Bitcoins Mining - so geht's - CHIP

New to Bitcoin? Confused? Need help? You've come to the right place.

Bitcoin is an internet based decentralised currency. Similarly to Bittorrent, but Bitcoin uses a public ledger called the blockchain to record who has sent and received money. It's very new, and for many very confusing. BitcoinHelp aims to rectify this. Whether it be explaining how it works, how to use it, how to buy Bitcoins, how to integrate Bitcoins into your business. Sharing your successes as well as failures in order to help others is also gladly received. Ask away!
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Bitcoin Live USB Linux Distribution

I'm throwing together a USB Linux distribution that includes essential tools for bitcoin-related tasks.
My current list of tools is as follows:
Any suggestions?
EDIT: Formatting
EDIT 2: An up-to-date list can be found on github
submitted by zdwolfe1 to Bitcoin [link] [comments]

Found my first bitcoin address from 2011. Now what?

After hearing the more online merchants are accepting Bitcoin, I started trying to learn more about it yesterday. I remembered that in 2011, I actually tried mining and I eventually got .05 BTC. I emailed myself my bitcoin address back then.
Now here is what I don't understand. If I were to attempt to get the BTC from my old bitcoin address into my wallet on blockchain or my wallet on coinbase, what would I need? Would I need a private key, a password -- both?
This isn't a huge deal and if I can't get the coins it isn't an issue at all, but I'm confused -- and I don't like that. :)
UPDATE: Thank you all for your help. I found the wallet.dat file and have it loaded in Bitcoin-QT. The wallet did contain the 0.05 BTC. I'll now install Armory and use that as my wallet and utilize the paper wallet feature and stick that puppy in my safe. :)
submitted by DetachableMonkey to Bitcoin [link] [comments]

These are the reasons that stop me from holding LTC

I'd like to write down what is currently stopping me from getting into Litecoin. I'd love some feedback.

1 Litecoin-Qt is the only real wallet out there. There is no electrum. No multibit. No Armory. No blockchain.info. No Coinbase.

2 Last time I tried to run Litecoin-Qt on my Linux machine, Litecoin ran buggy as hell. My wife can't even get it to run properly on her Mac OSX. In fact, I'd venture to say that the vast majority of Litecoins are sitting on BTC-e's servers. That's sort of like 4 years ago when everybody had their BTC on Mt. Gox.

3 While the two previous reasons can, and likely will, be resolved in the future, here's what's really stopping me from using Litecoin. Satoshi Nakamoto was a luminary. For example, he used a very obscure encryption algorithm, which no one understood why. Later, it was found that the more popular algorithm that everybody uses is actually compromised by the NSA, thanks to the Snowden leaks. So, in other words, Satoshi either got super lucky, or knew what he was doing. My point is, Satoshi chose 10 minute confirmations and SHA instead of 2.5 minute confirmations and Scrypt for a reason. It may seem arbitrary right now, but in the future he may once again be proven the genius that he is if Scrypt or 2.5 minute confirmations ever get successfully attacked. As much respect as I have for Mr. Lee, I'm putting my money on Satoshi Nakamoto.

4 I've been pumping Bitcoin to all of my friends and family and strangers for years. The thought of all of a sudden switching and telling them all to buy Litecoin would send very bad signals and make me look like I'm just a bandwagon boy, and it would likely make others around me even more skeptical in the whole cryptocurrency thing. I mean, it's been tough enough getting people set up with Bitcoin. Now to all of a sudden tell them to switch again to Litecoin would be bad news. Litecoin would have to be far superior and Bitcoin very bad for me to do something like that.

5 Any money I put into Litecoin essentially takes away from money I could be putting into Bitcoin.

6 While the idea of more decentralized mining is appealing, I'm a fan of the division of labor. Not everybody needs to be a miner. Let the ones with the greatest marginal utility do that.

7 Selling Bitcoin for $100 less on BTC-e for Litecoin seems ridiculous to me.

8 I've done plenty of buying and selling with Bitcoin, and never once has the 10 minute confirmation time been a serious issue.

There are probably more reasons for not wanting to hold Litecoin right now, even a little. I'd be happy to know your thoughts on my reasons. Thank you.
submitted by Market-Anarchist to litecoin [link] [comments]

