Jun 18, · Bitcoins aren’t something you can hold in your hand – they only exist as balances on a public ledger. You hold bitcoin in your bitcoin wallet, which is . Restoring your wallet proves that you can recover from catastrophic system failure without loss of money. If you can’t receover, you’ll lose any money currently stored on your wallet. Before continuing, verify that your current wallet contains only a small amount of bitcoin (or testnet bitcoin) that you would not be upset about losing. Mar 27, · Once you have set up your account, you will need to send your Bitcoin to your Coinbase Bitcoin address! To do this, click on the accounts tab, open your Bitcoin wallet, and click “ Receive ”. You will then be shown your Bitcoin Coinbase wallet .
How to deposit money into my bitcoin walletTransfer money from a bank account to a bitcoin wallet - Bitcoin Stack Exchange
In other words, you cannot add fiat to your crypto wallet. Some live online, some live offline, some can be used to store several different cryptocurrencies, some only one or two. Many experienced crypto buyers spread their coins out over more than one wallet.
Every wallet has both a public key and a private key, or two very, very long strings of numbers and letters. The private key is the password to your wallet. Once you do that, your work is basically done! Coinmama May 11, Coinmama has all the information you need to get informed about Bitcoin mining. Discover how Bitcoin mining works, what Bitcoin pools and Bitcoin mining hardware are, and more.
Visit Coinmama to learn more today! Coinmama Mar 8, Steven Hay Feb 25, The next Bitcoin halving is only a few months away. Learn what Bitcoin halving is and about the historical Bitcoin price fluctuations as it relates to prior halvings. Coinmama Feb 11, Coinmama Jan 16, Bitcoin is changing the world. Coinmama Dec 29, Coinmama Dec 10, Electrum allows the fee density to be adjusted by moving the slider below the transaction amount.
Sliding left decreases fee density; sliding right increases it. The higher the fee density, the higher the total fee, and the more likely a transaction will be included within the next block. A transaction of low fee density can be delayed for hours, days, or simply not confirm at all.
On Electrum 2. Leaving it checked marks the transaction as replaceable. A replaceable transaction can be re-sent in the event that its fee density causes unwanted delay. Many services will not accept unconfirmed replaceable transactions as payment for goods or services and will require a confirmed transaction instead. In most cases, however, the Replaceable box should be checked. A custom fee density can be set by updating preferences. Pull down the Tools menu and select the Preferences item.
You will now be able to set a specific fee for your transaction by entering it into the box to the right of the slider. Be aware that this is an absolute fee, not a fee density. In other words, this is the total fee your transaction will pay.
One approach to setting fees would be to use the slider to coarse-adjust the fee, then fine-tune it with the fee input box during times of low or high network transaction volume. Click the Preview button. The lines appearing under the Outputs section are noteworthy. Bitcoin is an electronic cash system in which digital coins are represented as transaction outputs.
The first output pays the address I entered into the payment form, but the second output pays one of my own addresses. This allows me to collect change in this case, 0. The transaction can be signed and broadcast from the transaction preview window click Sign, then Broadcast. Alternatively the window can be closed, and the transaction sent by clicking the Send button from the Send tab. If you added a password to your wallet, Electrum will ask you for it before the transaction is signed.
After broadcasting your transaction, return to the History tab. From here you can monitor the status of your outbound payment just like you did for your inbound payment.
You may have received a paper wallet as a gift from another Bitcoin user. Funds are swept from a paper wallet by first importing its private key. The example below displays a vertically-oriented private key right of center. The funds held on a paper wallet can be swept, or transferred into your Electrum wallet. A different address can be chosen by clicking the Address button. The image above sweeps a Testnet private key. When ready, press Sweep. Electrum requires that any output to be swept must have one or more confirmations.
Electrum manages a deterministic key pool. This is the sequence of words you used when creating your wallet. To understand the problem that this complexity solves, have a look at the Addresses tab. It will be hidden by default.
To reveal it, select Show Addresses item from the View menu. Other advanced tabs can be added from the View menu. The wallet itself shows a non-zero balance, so where did the money go? Open the Change list by clicking on the rightward-pointing triangle. Bitcoin is an electronic cash system, meaning that it shares much in common with the process of using paper banknotes.
