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Creating a Segwit (segregated-witness) Bitcoin Wallet Using the Electrum Bitcoin Wallet Version 3

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The Crypto Dad shows you how to set up a new Bitcoin wallet with Segwit (segregated-witness) support. New social Media links! Twitter: https://twitter.com/The_CryptoDad Facebook: https://www.facebook.com/TheCryptoDad Donate Bitcoin: 1JBxwXG8P6PYKKsrHKzQduM8s8RoV3dnjr Electrum bitcoin wallet: https://electrum.org/#home What is Segwit? https://en.wikipedia.org/wiki/SegWit Related videos on my YouTube Channel How to install the Electrum Bitcoin Wallet (short vesion): https://youtu.be/DEH0eoppbyc How to install the Electrum Bitcoin Wallet (with more explanation): https://youtu.be/u3t1WQizE1U How to Upgrade the Eletrum bitcoin Wallet to Version 3: https://youtu.be/3P9DBrlMwj4 How to set up a Coinbase account: https://youtu.be/odV2XE0B6fo How to enable 2-factor authentication on a Coinbase account: https://youtu.be/EAnM3hOiZCg If you would like to get started buying Bitcoin, one of the easiest ways is opening a Coinbase account. You can set up a set up a Coinbase account at: https://www.coinbase.com/ You can also download the Coinbase App: For IOS: https://itunes.apple.com/us/app/coinbase-buy-bitcoin-more/id886427730?mt=8 For Android: https://play.google.com/store/apps/details?id=com.coinbase.android&hl=en I highly recommend the Google Authenticator app for extra security on your Coinbase account: For IOS: https://itunes.apple.com/us/app/google-authenticator/id388497605?mt=8 For Android: https://play.google.com/store/apps/details?id=com.google.android.apps.authenticator2&hl=en What is the Electrum Bitcoin Wallet? The Electrum Bitcoin wallet is software that runs on your computer. It is an application that allows you to send, receive and store bitcoins. It also has advanced features that allow you to check your current balance, see a list of transactions, and even maintain several “wallets”. It does this by allowing you to access a bitcoin address on the Bitcoin blockchain. Access to a Bitcoin address is provided by a cryptographic key-pair. The key-pair is a public/private asymmetric cryptographic key. The public key is the receiving address. This is the address you can share with others, so they can send you bitcoins. The private key is the part that allows you to send bitcoins. The Electrum Bitcoin software creates a new key-pair whenever you create a new wallet. It stores the private key on your computer. The private key is protected by on-disk encryption. Electrum will automatically decrypt the private key when you wish to send bitcoins. Access to the private key is also enhanced by a password or your own choosing that you can set when the wallet is created. Best practice is to choose a strong password for your Electrum Bitcoin Wallet. The Electrum Bitcoin Wallet is one of the most popular Bitcoin wallets for desktops. It has several advanced features that make it robust and flexible. It supports Two Factor Authentication, Multi-sig Wallets, and Cold Storage. Another unique feature of the Electrum Bitcoin Wallet is that it does not require you to download the entire Bitcoin Blockchain on to your computer (which can be time-consuming and requires a lot of space). It does this by maintaining several Blockchain servers which allow you to quickly access the current state of the Bitcoin Blockchain and the up-to-date status of the wallets you control. This includes your current balances and the transaction history for each of your wallets. What is Bitcoin? Bitcoin is a new technology that functions as a digital currency. It is a peer-based, decentralized way to hold, store, send, and receive value. It does this by maintaining a cryptographic “ledger” called the Blockchain. All of the bitcoins in existence are created and stored on the Blockchain. Bitcoin with a capital “B” refers to the technology itself. Bitcoin spelled with a little “b” refers to the tokens that hold the value and can be exchanged with others. Multiple copies of the Blockchain exist on thousands if not millions of computers worldwide. Each copy of the Blockchain “verifies” itself by connecting to the Internet and making sure it has the most up-to-date list of transactions. The Blockchain maintains its integrity by using strong, modern, encryption techniques. This makes it impossible for anyone to alter the ledger, create fake transaction or “double-spend” their bitcoins. Bitcoins do not require banks or third-party financial services to act as central clearing houses for electronic transfers. In essence, Bitcoin technology “cuts out the middleman”. Bitcoin is a decentralized, peer-to-peer monetary system that exists outside of the traditional, centralized, fiat-currency based financial system.