Experiment: Earning My First Bitcoin

This is my story on how I earned my first Bitcoin, and what I learned along the way. In December of 2013 I downloaded Bitcoin-QT after hearing about the meteoric rise of Bitcoin. At the time the price was in correction from the all time high of 1163 and was at 651. I had missed the train. At this time I started to visit Bitcoin more. I didn’t understand a thing I was reading. It’s like I stumbled across another language, with so many references to concepts that were completely foreign to me. I am by no means a computer expert. My competence level is average.
The highly technical language used in this sub and in the Bitcoin spaces is a barrier of entry to non-tech savvy individuals. But it is also an attraction for people who have a thirst for knowledge. And once you understand the technical side of Bitcoin it becomes more attractive. By its very nature Bitcoin is a self sustaining unit of account that is incorruptibly honest. Reading those words is entirely different from understanding what they mean. And once you do understand what they mean, what Bitcoin means, Attraction Amplified. So after lurking for a while and learning the basics, I came to this simple conclusion. I wanted it. But I honestly couldn't justify out right buying it.
So I set myself a goal. I’ll try earning just .1 bitcoin. Looking back, this took me way too long because I sticked with the faucets and paytoclick sites for way too long. But once I got go my first .1 BTC in February of 2015 I set myself a new goal. To earn one Bitcoin. My first Bitcoin wasn’t going to be mined or bought, but Earned. And 5 months latter I achieved that goal. By doing this I learned so much about the Bitcoin ecosystem.
Chart of earnings over time. Blue is earnings per day. Red is total earnings over time.
http://i.imgur.com/Y6cgH5z.png
The first thing I learned was that faucets are a huge waste of time for earning Bitcoin. But they’re nice to begin with just to get a feel for the mechanics of transactions.
The second thing I learned was that I could earn on average around 1500bits per day using Bitcoinget to do small online tasks, like visiting sites or doing short surveys. But, I have a love hate relationship with Bitcoinget. On the one hand, I’ve earned a good amount with them. But on the other hand, their jobs suck balls. The majority of the tasks on their site are not worth the time to complete, and many don’t work properly. The key is to know which tasks are worth doing and which are not. One in ten tasks on Bitcoinget are worth doing, and that’s being generous. But by using Bitcoinget I was able secure a steady supply of Bitcoin. Shameless Referral link if anyone feels like signing up: http://www.bitcoinget.com/?r=1MienR4vFattHj6XSZjKjDiwDqgxGeq67n
Chart for how much Bitcoinget and the other earning methods contributed as a percent to the 1 BTC goal. http://i.imgur.com/4qj2S82.png
The third method I learned for earning Bitcoin was giveaways. Changetip and sign up bonuses from sites like circle were very lucrative for the time spent on singing up. Just by visiting Bitcoin regularly you can get a fair amount of Bitcoin through giveaways.
The fourth method for earning BTC, and the most profitable, was using Jobs4bitcoins. My first job I took for this method was video editing for some kind of school project/feminist propaganda. The second job I took from Jobs4bitcoins was a excel research project, finding the smart phone penetration rates throughout Africa. This last job tipped me over the edge of .95BTC to 1.25BTC. Both jobs paid quite fairly for the task involved. Protip: never submit work before receiving payment first/use an escrow service.
Jobs4Bitcoin is hands down going to grow into something more. There is huge potential for people around the world to connect with someone else with the skills they need for quick work. Bitcoin enables this seamlessly and empowers individuals to pick and choose their work for themselves. So, shameless plus #2, if you need someone who is good at excel/researching literature/synthesizing large amounts of data, I’m your guy. Video editing too!
Along the way I’ve learned the Bitcoin lingo, set up multiple wallets using Armory, Electrum and Mycelium. I discovered the wonderful world of multi-sig addresses, and the benefits they offer for security. I’ve also learned how to store the backups for these in exotic offline devices like calculators and digital cameras. I’ve even attended a Bitcoin ATM release event, Cool stuff.
Conclusion: Bitcoin is simply amazing and amazingly simple in its simplicity. Overall it’s been a fun experiment, and I’m glad I did it, but this is definitely not a method for everyone. Buying from an exchange or ATM is much faster to acquire BTC. This is why I’ve joined an exchange and plan on buying some more BTC.
My new goal is 2.1 BTC, but I don’t think I’ll be satisfied until that coveted 21 BTC mark. 1 in 10 million here I come, 1 in a million one day soon. Maybe one day when we’re all grey and weary with the years of Bitcoin reaching planet after planet past the moon, I’ll tell my great-great-great-grandchildren that I earned my first Bitcoin. And they’ll either ask me, “what’s a Bight-coin?” or stare at me in silent wonder. I don't know where Bitcoin is going. But I do know that I want it. Other people want it. And there's only ever going to be 21 million.
I had fun writing this post and I hope you enjoyed reading it. Here's to drinking the moon-aid.
submitted by Fiach_Dubh to Bitcoin [link] [comments]

