Newbies question
Newbies question
so if i use desktop wallet like https://electrum.org or cold wallet like Trezor do i need ID verification like online wallet, if i use desktop wallet or any cold wallet can i just recieve or send transaction right away ? are the bitcoin address is different or the same (hot wallet and cold wallet) ?
I haven’t used electrum that much to know about it too much but I suggest never to use a desktop wallet unless you have a fresh computer just for your wallet with a fresh new internet plan, using a fresh ip. If you want free BTC wallets, blockchain.info is one of the best around imo.
Anyways, back to your question. Can you receive a transaction right away? Yes, once set up you can. Obviously you have to wait for the transaction to confirm (like any other wallet where you own your seed).
Are bitcoin addresses different? Idk about electrum specifically (idk if it had the function) but generally When you own your seed (sometimes called recovery phrase) you can generate new addresses or use an address you have generated previously. When you send and receive money it will be stored in that specific address in your wallet. So you can have ADDRESS B with $10 and ADDRESS A with $50 in one wallet. Your wallets total balance will be $60.
Anyways, back to your question. Can you receive a transaction right away? Yes, once set up you can. Obviously you have to wait for the transaction to confirm (like any other wallet where you own your seed).
Are bitcoin addresses different? Idk about electrum specifically (idk if it had the function) but generally When you own your seed (sometimes called recovery phrase) you can generate new addresses or use an address you have generated previously. When you send and receive money it will be stored in that specific address in your wallet. So you can have ADDRESS B with $10 and ADDRESS A with $50 in one wallet. Your wallets total balance will be $60.
Originally Posted by Allura
I haven’t used electrum that much to know about it too much but I suggest never to use a desktop wallet unless you have a fresh computer just for your wallet with a fresh new internet plan, using a fresh ip. If you want free BTC wallets, blockchain.info is one of the best around imo.
Anyways, back to your question. Can you receive a transaction right away? Yes, once set up you can. Obviously you have to wait for the transaction to confirm (like any other wallet where you own your seed).
Are bitcoin addresses different? Idk about electrum specifically (idk if it had the function) but generally When you own your seed (sometimes called recovery phrase) you can generate new addresses or use an address you have generated previously. When you send and receive money it will be stored in that specific address in your wallet. So you can have ADDRESS B with $10 and ADDRESS A with $50 in one wallet. Your wallets total balance will be $60.
Anyways, back to your question. Can you receive a transaction right away? Yes, once set up you can. Obviously you have to wait for the transaction to confirm (like any other wallet where you own your seed).
Are bitcoin addresses different? Idk about electrum specifically (idk if it had the function) but generally When you own your seed (sometimes called recovery phrase) you can generate new addresses or use an address you have generated previously. When you send and receive money it will be stored in that specific address in your wallet. So you can have ADDRESS B with $10 and ADDRESS A with $50 in one wallet. Your wallets total balance will be $60.
Originally Posted by Name is Kevin
why fresh internet plan or fresh IP ?, the thing is i'm too young for ID verification, i'm wondering if desktop wallet thing is working right away without ID verification, i'm using this Temporarily, probs going for small like <50$ transaction, and i'm not going to store anything in there in a long run. (if i want to store it in a long run probs going to buy Trezor or Ledger Nano.)
I say don’t use desktop wallets because they can get comprised if your computer is compromised. If our have a new pc and new internet then you are safe-ish because no one knows you own that ip and have bitcoins. Plus you don't have any shady things downloaded. Don’t buy a hardware wallet if you don’t own at least 1 BTC. Just a waste of money if you are only going to sotre a couple hundred bucks. Just write down your seed on a paper and you have the safest wallet (given that paper doesn’t get damaged or stolen)
Originally Posted by Allura
Oh lmao, I forgot to answer that question. No you do not need ID verification to own a wallet. You only need ID verification if you want to buy BTC with irl money and on some exchanges if you want to exchange your BTC for another crypto or if you want to exchange your BTC for irl money.
