How to migrate from bitcoin-qt to electrum? : Bitcoin
How to migrate from bitcoin-qt to electrum? : Bitcoin
Transferring coins from Bitcoin-Qt to Electrum - Bitcoin Wiki
Electrum Bitcoin Wallet
Transfering coins from bitcoin QT to Electrum? : Bitcoin
Transferring coins from Bitcoin-Qt to Electrum - # ...
Transferring private keys from Bitcoin-qt to Electrum wallet, but amount is wrong?
So basically I started out with Bitcoin-qt years ago, but it's too cumbersome now with me needing the giant blockchain downloaded. Anyway, I decided to try Electrum. I read how to extract my private keys from the bitcoin-qt wallet address, and import them into my newly created Electrum wallet. Bitcoin-qt showed I had 9 receive addresses, and after importing all 9 into Electrum the amount isn't the same. While it's not a gigantic difference, Electrum shows roughly 0.015 BTC less than Bitcoin-qt. When I check all of the address on blockchain.info and add them all up it comes out to what Electrum is showing. Does anybody know why Bitcoin-qt is showing more (which should be correct from all my previous transactions), and how to get the small remaining amount imported into Electrum without just transferring the balance (thus incurring a fee)?
Syscoin Platform’s Great Reddit Scaling Bake-off Proposal
https://preview.redd.it/rqt2dldyg8e51.jpg?width=1044&format=pjpg&auto=webp&s=777ae9d4fbbb54c3540682b72700fc4ba3de0a44 We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution! Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality. Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining. This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.
Syscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
Distribution, burns and user-to-user transfers of Reddit Points are entirely carried out on the Syscoin network. This full-on approach to utilizing the Syscoin network provides the most scalability and transaction cost benefits of these scenarios. The tradeoff here is distribution and subscription handling likely migrating away from smart contracts into the application layer.
The Reddit Community Points ecosystem can continue to use existing smart contracts as they are used today on the Ethereum mainchain. Users migrate a portion of their tokens to Syscoin, the scaling network, to gain much lower fees, scalability, and a proven base layer, without sacrificing sovereign ownership. They would use Syscoin for user-to-user transfers. Tips redeemable in ten seconds or less, a high-throughput relay network, and onchain settlement at a block target of 60 seconds.
Integration between Matic Network and Syscoin Platform - similar to Syscoin’s current integration with Ethereum - will provide Reddit Community Points with EVM scalability (including the Memberships ERC777 operator) on the Matic side, and performant simple value transfers, robust decentralized security, and sovereign store-of-value on the Syscoin side. It’s “the best of both worlds”. The trade-off is more complex interoperability.
Syscoin + Matic Integration
Matic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both. Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.
Total cost for these 100k transactions: $0.63 USD See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing: ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37) Syscoin price: $0.11 Snapshot of live fee comparison chart Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions. Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.
Tools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.
The Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms. The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.
Ethereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.
Zero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).
Unique fee-market that is more efficient for microtransaction redemption and settlement
Uses decentralized means to enable tokens with value transfer scalability that is comparable or exceeds that of credit card networks
Provides high throughput and secure fulfillment even if blocks are full
Probabilistic and interactive
99.9999% security assurance within 10 seconds
Can serve payment channels as a resilience fallback that is faster and lower-cost than falling-back directly to a blockchain
Each Z-DAG transaction also settles onchain through Syscoin Core at 60-second block target using SHA-256 Proof of Work consensus
Z-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.
Syscoin 3.0 White Paper (4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
16MB block bandwidth per minute assuming segwit witness carrying transactions, and transactions ~200 bytes on average
SHA256 merge mined with Bitcoin
UTXO asset layer, with base Syscoin layer sharing identical security policies as Bitcoin Core
Z-DAG on asset layer, bridge to Ethereum on asset layer
On-chain scaling with prospect of enabling enterprise grade reliable trustless payment processing with on/offchain hybrid solution
Focus only on Simple Value Transfers. MVP of blockchain consensus footprint is balances and ownership of them. Everything else can reduce data availability in exchange for scale (Ethereum 2.0 model). We leave that to other designs, we focus on transfers.
Future integrations of MAST/Taproot to get more complex value transfers without trading off trustlessness or decentralization.