Story: How I Earned My First Bitcoin

Re-posting this because it's a good story :P
This is my story on how I earned my first Bitcoin, and what I learned along the way. In December of 2013 I downloaded Bitcoin-QT after hearing about the meteoric rise of Bitcoin. At the time the price was in correction from the all time high of 1163 and was at 651. I had missed the train. At this time I started to visit Bitcoin more. I didn’t understand a thing I was reading. It’s like I stumbled across another language, with so many references to concepts that were completely foreign to me. I am by no means a computer expert. My competence level is average.
The highly technical language used in this sub and in the Bitcoin spaces is a barrier of entry to non-tech savvy individuals. But it is also an attraction for people who have a thirst for knowledge. And once you understand the technical side of Bitcoin it becomes more attractive. By its very nature Bitcoin is a self sustaining unit of account that is incorruptibly honest. Reading those words is entirely different from understanding what they mean. And once you do understand what they mean, what Bitcoin means, Attraction Amplified. So after lurking for a while and learning the basics, I came to this simple conclusion. I wanted it. But I honestly couldn't justify out right buying it.
So I set myself a goal. I’ll try earning just .1 bitcoin. Looking back, this took me way too long because I sticked with the faucets and paytoclick sites for way too long. But once I got go my first .1 BTC in February of 2015 I set myself a new goal. To earn one Bitcoin. My first Bitcoin wasn’t going to be mined or bought, but Earned. And 5 months latter I achieved that goal. By doing this I learned so much about the Bitcoin ecosystem.
Chart of earnings over time. Blue is earnings per day. Red is total earnings over time.
http://i.imgur.com/Y6cgH5z.png
The first thing I learned was that faucets are a huge waste of time for earning Bitcoin. But they’re nice to begin with just to get a feel for the mechanics of transactions.
The second thing I learned was that I could earn on average around 1500bits per day using Bitcoinget to do small online tasks, like visiting sites or doing short surveys. But, I have a love hate relationship with Bitcoinget. On the one hand, I’ve earned a good amount with them. But on the other hand, their jobs suck balls. The majority of the tasks on their site are not worth the time to complete, and many don’t work properly. The key is to know which tasks are worth doing and which are not. One in ten tasks on Bitcoinget are worth doing, and that’s being generous. But by using Bitcoinget I was able secure a steady supply of Bitcoin. Shameless Referral link if anyone feels like signing up: http://www.bitcoinget.com/?r=1MienR4vFattHj6XSZjKjDiwDqgxGeq67n
Chart for how much Bitcoinget and the other earning methods contributed as a percent to the 1 BTC goal. http://i.imgur.com/4qj2S82.png
The third method I learned for earning Bitcoin was giveaways. Changetip and sign up bonuses from sites like circle were very lucrative for the time spent on singing up. Just by visiting Bitcoin regularly you can get a fair amount of Bitcoin through giveaways.
The fourth method for earning BTC, and the most profitable, was using Jobs4bitcoins. My first job I took for this method was video editing for some kind of school project/feminist propaganda. The second job I took from Jobs4bitcoins was a excel research project, finding the smart phone penetration rates throughout Africa. This last job tipped me over the edge of .95BTC to 1.25BTC. Both jobs paid quite fairly for the task involved. Protip: never submit work before receiving payment first/use an escrow service.
Jobs4Bitcoin is hands down going to grow into something more. There is huge potential for people around the world to connect with someone else with the skills they need for quick work. Bitcoin enables this seamlessly and empowers individuals to pick and choose their work for themselves. So, shameless plus #2, if you need someone who is good at excel/researching literature/synthesizing large amounts of data, I’m your guy. Video editing too!
Along the way I’ve learned the Bitcoin lingo, set up multiple wallets using Armory, Electrum and Mycelium. I discovered the wonderful world of multi-sig addresses, and the benefits they offer for security. I’ve also learned how to store the backups for these in exotic offline devices like calculators and digital cameras. I’ve even attended a Bitcoin ATM release event, Cool stuff.
Conclusion: Bitcoin is simply amazing and amazingly simple in its simplicity. Overall it’s been a fun experiment, and I’m glad I did it, but this is definitely not a method for everyone. Buying from an exchange or ATM is much faster to acquire BTC. This is why I’ve joined an exchange and plan on buying some more BTC.
My new goal is 2.1 BTC, but I don’t think I’ll be satisfied until that coveted 21 BTC mark. 1 in 10 million here I come, 1 in a million one day soon. Maybe one day when we’re all grey and weary with the years of Bitcoin reaching planet after planet past the moon, I’ll tell my great-great-great-grandchildren that I earned my first Bitcoin. And they’ll either ask me, “what’s a Bight-coin?” or stare at me in silent wonder. I don't know where Bitcoin is going. But I do know that I want it. Other people want it. And there's only ever going to be 21 million.
I had fun writing this post and I hope you enjoyed reading it. Here's to drinking the moon-aid.
Update: In the 1 and 5 million club as of today :)
submitted by Fiach_Dubh to Bitcoin [link] [comments]

How to move coins from A to B without compromising privacy?

