Consumers have less of a good incentive - compare the ease of use (including buying bitcoins then spending them at a merchant) to using cash (you have it anyway).Merchants have a good incentive to support bitcoin, as it's a way to attract market share - a differentiation from their competitors.Īfter installing this wallet, you will need to send your coins from your 'Bitcoin wallet beta 0.8.1' to your Electrum wallet.ĭon't bite my head off, but I see merchant adoption as fundamentally more likely than consumer adoption: A popular desktop lite wallet is Electrum. It does no save all the blockchain data, only headers (33MB now), and uses other's full nodes to check for transactions. If you want to go this route, I recommend to download a Bitcoin Unlimited wallet and install it. It can take a while (days to weeks), depending on your Internet connection speed, and the speed of your CPU. That means to download and validate all the blockchain data from the time you last used your old wallet, up to the present. To continue using full node wallet, you need to update the software, and then to 'synchronize' with the blockchain. It's the most secure way, but also most expensive - blockchain data takes about 100GB of disk space right now, and is growing at about 140MB per day. You are using now a bitcoin wallet that is a 'full node' - it validates all transactions issued on the Bitcoin network. You do need to upgrade, but you have several options on how to do this. The GUI shows a blue icon when connected using a proxy.Support for Digital Bitbox hardware wallet.Support for Segregated Witness (testnet only).RBF is automatically proposed for low fee transactions.Child Pays For Parent (CPFP) dialog in the GUI.Previously created invoices andĬontacts files may be imported from the menu. Invoices and contacts are stored in the wallet file and are no.Wallets can be loaded using: 'electrumĭaemon load_wallet '. The daemon requires wallets to be explicitly loaded beforeĬommands can use them.Is retained in memory, in order to save the encrypted file. Once the wallet is decrypted, only the public key Wallet file encryption using ECIES: A keypair is derived from the.I recommend keeping a few if you can afford to loose the money as an investment.ĭownload from official site here: Release 2.8.0 (March 9, 2017) Once he sends the Bitcoins there is no going back.If you want to sell your Bitcoins for Fiat currency then you can use one of the following exchanges I mentioned earlier. Now send the scammer one of your Bitcoin receiving addresses and wait for the funds to arrive. the wallet.dat file should be in the bitcoin folder. Press start and type %appdata% and hit enter. (if you are using Bitcoin Core the wallet.dat file can be found here on windows: Make sure you use a good password and make a backup of your wallet. They don't require the entire blockchain to be downloaded for them to work. These lightweight clients will let you receive and securely store your Bitcoins almost instantly. Once he is fully verified he should be able to get 5k worth of Bitcoins no problem.īitcoin Core is a bit slow, it's probably going to take ages to sync, you might want to look into The scammer will need to sign up and get verified with one or more big bitcoin exchanges. Most important - the private key and related QR code must be kept private, safe away from prying eyes and destruction.īitcoin does sound pretty perfect for this kind of transaction. There's a good chance it will be worth much more by the time you do. IMO I'd say hold onto that paper until you know what you're doing. If you just want to hold on to it I'd suggest not doing the above until your have a hardware wallet on hand and can send to a new wallet created on that device. Once you have made a wallet from the private key you can send the btc to a safe place or to an exchange. Ideally you'd do this on a computer not connected to the internet but that depends on how secure you feel about your system - have you visited suspicious sites, is it possible you may have malware? Malware can steal btc so don't put the private key into any system that you're not confident about. Many ways but one way I'd use is to install Electrum (from official site only, ) and then create a wallet from the private key displayed on the paper (or scan QR code).
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