Zero-knowledge Proofs are a cryptographic new frontier. We are dabbling here to generalize the concept of bridging and also verify the state of a chain efficiently. We also apply it in our Digital Identity projects at Blockchain Foundry (a publicly traded company which develops Syscoin softwares for clients). We are also looking to integrate privacy preserving payment channels for off-chain payments through zkSNARK hub & spoke design which does not suffer from the HTLC attack vectors evident on LN. Much of the issues plaguing Lightning Network can be resolved using a zkSNARK design whilst also providing the ability to do a multi-asset payment channel system. Currently we found a showstopper attack (American Call Option) on LN if we were to use multiple-assets. This would not exist in a system such as this.
Web3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask. Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2. Current supported wallets Syscoin Spark Desktop Syscoin-Qt
[Social X] Architecture of A Decentralised System for Social Payment and Services
Dear fellow Reddheads: It's been a month since the successful launch of PoSV, which marked the end of stage one of Reddcoin project. There were three main goals for stage one:
fair distribution of Reddcoin to common users (tipping), miners (mining) and investors (IPCO).
an innovative algorithm to secure the network and encourage ownership, participation and decentralisation (PoSV).
to build out a team of super talented and trustworthy developers.
The three goals have all been achieved so it's time for us to enter stage two: the buildout of services to make Reddcoin actually useful. This is what Social X is meant for. I'm still polishing the whitepaper to make it live up to my own self-imposed high standard, but I think the time is right for me to unveil it in broad strokes. There are three main problems Social X aims to solve.
Social X: why are wallets so difficult to use?
To achieve wide adoption of Reddcoin (or any cryptocurrency) by the non-tech-savvy general public, wallets must solve the following issues:
Ever increasing blockchain size discourages users from running full-blown wallets. It takes too much time and efforts to install or repair. A common user tends to find the process frustrating or even impenetrable and is forced to either give up adoption or rely on 3rd-party service providers (e.g. exchanges, wallets using ReddAPI) to take full control of her fund. Blockchain size grows everyday and grows faster with wider adoption.
Current wallets generate private keys randomly. As a user engages in staking or normal transactions, she has to back up wallet.dat file periodically to make sure all newly generated private keys are backed up. If wallet.dat file is corrupted or lost, there is no way to recover lost fund.
Again, due to the fact that private keys are randomly generated, it's impossible for a user to share the same wallet.dat file across multiple devices (e.g. desktop, iOS, Android) and multiple platforms (e.g. Windows, Linux, Mac). Different copies of wallet.dat will get out-of-sync. A user has to manage each wallet independently, which leads to significant operational burden and risk.
It would be extremely valuable for a service provider, such as an exchange or e-commerce site, to be able to generate unique public keys to receive fund while putting the corresponding private keys in cold storage. The impact on security is significant.
Social X: why is it so hard for me to tip someone?
One essential feature of Bitcoin is pseudo-anonymity. To pay someone, you need to get hold of her impenetrable public hash key, somehow. And the hash key, i.e. the wallet address, may not be valid a moment later because the owner might have lost the corresponding private key. Ironically, this awkwardness, even backwardness, is not perceived as a disadvantage by almost all the cryptocurrencies. In fact, on the contrary, the single biggest, hottest, most wanted feature is full decentralised anonymity, which has seen the rise and fall of many cryptocurrencies and their copycats. While all the other cryptocurrencies compete with each other on this front, Reddcoin, aiming to the social currency of the digital age, moves in the opposite direction. Social lives are not possible without social identities.
Social X: why can't I use a service without giving up control?
The vast majority of 3rd-party service providers which hold fund on a user's behalf has exclusive full control of her private keys. If a service is indeed worthy, a user has no choice but to trust the 3rd party with security and integrity. It's ironic, to say the least, that cryptocurrencies which are created to remove exactly this need for blind trust in middlemen end up in a much worse position than fiat currencies due to the fact that many cryptocurrency companies are unregulated and incompetent. Then the question is: is there a way to create an ecosystem where anyone can write and provide valuable social applications in a fully decentralised fashion?
Social X: Architecture for a Decentralised System for Social Payment and Services
Social X has many components which are already being actively developed. Below I give a brief description of some of them.
