TABLE OF CONTENTS


Download Electrum


You can download Electrum wallet by visiting their website: https://electrum.org/. Always make sure that you are downloading the Electrum wallet from original/official website. Please make that anyone or any malicious software, with access to physical device your electrum wallet is on, can access your wallet. So, always make sure to password protect your Electrum wallet and prevent unauthorised access to your wallet.

In case of any issues regarding use of Electrum wallet, e.g. Loss of funds, Forgetting password or Recover/Seed Phrase etc., Blockonomics won't be responsible. 


Restore BIP39 Wallet using Electrum


In Electrum you can restore your using Bitcoin wallet using it's Recover/Seed phrase. Once you have restored your Electrum wallet you can continue using your Existing Bitcoin wallet too. This is because all the funds in your Bitcoin wallet actually exists in Bitcoin Network and can be accesses from any number of wallet using correct Seed/Recover phrases.

While restoring your BIP39 Bitcoin wallet, it's important to select options, like type of addresses and derivation path, as detailed below. If you don't select correct options you won't be able to find funds in your wallet. In that case, you would have to repeat the process again with correct options to restore correct wallet with funds. Sometimes, it may take a few tries to get it right.

Please note that anyone with access to your wallet's Recover/Seed phrase, can access all funds in your wallet. So, always make sure to keep your Seed/Recovery Phrase secure and to never share it with anyone.

Please follow the steps below to restore your Bitcoin Wallet using it's Seed/Recovery Phrase in Electrum. 

  1. If you haven't already follow instruction here to Download Electrum wallet.
  2. Create a New Wallet by clicking on "Create New Wallet'. 
  3. Select a wallet Name and location (where to save wallet file). Make sure that you remember these. Click on "Next"
  4. Select "Standard Wallet" when asked What kind of wallet do you want to create. Click on "Next"
  5. When ask about Keystore, select "I already have a seed" option. This is because we will be using seed phrase from your existing wallet to restore that wallet here in Electrum.
  6. Now asked to Enter Seed, Copy and Paste the 12 word Recovery/Seed Phrase from your Bitcoin wallet here.
  7. Click on Options and select "BIP seed" Seed Type option and click on Ok. Then Click on "Next". 
  8. This is a Technical Step that might take some hit and trial on your end to get right.
    1. First click on "Detect Existing Accounts". On clicking this button, Electrum would try to automatically detect deviation path for your Exodus Wallet. If it's able to detect a deviation path, that's great. You can click on "Next" and go to next step.
    2. If Electrum was unable to detect a Deviation Path, you can then select "negative segwit" option and click on "Next".
    3. Please note that if using this Deviation Path, you are unable to finds all or any funds in your electrum wallet, you can try creating a new Electrum wallet following the exact steps as mentioned above (with a different wallet name) but selecting "legacy" option this time. If you are still unable to recover remaining funds, feel free to reach out to us at our Helpdesk. 
  9. Set a Password  for your Electrum Wallet and click "Finish".
  10. That's it. You should now be able to access all the funds Exodus wallet from Electrum Wallet.


Changing units in Electrum


By default Electrum uses mBTC as base unit. You can read more about different Bitcoin units here.

By following the steps mentioned below you can change that.

  • Open Preference by going to Menu > Tools > Electrum preferences.
  • To go "Unit" tab and next to "Base unit" select your preferred Base unit that Electrum should use to show Bitcoin values in. 


Change Gap Limit in Electrum


  • Open you Electrum wallet and switch over to "Console" tab. If you don't see a "Console" you can enable it by going to Menu > View > Console:
  • Use the following command to set the gap limit (You can use any number between 20-500):
    • wallet.change_gap_limit(200) 
  • Restart electrum and verify that gap limit has been set properly. If you type following in the console it should print the expected gap limit setting:
    • wallet.gap_limit


Get Electrum wallet Information like xPub etc.

  • Open Wallet info window by going to Menu > Wallet > Information.
  • In the window that opens, you can see all important wallet information like "Master Public Key", "Script type" and "Derivation path" etc. Please note that based on Script type, your "Master Public Key" could be xpub, ypub or zpub.


Send funds from your Electrum wallet 

  • Open "Send" tab by clicking on it.
    1. Next to "Pay to" carefully enter the Bitcoin Address that you want to send funds to. You can add description if you want to.
    2. Next to "Amount" enter the Bitcoin amount you want to send. Please beware of the Bitcoin units here and make sure that you are sending correct amount. If you want to send all available funds in your wallet, click on "Max".
    3. Once you have verified that correct Bitcoin Address and amount are entered, click on "Pay" to start transaction. Please note that Bitcoin transactions, once confirmed on the Bitcoin Network are not reservable. So, please make sure to enter correct Bitcoin Address and Amount.
  • Once you click on "Pay" you will be shown a "New Transaction" Pop-up window asking you to set a target fee. Once you are set the fees, click on “OK” button. Enter your password, if asked.
  • Now, Electrum will a transaction and will try to send your payment. Please note that based on the fee you selected in previous tab, if might take a while for this Transaction to be "Confirmed" on the bitcoin network.


Find Receiving Address

  • Open "Addresses" tab by clicking on it.
  • Here you can find all addresses in your Electrum wallet. On any "receiving" type of address, Right Click > Copy > Address to copy that Receiving Address