How to buy a bitcoin and store in electrum

Now as per the actual installation of the program, it will all depend on the version of Electrum you have installed, and the operating system you are using on your computer. So while choosing a Bitcoin wallet or an exchange service we recommend you to not just check out the fee they charge but also the kind of service they are known for. Just not understanding how im seeing these numbers. BTW, I built the Electrum app from python3 sources which were latest as of yesterday, Jan 27, , and used the latest Airbitz app for iPhone as of Jan 26th. The official site is at electrum. Leave a Reply Cancel reply Your email address will not be published. With the receive tab Electrum tries to create a workflow for receiving bitcoin that incorporates adding a label to your address, an expected amount and saving all this in the wallet as a receive request.

Electrum allows you to have unlimited wallets each in their own wallet file. Here are different ways you can open a new wallet file in Electrum:. If you have a password protected default wallet you will see a window like the following when running electrum:. Click on choose to open the file navigation window and choose a different wallet file. If you want to create a new wallet simply change the name in the wallet field to a unique name for your new wallet file. You can create a xnd to open a specific abd using the command line switch -w.

33 thoughts on “How to use the Electrum receive tab”

Warning: Electrum versions older than 3. Do not download Electrum from another source than electrum. Electrum Wallet verifies all the transactions in your history using SPV. Electrum was created by Thomas Voegtlin in November Since then, various developers have contributed to its source code. Home Download Documentation Community About. Safe Your private keys are encrypted and never leave your computer.

Electrum allows you to have unlimited wallets each in their own wallet file. Electrumm are different ways you can open a new wallet file in Electrum:. If you have a password bittcoin default wallet you will see a window like the following when running electrum:.

Syore on choose to open the file navigation window and choose a different wallet file. If you want to create a new wallet simply change the name in the wallet field electrjm a unique name for your new wallet file. You can create a bitcoon to open a specific wallet using the command line switch -w. For example on Linux:. If you are on Windows you will have to use the correct name for your Electrum executable in your program files directory.

The wallet file name and wallet type are always present in the Electrum window title. So please pay attention to what wallet you are using when you have multiple wallets. A 2fa wallet is a multisig wallet where transactions need to be signed with any 2 out of 3 secrets associated with the wallet.

Your seed contains 2 secrets and bitccoin third one is with the co-signing company Trusted Coin. Your seed is only displayed during the wallet creation process so that you electru, back it up.

Trusted Coin only signs transactions if you provide it with the correct 2fa code from your phone. Obviously, if the computer was already compromised at the time of wallet creation then you would lose your bitcoins because the seed is displayed at the time of wallet creation and that is sufficient to steal from snd.

How do 2fa codes work? The way 2fa works is that you and Trusted Coin have a shared secret stire is contained in the QR code which is displayed during the wallet creation process. You scan this code with google authenticator or some other 2fa app on your phone. When you need to enter the 2fa code in Electrum you open the app on your phone and look for the entry for Trusted Coin.

The app on your phone combines the shared secret with the current time and generates a one time password OTP of digits. Trusted Coin will do the same to verify that you have the same shared secret. In this manner you get the 2fa protection you seek. How do I tell if I have the shared secret? There should be an entry for Trusted Coin in the 2fa app on your phone that contains the shared secret. What if I lose my phone? If you lose your phone you can still recover your wallet with your seed.

If you are currently in this situation see here for your options. Here is what they mean:. These are transactions that have yet to be incorporated by miners in the blockchain. All transactions initially ajd of as unconfirmed and gradually confirm over time more about that. In addition to the above certain extra information is displayed in brackets starting with Electrum 3. New blocks are generated on average once every 10 minutes so you have bitconi wait to see if the transaction gets incorporated in a block and becomes bticoin or not.

Transactions that have stor incorporated in the blockchain have these graphics next to their bitvoin on the history tab:. The blockchain is the ledger that records all bitcoin transaction.

A transaction initially starts of as unconfirmed. Miners pick up unconfirmed transactions and package them into blocks. Then they do the proof of work necessary to attach the block to the blockchain. When your transaction is incorporated in a block we say it has been confirmed. Your transaction is only included in one block but miners will continue to extend the chain with other blocks containing other transactions. When a second block is added to the chain in front of the block containing your stre we say your transaction has 2 confirmations.

Eletrum additional blocks increase the number of confirmations. The deeper a transaction is embedded in the chain the harder it is to reverse it. A transaction with 6 confirmations is widely considered as irreversible. You should not exchange goods and services for an unconfirmed transaction. Wait for it to confirm. Blocks are added biy the chain on average every 10 minutes. To receive money to your wallet you can go to the receive tab and grab a bitcoin address from. If you like you can fill in the description and amount fields.

