#Electrum wallet address how to#
#Electrum wallet address password#

#Electrum wallet address how to#

It is easy to do, but you need to know how to do it - the Electrum wallet provides no walkthrough for it. Good news is you can generate a set of P2SH bitcoin addresses from your seedphrase in Electrum wallet. Electrum lets you generate P2SH address set from bitcoin seed Bitcoin SegWit addresses starting with 3 are called P2SH addresses (pay-to-script-hash). The problem is that some non-custodial exchanges will only let you withdraw into a bitcoin address that starts with 3. However, in 2020, any regularly updated bitcoin wallet app will prefer bech32 addresses. You can easily get a SegWit bitcoin wallet on your phone with the Exodus app, on your laptop with Electrum if you are old-school or on any device with Ledger wallet.

If you want to learn more about SegWit, head over to the ATNET Glossary.

If you are a P2P or DEX crypto trader, you probably know that to receive BTC from a decentralized app, you need to use a SegWit bitcoin address. There are more benefits to using bech32 addresses, however, once again we would like to point out that aside from having lower fees for sending BTC from Segwit addresses, you are also getting 50% lower fees on Coindeal when withdrawing Bitcoins from our cryptocurrency trading platform to an external bech32 wallet address.This is a tutorial to help you generate P2SH bitcoin addresses to withdraw bitcoin from non-custodial apps like LocalCryptos.

Before sending/receiving BTC via Electrum, it would be best to read through their documentation or to search videos/articles explaining in more details what is Segwit wallet and how it works.

You can use the same wallet address to receive funds, however, Electrum will generate a new address for you each time as it is a more recommended way in the blockchain world.Important notes regarding Electrum wallet: Step 8: Your wallet address will be visible upon going to ‘Receive’ tab:

#Electrum wallet address password#

Step 7: Create a password if you want to restrict the access to your wallet within Electrum app: Step 6: Write down the generated words (seed) in a safe place where you will not lose it: Step 5: Select Segwit from the Seed type list:

It is a safety measure allowing a wallet recovery

Step 4: Select ‘Create a new seed’ from the list.

Step 3: Choose the type of wallet (for our purposes, Standard is enough) Step 2: Create a new wallet by giving it a name: In our eyes, one of the best and safest option is to get an Electrum desktop app and use it to create a BTC wallet supporting SegWit. There are several ways of getting a bech32 BTC address as some online/desktop wallets offer to create them for you. Additionally, it is important to remember that EVERY transaction you do FROM a bech32 Bitcoin address (starting with bc1…) is going to be cheaper than if you did it using old/legacy BTC address (starting with 1… or 2…). CoinDeal » Support » How to create SegWit (Bech32) BTC wallet address and why it is worth a while?īefore we describe how to create a SegWit Bitcoin address, you should know that there are two main reasons why you should do it.įirst of all, as an innovative exchange platform, we want to show our support to the SegWit adoption and therefore every BTC withdrawal done to a bech32 address will reduce the CoinDeal withdrawal fee by half.