.de/queue/#0,24h

Visit this site.
Scroll down to the chart that says "Mempool Size in MB"
Hover over it and you'll see something like this:



If you want your transaction confirmed in next block, I believe you'll need to pay between the fee range where block sizes are less than 1 MB'ish. Credits to DarkStar_ and TheQuin for making me understand more about this.

If I were you, I'd definitely choose SegWit over Legacy if you're not so loving towards short addresses and can use addresses starting with 'bc1' without any problems, though there are SegWit addresses that start with a '3' as well. The only difference I believe will be the fee that you pay more in Legacy and a bit/lot less (depends on the size of transaction) in SegWit.

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August 14, 2019, 02:47:05 PM
 #32

I just opened the segwit (3) wallet and my addresses starts with 3. Cheesy
Thanks for the tips!
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August 14, 2019, 03:00:13 PM
 #33

I'd start using the nested segwit. The nested segwit has the same fees of standard segwit?

You would save a little bit more with native SegWit, but it's not worth the hassle of using two different wallets at the same time. Nested SegWit offers significant savings over legacy addresses. You should stick to it for the next few years until native SegWit becomes more popular.

There's still no standard way to sign messages with a Segwit addresses. Electrum might do it, but not Bitcoin Core.

This isn't much of a disadvantage in this case. I doubt that any of his customers will request a signed message.

If I were you, I'd definitely choose SegWit over Legacy if you're not so loving towards short addresses and can use addresses starting with 'bc1' without any problems, though there are SegWit addresses that start with a '3' as well.

We have already come to conclusion that in his case, nested SegWit would be the best choice.

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August 14, 2019, 05:19:31 PM
 #34

Guys I just attempted to use my addres on BTCPay Server and... the address is invalid.  Grin
https://i.postimg.cc/28vMWbk8/screenshot-42.png

I'll forward manual payment procession anyway.  Cheesy
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August 14, 2019, 05:56:35 PM
Merited by ETFbitcoin (1)
 #35

Guys I just attempted to use my addres on BTCPay Server and... the address is invalid.  Grin

Did you type in your address there? If so then you did it wrong. Open Electrum, select Wallet -> Information and copy your Master Public Key. Use the following format in the box from the provided image.

Code:
yourmasterpublickeyhere-[p2sh]

Make sure to check if addresses generated by BTCPayServer match the ones in Electrum. In Electrum, select View -> Show Addresses to access a list of 20 addresses.

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August 20, 2019, 07:56:39 PM
 #36

Create your wallet with Bitcoin Core software, then extract your private keys and import them into Electrum, when you need to send coins.

You don't need to download the block chain to create a wallet/keys with Bitcoin Core. The moment you start the software, it assigns you a wallet.

If you are not going to spend any coins but only hodl, then you can skip the electrum part. Create, Extract, Store.




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October 08, 2019, 06:48:44 PM
 #37

Do NOT use Electrum wallet unless you properly know how to verify the program . Electrum is the wallet that is targeted the most by malware/viruses.
Lot's of people lost their coins already like this.

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October 09, 2019, 04:01:44 AM
 #38

Do NOT use Electrum wallet unless you properly know how to verify the program . Electrum is the wallet that is targeted the most by malware/viruses.
Lot's of people lost their coins already like this.
This isn't just applicable for electrum, you should not use any wallet if you don't have proper knowledge about it. So electrum isn't different and you should know how to verify it before use. I know electrum attack was pretty much confusing. But I think it was lesson for others that we should not just update software from popups without verification from websites. Most of peoples using electrum because its pretty much easier. And of course everyone should verify that he is using original software.

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October 09, 2019, 08:42:37 AM
 #39

Do NOT use Electrum wallet unless you properly know how to verify the program .
Don't scare people and make them think that the verification process is something difficult. It literally takes a few minutes to read the guide on how to verify Electrum > https://bitcoinelectrum.com/how-to-verify-your-electrum-download/

A few minutes to download and install the needed software and another minute or two for the verification. It is worth it and once you do it the first time you get used to it and it becomes a habit. That is the whole point - verify before using.

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October 09, 2019, 01:25:18 PM
Merited by Thekool1s (1)
 #40

Do NOT use Electrum wallet unless you properly know how to verify the program .
Don't scare people and make them think that the verification process is something difficult. It literally takes a few minutes to read the guide on how to verify Electrum > https://bitcoinelectrum.com/how-to-verify-your-electrum-download/

Additionally, EVERY software needs to be verified.

Just because people don't do that, and everyone is encouraging people to verify the electrum download, it doesn't mean that you don't have to verify each software you are installing.

This is nothing related to electrum. The only way to be sure that you are installing the software created by the original developers, is to verify the signature using their PGP key. Whether electrum, wasabi, core etc..

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