In the future, there will be two types of official Reddcoin wallets. QT wallet and reddcoind are full wallets required to run a full node. A second type of wallets, called thin wallets or SPV wallets will use the technology of Electrum modified and enhanced to support PoSV and staking. These wallets include mobile wallets on iOS, Android, next-generation Social Wallet on desktop and wallets inside browsers (Chrome/Firefox/Safari). I've already finished writing and started testing the reference implementation of Reddcoin Electrum server and client. Each client only needs to download 25M of data vs the current full blockchain at 660M. This is how we solve the blockchain size problem.
All our official wallets, whether full or thin, will be deterministic. All private keys are generated deterministically from a long passphrase. This passphrase is all you need to remember and backup and with it you can fully recover your wallet and funds anytime anywhere. You will also be able to support multiple wallets on multiple platforms and devices and they will all be in sync. This is how we solve the portability problem.
All our official wallets, whether full or thin, will be hierarchical. They will allow users to generate public keys on demand while keeping private keys in cold storage. This is how we solve the cold storage problem.
I'm writing code (~30% finished) for sth we call Reddcoin Social ID (Redd-ID):
It's a new service provided at the blockchain level.
It allow users to associate a username with one private key.
The user can choose to bundle extra information such as email, address and avatar.
The information is public and embedded in the blockchain. As a result, any user can send Reddcoin to another by simply specifying the recipient's Redd-ID.
Redd-ID registration costs Reddcoins. The costs vary depending on many factors such as the length of the username. For example, we expect popular names like tom to cost at least 7 figure.
Redd-ID registration is verified in PoSV blocks. Therefore all active Reddcoin stakers will be the provider of Redd-ID service.
Redd-ID registration fee goes to the Reddhead who successfully mints the PoSV block that verifies and confirms the registration. In a sense, it will feel like a lottery. And this is why this service doesn't make sense for any PoW coin where each block is pool-mined.
Redd-IDs can be transferred to new addresses and by default auto-expire annually and can be renewed.
Small Reddcoin holders, as long as they keep staking, may double, triple or 10x their existing holdings just by receiving registration fees.
Businesses and organisations can register usernames for purposes like receiving donation.
There will be several services available to provide more ways for Redd-ID to be used on Internet. I don't want to disclose all our cards here. Please wait for my whitepaper and see what we have for you as surprises. Meanwhile, do share with us how you imagine Redd-ID can be used.
Different components of Social X will allow decentralised tipping across all social networks. In our next-generation social tipping platform, there will be no tipbots! When you tip someone on Reddit, Twitter, Twitch, Youtube or Facebook, the tipping goes straight from local wallet, whether on your mobile or desktop to the recipient.
There will be APIs to allow 3rd parties to write and offer decentralised social applications.
Social X: where are we now?
I'm finishing the whitepaper in coming weeks (while writing a lot of code). The whitepaper will contains much more information than this post.
Reddcoin Electrum wallets for iOS and Android are being actively developed.
Reddcoin full wallets (QT/reddcoind) are already hierarchical deterministic in the development branch and are being internally tested.
The Social Tipping Platform is being actively developed.
I need volunteers to host and test Reddcoin Electrum server and clients. I'll make a separate post next week.
Below I'll only answer questions selectively. Much more details will be available in the whitepaper and there is no reason to jump the gun and repeat it here. Stage one took us 6 months. We expect stage two to take 6 months also. It may be the most exciting period in the history of Reddcoin project. Regards laudney
At wit's end trying to download/synchronize blockchain
Nutshell story: -Bought a couple BTC in 2013 -Kept to blockchain up to date for a year or so -Forgot about the BTC until they started taking wind recently -Made a couple transfers from my unsynchronised Bitcoin Core wallet - these are in limbo obviously -Want to sell 1 BTC asap through Quadriga and thinking of following these instruction - https://en.bitcoin.it/wiki/Transferring_coins_from_Bitcoin-Qt_to_Electrum Should I just wait? Are there issues regarding my unsynchronised wallet I should be aware of? I've got BT Core's app settings set at 6000 for the cache on a 30/mbps line, but the synchro is what's taking the most time for some reason. Thanks!
