Need a practical instruction and advice about starting using BTC.

[LoyceV]

Now it's time to choose a new wallet......

Feel free to post your choice (including the site you download it from) here before installing it. Don't fall for a custodial wallet.

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[Gorilla22]

I would choose Electrum.
Download page:
https://electrum.org/#download

Why Electrum - because it looks like it is the best combination of user friendliness and all necessary features  security etc. It looks so from description at bitcoin.org . I am not sure though until I try.
I think  may be I'll use hardware wallet or paper wallet in future. But I'll do this later, after I have learned how it all works.

I suspect I may have  some questions/issues with Electrum concerning installation.

1. If I install 2 new wallets, and both are Electrum (according to my plan I need 2 new  wallets), the computer may put files belonging to both wallets to the same folders, whoch turns both wallets into garbage.
Is it possible for me to choose folders during installation? Or is it Electrum who decides where to place files and does it whithout my control?

2. Is it really necessary to verify Electrum  after downloading as described here https://bitzuma.com/posts/how-to-verify-an-electrum-download-on-windows/ ?
It looks much to complicated for me.
I cannot handle this I am afraid.

3. Should I dowload Standalone Executable or Windows Installer?

4. It says Windows 8.1 and higher.
What if my Windows is older?
I bought that laptop in 2011 or 2012, so that Windows can be older. Cannot check right now, as I am away from home now.
I didn't launch that laptop for several years.
Electrum's website says "Old versions of Windows might need to install the KB2999226 Windows update." Will it help if  Windows is older than 8.1?

Btw, I checked also Sparrow Wallet. But, according to printscreen images, it looks absolutely non-understandable for a newbie :-) With lots of strange words and strange letters and numbers on interface (LOL).

Btw, may be some other wallet rather than Electrum is good for me. It is important not to download the whole blockchain though.
Please suggest!
User friendliness and simplicity are welcome.
After I looked on all those wallets at bitcoin.org I started thinking that probably hardware wallet is best choice. But as it takes time to order and get it, I need to choose some desktop wallet now.

Thank you!

[Gorilla22]

Btw, do you think a hardware wallet is a good thing?
No potential issues?
I read about them today and I start loving them.
Seems to be both secure and convenient.

[LoyceV]

I would choose Electrum.
Download page:
https://electrum.org/#download

That's the real site

or paper wallet

Warning: several sites turned into a scam! They give you a compromised private key, even if you use the site offline. Be very careful.

1. If I install 2 new wallets, and both are Electrum (according to my plan I need 2 new  wallets), the computer may put files belonging to both wallets to the same folders, whoch turns both wallets into garbage.
Is it possible for me to choose folders during installation? Or is it Electrum who decides where to place files and does it whithout my control?

You can simply use "File > New" to create a new wallet. By default, it saves each wallet in the "wallets" directory. You can change that, but there's no need. It doesn't "turn into garbage".
In fact, I encourage you to try this even before funding them.

2. Is it really necessary to verify Electrum  after downloading

It's recommended, although I usually don't bother.

3. Should I dowload Standalone Executable or Windows Installer?

That's up to your personal preference. Both should work the same.

4. It says Windows 8.1 and higher.
What if my Windows is older?

I can't answer this, I don't use Windows. But, especially if you're holding large funds: does your Windows version still get security updates?

Btw, may be some other wallet rather than Electrum is good for me. It is important not to download the whole blockchain though.

Electrum is the most recommended for a reason

Btw, do you think a hardware wallet is a good thing?
No potential issues?

I can think of many potential issues, but in general, and for most users, it's safer than software wallets.

Note: don't ever enter your 12/24 seed words on any website, even if the website says it's necessary to get your money out of your (hardware) wallet. Phishing is real!

[Gorilla22]

Hi,

Thank you LoyceV !
Here is the updated plan:


1. Back up Core.
2. Set Up Electrum.
3. Back up Electrum.
4. Import private key to Electrum.
5. Back Up Electrum.
6. Set Up any simple and convenient moblie wallet like Bitcoin Wallet. Use it to spend btc the following way:  receive small amounts from Electrum and immediately send them further.
Thus, Electrum is online always just for a short time. And I don't hold any btc on mobile wallet even for short time.
7. Buy a hardware wallet.
Set it up.
Transfer  btc from Electrum into that hardware wallet.
Hold btc on hardware wallet.
8.  Electrum has zero btc balance after btc have arrived to hardware wallet,  and thus Electrum became  good to claim forks.


Is it a good plan?

[LoyceV]

1. Back up Core.

You should have done this already (the file wallet.dat is the only one you need to backup)

2. Set Up Electrum.
3. Back up Electrum.
4. Import private key to Electrum.
5. Back Up Electrum.

Electrum has different wallet types: the "Standard wallet" will get you 12 seed words to write down (that's your backup), but can't import. The "Import Bitcoin addresses or private keys" wallet allows you to import, after which you can make a backup. Or just keep your original wallet.dat as backup for those private keys.
Or, don't use "import private keys", and only create a "Standard wallet". Then, use: Wallet > Private keys > Sweep. This moves the funds from your old address directly to your new Electrum wallet.

6. Set Up any simple and convenient moblie wallet like Bitcoin Wallet.

Bitcoin Wallet is OLD! I've used it, but it takes forever to update an old wallet. Did you know there's also Electrum for mobile?

Use it to spend btc the following way:  receive small amounts from Electrum and immediately send them further.

If you immediately send them again, what's the point of using the mobile wallet? You can just as well send it from Electrum directly.
My system is to keep a small Bitcoin balance on my mobile wallet all the time, which is what I use that for daily expenses.

Thus, Electrum is online always just for a short time.

Malware only needs a short time. Once your wallet has touched an online computer, it doesn't help anymore if you take it offline. If it's compromised, your funds will be taken.

7. Buy a hardware wallet.
Set it up.
Transfer  btc from Electrum into that hardware wallet.
Hold btc on hardware wallet.

Go!

8.  Electrum has zero btc balance after btc have arrived to hardware wallet,  and thus Electrum became  good to claim forks.

Electrum itself can't claim forks, but other than that, once your Bitcoins are safe, you can claim them. Note that the values in my guide are outdated. You're looking at about $200 worth of Forkcoins (in total) for each Bitcoin you owned when they forked. That's only 1% of the value of your Bitcoin, so don't rush it.

After I looked on all those wallets at bitcoin.org I started thinking that probably hardware wallet is best choice. But as it takes time to order and get it, I need to choose some desktop wallet now.

For what it's worth: You've waited since 2015. Don't rush things now

[Gorilla22]

Thank you LoyceV!
:-)