need help plz " very new "

[skyler222]

plz bare with me im super new and may seem really stupid but what better place to get answers


what source to choose in electrum when trying to recieve a coin payment from cex.io the options are

( bitpay , bitstamp , bitcoin average , coinbase , okcoin , localbitcoins , coincap , coin desk , coin gecko)

anyway you probably know so im debateing on making a purchase for coin on cex.io so if i go through with buy coin weather it be LTC or BTC idk one of the 2 but my question is
does the source matter at all if i have my fiat currency usd because all of this is very confusing bbecause im trying to findout if it matter what source it is i pick on electrum to recive from cex.io because im trying to purchase some coin and buy some production gear and the person is only exepting crypto as of a payment and im wondering if when ibuy coin from cex.io and send to my recive address if the fiat " source " matters on what i put in the box i hope i could make any kind of sence to what im trying to say but i hope someone can really help me with this

[1714814380]

1714814380

[nc50lc]

You mean the fiat equivalent in the setting?
A: It doesn't matter, that's just a selection of USD-to-BTC exchange rate.

does the source matter at all if i have my fiat currency usd because all of this is very confusing bbecause im trying to findout if it matter what source it is i pick on electrum to recive from cex.io

The fiat selection is also just for "exchange rate" basis, it doesn't matter as electrum is only designed for Bitcoins.

Note: Make sure to buy more than the requested amount by the seller, because some of the amount will be deducted as fee.
And make sure that you're using the real electrum (electrum.org) since there's too much fakes in the net lately.

[The Cryptovator]

If you are using electrum wallet then you will be able to receive only bitcoin. No any other coin supported by electrum. So please make sure you are sending only bitcoin on your electrum wallet. You don't need to worry about source when you are using electrum, no one will ask you about your sources, it's not like web wallet. So choose any of bitcoin receiving address from electrum wallet and proceed for send fund. And most important thing is you should export your all private key including change address and write them safe place. Although your seed phrase is enough to recover your wallet but I am wondering for more safety.

[skyler222]

@Coolcryptovator here is were i found electrum-LTC


https://electrum-ltc.org/

[joniboini]

@Coolcryptovator here is were i found electrum-LTC
https://electrum-ltc.org/

This is for LTC. You can't receive Bitcoin with it.

Download Electrum for Bitcoin from https://electrum.org and verify the signature before you install it if you want to buy BTC.

[Chikito]

@Coolcryptovator here is were i found electrum-LTC


https://electrum-ltc.org/

here

Download Electrum for Bitcoin from https://electrum.org and verify the signature before you install it if you want to buy BTC.

For sure you understand how to use electrum wallet
here for you read before using electrum TUTORIAL: How to use Electrum (for beginners)

[o_e_l_e_o]

Everyone correcting each other, please read OP's post. He said he was considering buying either BTC or LTC, so you are all correct:
electrum.org for BTC
electrum-ltc.org for LTC

OP, make sure you verify the wallet you have downloaded by following the instructions here:
https://bitcoinelectrum.com/how-to-verify-your-electrum-download/ for BTC
https://electrum-ltc.org/verifying-signatures.html for LTC

Also make sure you don't accidentally send the wrong coin to the wrong wallet.

As others have said, the source you pick is irrelevant. All that changes when you change the source is the exchange rate that is displayed on your wallet.

[nakamura12]

As what you can read in previous post, it is all true that if you send LTC in your BTC wallet then it won't show as the wallet you are going to send BTC is not compatibe with the BTC you are going to send. BTC is for BTC wallet only and LTC is for LTC only. There are wallet providers that let you receive different coins in the same wallet but for now try using the wallet that they provide for bitcoin.

[HCP]

what source to choose in electrum when trying to recieve a coin payment from cex.io the options are
( bitpay , bitstamp , bitcoin average , coinbase , okcoin , localbitcoins , coincap , coin desk , coin gecko)

...
but my question is does the source matter at all if i have my fiat currency usd

The short answer is: NO, it does not matter.

The long answer is:
The "source" value that you select in Electrum is just a display feature. It does not impact on how much BTC you will receive. THAT is defined by the exchange you use for purchasing your BTC in the first place.

Electrum is NOT an exchange. It is just a software wallet that can hold your BTC private keys (or LTC if you choose to download and use the unrelated Electrum-LTC software that is NOT developed nor endorsed by the Electrum developers).

The "source" value simply queries whatever service you select for their current BTC-$$$ exchange rate so it can display a $$$ value in Electrum. It is pretty much meaningless other than to give you a general idea of the value of your BTC holdings. All the value in your Electrum wallet is actually stored in BTC and is only really worth whatever you can trade BTC for on whatever "exchange" you choose to use to convert it (ie. web exchange, localbitcoins, P2P trading etc).

Changing that "source" will not affect your ability to receive BTC from ANY source you choose (so you can select Source X and receive coins from Source Y etc).

[Kyraishi]

The display option and the sites you've mentioned (localbitcoins, bitstamp, bitpay, etc) are all different platforms where you can buy and BTC. They all have slightly different rates when you compare them all, so your able to change how much USD it shows up for your BTC on electrum. It's just a display function and doesn't affect anything of yours.

I'd personally recommend using localbitcoins, I use that plaftorm a lot for more accurate BTC prices, and it's really easy to use the platform to buy/sell BTC.