I say don’t use desktop wallets because they can get comprised if your computer is compromised. If our have a new pc and new internet then you are safe-ish because no one knows you own that ip and have bitcoins. Plus you don't have any shady things downloaded. Don’t buy a hardware wallet if you don’t own at least 1 BTC. Just a waste of money if you are only going to sotre a couple hundred bucks. Just write down your seed on a paper and you have the safest wallet (given that paper doesn’t get damaged or stolen)
I say don’t use desktop wallets because they can get comprised if your computer is compromised. If our have a new pc and new internet then you are safe-ish because no one knows you own that ip and have bitcoins. Plus you don't have any shady things downloaded. Don’t buy a hardware wallet if you don’t own at least 1 BTC. Just a waste of money if you are only going to sotre a couple hundred bucks. Just write down your seed on a paper and you have the safest wallet (given that paper doesn’t get damaged or stolen)
Use a desktop wallet with password
I use blockchain. its just so ez
Electrum is well trusted wallet out there and should serve you well. As Allura stated up there it might not be good idea to use your day-to-day PC as some malwares could potentially be on your computer. However if you encrypt your wallet with long password it should be pretty safe. If you are conceared about this what I'll advise you is to grab USB and LINUX, install linux with perssistance so when you instlal a program in it it will be saved. Eveytime you need to use an electrum simply run your linux from USB and this should be pretty safe. No need for hardware wallets.
Bitcoin works as it randomly generates PRIVATE KEY (which you can look at as your password) and AN ADDRESS(which is lets say email address if we use that analogy). You CAN NOT change your private key which is why you must keep it as secret and as private as possible. Electrum is HD wallet which means that it generates multiple private/addresses from some random words that it will give you at the begining when you install and run it. Keep this words a secret as with them you will be able to prove an ownership of your funds.
There are 3types of addreses:
Thing with this SEGWIT address is that there you can avoid high paying fees when network has many transactions because it uses some different thing of let's say packing the transactions all together. Problem with bc1.. addresses is that not many services supports it as of today and thus not many people do as well. As electron only gives you option to create SEGWIT with bc1... then for better usability simply go for standard option while creating the wallet.
Nobody controls bitcoin which is why ID is not needed. Wallets are simply software that can communicate with bitcoin protocol. Using wallets such as electrum are often called light wallets as they don't download all transactions (full blockchain) but they use some nodes to communicate with them.
Some online wallets don't require ID verification, mostly exchanges do because they are required cuz of KYC laws. Please try to avoid online wallets as they keep everything on their servers which is why they can lure hackers to try to hack them. Some wallets well let you to have backup of your wallet such as blockchain.info but some will not. If we are talking about exchanges wallets they can restrict your usage for some reason etc. thus acting like a bank and ultimately you trust third party.
Ask if you need something more, I tried to sum it up nicely.
I prefer light wallets, personally don't have any hardware and my funds were okay so far.
Bitcoin works as it randomly generates PRIVATE KEY (which you can look at as your password) and AN ADDRESS(which is lets say email address if we use that analogy). You CAN NOT change your private key which is why you must keep it as secret and as private as possible. Electrum is HD wallet which means that it generates multiple private/addresses from some random words that it will give you at the begining when you install and run it. Keep this words a secret as with them you will be able to prove an ownership of your funds.
There are 3types of addreses:
- One that begins with 1... - STANDARD/LEGACY
- Other with 3... or bc1.... - SEGWIT
Thing with this SEGWIT address is that there you can avoid high paying fees when network has many transactions because it uses some different thing of let's say packing the transactions all together. Problem with bc1.. addresses is that not many services supports it as of today and thus not many people do as well. As electron only gives you option to create SEGWIT with bc1... then for better usability simply go for standard option while creating the wallet.
Nobody controls bitcoin which is why ID is not needed. Wallets are simply software that can communicate with bitcoin protocol. Using wallets such as electrum are often called light wallets as they don't download all transactions (full blockchain) but they use some nodes to communicate with them.
Some online wallets don't require ID verification, mostly exchanges do because they are required cuz of KYC laws. Please try to avoid online wallets as they keep everything on their servers which is why they can lure hackers to try to hack them. Some wallets well let you to have backup of your wallet such as blockchain.info but some will not. If we are talking about exchanges wallets they can restrict your usage for some reason etc. thus acting like a bank and ultimately you trust third party.
Ask if you need something more, I tried to sum it up nicely.
I prefer light wallets, personally don't have any hardware and my funds were okay so far.
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