Multiple wallets for the same Addresses

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EyePeaSea
Posts: 38
Joined: Thu Nov 23, 2017 6:28 am

Multiple wallets for the same Addresses

Post by EyePeaSea » Tue Dec 19, 2017 4:05 am

Firstly, I'm picking up my first L3+ today (i know you've all been mining for ages, but this is an exciting milestone for me) - so I should be able to start contributing properly to the crypto-ecosystem and making myself (and ProHashing :-) ) some money.

I'm going to be sending profits from ProHashing directly to my BitCoin wallet (Electrum). But that does make me wonder about a couple of things and I wonder if anyone can help with a few questions.

1. Are the 'addresses' that I see in the Electrum wallet "personal" to me or, once created, are they tied to a wallet (software or physical)? This leads on to my main question >

2. I'm concerned about the possibility of a problem with the Electrum wallet (I'm thinking the backend servers / connected nodes, not a local software install problem). Can I use a second wallet, with the same addresses that I have in Electrum, so if there was an "infrastructure" problem with Electrum, then I can just fire up my second wallet? A bit like having two ATM cards for the same bank account - keep one in my wallet and one in my house. Lose my wallet, and I can still get cash out. I can see that I can export the private key for an address - if I have the address and the private key written down safely, then is that all I need to be able to access my currency from any wallet? Or am I just worrying about nothing?

3. The common advice seems to be to avoid keeping too much value in an Exchange account, as the coins are effectively controlled by the Exchange and so if they get hacked... But I'd like to divide my earnings across a couple of coins (e.g. BitCoin and LiteCoin). I appreciate that it's very subjective, but if anyone has a recommendation for a LiteCoin wallet then I'd be keen to hear it. I was thinking about Electrum LiteCoin (https://electrum-ltc.org/) as I'm using Electrum for BitCoin, but I'm not sure it's setup/written by the same people. Or possibly the Litecoin.org wallet.

Thanks again in advance


Ian
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AppleMiner
Posts: 739
Joined: Sat Sep 30, 2017 1:44 pm

Re: Multiple wallets for the same Addresses

Post by AppleMiner » Tue Dec 19, 2017 4:12 am

Well, with a single L3+, expect to mine for quite a while before you are able to make a withdrawl without incurring a fee if you are taking BTC as your form of payout. I would suggest using coins other than BTC for your payout choices.
EyePeaSea
Posts: 38
Joined: Thu Nov 23, 2017 6:28 am

Re: Multiple wallets for the same Addresses

Post by EyePeaSea » Tue Dec 19, 2017 4:25 am

Hi AppleMiner,

Yes, good point. Thanks for that. $500 (or there abouts). So I'll probably take it in LiteCoins until I get more L3+s running. I need to read up more on the charges - I don't mind taking a big hit for the test transactions I did, but optimising transactions will be important once I get running.

Thanks

Ian
Some1notu
Posts: 62
Joined: Tue Oct 06, 2015 7:48 am

Re: Multiple wallets for the same Addresses

Post by Some1notu » Mon Dec 25, 2017 9:14 pm

Give Exodus wallet a look, or Jaxx. Electrum has problems.

1. Yes they are your personal addresses
2. Yes, with the address and private key you cam import it into any wallet
3. Exodus or Jaxx
EyePeaSea
Posts: 38
Joined: Thu Nov 23, 2017 6:28 am

Re: Multiple wallets for the same Addresses

Post by EyePeaSea » Wed Dec 27, 2017 9:27 am

Hi Some1notu,

Thanks very much for that info.

Now that I'm actually mining, I dropped Electrum and am having my proceeds moved to the Litecoin Core wallet. This seems quite light on features but it has everything I need - just a list of transactions and the ability to send/receive. I've tested the backup (restoring the wallet to another newly built machine) and that worked well - and although I had to do some digging to work out the process, it was simple enough. I've now got my Private Keys (thank goodness for Google/YouTube) so I'm happy that I can recover my coins if I need to.

However, I'll check out Exodus and Jaxx, so thanks for those suggestions.

Thanks again

Ian
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