Using Electrum Desktop Wallet – Basic, plus Tips and Tricks

I will add videos here over time as I go through various features of using this powerful Bitcoin Wallet.

Get Electrum

This video shows you how to …

  • Download Electrum
  • Verify gpg signatures
  • Install
  • Restore a wallet with a seed phrase
  • Avoid connecting to a public node on startup
  • And connecting to your own node.

Spending

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.

ColdCard

This video shows how to setup a watch only (no private keys) Electrum Wallet using the ColdCard.

This video shows you how to generate a transaction in the Watch Only Electrum wallet, move it to the ColdCard to sign, then bring the signed transaction back to the Electrum Wallet to review and broadcast to a node (preferably your node!).

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.

How to double spend Bitcoin using Electrum

A great video by Freenancial showing us how to double spend. Can come in handy for your own UTXO management, not necesarrily to cheat a merchant out of a coffee! This is a really good explanation and lots of other things can be learned from this video. DO NOT ENTER YOUR BITCOIN SEEDS INTO ELECTRUM ON AN INTERNET CONNECTED COMPUTER AS SHOWN IN THIS VIDEO, USE A HARDWARE WALLET.

How to import a Lightning Wallet into a Bitcoin Wallet like Electrum

Another great video by Freenancial. Lots to learn here, not just what the title says.

Using Electrum with Trezor (Please ignore shitcoins! Sorry.)

I hesitate to include this video because of the shitcoins, but the beginning of the video is very good for new Trezor/Electrum users. I may find a replacement video another day without the information about scam tokens.

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