Guide to set up IOTA Desktop wallet

Knowledgebase Forum - Aug 12th 2017

  1. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    For those who own IOTA and store it in Bitfinex, many of you are aware of the recent news that Bitfinex is axing it's US customer base.
    https://cointelegraph.com/news/breaking-news-bitfinex-fires-us-customers

    This news has left many wondering where they can move their IOTA to. So far there are not a lot of options for storing IOTA. Bitfinex was one of the only (if not the only) exchanges that hosted it. However, there is for now at least one legitimate alternative; IOTA's ledger desktop wallet.

    A good reference video to watch is this:
    https://www.youtube.com/watch?v=Ec9jDZiH9Sc
    However, this video is for version 2.2.6. They are currently up to version 2.4.0 as of this post, which has a few differences.

    But either way, (as the video mentions) you can start by downloading the desktop wallet here:
    https://github.com/iotaledger/wallet/releases
    After you choose the version you want to use, download the wallet by clicking the appropriate link under "downloads." For Mac choose the .dmg link and for Windows choose the .exe link. For Linux users choose the link that corresponds with your particular distro.

    After you download the appropriate link for you particular OS, open the downloaded file from your Downloads folder. For Mac users, once it opens just drag the IOTA icon into your applications folder. Once in your applications folder launch the wallet. In version 2.4.0 you will get a simple GUI that asks you to choose a host from a drop down menu. This is also explained in the video above but will look different than what the video portrays because the video shows an older version. However, you can follow the same advice the video gives for which host to choose from the drop down menu. The same options are there that appear in the video and this reference (http://iotasupport.com/gui-lightwallet.shtml). Once you choose your host it will show the standard GUI as shown in the above video which asks for a seed to log in, however it may also have a pop up message asking about "transitions." For now you can just close that pop up unless you plan on transitioning an old seed into the new version (for more information on this I will post a video below). Unlike in previous versions (like in the video above) the newest version does not contain a seed generator (a seed is like a very long and complex password). You can either create your own seed or use this (https://matthewwinstonjohnson.gitbo...etting-started/dl-wallet/what-is-my-seed.html) as a reference to either have your computer generate a seed for you or use an online tool to generate a seed. Once you have generated a seed, copy and paste that seed into the "Seed" line of the IOTA wallet and click log in. Also, make a copy of this Seed and store it some place safe because if you lose it you won't be able to get back into your wallet. The IOTA ledger wallet will not have a copy of your Seed, so DON'T lose it!!!

    Once you have your Seed created and safely backed up, paste the seed in the "seed" line and then click "log in." At this point you will see a basic wallet with four tabs: Balance, Send, Receive, and History. Since you haven't done anything yet you won't have a balance or a history. Next, if you click on Receive you can see your wallet's address. Additionally you will see a tab that says "Attach to Tangle." All this means is that by clicking this link you are attaching this wallet address to the IOTA Tangle which is their version of a block chain. This will take a few secs to a few minutes but once it's completed it will show "Address Attached." You can then click on the History tab and see that there is now a transaction listed. The transaction will show a date, time, your wallet address and an option to "Show bundle." If you click on Show Bundle it will show a Hash and give you an option to Rebroadcast if the transaction is still showing pending. Make sure to keep checking the transaction status. If the transaction does not show as "complete" you will need to keep Rebroadcasting until it does. However, as explained here (https://iotasupport.com/gui-sendingandreceiving.shtml), if the transaction hasn't gone through after 9 milestones you will need to "Replay" the transaction.

    At this point you should be able to send and receive IOTA from Bitfinex (or whatever other wallet you may have it in). Just click on the Receive tab, copy your wallet address, go to Bitfinex and withdrawal whatever amount you wish to send to your new wallet address. A good general rule of thumb is to send a small amount first to make sure it works, then you can send the rest.

    Additionally, some older versions of the IOTA wallet allowed users to create shorter seeds (as mentioned above). The newest version requires an 81 character seed. If you have an older version and are updating to a newer version of the wallet you will need to click on Tools and then Transition, which will bring up the original pop up message you saw when you first downloaded the new version. At this point you can follow this video below to see how to merge the old seed with a new seed in order to gain access to your wallet balance.
    https://www.youtube.com/watch?v=yGTF0eclG-4
     
    Last edited: Aug 12th 2017
    evo likes this.
  2. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    Additional information for transactions going through:
    So far it seems some people are getting fast transactions and others aren't. In some cases people have reported having to open and close the wallet and keep rebroadcasting or reattaching the transaction multiple times before it went through (https://forum.iota.org/t/resolved-transaction-is-pending-for-more-than-5-hours-no-balance/2425/2). I'm not sure if it's because the network is busy or if there is another issue making it slow. I'm assuming this will get better over time, but as stated earlier, there aren't many options for an IOTA wallet, so until more exist we all have to do the best with what is currently available.
     
  3. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    Update: Bitfinex will be closing its doors to US based customers on Nov, 9th, 2017 (http://www.trustnodes.com/2017/10/17/bitfinex-terminate-trading-deposits-withdrawals-u-s). Anyone who holds coins there should get them out before Nov, 9th as they "are terminating trading, deposits, and withdrawal functionality for U.S. individual customers by no later than November 9, 2017." For US customers looking to get their IOTA out of Bitfinex, the current version desktop wallet, 2.5.1, can be downloaded here (https://github.com/iotaledger/wallet/releases).
     
  4. scarell

    scarell

    Joined:
    Sep 2017
    From:
    Gainesville
    The blockchain scalability problem revolves around how the system enables peer to peer transactions without double spending. It is a complex system that requires a high number of decentralized miners and nodes to verify the transactions. In order to maintain node decentralization, the number of transactions directly input into a block of transactions, mined every 10 minutes, must be limited. Through the decentralization of nodes, miners, or both, no single verifier has monopolistic power, which is a good thing. However, it comes at the cost of either having a limited number of transactions per second or needing to rely on second layer protocols or services to scale.
     
    V4Vendetta likes this.
  5. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    I think IOTA has a ton of potential. It'll just take a while for that potential to be fully realised.
     

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