Switching Wallet to Electrum, issue incurred... please help
I'm missing some BTC after a transfer, here is what happened: I tried to transfer my Bitcoin-QT wallet to Electrum, since I hadn't opened it in almost three years, and the synchronization has barely moved in over a week. In the Debug->Console I put in the command listreceivedbyaddresses and found the only one that had bitcoin in it, (this was from a bitcoin miner) and then used the command dumpprivkey and received a new address. I also used the command listaddressgroupings which showed the amount of bitcoin in the miner address to have 4.425 btc. Next I opened my Electrum to Wallet->Public Keys->Sweep and entered the private key. After a minute I got the following: Transaction ID: (long id address here) Status: Signed Amount Received: 3002.XXXXXX mBTC Size: XXXXX bytes Fee: unknown Inputs (100) [here are listed 100 addresses] Outputs (1) [here is listed 1 address highlighted in green and to the right of this the amount 3002.XXXXX] At the bottom of the box are 6 boxes, Copy, 2D code, Save, Sign, Broadcast, and Close. I did not click any of these yet. So my question is - why is there only 3.003 BTC when I initially had 4.425?? Any help would be very much appreciated, I'm scared to click anything now for fear of doing something irreversible. Thank you, VTR
So I got a few coins in 2013. Used bitcoin-qt then, which I guess was already a mistake then, but it seemed to be the most official and trustworthy client. At some point the PC died, and I stopped running the client. Fast forward to 2016, and I'm looking to use BTC again after the wallet had been collecting dust for years. There's no way I'm getting this bitcoin-qt thing up and running again without many weeks of downloading the blockchain, especially since my old backup of the chain isn't readable by the new client (feeding it those files just drops an exception or crash without any explanation). So I looked for alternatives and ended up using Electrum. Of course, the bitcoin-qt wallet is not readable. Most web searches brought up three suggestions:
don't import keys from old wallets, just transfer the wallet's contents in a transaction! (-> well, I'm not able to do any transactions, which is why I'm looking for a new client in the first place)
just load the wallet to some web service like blockchain.info (-> are you kidding me, I'm not putting my money on someone's server just to access it)
URL to some technical manual that contains wallet-related console commands
So after I just gave up once or twice, I put in the effort and figured out how I can dump the wallet to a text file and work with that. Importing the keys to Electrum didn't work immediately, of course, because they are only contained in the first column of that file, and the rest is garbage as far as Electrum is concerned. So I carefully copied the 100 keys from the first column out of the wallet text dump by hand. I'm sure there's an easier way somewhere, but this worked, so I didn't complain. Got that Electrum working and successfully did a few transaction. This Bitcoin thing was looking pretty nifty again. But now, just a few days later, the network rejects my transactions because the client is too old. I admit it's old, but it is the default on my distribution. So I went and got the new version. Didn't start up, but dropped an obscure Python error, because I didn't uninstall the old version and this apparently resulted in a broken mix of old and new software components. So I got it working by uninstalling the old version and reinstalling the new version, and then this thing JUST IGNORES THE OLD WALLET AND OVERWRITES IT with a new one, without any comment, any user confirmation, anything. Back to copying 100 keys from a dump file to restore things. This worked, and I could send transactions again, but the confirmations appear to take much longer. Maybe it's because the default fee was changed to 0.000187 from 0.0002. Now I'll admit that I probably made lots of mistakes, and it's partially my own fault for using bitcoin-qt, and so on and so forth. But on the whole, this experience is a complete usability nightmare. Versions are just changed incompatibly and the developers don't care what happens to your old wallet. There is real money involved, but there seems to be a looming "so what, it's just internet play money" attiude from the old days when 40k btc bux bought a pizza or less. I have to deal with arcane console commands, copy keys around, etc. How is this even possible? How can the average person be expected to put up with this?
So the internet company I just started working for has occasional hour long tech talks and a slot opened up this week. I offered to give a talk about Bitcoin. There's a lot of interest already, partly because I'm new and partly because btc is so hot right now. Reddit, I would like your help with making this awesome. Below are my scribbly notes of the high points I'd like to hit. ANything I am missing? Since it is only an hour I cannot go into too much detail (and I am far from an expert in the protocol, but the best way to learn something is to teach it!) I was going to call it: Bitcoin: VIRES IN NUMERIS - in numbers we trust Show the vimeo video: http://vimeo.com/63502573 PROTOCOL
A detailed examination of the math is outside the scope of this tech talk
crypto-currency principles - public and private keys
proof-of-work principle or a computational puzzle - Reusable proof of work
the BLOCKCHAIN - forking the block chain - transaction fees
Neat stuff hidden in the protocol: Assurances and contracts
Brute force Solving an algorithm - monetizing electricity
GPU and FPGA mining
relentless drive to improve hashes per second and reduce power consumption
ASIC mining - BFL, Avalon
Difficulty over time, reward halving
Mining is becoming a business and not a hobby
Mt Gox, Bitfloor, Coinbits app, BTC-e, Ripple
FinCEN policy, money laundering, KYC regulations
High profile hacks
Keeping your money in a wallet unless it's about to be exchanged for fiat
the basic clients, bitcoin-qt, Electrum, other wallets
the brain wallet
airgaps, security, botnets
Physical coins, other storage
dark web, Silkroad being eclipsed by legitimate uses
Satoshidice, betsofbitco.in, gambling
Places to spend bit coin: bitcoinstore.com, etc.