Hi bitcoin friends, I want to do the following. Let's say I give 4 different addresses to a person that pays me, and he thinks those 4 different addresses belong to 4 different persons (he will not accept a different address for each transaction because it's a mess to manage, he deals with way too much people).
So let's say he pays me monthly and this month I got:
Address1: 0.19 BTC Address2: 0.45 BTC Address3: 0.66 BTC Address4: 0.38 BTC
Cool, this month I got 1.68 BTC, which now I want to send to some exchange for some trading, I want to send somewhere to buy something or pay someone, whatever.
And here is the problem: When I move my coins, in blockchain.info it will show up as if I own all those addresses, like this type of transaction where the addresses stack up:
https://blockchain.info/address/3EoQB86cQWaNdTFg5HZz5P7YHvp5nQYdVm
Which is basically shit for your privacy, because I wanted to have my 4 different services as different non related services, but now the person that paid me (and potentially the person im paying too) both can know that those addresses are mine.
How to avoid this from ever happening? I've considered moving the coins in small transactions, those transactions being exactly the latest received transaction (in my example, the latest money I got would be the one in Address4, thats 0.38). But since there is a fee, the fee would take the money from the previous transaction, in this case Address3, so in the blockchain it would show up that I own both Address4 and 3, which means to avoid that I would need to send Address4 amount (0.38) minus the transaction fee. Pretty fucking annoying if you ask me, considering I got tons of small payments sometimes, and a lot more than 4 addresses.
So that's basically my question: Is there a way to somehow do this automatically? I've been reading about coin control within Armory is somehow related to this but it seems im too dumb to figure it out myself. Take into account i've been using BitcoinQT since the beginning and have no idea how to use the other stuff.
I've also been reading about HD wallets, that would allow for a new address being created each time, but I also can't figure it out by myself. I just got Armory installed and synced, but like I said before I don't know how to do anything beyond the basics. I also got Mycellium in my phone, which I haven't used yet because I want to figure this out first (how to move money from my main Core wallet into Mycellium without destroying my privacy).
Thanks
submitted by needmorecoins to BitcoinBeginners [link] [comments]

From Bitcoin to Litecoin: A Transition Guide

Imagine a user that is coming from the Bitcoin world. The user is aware of Bitcoin basics and how it works in general. They've recently heard about Litecoin and would like to learn more about it and try it for themselves. The user is trying to decide if Litecoins are a viable option. This user might continue to use Bitcoin but with their newly gained knowledge they have the option of using Litecoin for any transactions they deem appropriate. What kind of information would be useful for their transition as an end user?
.......
Here are some starters:
1) Comparison between Litecoin and Bitcoin
2) Buying Litecoins
3) Public Address Prefixes
4) Lightweight clients are not available
5) Armory client is not available
6) The transaction fees are calculated differently between Litecoin and Bitcoin.
7) You cannot use Bitcoin ASIC mining hardware to mine Litecoins
8) Mining Litecoins using CPUs isn't cost effective
9) Mining Litecoins using your laptop is not recommended
10) Accepting Litecoin as payment on your website
11) Block explorers
12) Where to spend your Litecoins
13) Virtual currency stock exchange
TLDR; A user knows about Bitcoin and is starting into Litecoin. Any useful information for the transition?
EDIT: making edits as useful information is posted. Input has been provided by: lastgen, -Mahn
submitted by lastgen to truelitecoin [link] [comments]

