Bitpay Electrum



BitPay invoices are both payment protocol and peer-to-peer compatible. If you choose to pay from a wallet that supports payment protocol, you will be able to copy and paste the Payment URL into the paying wallet or scan the QR code to trigger the payment prompt. Check out our video payment guide to learn how to pay to a payment URL. The green color in the “Pay To” field means that the payment request was signed by bitpay.com’s certificate, and that Electrum verified the chain of signatures. Note that the “send” tab contains a list of invoices and their status. This screencast demonstrates how to setup and use the Electrum wallet for trading and storing TESTNET bitcoins and litecoins.Reach us through:- Hodl Hodl tra.

To know how to transfer your fund from Coinbase to Electrum, kindly read this blog.

Contents

What is Binance?

The Binance coin or BNB is basically the exchange platform for cryptocurrency. Notably, Binance is now one of the largest cryptocurrencies exchanges across the world. Digital cryptocurrency is not dependent on banks or governments to cross borders. They are decentralized and millions of investors around the world buy them. It is an alternative to traditional methods of savings, such as gold, cash, etc.

How to Register a Binance Account?

To use the exchange, you need to create an account. For registering, you just need an email address and password. If you have an account, then nothing like that.

Follow the following steps if you need to create an account. Visit the Binance.com website and click on register. After that, you need to enter the address and password and then agree to the given terms and conditions. Following the same, you need to click on “create an account”. After that, you will get a confirmation email to verify your email address.

And here are some security measures that you should take. You should log in via the official link: Binance.com. You should bookmark the page without fail. There should also be a green lock in the address bar – make sure you notice the same. You should download the Authenticator Application and use the 2-step verification process. And as we all know, do not share the password with anyone.

Electrum

Benefits of sending bitcoin from Coinbase to electrum

There are lots of benefits behind transferring your fund from Coinbase wallet. It is important as your money isn’t that safe in Coinbase wallet. Research shows that many people do not transfer bitcoin from Coinbase to Electrum even after knowing that the process is quite easy. This means that most Bitcoins are not held by users but stored on exchanges. While you own your funds, Coinbase is the one that is controlling them. We could advise you to transfer your funds from Coinbase immediately. Several experts have the same opinion.

However, it might be hard for you to understand where Coinbase is wrong and why we are divising not to keep your funds over there. We are here to explain. It all actually depends on if you own the private key – the seed to your Bitcoin address or not. Now imagine that your private key is a PIN – now do you understand its importance? If someone has any idea about your private key, he or she would easily be able to steal your funds or move your money.

Coinbase exchange touts an insurance policy as security, which actually applies to money locked away on its online store. It comes down to just 2% of the entire customer funds. Do you understand the risk now?

Cryptocurrencies lack security measures and we all know that. In the year 2018, cryptocurrency theft amounted to around $1 billion. Thus, you should take charge of your funds immediately as otherwise, you might regret later. Storing them safely in your wallet is the smartest thing to do.

How to send bitcoin from Coinbase to Electrum?

Now here is the way to transfer Bitcoin to various kinds of wallets, such as Electrum. So we are assuming that you have purchased Bitcoins and they are just lying there in your Coinbase wallet.

Bitpay To Electrum

Bitpay

Once you have logged into your Coinbase account, you can easily click in the send or request button that you will see on the left-hand menu. Then you will have to enter an email address or bitcoin address.

Then you need to enter one of your bitcoin addresses from Electrum. Open Electrum and click on “Receive” Once you have done that, pick any address that is listed there under Main Account > Receiving.

Once you have picked one, kindly copy and paste it in the Coinbase form that asks an email or bitcoin address.

Electrum

Then you need to complete the form and send it. Your money will now be transferred to the Electrum wallet address. Do not forget to back up your wallet and seed (IMPORTANT!) If you do not know what seed is, kindly read our other blogs where we have explained the same in detail. Remember that you will lose your coins if you don’t have a backup or your computer breaks. Make sure that Electrum is online. After that, click Receive and copy the receiving address to your clipboard.

