Quote from: Upgrade00 on Today at 09:04:04 PM

Quote from: sh3llshock87 on Today at 08:03:07 PM

What is the best practice for sending BTC to this new wallet in Electrum? For example, I buy BTC every Friday. Should I constantly send my BTC to the wallet or wait till the end of the month? Is there some best practice or is this at the user's discretion?

Firstly, if you're sending from an exchange wallet to a personal wallet, it is good practice to use mixing or coin joining services, this way it would be impossible for anyone monitoring your transactions to build a connection between you and addresses you own.
How you move funds would depend largely on personal factors, I would suggest you own a variety of wallets to enhance privacy;

• Your purchasing address: this could be an exchange address and you would not want to hold funds here for too long. In my opinion you can safely bulk up funds monthly to avoid paying high fees weekly.
• You can also own a hot wallet, this is where you keep funds you may need to move often. This is only necessary if you have interest in selling your bitcoins at times when the needs arise. For this purpose a good custodial wallet like electrum can serve.
• Your cold wallet is where you move funds for storage, this should typically be a hardware wallet which is of course safely backed up.

For example;
You move 10% of your funds from Exchange wallet --> Hot wallet (If you are selling on an exchange you may not need to mix coins going back and forth between both addresses)
You move 90% from Exchange wallet --> Cold storage (it is highly imperative to mix transactions between these addresses).

Check this thread out on how to consolidate your small inputs if you plan on buying regularly so as to avoid high fees later on - https://bitcointalk.org/index.php?topic=2848987.msg29228128#msg29228128

*Just seeing your edit, I'll leave this comment up should you or anyone else need it later on...

That is good advice as well. Since I am buying weekly, I will transfer to my Electrum wallet at the end of the month. Sounds like a decent plant. It seems like a "wallet" in Electrum contains many addresses with some of them being "change" addresses. I assume I can make another wallet, or as many as I want. I would just need to keep track of the seed words etc.
Is there any services you or anyone else can recommend for mixing/coin joining? I don't know of any.
I will look into Cold Storage devices. I know there were some listed on the pinned topic on this forum.

sh3llshock87

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