Coinomi Wallet 101 (for tech dummies)

Make sure you have a decent android phone! I am quite fond of the LGG5 with Android version 7.0 . This app is NOT yet available for IPHONE (I believe android is far superior to Iphone for cryptocurrency enthusiasts). I do not know if Coinomi is available to use on a desktop computer, I believe that is for more tech savvy people(so I don’t care at the moment). This is for the Android user only.

Download the Coinomi app. Be very careful, often there are fake apps out there.

Download and Install

Create your Seed. This is NOT a password. This is similar to the Electrum wallet. If you accidentally delete the Coinomi app, you can reinstall it using this SEED (often also called a Recovery Phrase). Write it down on PAPER using a PEN , and keep a copy in several safe places (such as a fireproof safe or a safe deposit box). Your seed for the Coinomi wallet is around 18 random words.

PASSWORD

Set a password to protect your wallet. Again be sure to pick a good one, and THIS guide can be helpful. I do use a password manager to help me keep track of my passwords, but they can be hacked and it can be more secure to keep your passwords on paper locked away in more than one location.

It gives you the option to set up a BIP39 passphrase, I ignored this part.

SELECT THE COINS YOU WANT TO USE WITH YOUR WALLET

Choose Bitcoin BTC and Bitcoin Cash (BCC or BCH). There are tons of alt- coins and tokens on this wallet. I also like to play around with Litecoin, Ethereum and Ethereum Classic.

Coinomi is all over social media if you have questions, and have an excellent FAQ. This wallet can do many things, I am just just showing you how to install and set up. Check out the Coinomi support homepage that answers common questions.

Here is a video that visually shows you the app on an phone.

FINISHED!!!

Now you can use your Coinomi Wallet on your android device. It has a ton of cool features. I will expand upon this blog as I learn them. Be sure to leave them a positive review!!!

Next blogs: Electrum 101 part 2 How to find your private keys to extract Bitcoin Cash and Extract BCC from Electrum using Coinomi Android App

Updated 8–3–2017 -kareninsf and consultation by Snowkeld

Extract BCC from Electrum using Coinomi Android App (for tech dummies)

BCC.png

It seem there are many ways to extract Bitcoin Cash (BCC BCH), the new alt coin created August 1st 2017. I will explain how I clumsily learned to do it. You need to extract your private keys from your electrum (or similar) wallet, and then use the Coinomi Android app to extract your BCC.

 

Requirements:

INSTRUCTIONS:

DOWNLOAD COINOMI : Download the Coinomi app. Be careful. Often there are fake apps out there. See tutorial if you need help.

Now the confusing part. I will describe how to extract BCC, though I don’t understand how the tech behind how it works. It’s all magic to me. :P

PRIVATE KEYS : You need to obtain your private keys from your Electrum Wallet. Other secure wallets could also work but I have not tried it. See this blog Electrum 101 part Two: How to find your Private Keys

SWEEP WALLET : You need to do something called “Sweep a wallet”. The technical jargon is a little confusing, so just follow my directions: Do not get confused. There is also something called “importing your keys”. You do NOT want to do that in this particular case. This is atypical since you are getting BCC. Don’t worry about the Tech magic behind it.

  • Open your Coinomi Wallet. Make sure you have Bitcoin and Bitcoin Cash (BCC/BCH) added as coins you use for this wallet. Your screen should look similar to THIS.
  • Click on “BCC”. You will be in your BCC wallet on Coinomi. It looks like THIS.
  • Click the three dots on the top right to pull down a menu. Looks like THIS.
  • Click “SWEEP WALLET”. It will look like THISFeel free to ignore most of the tech jargon on this page like I did. You can now paste/type/scan your private key here.

I entered the Private key associated with an address I used to deposit 0.005 on Electrum before the fork. After I pasted this key , it looks like THIS .

  • Now click the CONFIRM Button and your screen should look similar to THIS.

CONGRATULATIONS!! You are Now the proud owner of the new alt-coin Bitcoin Cash!! Enjoy :) I recommend depositing it on one of my favorite sites BtcPop.

Updated 8–3–2017 -kareninsf and consultation by Snowkeld

08.01.2017 Urgent info for the Tech Dummy

Something BIG is Happening August first. A new alt coin is being born called Bitcoin Cash, and you will see the abbreviations for it as “BCC” and “BCH”. Due to uncertainty and many other factors, you should make sure your bitcoins are safe. 

Secure Wallet: Must have one immediately!

Make sure your Bitcoins are in a secure wallet that you control the keys to (your own wallet addresses and a encrypted wallet basically). I wrote a simple tutorial on how to download and install the Electrum Wallet. There are many different kinds, varieties and flavors of bitcoin wallets, including hardware wallets such as Trezor. Do NOT use online wallets.