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Text Comments (39)
Free Gardens (2 months ago)
Hey I'm a little late on the party, but if the word string is the private key what is the public key for the Segwit wallet and how can I find it out?
Rex Kneisley (2 months ago)
Just click the "receive" tab. It will show you a "receiving address". This is your public key. You can also check the Address tab. If it is not showing, use the view menu. You can use multiple public receiving addresses.
SKYNET (5 months ago)
just update and everything?
SKYNET (5 months ago)
how to update 3.05, what kind of problems do they have?
Rex Kneisley (5 months ago)
Still using 3.0.2. I will try it out soon!
TRENDY COINZ (5 months ago)
great video but why am i getting a bc1 kind of address instead of 3xxxxxxxxxx
gcerpa (5 months ago)
Electrum doesn't like BIP-39 and it won't let you create an address of this kind, but there's a trick. You can generate one outside electrum, and then, in electrum, create a new one, mark the option that you already have the seed and paste the seed when "creating the new" address in electrum. That's the only way to do it. You can check it out how to do it here: https://www.youtube.com/watch?v=q0LdsuCQA4o
TRENDY COINZ (5 months ago)
i have the updated 3.0.5 version now perhaps another vid would help :)
Rex Kneisley (5 months ago)
I'm not sure. Are you sure you chose "segwit" when setting up the wallet. Are you sure you are running the latest version of Electrum? the current version is 3.0.2 I think. Check "about" in the help menu to find out which version you are running.
Zycho (5 months ago)
So.. If i import a seed from a wallet that does not support segwit into electrum, i still have a wallet that does not support segwit? What happens if you import a seed, can you still choose 'segwit' after that?
NILS FRYDEDNAL (6 months ago)
can you do a video on ledger nano s on myetherwallet?
Clive's English Corner (6 months ago)
Great video!
Deft ZA (6 months ago)
So can't you send from standard to segwit?
Deft ZA (6 months ago)
Rex Kneisley Thank you, do you think it will be fine if I send bitcoin from my exchange(Luno) to my segwit wallet?
Rex Kneisley (6 months ago)
It is not always guaranteed. Personally, I use Segwit wallets for storage and spending. But I still use legacy wallets if I am expecting to receive bitcoin. (like a donation address or a fundraising address)
cryptosaurus 007 (6 months ago)
All my Electrum addresses start with "3". Are those segwit addresses? I tried to claim bitcoin gold on them in Coinomi and it did not work. Got the message "No funds available"...
cryptosaurus 007 (6 months ago)
Thank you, Rex. Following the link you provided I just wrote to coinomi support. Still trying to resolve this.
Rex Kneisley (6 months ago)
I don't use Coinomi so I have no experience claiming BTG using this wallet. But, I found this tutorial. It may help you. https://coinomi.freshdesk.com/support/solutions/articles/29000016813-collecting-your-free-bitcoin-gold-btg-coins-with-coinomi
cryptosaurus 007 (6 months ago)
Thank you for the response. I definitely see my bitcoin gold on the BTG blockchain related to my starting with "3" addresses, but have no idea how to claim it. The private keys that my Electrum shows for this kind of addresses are not recognized by Coinomi. Always getting "no funds available", although I see my BTG on the blockchain. What could be the solution?
