If you have been around with the decentralized community for a while, then the word Bitcoin is also not a new thing for you too.
Although many people have known about Bitcoin, some of them are still wondering about how to use Bitcoin well. If you are still figuring out the ways just like they do, then you have come to the right place since I am going to share with you the basics of the Bitcoin wallet and how to use it in the markets you choose.
There are many platforms that provide the service to create safe Bitcoin wallets on the net. It would take time and effort to research your available options and pick the best one. There are some reliable platforms that we have in mind. And for this tutorial purpose, I am going to share the guide when using Electrum. Electrum is also available if you are using Tails so there is no need to download it again. Otherwise, you could take a few steps below.
Using Electrum Wallet
First things first, download Electrum from its official site. If you already have one, you could just proceed to the next step.
Installing Electrum is basically as easy as installing other software on your device. All you just need to do is to click some buttons and it is done. So, I would skip these steps since you are savvy enough to do this alone.
Let’s presume that you’ve finished the Electrum download on your device. Next, we can proceed to the installation step.
You will be presented with the installation wizard in the windows. Then you could just click Choose and Select the particular location where you want to store your wallet file. If you want to have a safer method, you could use external media like a flash drive or the external hard drive to save your wallet details. If you are using Tails OS, it is imperative to choose external media to store such information. When you are okay with the wallet file location, you can click next and select the standard wallet option.
Click next and select create a new seed.
Here is where things could get complicated. There are some seed types that you might need to learn prior to proceeding with your own choice.
In common practices, darknet markets and other dark types of websites use segwit wallets. But it does not mean we can generalize this idea to all of the dark sites. Localbitcoins, for instance, does not use the segwit wallets. That means as you withdraw some funds from localbitcoins platforms, it won’t be possible to utilize the segwit address.
So, how to know the type of Bitcoin seed of each site?
Simple, you can check it from the start of the Bitcoin address. Legacy addresses start with 1. Meanwhile, the Segwit addresses start with 3 or Bc1. I know that looks weird but I will explain why later on.
If you are using localbitcoins to withdraw your cryptocurrencies, you will need to cash out the particular digital assets to the legacy wallet, then segwit wallet, then to the market address. But that will only work if your vendor uses SegWit. When it comes to this kind of dynamic, the situations might can encourage you to create more than one wallet for this purpose. That’s probably one of the reasons why many people move to Monero since they don’t have to deal with such complicated matters.
The next thing to do is to save your wallet generation seed or write it down on a piece of paper. Keep in mind that this seed is the only key to recover your wallet. So, if you have any problems in the future, you can only rely on this solution to get your Bitcoin wallet back. Save it to the safest place you can find. Make sure that only you and the person you trust know it.
Then proceed by clicking next and re-enter the exact phrase. It should be entered manually. Therefore, you need to write the exact phrase down.
Then create a password. Do not add any personal information to your password even though it is just a fraction of it. Use the combinations of numbers, letters, capitals, and symbols to make it harder to get predicted by the hackers.
Then click next and you will notice that your Bitcoin wallet is almost ready.
But before continuing, make sure you save all of the details in a safe place including your wallet password, wallet file, recovery seed, and so on. Do not store the details only in one single device. If you have stored it digitally, you can also make the printed backup version of it.
I know that most of the darknet users already know about how to anonymize their darknet activities. But just in case, I’d like to remind you to use the Tor Network.
Make sure that you access everything on Tor Network. Usually, combining it with a VPN service will make perfect anonymity. So, before activating your Tor Network and VPN service, you don’t want to open any app, wallets, or darknet sites.
In the Tails Os, you will need to define your proxy. You could start the Tor browser bundle for a simple approach.
Then check “Use Tor Proxy”. The green circle will change to blue. That is the sign that you’ve successfully rooted the Electrum wallet through the Tor Network. You can then click on the Receive tab to see your Bitcoin address. If you want to send the Bitcoin, you could just click Send Tab, input the counterpart Bitcoin address, and the amount of the Bitcoin.
Using the Tor browser only to use the Electrum wallet is not enough to anonymize your activity. That’s why I’d always recommend you to use the VPN service to fortify your privacy and anonymity. Make sure to use the combination of Tor browser and VPN service to conceal your Bitcoin wallet’s activities.