Electrum is a great one, has been around forever, and is tried, trusted, and safe. I am only familiar with this wallet so far. Be very careful to only use the official Electrum.org website. There are a lot of fake sites out there. Please check out my first blog on how to download and install it.

If your bitcoins are in a secure wallet, you can automatically get the new BITCOIN CASH! No one knows what this alt coin will do. Could be worthless, it could become even better and more amazing than Bitcoin. I am not educated enough yet to speculate.

How to get Bitcoin Cash? BCC BCH

I don’t know exactly yet. I hope to post a blog as soon as I find out, and to update this one as I learn more.

Technically how to get your BCC:
Import your bitcoin private keys to Bitcoin Cash software. Be VERY Careful !!! There are VERY few choices, and there could potentially be many FAKE wallets designed to steal your bitcoin and bitcoin cash. The official Bitcoin Cash software is Bitcoin ABC, but it is a full node, so it requires downloading the entire blockchain (and that takes awhile and requires tech skills I have yet to do this). You can deposit all your bitcoin to an exchange that supports BCC before the fork, but it is VERY risky to leave your bitcoin in an exchange. Alternatively you can use a service to extract your bitcoin cash from keys after the fork.

What tech dummy me is doing :

There is an INSANE amount of information to learn in a very short amount of time, and even the most Tech Savvy people are finding it much more difficult then they anticipated. If you are a tech dummy like me , or limited by time constraints, please use Maine Bitcoin LLC ’s services.

This is how you purchase his services to extract and get your Bitcoin Cash.

What you need to do : This service is currently offered on the Paxful and Localbitcoins trading platforms. They are Bitcoin peer to peer (P2P) trading sites (kind of like Ebay and Craigslist on crack, but in a good way).

SIGN UP:

  • PAXFUL: Please SIGN UP with my referral link. This is my preferred trading platform.
  • LOCALBITCOINS: please SIGN UP with my referral link .

OPEN AD: to get information on getting your Bitcoin Cash

  • PAXFUL : OPEN THIS ad (be sure to tell them kareninsf sent you)
  • LOCALBITCOINS: OPEN THIS ad (be sure to tell them kareninsf sent you)

You now are the proud owner of the NEW ALT COIN BITCOIN CASH!!!

NOW WHAT? I do not currently know about BCC (bitcoin cash) wallets, transactions, or value yet. This will be determined very soon, and I will post about it. Stay tuned! 😽

Exciting Times!

If you have questions feel free to direct message me (not tweet at) on twitter kareninsf2 (the original kareninsf on twitter doesn’t do bitcoin I accidentally stole her name she is very nice about it so please don’t harass her) and email karen@kareninsf.com my website is a work in progress kareninsf.com

Updated 7–30–2017 Kareninsf with Co- Contributions by Snowkeld

ELECTRUM WALLET 101: Part 1

ELECTRUM WALLET 101: Part 1

A Guide for Bitcoin Noobs for August 1st 2017

Part one of Two

Major exciting Bitcoin changes are happening Now. It feels as if this is another Y2K (for those of us old enough to remember that).

I’ve been trading bitcoin on P2P (peer to peer) sites like  and Local Bitcoins for over 2 years as a hobby. I do not have a technical background, and I fell into this by accident. I find the philosophies of decentralization go along with my morals and values (I did grow up listening to punk rock lol yes I’m old) . I have decided to start blogging about crypto related things as I discover them. Bitcoin and cryptocurrency is NOT all about drugs, guns, and illicit sex. I hope to become an advocate. One way to do this is by teaching people, so why not blog about crypto related things as I discover them? I will do this from my perspective (a tech dummies point of view) in the hopes that It can teach people.

I don’t quite understand all of the blockchain changes that are going on now and on August 1st . But I DO know it VERY important to have your coins in a wallet that YOU control 100 percent.

Electrum Wallet seems to be the easiest out there. I have only used this wallet a few times, and a very long time ago. I am learning how to use it again. I noticed finding tutorials is not easy, and I can’t possibly be the only one doing this at the moment. So, I shall describe my experience setting up Electrum. This is just a quick and dirty tutorial, and my first time doing anything like this. I hope this blog post can help somebody like me. :)

What is Electrum Wallet? There are many types of Bitcoin wallets out there. Many people use Online Wallets such as blockchain.info, and others. This is NOT good. You should have your very own wallet that you are 100% in control of. I suggest Electrum.

Now, important thing to know. You can install this wallet on ANY device. If you accidentally delete this wallet, that’s OK!!!! You HAVE to be insanely careful about keeping your passwords and stuff written down on PAPER in a very safe place. This is an important habit to get into since tech is a Brave New World, and everyone want’s to steal your precious bitcoins.

