Silk Road forums
Discussion => Security => Topic started by: maybejustonce on January 19, 2013, 08:22 am
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So i don't have a btc wallet... and i downloaded electrum and idk where to start.
i plan to moneypak purchase my btc and stash them in an offline wallet.
help?
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99% of the scams involving bitcoin also involve moneypak. Is there any particular reason you want to go that route?
If you downloaded electrum, and started it up, you must have your seed for your wallet, which is a long phrase full of random words. Save that phrase somewhere safe (for example, on an encrypted USB, or in a wall safe).
Then, if you want to stash it offline, just uninstall electrum, and keep your seed. Whenever you want to get the wallet back, just use your seed on electrum again and it will restore your wallet with whatever money was in it.
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canuckboy,
I think the whole moneypak thing is because many people here are convinced that bitcoins are illegal. Many remain convinced that bitcoins are illegal even after you tell them.
I remember one guy with moneypaks asking for a reputable dealer, and I warned him against doing any trade involving moneypaks and bitcoins, as they cannot be traded without huge risk to one party or another - essentially one party has to place trust in the other party completely, because the other can walk away with the money or bitcoins without recourse.
As you would expect, my advice was completely ignored and this fellow came back the next day saying that he had been scammed for hundreds of dollars. It would surprise me if the OP was any different.
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just successfully bought btc via moneypak on SR.
if i were to transfer from SR to electrum, what's the method?
Also, the seed is that string of words, correct?
I assume that btc gets autosaved into the wallet
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99% of the scams involving bitcoin also involve moneypak. Is there any particular reason you want to go that route?
If you downloaded electrum, and started it up, you must have your seed for your wallet, which is a long phrase full of random words. Save that phrase somewhere safe (for example, on an encrypted USB, or in a wall safe).
Then, if you want to stash it offline, just uninstall electrum, and keep your seed. Whenever you want to get the wallet back, just use your seed on electrum again and it will restore your wallet with whatever money was in it.
I don't have to move the .dat file anywhere?
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99% of the scams involving bitcoin also involve moneypak. Is there any particular reason you want to go that route?
If you downloaded electrum, and started it up, you must have your seed for your wallet, which is a long phrase full of random words. Save that phrase somewhere safe (for example, on an encrypted USB, or in a wall safe).
Then, if you want to stash it offline, just uninstall electrum, and keep your seed. Whenever you want to get the wallet back, just use your seed on electrum again and it will restore your wallet with whatever money was in it.
I don't have to move the .dat file anywhere?
You can restore from seed. You don't need a .dat file. You do remember/have recorded your seed, right?
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yessir. so my seed is related to my acct. on some cloud network?
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So i don't have a btc wallet... and i downloaded electrum and idk where to start.
i plan to moneypak purchase my btc and stash them in an offline wallet.
help?
Electrum is a good client to start with. Good eye!
Electrum will have given you a series of code words called the "seed."
Write these down and store them somewhere very safe, but where you can get to them.
I'd recommend a locking fire box, or an actual fire safe. This seed is as important as identity papers, such as birth certificate and degree certificates.
To get started, as a newbie, I would NOT personally recommend the MoneyPak route, even if I personally prefer it.
Use BitInstant's Walmart method, unless you have already paid for a MoneyPak.
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yessir. so my seed is related to my acct. on some cloud network?
The seed is an encrypted 'seed' of your wallet. Let's say you deleted your computer, no more electrum, no more .dat file. Well, install electrum again, and choose the 'restore from seed' option, and all your bitcoins will be there.
Restore from seed is also useful if you somehow forgot your password to send bitcoins.