Is crypto mining worth it


Frequently Asked Questions – Electrum Trio

How does Electrum work?¶

Electrum’s concentrate is speed, with low resource usage and simplifying Bitcoin. Startup times are instant because it operates te conjunction with high-performance servers that treat the most complicated parts of the Bitcoin system.

Does Electrum trust servers?¶

Not truly, the Electrum client never sends private keys to the servers. Te addition, it verifies the information reported by servers, using a mechanism called Elementary Payment Verification

What is the seed?¶

The seed is a random phrase that is used to generate your private keys.

Your wallet can be entirely recovered from its seed. For this, select the “restore wallet” option ter the startup.

How secure is the seed?¶

The seed phrase created by Electrum has 132 onvriendelijk of entropy. This means that it provides the same level of security spil a Bitcoin private key (of length 256 onaardig). Indeed, an elliptic curve key of length n provides n/Two snauwerig of security.

I have forgotten my password. What can I do?¶

It is not possible to recover your password. However, you can restore your wallet from its seed phrase and choose a fresh password. If you lose both your password and your seed, there is no way to recover your money. This is why wij ask you to save your seed phrase on paper.

To restore your wallet from its seed phrase, create a fresh wallet, select the type, choose “I already have a seed” and proceed to input your seed phrase.

My transaction has bot unconfirmed for a long time. What can I do?¶

Bitcoin transactions become “confirmed” when miners accept to write them ter the Bitcoin blockchain. Te general, the speed of confirmation depends on the toverfee you link to your transaction, miners prioritize transactions that pay the highest fees.

Latest versions of Electrum use “dynamic fees” te order to make sure that the toverfee you pay with your transaction is adequate. This feature is enabled by default ter latest versions of Electrum.

If you have made a transaction that is unconfirmed, you can:

  • Wait for a long time. Eventually, your transaction will either be confirmed or cancelled. This might take several days.
  • Increase the transaction toverfee. This is only possible for “replaceable” transactions. To create this type of transaction, you vereiste have checked “Replaceable” on the send tabulator before sending the transaction. If you’re not observing the “Replaceable” option on the send tabulator go to Devices spijskaart &gt, Preferences &gt, Fees tabulator and set “Propose Replace-By-Fee” to “Always”. Transactions that are replaceable have the word “Replaceable” ter the date katern on the history tabulator. To increase the toverfee of a replaceable transaction right click on its entry on the history tabulator and choose “Increase Fee”. Set an adequate toverfee and click on “OK”. A window will popup with the unsigned transaction. Click on “Sign” and then “Broadcast”.
  • Create a “Child Pays for Parent” transaction. A CPFP is a fresh transaction that pays a high toverfee te order to compensate for the puny toverfee of its parent transaction. It can be done by the recipient of the funds, or by the sender, if the transaction has a switch output. To create a CPFP transaction right click on the unconfirmed transaction on the history tabulator and choose “Child pays for parent”. Set an suitable toverfee and click on “OK”. A window will popup with the unsigned transaction. Click on “Sign” and then “Broadcast”.

What does it mean to “freeze” an address ter Electrum?¶

When you freeze an address, the funds te that address will not be used for sending bitcoins. You cannot send bitcoins if you don’t have enough funds te the non-frozen addresses.

How is the wallet encrypted?¶

Electrum uses two separate levels of encryption:

  • Your seed and private keys are encrypted using AES-256-CBC. The private keys are decrypted only shortly, when you need to sign a transaction, for this you need to inject your password. This is done te order to minimize the amount of time during which sensitive information is unencrypted ter your computer’s memory.
  • Ter addition, your wallet verkeersopstopping may be encrypted on disk. Note that the wallet information will remain unencrypted te the memory of your rekentuig for the duration of your session. If a wallet is encrypted, then its password will be required te order to open it. Note that the password will not be kept ter memory, Electrum does not need it te order to save the wallet on disk, because it uses asymmetric encryption (ECIES).

Wallet opstopping encryption is activated by default since version Two.8. It is intended to protect your privacy, but also to prevent you from requesting bitcoins on a wallet that you do not control.

Does Electrum support cold wallets?¶

Can I invoer private keys from other Bitcoin clients?¶

Te Electrum Two.0, you cannot invoer private keys te a wallet that has a seed. You should sweep them instead.

If you want to invoer private keys and not sweep them, you need to create a special wallet that does not have a seed. For this, create a fresh wallet, select “restore”, and instead of typing your seed, type a list of private keys, or a list of addresses if you want to create a watching-only wallet.

