The Full Guide
Multisignature with Electrum
Video: Get Electrum
This video shows you how to …
- Download Electrum
- Verify gpg signatures
- Restore a wallet with a seed phrase
- Avoid connecting to a public node on startup
- And connecting to your own node.
In this video, I …
- Import a random person’s Bitcoin address copied the blockchain (no private keys obviously)
- Go through the process of making an unsigned transaction.
- First attempt – A miners’ address with thousands of transactions – didn’t work because the MyNode on a Raspberry Pi can’t handle it.
- Second attempt – A regular person’s address, but there was no available UTXO
- Third attempt – Success.
Video: ColdCard with Electrum
This video shows how to set up a watch-only (no private keys) Electrum Wallet using the ColdCard.
Video: Watch only Electrum wallet with ColdCard
This video shows you how to generate a transaction in the Watch Only Electrum wallet, move it to the ColdCard to sign, and then bring the signed transaction back to the Electrum Wallet to review and broadcast to a node (preferably your node!).
Video: CPFP – Child Pays for Parent Transaction
You can simply spend an unconfirmed transaction within your wallet (from your address to another of your addresses), and by making the second transaction with a high fee, the miner is incentivised to include the parent (It must include the parent for the lucrative child transaction to be valid).
Included in the video is how to use an online calculator to determine the fee of the child transaction.
The video also includes a Replace By Fee (RBF) example at the end of the video, where a 59 sat per byte child transaction is bumped up to 127 sats per byte.
It was difficult to do all this on the fly, so a PowerPoint of screenshots was made. It’s hopefully just as good.
On-chain or Lightning