Rex Kneisley (6 months ago)
That is correct. Segwit addresses start with 3. In order to claim Bitcoin Gold you have to be using a wallet or exchange that supports it. Also the bitcoin must have been in the wallet before the hard fork took place. In other words, you would have needed to have bitcoin in the wallet before Oct 24. You can't move bitcoin into a supported wallet after the fact, and expect to claim Bitcoin Gold. https://news.bitcoin.com/a-few-ways-to-claim-bitcoin-gold/
Yeremyah Michaiyah (6 months ago)
CD, update and correction...when I created a Segwit Electrum wallet and then try to send Bitcoin from Binance exchange to the Electrum wallet, it says "withdraw error address". So it seems Binance doesn't support the new Electrum Segwit after all.
Wilk 3D (6 months ago)
nice, i was loking for a segwit desktop wallet for my small transactions (my hardware wallet is for the long term;) And Im so sick of using jaxx or Exodus, the optic is nice but te fees and usability a joke...I look into Electrum. What do you mean by problems reciving BTC on a SegWit wallet? I never had any problems sending from ledgecy to SegWit. I think a big problem is that a lot of users think SegWit is SegWit2x... I just see the benefits in SegWit and love it! You also can see if your wallet is SegWit or not by the starting Number of your addres. SegWit starts with a 3 Ledgecy with a 1. Thank you for this good information. Good times to be in crypto;) have a good one!!
Roberto Hintermann (6 months ago)
thanks Crypto Dad, i like the way you explain and even i am from swiss i unterstand it easy.
Yeremyah Michaiyah (6 months ago)
I look forward to your video where you can show how to restore a 24 word seed that was created on a Ledger Nano S, into Electrum, or another good secure PC wallet. Will be useful in case the Nano S fails and we need urgent access to our bitcoins. Thanks CD:)
Yeremyah Michaiyah (6 months ago)
Awesome:)
Rex Kneisley (6 months ago)
I'll check it out and let you know
Yeremyah Michaiyah (6 months ago)
CD, another thing when playing around with the Nano S, can you figure out how to get the private keys from it and back them up? Or the Nano only gives you the seed to recreate the private keys? Will be interesting what you learn ;) Thanks.
Yeremyah Michaiyah (6 months ago)
You are AWESOME CD ;) That will be so good to see if something were to happen to our Nano S, can we then quickly restore our bitcoin wallet on a software PC wallet like Exodus or Electrum using the 24 word seed that was created on the Ledger Nano S. Can't wait to see what you learn ;) Thanks for everything:)
Rex Kneisley (6 months ago)
I have a new Ledger Nano S on the way. I will try out some new tricks when I get it.
Yeremyah Michaiyah (6 months ago)
Always love your videos CD ;) Thank you, without you we would be stuck many times. BY the way, just spoke with Binance, they support Segwit, so that explains why I was able to transfer bitcoin into and out of my Ledger Nano S hardware wallet as that is setup for Segwit.
Rex Kneisley (6 months ago)
Always great to hear from you, Yeremyah!
John (6 months ago)
Thanks!
Sharpo (6 months ago)
Bitcoin is so expensive now! I feel like I'm too late to the party. Still I will watch and learn.
Roberto Hintermann (6 months ago)
i recomented to buy Bitcoin half year ago even one year ago to people, always i hear them said oh it is expensiv. All those were wrong coz they hesitated and now they feel like oh why i did'nt bougth bevor. Look, Btc will go much higher than 10000 $ you can still buy them very good price, do not think your late, this is just the beginning...
Yeremyah Michaiyah (6 months ago)
Bible speaks about a coming cashless society.
Yeremyah Michaiyah (6 months ago)
It may go up though, by a lot. Or maybe not. Nobody knows for sure.
Sharpo (6 months ago)
Crypto Dad great vids. I think u are correct. this is the money of the future.
Rex Kneisley (6 months ago)
Your right, it is very expensive right now. I try to focus more on the why's and the how to's. I believe in Bitcoin as a revolution in currency. Right now more people are looking at it as an investment. I'm hoping that once all the hoopla dies down, people will see how cool crypto-currency really is!
Jeff Ozark (6 months ago)
Dad, Thanks for all your informative videos for newbies like me. Could you do one on getting the Bitcoin Gold revealed in an Electrum wallet, Thanks again,

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