forex, safe haven
Cyprus bank crisis, 10% haircuts
Deflation and Inflation - bit coin is deflationary
Hi - sorry I'f this has been asked before but I've trolled the Interwebs and cant find a suitable answer. I guess the question is not really that Jaxx specific but here goes *So you have made a note of your private keys and obviously your public keys from Jaxx (or other wallet) and you want to import that wallet into another wallet as your not sure that Jaxx is secure anymore. Can you simply import or sweep the wallet into another online wallet such as electrum, bitcoin-QT, blockchain.info, etc? * Without transferring into paper wallet.
Litecoin provides an infrastructure for efficient payments and immutable data storage. While the infrastructure itself is revolutionary, we are still far from unleashing its full potential. Many more applications can be built around Litecoin. In order to facilitate easier application development and adoption, I propose a plugin framework based on the existing Litecoin Qt program. Litecoin Qt is an "official" full Litecoin node with an easy to use graphical user interface (GUI) that can be used by those who are not technically savvy. It mainly functions as a Litecoin wallet to send and receive Litecoins. As a wallet, Litecoin Qt does not really provide much advantage compared with lightweight wallets like Electrum-LTC. However, Litecoin Qt is the only available Litecoin full node with a nice GUI, and these properties make Litecoin Qt the ideal platform for supporting a plugin framework to host applications because many applications will need Litecoin blockchain data and an easy to use graphical interface to be suitable for normal users. I list a few interesting example applications here and hope these will stimulate more ideas.
USDT is a token on top of Bitcoin blockchain and backed by USD. It is used by some major exchanges like Poloniex and Bitfinex. Technically, all data related to the token is stored on Bitcoin blockchain using OP_RETURN transactions. However, it is obvious that Litecoin is much more suitable for this job because of its much lower transaction fee and faster confirmation. While USDT makes USD much more usable on the Internet, it does not really have an easy to use wallet. I think a plugin for Litecoin Qt that scans OP_RETURN data and finds USDT related transactions and makes OP_RETURN transactions to send USDT can become an easy to use wallet. Many similar plugins depending on OP_RETURN transactions can be built. For example, a plugin can be used to send holiday (e.g. Valentine's day) wishes to the Litecoin blockchain, which thus lasts as long as Litecoin itself.
Efficient and decentralized CoinJoin
CoinJoin is an effective way for providing fungibility and anonymity to Litecoin users. CoinJoin services for Bitcoin are already available through centralized websites like https://bitmixer.io/ or decentralized standalone programs like https://github.com/JoinMarket-Org/joinmarket. While a decentralized program provides better anonymity and security, it incurs a cumbersome downloading and installation process, limiting its usage. Compared with a standalone program, a CoinJoin plugin on Litecoin Qt is more available and much easier to install and use. Litecoins can be easily transferred from the Litecoin Qt wallet to the CoinJoin network for mixing and back to other addresses in the wallet with just one click. Another advantage of making such a CoinJoin function a plugin instead of part of Litecoin Qt itself is that a plugin avoids potential legal issues. Some governments could potentially ban coins that provide complete anonymity within their protocol. Such a plugin avoids this issue and provides good anonymity and also keeps the Litecoin protocol simple.
Easier service consumption
Service providers like music streaming companies can provide plugins for users to easily pay for their services. Registration is not needed, and authentication can be done by automatically signing a token provided by the service provider using an address' private key in the wallet. Payments can be finished by simply clicking one button, and then Litecoins will be transferred to the service provider.