Use the official Electrum Website (a google search may come up with fraudulent phishing sites)

Then you can install the Electrum Wallet Application on whatever computer you are using . I believe there are official android apps out there for electrum, but I am unfamiliar with them. Again …there are MANY fake apps out there so be very careful.

Don’t be intimidated by technical jargon and new stuff. I don’t come from a tech background at all, and learn as I go. Things will eventually will make sense.

Electrum 101: quick and dirty

VIDEOSI watched the below videos (boring sorry) in order to remember how to use this wallet. They aren’t the best and are very old, but they seem accurate (and come up on google with a quick search). I would IGNORE the parts that talk about making and saving text files, saving to a USB, or taking screenshots. Use PEN and PAPER . I do NOT recommend saving important information on your computer unless you are very tech savvy for security reasons. PEN and PAPER. Here are two short vids:

https://youtu.be/mxO1uKDe1dI

https://youtu.be/WdVlH9N2oKU

Install and Use Electrum.

DOWNLOAD ELECTRUM: Be certain to use the correct LINK.

OPEN AND INSTALL: It should automatically install, and you should have an electrum icon on your desktop. It is easy to accidentally save it to another location, so watch out for that. Click on the Electrum icon on your desktop to open it.

CREATE WALLET: Electrum gives you three options, be sure to select “New Wallet”.

SEED : You must now create a Wallet Seed or Key. Make SURE you have your 12 Word Seed written down on paper, and saved in a VERY safe place. You use this Seed/key if your wallet gets deleted from your computer. I do NOT recommend saving it to a text file on your computer, or taking a picture of it with your phone.

PASSWORD: Create a password to protect your wallet. In addition to the Wallet Seed (in case you delete your wallet), you should protect your wallet with a Password. Write this down and keep it in a safe place. Make sure to use a decent password like THIS site suggests. (blog about what encryption is coming soon)

SERVER: You will be prompted to select a server via “auto connect” or “connect manually” be sure this is set to “auto connect”.

Congratulations! Now your wallet is set up and ready to use! You just need to adjust a few settings, and you will be ready to send and receive bitcoins safely and securely. You have a menu that looks like THIS. The menu consists of: History, Send, Receive, Addresses, Contacts, and Console. This should be fairly straightforward. Before you start using it, I think you should adjust some settings.

Settings

When electrum is open on Macbook Pro (should be similar on other devices), you can choose from the toolbar menu at the top of your screen that looks like THIS.

Go to > Tools> Electrum Preferences

This opens up a menu where you can adjust a few settings: Fees, Transactions, appearance, fiat and identity. It looks like THIS.

FEES: Just leave the check box to “dynamic fees”. (too complicated to explain now). It looks like THIS.

TRANSACTIONS: You have two options: Use change addresses or Use multiple change addresses. Choose “use change addresses”. It looks like THIS.

APPEARANCE: You can change the bitcoin units, add decimals, and choose the blockchain explorer that is used to view your bitcoin transactions on the internet.

Change Bitcoin units to your preferred style. I like my wallet to reflect whole bitcoin, not mbtc or satoshis. Choose whatever you like.

  • BTC = 1 Whole Bitcoin
  • mBTC = 0.001 BTC
  • uBTC = 0.000001 BTC these are also called “bits” but not commonly used from my experiences.
  • Satoshi = 0.00000001 BTC

HERE is a good article that explains the differences.

Online Block Explorer: A block explorer is a tool you can use to look at bitcoin transactions. This comes in handy when you want to see how many confirmations a transaction has. When you send or receive bitcoins, usually 3 confirmations are required before the coins are officially in your wallet. You can check this on the blockchain. I have been using Blockcypher lately, but sadly that is not an option in this setting. In the Electrum Wallet it is set automatically to “blockchain.info”. Blockchain info seems to be unreliable from my experience, so I would choose another. I don’t think this setting is significant in any way. I chose BTC.com because I like the name 😼.

DecimalsYou should always put the number 8” in this box, not physically type “00000000” in a row like I did on more than one occasion (blush). It looks like THIS.

Now you can continue to the next tab in the settings.

FIAT: This is just a fancy term for regular money.

  • Fiat currency setting: Select $USD, or whatever you prefer.
  • Source: I choose Bitstamp by default, as most of my trader friends do also. I also really like Bitcoinaverage. This setting looks like THIS.
  • Identity: TBD

Now your Electrum Wallet is set up and ready to use!

Sending and receiving should be straightforward, if not, please refer to the two videos I posted at the beginning of this blog. There are many other tricks you can do with this Electrum Wallet, but for now, your coins are secured in an Encrypted Bitcoin Wallet that you control.

PART TWO with more VERY IMPORTANT detailed info will be coming soon! Thanks :)

updated 7–30–2017-kareninsf