Electrum Online Wallet

[jesimps]

I'm a newbie and decided to test my Electrum online wallet with a very small BTC withdrawal from my bx.in.th account. I transfered 0.001 BTC, which according to my converter at the time,  was 10.4 USD. However, in the wallet it is recorded as 0.5 mBTC which comes out as 5.2153 USD, Are my maths at fault here or am I being seen off?

 

I'm keeping the remainder of my coins with the exchange until I can get this sorted. Grateful advice.

[speedtripler]

It depends what bitcoin network fee you set

[WorriedNoodle]

22 hours ago, jesimps said:

Electrum online wallet

I'm a newbie at this as well. Curious is there any advantage to using Electrum wallet when BX has its own online wallet service?

[jesimps]

37 minutes ago, WorriedNoodle said:

I'm a newbie at this as well. Curious is there any advantage to using Electrum wallet when BX has its own online wallet service?

Sorry, can't help you there, I've just been trying to take the advice of the experts who say that you shouldn't leave your coins in the exchange. I haven't really got enough to be concerned about it yet, I was just doing a test run to see if I could get the hang of it before I acrued an amount worth worrying about.

 

Actually, BX support just put me in the picture regarding my Electrum problem, turned out it was my fault for not reading the small print. I transferred 0.001 BTC and 0.0005 turned up in my wallet. Turns out the other 0.0005 was BX's fee. 5 bucks does seem a lot for a tranfer fee, but there it is, I learned something which was the object of the exercise.

 

One thing that did come out of this though is that Electrum has terrible customer support. I couldn't find a link despite scouring the web. If I'd been worried about a lot of coins it could have been incredibly stressful. BX's support on the other hand is wonderful. Can't fault it, fast and efficient and just what a newbie needs.

 

I might try a paper wallet, see how that goes, best to get these things sorted in case I decide to invest in earnest.

 

[davidst01]

I know a guy recently who had his bitcoin stolen from his electrum wallet. He said it was bc they hacked into his email acc. Make sure you set up 2FA authenticator on both gmail and your bx account. Or get a hardware wallet

[jesimps]

8 hours ago, davidst01 said:

I know a guy recently who had his bitcoin stolen from his electrum wallet. He said it was bc they hacked into his email acc. Make sure you set up 2FA authenticator on both gmail and your bx account. Or get a hardware wallet

Thanks for that, I've got 2FA on Electrum and BX but not gmail as yet. If I invest much more I'll definitely go for a hardware wallet. I'm not really sure what the score is on this Electrum wallet as I only had to authenticate on the first login. It says in the bottom right corner of the site that it's covered by 2FA but I don't know. As for now, I'm more and more drifting towards paper wallets.

[speedtripler]

On 04/12/2017 at 1:24 PM, davidst01 said:

I know a guy recently who had his bitcoin stolen from his electrum wallet. He said it was bc they hacked into his email acc. Make sure you set up 2FA authenticator on both gmail and your bx account. Or get a hardware wallet

In theory, that would be impossible 

Electrum does not and never has used email addresses 

Electrum can run on offline computers for max security 

[speedtripler]

On 01/12/2017 at 10:54 AM, jesimps said:

Sorry, can't help you there, I've just been trying to take the advice of the experts who say that you shouldn't leave your coins in the exchange. I haven't really got enough to be concerned about it yet, I was just doing a test run to see if I could get the hang of it before I acrued an amount worth worrying about.

 

Actually, BX support just put me in the picture regarding my Electrum problem, turned out it was my fault for not reading the small print. I transferred 0.001 BTC and 0.0005 turned up in my wallet. Turns out the other 0.0005 was BX's fee. 5 bucks does seem a lot for a tranfer fee, but there it is, I learned something which was the object of the exercise.

 

One thing that did come out of this though is that Electrum has terrible customer support. I couldn't find a link despite scouring the web. If I'd been worried about a lot of coins it could have been incredibly stressful. BX's support on the other hand is wonderful. Can't fault it, fast and efficient and just what a newbie needs.

 

I might try a paper wallet, see how that goes, best to get these things sorted in case I decide to invest in earnest.

 

Customer support from a free wallet?? 

[cookai]

Yeah, what you guys are discovering is BTC is not for small transactions.  Blockchain.info is good for beginners and when you've got a few BTC and a clean machine with good security, then go for a local wallet like Electrum.     

[phycokiller]

electron on tails is pretty good and all you need is a usb stick

[jesimps]

On 12/6/2017 at 9:13 PM, speedtripler said:

Customer support from a free wallet?? 

Didn't realise they were doing it all out of the goodness of their hearts just to make punters like me happy. 

I find it very difficult to believe that nobody's making from receiving and sending coins to and from the wallet, otherwise, what's the point of it? Someone's spent shedloads of money on it so It has to be, either directly or indirectly, a money-making concern.

Go on, convince me otherwise, I'm open-minded.

 

 

[speedtripler]

18 hours ago, jesimps said:

Didn't realise they were doing it all out of the goodness of their hearts just to make punters like me happy. 

I find it very difficult to believe that nobody's making from receiving and sending coins to and from the wallet, otherwise, what's the point of it? Someone's spent shedloads of money on it so It has to be, either directly or indirectly, a money-making concern.

Go on, convince me otherwise, I'm open-minded.

 

 

 

Google open source..........

There is no conspiracy here despite what you believe 

 

 

[cookai]

On 12/10/2017 at 7:07 PM, phycokiller said:

electron on tails is pretty good and all you need is a usb stick

LOL, Great advice for noobs. 

[Digitalbanana]

On 12/1/2017 at 10:54 AM, jesimps said:

Turns out the other 0.0005 was BX's fee. 5 bucks does seem a lot for a tranfer fee, but there it is,

Its' 0.002BTC fee at moment, went up from 0.0005BTC today! Pricey.

[speedtripler]

22 hours ago, Digitalbanana said:

Its' 0.002BTC fee at moment, went up from 0.0005BTC today! Pricey.

There is a current backlog, as segwit adoption increases it will get better 

 

Right now I would avoid non urgent txs

[jesimps]

Seeking advice here on the Electrum wallet. I've made a couple of BTC transfers to the wallet but not sent anything out as yet. I did a dummy run just now to see what the fees would be for sending 0.1 BTC to my exchange with the slider set fully to the right.
The preview indicated that the fee would be 0.006 BTC, which from what I've heard of this wallet was to be expected.
However, under fee, it says 0.102 BTC. Is this 0.002 a surcharge because of the density of BTC transactions at the moment? I can't find a reference to it anywhere. At the present rate, that to my calculations is about 120 USD in total!

[phycokiller]

no idea what the double fee is, I dont have it on this computer but sounds strange. personally I set the fees on electrum manually. I use https://bitcoinfees.earn.com/ and use a fee based on how long I want the transaction to take. also you can set "replace fees" so if it ends up taking too long you can change the fee. good wallet tho and the latest version has segway wallets as well.