Although some cash payments involve exact change, many do not. Perhaps surprisingly, this is how Bitcoin transactions work as well. Although it may appear that a transaction merely deducts a certain amount of bitcoin from your wallet, what actually happens is quite different.
A coin is selected from your wallet. Your transaction creates two new coins: one paying the merchant and one returning change back to you. This change ends up in a change address.
For more, see Bitcoin: Think of it as Electronic Cash. In the payment example above, a 1 tBTC coin was fully spent. Part of this coin 0. The difference 0. This feature can be disabled in electrum, but doing so is not recommended. However, if privacy is not a concern, change addresses can be disabled from the Preferences window choose Preferences from the Tools menu.
Electrum exposes a few other transaction settings through the same panel. The most important benefit is that backups become very easy to create and manage. Secondarily, two wallets using the same seed will remain synchronized with each other.
This principle underlies cold storage , a system for protecting bitcoin that is far more secure than the one described here. The last chapter of the book Owning Bitcoin details a complete cold storage system based on Electrum.
An Electrum seed controls the generation of all addresses and private keys. If you followed this tutorial from the beginning, you should have already written your seed on a piece of paper. If not, now would be a good time to create a backup. When prompted, enter the secure password you chose when setting up the Electrum wallet. Hand-copy the twelve words found in the box to a piece of paper and store it in a safe location.
Remember, anyone who finds your seed can spend all of the funds in your wallet. Additionally, a backup of your wallet, including any annotations you may have made, can be saved by choosing the Save Copy item from the File menu.
Restoring this backup will require the wallet password if you added one. The only thing needed to recover funds from an Electrum wallet is its seed. The optional procedure below describes how. Note that this procedure will erase all of your wallet data.
Restoring your wallet proves that you can recover from catastrophic system failure without loss of money. Before continuing, verify that your current wallet contains only a small amount of bitcoin or testnet bitcoin that you would not be upset about losing.
Also verify that you have access to your seed in written form. To get Electrum to generate a new wallet, the old wallet data need to be deleted. Begin by exiting Electrum. On Windows, create a folder named testnet in the Electrum folder. Having cleared the data directory, restart Electrum. The Wizard will once again show itself.
Copy your twelve word seed into the text field, then click Next. If your seed was entered correctly, Electrum will give you the option to add a password for your wallet. You can monitor progress from the Network window. Access it by clicking on the circle to the lower right of the main window. Enter and confirm a new secure password. Your funds can be restored in their entirety using the recovery procedure described in the previous section.
Electrum offers a good balance between ease of use and rich feature set. This guide has covered the essential tasks every user should be comfortable with: receiving funds; sending funds; importing a paper wallet; backing up; and restoring a backup. Electrum and Bitcoin offer many more capabilities than those described here.
Future posts will introduce them. Advanced use of Electrum, including cold storage, can be found in the e-book Owning Bitcoin. If you created a Testnet wallet, be sure to return your Testnet bitcoin to the faucet that gave them to you. Doing so helps ensure that another user can enjoy this risk-free introduction to Bitcoin. No games, no spam. When you sign up, I'll keep you posted with emails per week.
Unsubscribe at any time. Installation on Windows Three versions of Electrum are available for Windows. Setup Electrum gathers configuration data from a wizard when run for the first time. Funding Your Wallet If you already keep bitcoin on an exchange or elsewhere, you may now transfer those funds into your Electrum wallet.
Those who want to run Testnet will need to put Electrum into Testnet mode. Testnet on Windows Copy the Electrum launcher on the desktop right click, Copy.
Testnet on Mac The launcher will be created through the Terminal application. You should see an icon on your desktop that looks like this: Double-click the icon. This should start Electrum in Testnet mode after a brief pause. Testnet on Ubuntu Begin by opening the terminal application. There should be an icon on your desktop that looks like this: Double-click the icon. This should start Electrum in Testnet mode.
Make a Payment Payments can be made through the Send tab.