Go to Coinbase and send Click on Accounts. Following the same, click send at the bottom of the BTC wallet section. Kindly paste the address that you have copied and specified the amount of BTC you want to send. Click on continue.

In the next window, you need to enter the confirmation code that you will get from Coinbase. Click on confirm.

Coinbase will now show you a window that would confirm the transaction. All you need to do now is go back to Electrum and wait till it confirms that the BTC has arrived. You can check under the “Addresses” tab.

This will take a few minutes but trust us, the effort is all worth it. Given the current situation, you might be extra conscious about where your funds are and whether they are secured or not.

This is how to send bitcoin from Coinbase to Electrum.

Why you need to send bitcoin from Coinbase to Electrum

Here are some of the reasons why you should transfer your fund to Electrum.

  • You will get peace of mind knowing that your funds are secure. It is better to take action now rather than regretting later.
  • Coinbase is not a secure exchange as it controls your funds.
  • You will now be able to handle the funds as you want – send money to people in other countries at a cheap rate. You will also be able to spend the funds at any place across the globe.
Bitpay

Electrum Vs Bitpay

Mistakes to avoid

While sending your Bitcoin might seem easy, there are a few mistakes that people repeat.

You might end up losing your Bitcoin if you do not follow a few steps.

The first mistake that you need to ignore is sending Bitcoin to an incompatible wallet. If you commit this mistake, then you won’t be able to recover your Bitcoin ever again.

Secondly, you should be very careful while copying the address. Do not miss a few

characters as this can lead to loss of Bitcoin. Take your time and copy the whole address.

Important Tip: Do not write the seed on something that you might eventually throw away.

Conclusion: So these were a few steps that would simplify the entire process for you. We

hope that you follow these steps and make sure that your funds are safe and secure.

Rate this post

The Send tab is how you send money using Electrum. The screenshot below shows the Send tab:

Let’s look at what the various fields are for:

Pay To: In order to pay someone with bitcoin you need their address. The address looks like a random string of characters beginning with 1, 3 or bc1. For example:

Bitpay Electrum 3

Ask the recipient for their bitcoin address, copy it to the clipboard and paste it into the Pay To field on the send tab.

Addresses are supposed to be single use only so please don’t assume the recipient controls old addresses. Get a fresh address from them for every transaction unless they tell you otherwise.

In some cases when paying merchants on the web you don’t use an address. Instead you click on a link and set that link to open with Electrum. Such links begin with “bitcoin:”. In such cases the Pay To field is automatically populated with the merchant’s name and the amount field is populated with the amount you need to pay the merchant.

Bitpay

Bitpay Vs Electrum

The Pay To field is a required field.

Bitpay Electrum Customer Service

Description: You can enter a description here for your own reference. It’ll be displayed on the history tab entry for this transaction. The description is stored in your wallet file only and is not shared with anyone. It is optional.

Amount: The exact amount the recipient should get. This is required too.

Then you click pay and electrum displays this window:

Bitcoin transactions require a fee that is paid to miners. The fee slider lets you set a fee based on fee market conditions. You can move the fee slider to the left to reduce the fee and to the right to increase the fee. The higher the fee you pay the quicker your transaction will confirm. If you pause your mouse cursor over the fee slider it’ll give you some useful information about the fee rate.

The fee is deducted from the wallet balance so the total amount that is spent is the value you put in the amount field plus the fee. More information about fees is given here.

After you’ve filled out the details please double check them to make sure they are right. Bitcoin transactions are irreversible so if you make a mistake you can’t get your bitcoins back.

Once you are sure everything is correct enter your password and click on the Send button to send the bitcoin. Once it has sent the bitcoins Electrum will display the transaction ID of the payment. You can also find the transaction ID on the history tab by right clicking on the relevant transaction and selecting details.





Comments are closed.