Total noob to cryptocurrency here. I made a fresh & new Electrum wallet - how would I accept payment from someone? Is the receiving address (1LfefKMnU5tygh6ZK5st3TMbLWjv4GVnZK) what I need to give them? Does that always stay the same?
Let's say I have a BTC to sell, would I be using the Send tab somehow? (Also, what's an mBTC?)
Thanks for any help!!
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Ya you can send btc my way and I will pay cash for them through paypal
Same bro. How long did it take you to download the blockchain? inb4 newcoiner.
mBTC to BTC is like a milliliter to Liter
.1 of a BTC, or something like that
For that, I assume you'd be giving me your receiving address. What's up with the Fee? blocks per kb?
Nope it changes every day.
I think you've gotten further than me. Is that how it works? When someone pays to my address (or vice versa), I have to download/upload a block chain?
Thanks, I enabled an Addresses tab and saw quite a few there. Does having so many (per day?) serve any purpose?
You have several incoming addresses and yes, that looks like one of them. You can probably make more in a tab, but unless you're hyper paranoid about using the same for several purposes, you can just do that. Everyone can send money TO any address, however to send FROM an address you need a private key. Electrum doesn't even show you this key unless you export it. it's another string of characters that's longer.
You can create a Bittrex account and send money back and forth to try it. The bitcoin blockchain is shitty slow, though, compared to others, and it's especially slow if you send to an exchange. Yes, there are some small fees.
No I'm probably not farther than you. I just generated my address, and I'm waiting for the etherbase wallet to load what I assume is the blockchain of ETH, not sure though.
It seems to be stuck on block 200,000 of 1,790,000
For security reasons it starts from top to bottom every stellar day (23 hours 56 minutes and 4.1 seconds).
changes from top to bottom*
For just dealing with transactions, you don't need a copy of the blockchain data at all.
You don't have to download a block or a blockchain. The wallet is a graphical userinterface for the send-command which let's you move bitcoin AWAY from a ledger on the blockchain. When you press send, the application just lets the network know that you want to register that transaction.
I've made a video about some aspects of the blockchain here - not wallet related stuff, though.
youtube.com
Just remember that everything is on the web - also you bitcoin. The wallet is just a tool to send money from a ledger. If you export your private keys (not necessarily recommended), you can also use another wallet for the same ledger.
Is there a reason for someone (assuming they have BTC wealth) to be even remotely paranoid about using the same address?
I don't really understand what you mean about the private keys. I need to give my private key to send from my address to another?
I'm gonna look into Bittrex now.
The private keys is what gives you the right to move money out of a ledger.
Electrum, however, doesn't even show you the private keys per default. It abstracts this away for the user. You can look for the export keys tab, though, then you see them.
Well since you posted 1LfefKMnU5tygh6ZK5st3TMbLWjv4GVnZK, I can follow your money on that ledger:
blockexplorer.com
Some blockchains hide this away, but on most everything is public.
I appreciate the video & explanation. Less than 2 min into the video, I'm just wondering how these ledgers' integrity is maintained (what makes it impossible for someone to 'generate' fraudulent BTC?)
So I just created my etherbase wallet. I entered a password and I've generated an address. it then prompts me to transfer some ETH to the address. Must I do this before it lets me proceed any further? At the bottom of the IU it seems to be downloading the blocks, or something. Still at 200,000 of 1,790,000
Is it dangerous to share a receiving address because of this? I feel very slightly doxxed!!
keep on watching
PS I was just checking and Bittrex wants an absurd amount of fees for withdrawels. You know you can just download the Jaxx wallet, which is centralized, however it has a nice graphical userinterface and is for several different coins. You can then just send money between your ledgers to test it.
A wallet alone wouldn't require you to send ETH around. Sounds strange.
And the whole blockchain is quite big in terms of MB, the wallet is probably just trying to sync. I didn't use this before so I don't know. PS to play around, Jaxx also deals with ETH.
What is "dangerous". With Electrum, if I remember correctly, in the address field, you can tag them and use them accordingly.
You might want to make that one your e-begging address ^^
Something came up & I'll have to resume this when I get home.
I'm really wondering what you mean by centralized. Does this mean that rather than computer/hardware holding my ledgers, their servers do? I'll finish the vid once I'm home. Thanks for your help.
you can literally TALK to your phone and ask it "how do cryptocurrencies work" and it will give you an answer
No, the transactions associated with the ledger is on the blockchain.
Electrum is an open source wallet ("wallet" is a misnomer, it's just a user interface for the send-command, it doesn't hold anything) that speaks with the blockchain.
Jaxx is a company that provides an app (their wallet). The app speaks with Jaxx and Jaxx speaks with the blockchain. You get some nice features (e.g. that one app has wallets for different blockchains, and that you can convert coins between them, and that the user interface is maintained and looks slick, and they render QR codes for you so you can do transactions with your mobile) and you potentially provide them with a window to your data and they want fees for some things. You can also export your private keys on the Jaxx wallet (which hopefully they don't have access to), but you otherwise sort of rely that the company will keep their services up.