How to redeem casacius using Electrum wallet

[user8899]

hi all.
I'm trying to redeem bitcoin casacius using electrum wallet. can someone please
let me know if I'm doing it right? thank you

i create a wallet > private key > key in 30 digit private key > sweep

one thing I'm not sure is the  "address" that ready filled up underneath where i key in my private
key, is it my electrum wallet address?

second, should i choose ETA as a fees?

once i sweep it, it will show up in my electrum wallet?

i just want to be 100% certain I'm doing it right and the ready filled address is my electrum wallet address.

thanks!   

[LoyceV]

Assuming it's a high amount, are you sure you want to send the funds to a hot wallet?

It's much safer to do it offline, and you may want to consider sending it to a hardware wallet.

Online:
Install Electrum on your PC.
Import your address to create a watch-only wallet.
Preview the transaction, Copy the unsigned transaction. Put it on a USB stick.

Offline and running without hard drive storage:
Get a Linux LIVE DVD. Use Knoppix for instance, or any other distribution that comes with Electrum pre-installed.
Unplug your internet cable. Close the curtains. Reboot your computer and start up from that DVD. Don't enter any wireless connection password. Keep it offline.
Start Electrum. Import your private key.
Copy your unsigned transaction from the USB stick, load it into Electrum.
CHECK the transaction in Electrum. Check the fees, check the amount, check all destination addresses (character by character).
If all is okay, sign the transaction. Copy it back to your USB stick.
Turn off the computer. That wipes the Live LINUX from memory and all traces are gone.

Online:
Use your normal online Electrum to (check again and) broadcast the transaction.

i create a wallet > private key > key in 30 digit private key > sweep

If you're certain enough your computer is clean, and if you've made a backup of your Electrum seed words, this will just work.

one thing I'm not sure is the  "address" that ready filled up underneath where i key in my private
key, is it my electrum wallet address?

I think so. But it doesn't hurt to check!

second, should i choose ETA as a fees?

That will work. Fees are quite low now anyway.

once i sweep it, it will show up in my electrum wallet?

If all went well: yes.

i just want to be 100% certain I'm doing it right and the ready filled address is my electrum wallet address.

For 100% certainty, I'd go with the much slower but more secure offline setup.

After you're done, you may want to read up on Forkcoins (ignore the dollar values in that post, it's outdated) and sell some of them for some extra Bitcoin.

[ranochigo]

one thing I'm not sure is the  "address" that ready filled up underneath where i key in my private
key, is it my electrum wallet address?

Yes. I assume you've backed up your seeds as well?

second, should i choose ETA as a fees?

If you don't want to spend so much on fees, you can probably use mempool, adjust to 1vMB or more and expect a confirmation within a reasonable period of time as well. You won't overpay for your fees this way but it doesn't guarantee a confirmation within X blocks like what ETA does.

The fees are reasonable right now, so the option is entirely up to you. As long as the transaction is replaceable, you can bump the fee in the future.

[BrewMaster]

i just want to add that the point of physical bitcoins such as casacius coins is to be held and traded intact as collectibles not to be redeemed. you can even sell them for slightly more than their actual balance's worth to those who want to collect such rare objects.

[LoyceV]

you can even sell them for slightly more than their actual balance's worth to those who want to collect such rare objects.

That's a whole lot riskier than just redeeming the coins. Besides, from what I've seen, there's less interest since Bitcoin got so expensive. Who's going to spend a million bucks on a collectible nowadays?

[BrewMaster]

That's a whole lot riskier than just redeeming the coins. Besides, from what I've seen, there's less interest since Bitcoin got so expensive. Who's going to spend a million bucks on a collectible nowadays?

i honestly have never checked the markets to know the details, i just know it exists. besides there are many different types of casacius coins with different balances from 0.1BTC to 1000BTC (this last one is made of gold so the coin itself is worth something).
the smalelst one which is 0.1BTC has a raw value of $3280 at the current price. there is a lot to go to reach a million

[BASE16]

You can directly import that private key into electrum and then it will show up in electrum immediately so you do not have to sweep it.
Electrum recognizes these coins so they are compatible you can just import them directly and spend them.
The full 32 byte base16 private key is the sha256 hash of your 30 character private minikey.

[DireWolfM14]

~ 

As others have outlined you're on the right track.  There are some risks to what your proposing if your intention is to keep the coin in a hot wallet.  If your goal is to redeem the entire value of the coin and convert it to fiat you can avoid an additional transaction fee by sweeping the funds directly into your exchange wallet.  To do so, use a bitcoin address you obtain from your exchange to create a watch-only wallet; File>New/Restore>Next> then select "Import bitcoin address or private keys."

After the wallet has been created and you've confirmed the validity of the address you can sweep the funds directly to your exchange; Wallet>Private Keys>Sweep.

[BASE16]

~ 

As others have outlined you're on the right track.  There are some risks to what your proposing if your intention is to keep the coin in a hot wallet.  If your goal is to redeem the entire value of the coin and convert it to fiat you can avoid an additional transaction fee by sweeping the funds directly into your exchange wallet.  To do so, use a bitcoin address you obtain from your exchange to create a watch-only wallet; File>New/Restore>Next> then select "Import bitcoin address or private keys."

After the wallet has been created and you've confirmed the validity of the address you can sweep the funds directly to your exchange; Wallet>Private Keys>Sweep.

I strongly advise against sweeping the coins to any exchange.

[LoyceV]

I strongly advise against sweeping the coins to any exchange.

Why? As long as the exchange can be trusted, this is no different than sending to your own wallet first, and then depositing to the exchange.

[BrewMaster]

I strongly advise against sweeping the coins to any exchange.

Why? As long as the exchange can be trusted, this is no different than sending to your own wallet first, and then depositing to the exchange.

maybe he is talking about the replay attacks on the forkcoins that don't support it. sending the coins directly to a bitcoin address that belongs to an exchange would send those shitcoins to the same address and those coins can be lost.

[LoyceV]

maybe he is talking about the replay attacks on the forkcoins that don't support it. sending the coins directly to a bitcoin address that belongs to an exchange would send those shitcoins to the same address and those coins can be lost.

As far as I know, there's no Forkcoin (with any value worth mentioning) that doesn't have replay protection from Bitcoin. The only replay problems are amongst Forkcoins.