Implementation of such a plugin framework requires a capable and secure plugin language. A good candidate is Lua. Lua is a widely used plugin language because of its easiness to embed, fast execution, and short learning curve. Communication between the plugins and Litecoin Qt can be done through either Litecoin Qt's standard RPCs or C++ APIs specifically exposed by the plugin framework. In order to forbidden plugins stealing wallets, plugins need to be sandboxed so that visiting local file systems (excluding locations for temporary files) should be disabled. While this is difficult for many script languages including Python, Lua can achieve it relatively easily. Beside that, only open source plugins shall be trusted until we have enough confidence on the framework's security. This gives an example application with Lua plugins: https://john.nachtimwald.com/2014/08/16/extending-an-application-with-lua-plugins/. A Lua plugin for Litecoin Qt should be similar.
My experience with bitcoins - why it won't take off and replace "fiat currencies"
I have been experimenting with bitcoins for more than 2 years now and I returned to see where my experiment stood after the recent twittering in the copper lines. When I first used bitcoins a few years ago, there was one client and the transactions were not much. Now there are a plethora of clients to use and each comes with its own set of headaches. I tried Bitcoin-QT (the "official" client), electrum and multi-bit. Guess what? chicken butt! Storage space: I installed Bitcoin-QT and it has used up 12GB of my hard disk space and still has not synced up. The issues with this "official" or most popular client is acknowledge here Imagine if everybody in the world started using bitcoins and this preliminary set up takes a week or so now, even more later on, how easy it would be for financial transactions. It is definitely not like transferring "fiat money" electronically or just walking over and handing cash. Problems with safety and security: I did this mistake once in my early days - I wiped off my hard disk without proper backup (who backs up roaming profiles - unnecessary in the real world, but paramount in bitcoin world) and I lost my bitcoins. It wasn't worth much, so cheaper than losing some coins in my sofa. There have been atleast 3 instances reported this month of coins stolen, supposedly through the bitcoin-qt client - read about it here The most common analogy given is, you wouldn't let your real life wallet lying around, but it is just not the same as taking all precautions and still losing bitcoins because the technology involved is just too much for the common man. Just read through the friendly instructions given on how to do a secure transaction. The corresponding shitty analogy in real life will be - keep your wallet under layers of clothes, possibly tied to a chain around your waist. If you want to give someone money, walk into a secure room, remove clothes to access chain, remove wallet from chain, take out the money, secure wallet to chain around waist, wear clothes, walk outside to the room, and give money to the concerned party. Transaction fees: Right now it is voluntary for transferring money, but of course, transfers can be "expedited" by simply "donating" a small fee (wink wink, nudge nudge, eh?). A few years ago, when bitcoin was not more than $20, it was a fraction of cents; today it is 1/1000th or 1/100th of a cent. Imagine if bitcoin reaches $100,000 as some claim, this "speed fees" or as they call baksheesh or bribe in my country, could be a good chunk of money. This is documented here Ease of use, huh, what's that?? As I mentioned earlier, there are 3 different clients recommended (each with its own headache, of course,) but none of them are user friendly. One has a huge set up time, one needs you to turn on certain features, and the third connects to a server to validate transactions, which is like, I need to be online whenever I need to do this "transaction thingie." In a country where there are powercuts for upto 10 hours in some cities, or where there are frequent brownouts, and the internet speed is abysmally slow, the ease of cold hard cash, even if it is undervalued, triumphs all the proponents' arguments. Read the analogy about IRL wallet in 'safety and security' for this 'ease of use' Corruption: Let's see, corruption is not widespread in USA (I guess it is called lobbying over there, loosely regulated and even encouraged), bribe/speed money/baksheesh is a way of life. Right now, we have anti-corruption wings of the state police and national investigation agency successfully nailing down a handful of perps by using marked banknotes and tracking electronic transactions through banks to a good degree. Most of it is let slide, but when they want, they get their man. Imagine what will happen with bitcoins - corruption will rocket through the sky, bundled with all the problems mentioned above, and will make life worse than it is.
I took the private key from my QT client on my offline machine using the terminal. When I imported the key into electrum the amount of BTC was much less than what the QT client reported. The QT client has many different private keys but it said that the public key had more bitcoins than electrum is showing. I've verified the amount at a blockchain site and it looks like Electrum is showing the right amount and the QT client is showing the wrong amount. I am worried though because I have been importing private keys and sending the full amount on. This way I should not have to keep backing up wallets or risk exposing the other private keys from the offline wallet. This private key has only 1 incoming transfer and no outgoing transfers so why would QT show an incorrect balance? I am wondering is it safe to send this lower amount and also is there anyway I can truly know the balance of my QT wallet addresses if QT is not accurately reporting the amounts. Or is QT reporting the aggregate amounts properly but misreporting the individual address amounts. I am worried that I might have much fewer BTC than I had thought if QT is misreporting the total amount. This is not an issue of syncing up with the blockchain.