Diretório Bitcoin

Comércio Local
Há uma grande variedade de formas de comprar bitcoins em sua região. O localbitcoins.com pode ser um bom lugar para começar, se você apenas quer conseguir rapidamente algumas bitcoins com sua moeda local. O site pode oferecer uma gama de formas de comprar e vender bitcoins localmente, mas como sempre, eles podem variar em confiabilidade. Se você tiver medo, usar um mercado Bitcoin ou serviço de carteira web pode ser melhor.
Mercados Bitcoin
Uma mercado bitcoin permite comprar e vender Bitcoin na sua moeda local, bem como utilizar uma vasta gama de outros serviços de transação e especulação para os entusiastas mais avançados, comerciantes e investidores. Devido aos regulamentos de segurança e governamentais relativas à lavagem de dinheiro, há um curto processo de verificação de conta que os novos usuários são obrigados a participar para a maioria dos mercados.
Por que usar um mercado bitcoin? Seus Bitcoins estão seguros com uma troca confiável e estabelecida, e você pode acessar recursos comerciais mais avançados. No entanto, as trocas estão sujeitas a uma maior regulamentação do governo e leis sobre Bitcoin ainda não foram esclarecidas na maioria dos mercados. E verificação de conta significa menos privacidade de conta.
MtGox
Bitstamp
BTC China
BTC-e
Bitcoin.de
CampBX
VirtEx
Bitcurex
Carteiras Web
Uma carteira bitcoin web é uma ferramenta que permite que você envie e receba bitcoins. Enquanto alguns têm recursos mais avançados, eles não vão muito além de trocas bitcoin e são concebidos como uma forma de enviar, receber e gerenciar Bitcoins assim como uma conta bancária. Isto também significa que você deve escolher a sua carteira web como você escolher o seu banco.
Por que usar uma carteira Web? Ao contrário de carteiras de desktop, como a carteira está online você não precisa baixar o blockchain localmente, liberando espaço e energia da CPU em seu PC. No entanto, é importante manter-se atualizado com o serviço de sua carteira para ter certeza de que eles estão operando de forma legítima. A grande maioria age, mas é importante estar atento.
Carteiras de Desktop
Um carteira de desktop pode ser uma maneira mais segura de armazenar seus bitcoins do que uma carteira web porque a carteira é armazenada em seu próprio computador. Você pode enviar, receber e armazenar seus Bitcoins como uma carteira online. Uma carteira de desktop também pode ser criptografada, com cópia para vários dispositivos (como pen drives), e com backup de segurança. Por que usar uma Carteira Desktop? Mais controle e privacidade na gestão de seus fundos. No entanto, você deve baixar e atualizar continuamente o blockchain para realizar transações, o que pode ocupar um monte de espaço em disco e poder de CPU, para não mencionar um longo tempo para download.
Bitcoin-Qt é o cliente Bitcoin original e constrói a espinha dorsal da rede. Ele oferece os mais altos níveis de segurança, privacidade e estabilidade. No entanto, tem menos recursos e é preciso uma grande quantidade de espaço e memória.
Visite o Bitcoin QT
Multibit é um cliente leve que se concentra em ser fácil e rápido de usar. Ele se sincroniza com a rede e está pronto para uso em poucos minutos. Multibit também suporta várias línguas. É uma boa escolha para usuários não técnicos.
Dê uma olhada no Multibit
Armory é um cliente avançado Bitcoin que é executado sobre o Bitcoin-Qt. Expandindo suas características para usuários avançados Bitcoin. Ele oferece muitos recursos de backup e criptografia, e permite armazenamento seguro em computadores offline.
Vá para a Armory
O foco da Electrum é a velocidade e simplicidade, com baixo consumo de recursos. Ele usa servidores remotos que lidam com as partes mais complicadas do sistema Bitcoin, e permite-lhe recuperar a sua carteira a partir de uma frase secreta.
Visite Electrum
Mobile Wallets
Mobile wallets permitem que você carregue seus bitcoins com você no seu bolso. Você pode trocar moedas com facilidade e pagar em lojas físicas por digitalização de um código QR ou usando a tecnologia NFC para realizar pagamentos. Por que usar um Mobile Wallet? Pela facilidade de uso ao fazer pagamentos em lojas físicas, carteiras móveis são a melhor opção. No entanto, elas não são inerentemente muito seguras, então use com cuidado.
O Bitcoin Wallet é um cliente móvel leve para Android e BlackBerry OS. Este cliente não necessita estar associado com qualquer serviço on-line para trabalhar. Ele é compatível com digitalização de código QR e tecnologia NFC.
Faça uma Bitcoin Wallet
Blockchain.info é uma carteira híbrida web para celulares. Ele também está disponível para iPhone em um modo restrito para atender às políticas de segurança da Apple. Ele inclui muitas características do blockchain.info como o backup de carteira web.
Vá para o Blockchain.info
Coinbase é um serviço de carteira web que visa ser o mais fácil de usar. Ele também fornece um aplicativo Android Ed carteira web, ferramentas de comércio e integração com contas bancárias nos EUA para comprar e vender bitcoins.
Experimente o Coinbase
.
Ferramentas Úteis
Um dos melhores aplicativos do iPhone sobre cotações de preços BTC, simples e limpo. Download Zeroblock
Um aplicativo web simples que permite que você veja a taxa de câmbio do Bitcoin e converta qualquer quantia de ou para a moeda de sua preferência. Visite o preev.com
Mineração Bitcoin
A um nível técnico, mineração do Bitcoin é tão simples como executar um software de mineração em uma variedade de dispositivos, a partir de seu telefone celular para hardwares caros e com dedicação exclusiva. Uma mineração Bitcoin mais séria é feita por mining pools, com grupos de pessoas que unem seu poder de hardware para aumentar a velocidade com que eles podem minerar.
O software apenas resolve problemas matemáticos cada vez mais complexos, que é o mecanismo para aumentar o número de Bitcoins em circulação. Mineração de Bitcoin é uma parte essencial do sistema do Bitcoin, mas certamente não é o seu bilhete premiado para ficar rico da noite para o dia.
Segurança
Enquanto o Bitcoin é uma moeda respeitável e descentralizada, cabe a você manter seus Bitcoins seguros, especialmente pelo fato de transações do Bitcoin serem de caráter não reembolsável. Se isso soa assustador, não se preocupe - esses guias e sites irão lançar alguma luz sobre a segurança carteira e aprofundar um pouco mais sobre as técnicas utilizadas para manter o Bitcoin blockchain seguro.
Bitcoin Security
Wallet Security
Soluções Comerciais
Tradução por: Sarah Alexandre
Original em: http://www.bitcoins.com/directory
submitted by sa_rah to BrasilBitcoin [link] [comments]

A helpful discussion about wallet security (esp. Electrum)