The description that you fill in here will show up on the history tab when someone sends money to that particular address. Click on save to save the record in your wallet file. Both the amount and description fields are for your reference. The receive electrjm can be used to get bitcoin addresses that you communicate to the sender so that they can send you bitcoin. For that look at the history tab. If wnd were sent to you they would show up.

All bitcoin transactions are public so it is a good idea to use a different bitcoin address for every transaction so that it becomes harder for someone to track your activities. OTOH it becomes easier for you to track who sent you how much when stoee give each sender a different bitcoin address. Because of the above reasons Electrum hands out different receiving addresses each time you go to the receive tab and request an address. Your old addresses can still be used to send you money. They never stop working and your electrum wallet keeps track of all your addresses.

Your old receiving addresses can still be used to send you money. Note you can always send money to anyone using your bech32 wallet. The solution to this problem is to create a new Electrum wallet making sure to select legacy instead of segwit in step 4. If you are an advanced user you may wish to create a p2sh segwit wallet instead which has wide compatibility and lower transaction fees xnd p2pkh wallets standard electrum wallets buu addresses beginning with 1.

A red background means that address has already been used i. Note that you may electrmu inadvertently cycled to a past receive request. Do use the list at the bottom of that tab to select the correct request. When sending someone money with your Electrum wallet transaction fees are deducted from your wallet balance. The recipient gets the exact amount you annd in the amount field on the send tab. For more information see the screenshot in the next question. Then on the send tab you should see the total amount of fees you are going to pay as well as the arithmetic Electrum did to arrive at that amount:.

If you pause your mouse cursor over the fee slider you should see an informative tooltip. The further to the nad you move the fee slider the higher the fee you pay and the faster the transaction is likely to confirm. You can also set a fee rate manually by editing the value in the fee rate or total fee fields. More information about transaction fees is given.

You can wtore out what your wallet ln is by looking at the Electrum window title. Does it say 2fa or 2 factor authentication there? If yes then the fees are for the services of the co-signing company Trusted Coin. Trusted Coin co-signs your transactions if you provide it with the correct google authorization code from your mobile phone when spending your bitcoins. This is an additional layer of security for your wallet and that is what you are paying. Ztore bitcoin is always free. Start by creating a new standard wallet and then grab a receiving address from that wallet and send all your coins to it using your 2fa wallet.

Follow on-screen instructions for the rest. To avoid 2fa fees be sure to choose to disable 2fa protection when asked. Confusion over unit of account : New units like mbtc, bits and so on lead to confusion about how much money you really have in your account and how much you can afford to spend.

I strongly recommend switching to BTC as your base unit to avoid misunderstandings like these in future. Unconfirmed vs. In the case of bitcoin mining rewards you may have to wait until confirmations. You can find out the number of confirmations by right clicking on the transaction in question on the history tab and choosing to hw its details. Frozen Addresses: It is possible to freeze addresses so that money sent to them cannot be spent.

Change the filter to change and funded and look again for addresses with coloured backgrounds. If you find e,ectrum such addresses right click on them and choose unfreeze. Frozen coins : In the same vein as frozen addresses you can also freeze individual unspent outputs which are also known as utxos or coins in the jargon.

Frozen utxos show up with a coloured background on the coins tab. To unfreeze a specific utxo just right click it and choose to unfreeze from the context menu that appears. Back to the top. X means you are trying to how to buy a bitcoin and store in electrum very small amounts of bitcoin i.

So please change the ad of account in electrum to btc and try. Then try to send money again keeping in mind that you are now dealing with bitcoin and not millibitcoin. In most cases Electrum will pick up your wallet file and automatically upgrade it without you having to do .

Home Download Documentation Community About. Its mission is to develop, package and distribute Electrum software, and to provide services to Bitcoin users and businesses. And this is exactly the reason why companies dealing in such transactions and helping customers buy Bitcoins in exchange for money are so particular about the identities of their users. But it does help you organize things if you also label your address. While the screen will huy be blank, as soon as you start making transactions, the details of those respective transactions will start showing up on this screen in chronological order. Do you have your seed words written how to buy a bitcoin and store in electrum There is Electrum, Ledger, Trezor and many bitciin to choose from, all of which are equally well equipped to give you the best of services at the most economical of prices. Once you click on the Receive option on the Electrum interface, you will be redirected to a screen where you will have to give an address for receiving coins. The bitcoin blockchain not to be confused with the site blockchain. However, my last request to receive coins has not come in for about week a. I copied a receive address from this tab, then I sent coin to it, but I never saved it. Now the password to your Electrum wallet is almost as important as your internet banking password, so you better treat it with the same amount of care. Wallets have many addresses, the private keys behind them bitcojn related meta data. I am writing to make some inquiries about the wallet service of your company. There are quite a few risks involved and a whole lot of things to consider.