Transferring bitcoins to Electrum wallet from Bitcoin Core
Hi, I'm super new to bitcoin and cryptocurrencies so sorry for the somewhat dumb question. Basically I downloaded Bitcoin Core wallet, and after realising I had to download the entire blockchain which would take still 3 days according to the synchronizer, I gave up on it and transferred my bitcoins to my Electrum wallet using this guide: https://en.bitcoin.it/wiki/Transferring_coins_from_Bitcoin-Qt_to_Electrum. Bitcoins seem to have arrived in my wallet so is it okay now to uninstall Bitcoin Core or should I also make a backup of my wallet.dat file or any other file? Thanks in advance for any help.
Difficult to purchase doge in my local currency so this is what I'm gonna do
Background: I used to be able to acquire doge relatively easily in local currency (Malaysian Ringgit) from local sellers like lincoln_lava (hey sister shibe, where are you nowadays? no news mate?) and from localdogecoin. It was a great experience to use local bank transfer instead of PayPal or Skrill. The fun at localdogecoin was short-lived as all the local sellers slowly left the market possibly due to the declining price of doge. See for yourself, it’s empty offering in localdogecoin https://www.localdogecoin.com/eng/buy/MY ughhh! My plan to buy doge:
Buy BTC in local currency bank account Deposit BTC to prelude.io Exchange BTC to doge at prelude.io (preferably at 100 Satoshi, yummy!) Withdraw doge from prelude.io to my wallet-qt
The edits below will document each step until I finally get my doge love! EDIT 1: About a week ago, Numoni Pte Ltd (a Singaporean company), has installed a BTC ATM at Bangsar Shopping Centre. It is about an hour drive from my place. The ATM launching appeared in some local media (read here: http://www.lowyat.net/2014/03/first-bitcoin-vending-machines-appear-in-malaysia). So yesterday, I braved the horrendous traffic and paid expensive parking to go to this so-called high-end shopping mall. I made my way to the advertised shop, which seems like a mobile/PC hardware selling stuff. No BTC ATM there! The staff said Numoni took it away a few days ago sigh. Given that the ATM launching was around 3/27, it was probably taken away about 2-3 days after going live, ughh! Anyway, I’ve posted on Numoni’s FB page and currently waiting for their definitive answer. On the bright side, Chili’s quesadilla and nachos at the mall were all good. Burppp! Oh yes! EDIT 2: As the ATM route was bust, I checked out localbitcoins. It seems more promising as there are plenty of local sellers that will accept fiat from my local bank accounts. I’ve raised BTC purchase request and am currently waiting for the seller to respond. It is midnight here so nothing much to do until tomorrow. Grrr! OK, I've gotten my BTC, yay! Time to hit prelude.io EDIT 3:Nothing yet but hopefully this is the part where I receive my BTC to my light wallet (Hive? Electrum? Multibit? Any suggestion?) I've downloaded electrum. Nice, clean interface. But man, BTC does take sometime to be moved to and fro. Grrr! (again!) EDIT 4:Nothing yet but hopefully this is the part where I trade all BTC to doge at prelude.io and transfer my baby doge to my local wallet After 1.5hrs, my BTC finally appears on prelude.io, well, still faster than international wire, right? Time to embrace those doge! Put buy order at 107 (I know I said 100 satoshis above but who am I kidding, LOL). Order went through easily! Great job moolah_ EDIT 5:Nothing yet but hopefully I won’t have to use this edit section. It can’t be that complicated, right? (-vvv-) It's time to transfer these baby doge to my wallet-qt. WOW, such easy! OK, time to summarize:
purchase BTC from local seller and to have it appear on electrum wallet ~2 hrs
sending BTC from electrum to prelude.io wallet ~1 hr
put buy order at prelude.io to full order matching ~45 mins
sending doge from prelude.io wallet to local wallet-qt ~15 mins, WOW!