I was recently contacted via private message by a redditor who read a comment of mine about wallet storage (I assume this comment). I think there was quite a bit of useful information in it for other bitcoin beginners, so I am reposting it here in full (with permission). The redditor in question wanted to remain anonymous though.
I hope this is of use to some of you here!
From: Anonymous Redditor
I saw your post regarding your wallet storage and had a few noob questions if you don't mind.
My plan is similar to yours but I was unsure whether to use armory or electrum (electrum's seed creation scares me a bit).
You mentioned you have a bootable LINUX (ubuntu?) USB stick that you keep your wallet on....do you only boot this onto an always offline computer?
Do you use something like Truecrypt to further protect your wallet.dats?
Thanks for your time!
From: SanderMarechal
My plan is similar to yours but I was unsure whether to use armory or electrum (electrum's seed creation scares me a bit).
For me it is the other way around. Armory (and bitcoin-qt) scare me. Armory is just a wallet. It still needs bitcoin-qt running in the background. For me the problem is two-fold:
1) Size
bitcoin-qt (and armory) need to download the entire blockchain. That 13+ GB that takes hours to download and days to verify. And if you ever lose it, you need to do it again.
2) Random keys
armory and bitcoin-qt generate random private keys. You get 100. If you use a few (you use them when you send coins for example) then new ones are created. So, if you create an armory wallet and make a backup, that backup will have 100 keys. Then, if you make 33(!) transactions, your 100 keys are used up and you will have 100 different random keys. If someone then steals your computer (or your house burns down) then you cannot use your backup anymore. It only has the 100 old keys and none of the new keys. So you have lost all your bitcoins.
Why 33 transactions and not 100? Because of change addresses. If you have 10 BTC and send me 2 BTC then most wallets will create 2 transactions. 2 BTC from your old addres to me, and 8 BTC from your old address to a new (random) address. This process costs 3 private keys. 2 keys for the transactions and 1 key to create a new address.
This means that after every few dozen transactions you need to refresh your backup so it has the newer keys. For me that is impractical. It means that I need to keep my backup close by because I often need it.
Electrum does not have this problem. The seed solves this. Private keys are not random but are created from the seed. If you have the seed then you have, by definition, all the private keys you will ever need. Your backup can never be out-of-date. This is easy for me. I save the seed in a file, encrypt it, put it on an USB stick and give copies to a few family members who have safes in their homes.
If my computer is ever stolen, or my house burns down, I can go to a family member, decrypt the seed file and use the seed to restore my electrum wallet. Even if that USB stick is 10 years old.
You mentioned you have a bootable LINUX (ubuntu?) USB stick that you keep your wallet on....do you only boot this onto an always offline computer?
It depends on how secure you want to be. For maximum security, keep the computer always offline. But if you want to spend the bitcoins from your wallet, you will need to be online.
I use the USB stick for my savings account. It only receives coins and I do not send. So I do not need to boot up my USB stick. I have created a second wallet on blockchain.info that I use for day-to-day transactions. All BTC I receive goes to my blockchain account. Then I transfer a part of that to my savings account and only keep a bit of change that I need in the blockchain account.
Do you use something like Truecrypt to further protect your wallet.dats?
No. Electrum does not have a wallet.dat. It has the seed. I simply copy the seed to a TXT file and encrypt it using GPG and symmetric encryption. Example:
gpg --armor --symmetric --cipher-algo AES256 seed.txt 
Make sure you use a password that is strong and that you cannot forget! If you need to write the password down on paper and your house burns down, then you cannot decrypt the seed anymore!
From: Anonymous Redditor
Forgive the naivety here: Correct me if I'm wrong - The safest way to generate your wallet seed is on an offline computer correct? So, theoretically, generate the seed on an offline-only computer, copy to txt...encrypt. back up on multiple USB's. Then on your online computer, load electrum and import Seed?
Thanks so much for the thorough explanation! I'm a potato when it comes to reddit's bitcoin tip bot. Send me an address - would like to send some internet magic money your way.
From: SanderMarechal
The safest way to generate your wallet seed is on an offline computer correct? So, theoretically, generate the seed on an offline-only computer, copy to txt...encrypt. back up on multiple USB's. Then on your online computer, load electrum and import Seed?
Not quite. The risk with an online computer is malware and people breaking in. If you generate the seed on an offline computer and then move it to an online computer, you don't really take that risk away. You still have your wallet on an online computer which you use for day-to-day work and which is exposed to hackers and malware.
I suggest you make two wallets. One wallet is your "savings" wallet. You can use the USB stick Linux for this. Generate the wallet offline, backup and encrypt the seed onto multiple USB sticks and note down the bitcoin address somewhere so you can transfer funds to it. The only time you should use the USB stick to go online is when you want to transfer funds out of your savings wallet.
The, on your normal computer (or your smartphone if you prefer), create a second wallet using a different password. This is the wallet you keep only a little money in for your day-to-day transactions. Note down the seen, encrypt (with a different password than you used to encrypt the seed from your savings wallet) and add it to the USB keys. You can use Electrun for this second wallet as well, but you can also use something different. I use a blockchain.info wallet for my day-to-day expenses.
Whenever you have a larger amount of bitcoins in your day-to-day wallet, transfer some to the wallet on the USB stick. You don't need to boot up the USB stick for this. You only need the address you wrote down.
When you want to spend a large amount of money, boot up from the USB stick and transfer coins from your savings wallet to your day-to-day wallet. Reboot into your normal computer and use the day-to-day wallet to pay for what you wanted to buy.
The core of the issue is simple: Don't store a lot of money in a wallet on a computer that you use a lot. Computers that are used a lot get attacked a lot. Simple :-)
Thanks so much for the thorough explanation! I'm a potato when it comes to reddit's bitcoin tip bot. Send me an address - would like to send some internet magic money your way.
That is very kind! My address is: 1PAXiscvKoGRJ5XxMZvri3CMNeKYYb8wMQ
From: Anonymous Redditor
You are awesome:) Thank you again for the insight! Sent some your way.
From: SanderMarechal*
Your welcome. And thanks for the coin!
From: Anonymous Redditor
Last question(s) (I promise)...
Would a netbook like this be appropriate to 1)dban 2) boot up via USB ubuntu and 3) create the electrum seed?
This would of course never go online, be backed up and encrypted, etc.
http://www.newegg.com/Product/Product.aspx?Item=N82E16834131403
Thanks again.
From: SanderMarechal
I don't know. You would be better off asking this on www.ubuntuforums.org for example. I don't know if that computer's hardware is compatible with Ubuntu. Speed-wise the bottleneck will be the USB stick and not the CPU or memory. USB sticks are much slower than hard drives.
Note that you don't have to buy a computer for this. You can use the computer you already have and still run Ubuntu off an USB stick for your Electrum wallet.
What I said in my previous post about not using your day-to-day computer for your wallet, with that I mean the operating system and software. Not the hardware. Unless you're afraid someone put a hardware keylogger inside your computer :-)
From: Anonymous Redditor
Fascinating!
My tin foil hat is in full effect:) Thanks again for your time and patience.
From: SanderMarechal
Your welcome. Have fun with bitcoin!
Oh, I have a question for you now. Would you mind if I repost our entire private conversation here to /BitcoinBeginners? I think other redditors there would also be interested. And if I can repost it, do you want your username in there or should I replace it with "Anonymous Redditor" or something?
From: Anonymous Redditor
You can certainly repost it! And yes, if you wouldn't mind removing the username I would very much appreciate it.
Thanks for asking btw!
Anyway, I hope this is useful for some people out here.
submitted by SanderMarechal to BitcoinBeginners [link] [comments]