You will need to back up this wallet, because it cannot be recovered from a seed.

Can I sweep private keys from other Bitcoin clients?¶

Sweeping private keys means to send all the bitcoins they control to an existing address ter your wallet. The private keys you sweep do not become a part of your wallet. Instead, all the bitcoins they control are sent to an address that has bot deterministically generated from your wallet seed.

To sweep private keys, go to the Wallet menukaart -&gt, Private Keys -&gt, Sweep. Come in the private keys ter the suitable field. Leave the “Address” field unchanged. That is the destination address and it will be from your existing electrum wallet. Click on “Sweep”. It’ll now take you to the send tabulator where you can set an suitable toverfee and then click on “Send” to send the coins to your wallet.

Where is my wallet opstopping located?¶

The default wallet opstopping is called default_wallet, which is created when you very first run the application and is located ter the /wallets folder.

  • Display hidden files
  • Go to \Users\YourUserName\AppData\Wandering\Electrum\wallets (or %APPDATA%\Electrum\wallets)
  • Open Finder
  • Go to folder (shift+cmd+G) and type

Can I do bulk payments with Electrum?¶

You can create a transaction with several outputs. Te the GUI, type each address and amount on a line, separated by a comma.

Amounts are te the current unit set ter the client. The total is shown te the GUI.

You can also invoer a CSV verkeersopstopping te the “Pay to” field, by clicking on the folder icon.

Can Electrum create and sign raw transactions?¶

Electrum lets you create and sign raw transactions right from the user interface using a form.

Electrum freezes when I attempt to send bitcoins.¶

This might toebijten if you are attempting to spend a large number of transaction outputs (for example, if you have collected hundreds of donations from a Bitcoin faucet). When you send Bitcoins, Electrum looks for unspent coins that are ter your wallet ter order to create a fresh transaction. Unspent coins can have different values, much like physical coins and bills.

If this happens, you should consolidate your transaction inputs by sending smaller amounts of bitcoins to one of your wallet addresses, this would be the omschrijving of exchanging a stack of nickels for a dollar bill.

What is the gap limit?¶

The gap limit is the maximum number of consecutive unused addresses ter your deterministic sequence of addresses. Electrum uses it te order to zekering looking for addresses. Te Electrum Two.0, it is set to 20 by default, so the client will get all addresses until 20 unused addresses are found.

How can I pre-generate fresh addresses?¶

Electrum will generate fresh addresses spil you use them, until it hits the gap limit.

If you need to pre-generate more addresses, you can do so by typing wallet.create_new_address(False) ter the console. This instruction will generate one fresh address. Note that the address will be shown with a crimson background ter the address tabulator to indicate that it is beyond the gap limit. The crimson color will remain until the gap is packed.

WARNING: Addresses beyond the gap limit will not automatically be recovered from the seed. To recover them will require either enlargening the client’s gap limit or generating fresh addresses until the used addresses are found.

If you wish to generate more than one address, you can use a “for” loop. For example, if you desired to generate 50 addresses, you could do this:

How do I upgrade Electrum?¶

Warning: always save your wallet seed on paper before doing an upgrade.

To upgrade Electrum, just install the most latest version. The way to do this will depend on your OS.

Note that your wallet files are stored separately from the software, so you can securely liquidate the old version of the software if your OS does not do it for you.

Some Electrum upgrades will modify the format of your wallet files.

For this reason, it is not recommended to downgrade Electrum to an older version once you have opened your wallet opstopping with the fresh version. The older version will not always be able to read the fresh wallet opstopping.

The following issues should be considered when upgrading Electrum 1.x wallets to Electrum Two.x:

  • Electrum Two.x will need to regenerate all of your addresses during the upgrade process. Please permit it time to finish, and expect it to take a little longer than usual for Electrum to be ready.
  • The contents of your wallet opstopping will be substituted with an Electrum Two wallet. This means Electrum 1.x will no longer be able to use your wallet once the upgrade is accomplish.
  • The “Addresses” tabulator will not display any addresses the very first time you launch Electrum Two. This is expected behavior. Restart Electrum Two after the upgrade is finish and your addresses will be available.
  • Offline copies of Electrum will not showcase the addresses at all because it cannot synchronize with the network. You can force an offline generation of a few addresses by typing the following into the Console: wallet.synchronize(). When it’s finish, restart Electrum and your addresses will once again be available.

&copy, Copyright 2017, Thomas Voegtlin. Revision 63d0806d .

Related movie: Cryptocurrency Mining Profitability CoinWarz

Leave a Reply

Your email address will not be published. Required fields are marked *