Maybe some of you shibes will ask why I don’t register my local bank account with kraken, prelude, VOS, etc. I believe the verification will take some time (well, I’m not American, Canadian or European) and the international wire transfer is both expensive and time-consuming. I hope my assumption is correct on this one, though. TOO THE MOON!
I have not touched my wallet in 6 years....I still have bitcoin QT.....I put wallet file on multiple USB drives to hold offline. Fast Forward to now I have just got my trezor in the mail. How do I safely go about transferring all my bitcoins. Should I buy a new laptop ? incase the one i have now has malware or anything. I should download Electrum correct ? how do I update safely 6 years of blockchain will take forever and very risky to leave online that long right. Should I use my wifi only ? does it matter what computer i plug my trezor into because it cant get effected by anything ?.......Any help would be great. I am worried how to safely do this since of all the stories about hacking etc etc......So got a trezor finally have usb with wallet from 6-7 years ago now what lol
A follow up question about Bitcoin Core to Etherium transfers
I want to first thank you all for your help and responses! I'm new at this, so I really appreciate it. My Bitcoin Core is taking forever to synchronize. As of right now, I am still 30 weeks behind the latest block. I read https://en.bitcoin.it/wiki/Transferring_coins_from_Bitcoin-Qt_to_Electrum, and I have a few questions: First, if I follow the steps provided, will I really be able to re-route my BTC to an Electrum wallet without having to wait for my Bitcoin Core to synchronize? Second, is this safe? The wiki mentions some risk of losing BTC by doing this, and I would rather wait out Bitcoin Core if this is the case. Thanks in advance for any replies!
Frustrated with wallets - could THIS be the stake through the heart of Bitcoin?
Actually, that should be "with wallets and fees." Both are causing some grief right now. While in the process of building a new computer, I'm getting increasingly frustrated with Bitcoin's complexity, especially around the notion of wallets. The Bitcoin-QT wallet becomes part of the network. Lovely, if you have a huge chunk of disk space to devote. I happen to be running a very lightweight pure SSD system, so onwards I look. Hmm. Armory? Well, it sits on top of the QT client, so no. How about Electrum? Not bad, but I'd rather NOT have my wallet stored elsewhere, encrypted or not. If I'm going to do that, I might as well just use a web wallet. Multibit? Ah, here we go! Local storage, no downloading of the entire block chain, and...you can't alter the transaction fee! I wasn't going to stress out over that because as many people have said, "what's $0.25" (or .40 or .06, or whatever people claim the trivial fee is)? But when I went to transfer my bitcoins from the old computer to the new one (because of course the wallet formats are incompatible between wallets), it came up with a fee of just under 0.05 BTC! I understand why fees are going to become important, but really - twenty bucks to transfer my own bitcoins from one computer to another, with the promise of more fees down the line. This is not a good system; and the fact that everyone who wants to use bitcoin has to go through pages of documentation to get some vague understanding of why they have to pay nondeterministic fees sometimes and not other times. Just venting here. This won't be the future of currency until it works as easily as currency.
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!
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:
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.
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.
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.
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.
Create a new Electrum wallet, select "Import Bitcoin addresses or private keys", convert your keys according to the rules available by clicking on "Info" button (you may not need to convert if your wallet.dat is quite old) and you're good to go! The above is tested on Bitcoin Core 0.20.1 and Electrum 4.0.2. This guide is intended for users of Bitcoin-Qt who do not want to wait for their wallet to be synchronized with the network, which may take many hours or days depending on the hardware spec. The guide teaches users how to transfer their coins to Electrum bitcoin wallet, which has lower security but a faster startup time.. It's a somewhat common situation that users don't open their wallet for ... Send coins in a bitcoin transfer from wallet to wallet. This is the only sensible way to do it; the main advantage of something like Electrum is the deterministic wallet, which you don't have for imported private keys. But even apart from that, in general, importing private keys rather than sending the coins is almost always the wrong decision. March 12, 2014 Importing Bitcoin from a paper wallet into Electrum. Sending money to a paper wallet is the easy part. Getting it out is a little more complicated. So here’s a step-by-step guide. Below is a paper wallet containing 0.36477 BTC (at the time of this writing). The paper wallet was made with bitaddress.org, using BIP38 encryption for the private key. (To see more about creating ... This guide is intended for users of Bitcoin-Qt who do not want to wait for their wallet to be synchronized with the network, which may take many hours or days […]
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