[BOUNTY] 5+BTC for Protoshares (PTS) conversion of Armory Wallet

Protoshares is a new bitcoin derived cryptocurrency from Invictus Innovations. It is unique among cryptocurrency because there is a private company who has put a social contract in place that when it releases the products on its roadmap (Bitshares, Domainshares, etc.), whomever holds Protoshares (PTS) will be given shares of the newly released product at a 1:1 ratio to their PTS holdings.
This means that instead of being a currency that trades on the merits of the currency or its network, it trades on the future value of the products that Invictus will deliver to whomever holds them. It is unique among coins in that it has a tangible reason to hold it, periodic and significant payouts of new cryptocurrency.
This unique value proposition and the fact that only 2 million will be mined has led to a very high price even only 12 days after the start of mining, and the adapted BitcoinQT client is insufficient for the task of securely storing. I have started a bounty which has a minimum value of 5BTC or 150PTS, and which might wind up being higher than that if I can convince some larger holders of PTS to contribute.
The most secure bitcoin wallet is http://www.bitcoinarmory.com, it is open source and supposedly not that difficult to convert to a bitcoin based altcoin. Protoshares at a technical level is the latest version of Bitcoin with a new proof of work and modified difficulty/block reward settings. Invictus Innovations – http://www.invictus-innovations.com You can learn more at https://github.com/InvictusInnovations/ProtoShares
Armory Github: https://github.com/etotheipi/BitcoinArmory
The Version of Armory you should convert: https://bitcointalk.org/index.php?topic=299684.0
submitted by ptsLighthouse to Jobs4Bitcoins [link] [comments]

