Quote from: apogio on Today at 01:03:05 PM

Don't worry about merit! I am happy to help.

1. Unfortunately I don't use electrum, so I don't really know what password you are referring to. Normally, most modern wallets support BIP-39 which is an improvement that allows you to memorize and back-up (always offline) 12 - 24 english words from a list of 2048 words. Those 12 - 24 words can help you recover your private key. Please check here: https://learnmeabitcoin.com/technical/mnemonic. Some applications also allow you to use a password, but this not related to bitcoin protocol. It is application specific as an extra measure of safety. If you forget your password, you don't have to worry as you can enter your 12-24 words to another software and have access to all of your funds. If you lose and forget your 12-24 words, you lose everything.

2. What do you mean public addresses? They can be shared without risk, if this is your question.

Extra note: Since I understand that this is your first contact with Bitcoin, make sure to be ultra safe when backing up your wallet. Don't share anything with anyone unless you are absolutely sure.

1. In Electrum there is a 'seed' which is also a collection of words (dont know whether they are 12 or 24). I always wrote it down on paper and after that I select password. Seed can be used to recover wallet in case your device is compromised (for any reason). In that case Seed is private key?

2. There are many addresses in our wallet on which we can received funds. All such addresses are our Public keys?

3. Why at the moment Bitcoin fee is so high? 22 dollars for ETA within 5 blocks. normally its 0.3 to .5 dollars or even less.

ormatr

Posts

Merits