Low-tech signing and sending

So I've got an incredibly small amount of BTC that I've scraped from bitcoinget.com for testing and learning purposes, which I sent to a wallet that I generated from bitaddress.org. I want to eventually keep larger amounts of BTC on a freshly-installed Linux distro on a perpetually-offline netbook. While I do have access to a second, online computer, it doesn't have the hardware resources to run the Armory client, or even the full Bitcoin-QT client with it's large multi-GB blockchain download. Furthermore, that computer is at my workplace - I have complete administrative control over the machine, however the network admins here block the necessary port (8333), presumably to keep people from using our server rooms for mining.
So my question is, given the contraints described above, how do I go about coming up with a workable, secure method for using BTC? If I have an address with 1 BTC, and I want to send, say .53756 BTC to a new address, what tools should I go about using to sign/send the transaction? What about the remaining fraction of BTC in the original address? Is there some easy tool or way to break up the BTC contained in one address across multiple others, that is workable with my constraints? E.g. "send .53756 to address A and send the remainder in that wallet to address B"?
submitted by hags_claw to BitcoinBeginners [link] [comments]

Switching from Bitcoin-QT

So after seeing THIS post this morning I opened up my QT client and had quite a startle. I was BitBroke! I quickly checked my transaction log to see if I was one of the victims of the Bitcoin-QT hack. As it turns out my wallet says I never was BitRitch to begin with. (my wallet showed NO addresses at all!!)
Que the panic.... Was I hacked? Was I robbed?
NOPE.
As it turns out at 2.35am on Dec 27 my wallet was created. Now the holidays were a bit blurry to me so I can't verify what exactly happened at that time so I said fuckit and went to my backup.
After multiple harrowing steps (renaming the backup wallet, running -rescan, crying) I was able to restore my wallet, I'm now in the process of synchronizing with the network. (I checked on blockchain, my BitLoot is still there in my wallet. WOOT!)
So the point of all this is multifaceted. 1) Don't holiday and compute at the same time. 2) make a backup 3) keep calm and mine on
I leave you all with a serious question; What is the best client and can i transfer the locally stored blockchain info from QT to another (say armory) ie. I don't want to wait for Armory to sync with the network when I already did that with Bitcoin-QT, can I just point another client at that 15.2GB folder and call it a day?
submitted by projkt4 to Bitcoin [link] [comments]

Installing Bitcoin Armory How to Download and Verify the Armory Bitcoin Wallet Installing Bitcoin-QT how to mine for bitcoin core How to install Bitcoin Armory in Ubuntu 14.04

Armory by default doesnt run Bitcoin-qt, it runs Bitcoind. Since armory installs the entire Bitcoin reference client by default, Bitcoin-qt will be present regardless (you can try to delete it, though): Bitcoin-Qt is the “Graphical User Interface” around the core Bitcoin protocol that is run by the majority of nodes on the network. ”bitcoind” is the same software but without the user ... Recently there has been much debate in the Bitcoin community regarding Segregated Witness, hard forks and soft forks, and the usage of alternative node and mining software. The Armory developers (goatpig, droark, and achow101) support Segregated Witness as is in its current form, and also support Bitcoin Core. The Armory developers also oppose hard forks that may attack the original chain ... Install Bitcoin-Qt Since version 0.9, Bitcoin-Qt was renamed to Bitcoin Core t o reduce confusion between Bitcoin-the-network and Bitcoin-the-software. Bitcoin Core is a full Bitcoin client. It is a thick client, meaning it requires the full blockchain (explained below) on local disk to operate and expose blockchain back to the network to help relay and verify transactions. Keep a copy (sync ... Bitcoin-Qt ist ein Open-Source-Projekt und derzeit einer der sichersten Vertreter unter den Mining-Clients. Hier müssen Sie sich nicht um eventuelle Angriffe auf Ihr virtuelles Geld sorgen. Ebenfalls Open-Source und vertrauenswürdig ist Electrum.Das Tool punktet mit einer 2-Faktor-Authentifizierung, dem Support von Add-ons und der Möglichkeit, Ihre Keys jederzeit in andere Bitcoin-Clients ... BEST BITCOIN WALLET. Armory is the most secure and full featured solution available for users and institutions to generate and store Bitcoin private keys. This means users never have to trust the Armory team and can use it with the Glacier Protocol. Satoshi would be proud! Users are empowered with multiple encrypted Bitcoin wallets and permanent one-time ‘paper backups’. Armory pioneered ...

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Installing Bitcoin Armory

🍓 Best Bitcoin Mining Software That Work in 2020 🍓 - Duration: 5 ... 6. bitcoin-qt - Duration: 6:50. 402 Payment Required 943 views. 6:50. How to start Bitcoin mining for beginners (SUPER ... Bitcoin-QT is a Bitcoin wallet and does some other functions. Running this software is the backbone to the entire Bitcoin system. You may need to open port 8333 in your firewall. For more info see How to install Armory 0.93 and Bitcoin Core 0.10 on Windows 7, and how to create your first wallet. A guide for beginners. Enable subtitles in the video. If you like the guide, feel free to send a ... Bitcoin Mining Algorithm Example - https://toplowprice.com/bch2WV Purchase hashrate contract, getet mining payouts hourly, withdraw income to your wallet I W... But the Bitcoin plan calls for the creation of only 21 million bitcoins. In this way, Bitcoin will try to avoid the pitfalls of modern fiat currencies such as inflation, deflation, market ...

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