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Author Topic: transferring bitcoin from mycelium to electrum  (Read 287 times)
legend018
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November 24, 2017, 07:38:10 PM
 #1

If I wanted to transfer some bitcoin from mycelium to electrum, I see discussions about importing and sweeping. I have tried to read the differences and even went though this:
https://bitcointalk.org/index.php?topic=2302219.msg23381548

However, one question that comes to mind and was also asked in the forum above, why can't you just send the coins from one wallet to the other wallet. Like why can't I just go into the mycelium wallet and send to the address of the electrum wallet? When looking it up at various resources you just see information about importing or sweeping.  What about a third option, just send it from one wallet to the other like you were sending coin to someone?
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November 24, 2017, 07:41:54 PM
 #2

If I wanted to transfer some bitcoin from mycelium to electrum, I see discussions about importing and sweeping. I have tried to read the differences and even went though this:
https://bitcointalk.org/index.php?topic=2302219.msg23381548

However, one question that comes to mind and was also asked in the forum above, why can't you just send the coins from one wallet to the other wallet. Like why can't I just go into the mycelium wallet and send to the address of the electrum wallet? When looking it up at various resources you just see information about importing or sweeping.  What about a third option, just send it from one wallet to the other like you were sending coin to someone?

Yes, you could do that, there's absolutely no issue other then that you might be paying unnecessary transaction fees, or adding certain delays into accesing your coins ( you need to wait X amount of time until your transaction confirms).

Hence why people rather import their private keys into their new wallet.

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November 24, 2017, 07:51:40 PM
Last edit: November 24, 2017, 08:08:42 PM by Parodium
 #3

There is absolutely nothing stopping you from simply transferring coins between wallets, a low transaction fee could be used to reduce the losses, particularly if you're not in a rush to complete the transfer. However, importing your private keys is definitely the most cost effective way, though of course not all wallet services give you access to your private keys.


           
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November 24, 2017, 08:03:42 PM
 #4

What about a third option, just send it from one wallet to the other like you were sending coin to someone?
This is exactly what "Sweeping" is.

Sweeping" is only a term that refers to the act of sending every coin available in X address to another. Sweeping or manually sending all your coins, it's all the same.

So, most guides will suggest you to:
a. Import your private key in another software and keep using your old address.
b. Sweep (send) all your coins to another recently created address.


legend018
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November 26, 2017, 02:31:09 PM
 #5

ok will be keeping all these suggestions in my back pocket for the future. I was able to finally figure out how to do it using the sweep function in electrum.

Sweeping from Mycelium into Electrum:
1. Go to https://iancoleman.io/bip39/
2. close down the internet. You can also download the html, but still close down your internet after you download it.  Run it on a computer with no internet or make sure it's completely shut off.
3. enter in BIP39 Mnemonic
4. let it calculate
5. Take the first private key under derived addresses
6. Sweep it into Electrum
7. Broadcast it.
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November 27, 2017, 04:04:13 AM
 #6

ok will be keeping all these suggestions in my back pocket for the future. I was able to finally figure out how to do it using the sweep function in electrum.

Sweeping from Mycelium into Electrum:
1. Go to https://iancoleman.io/bip39/
2. close down the internet. You can also download the html, but still close down your internet after you download it.  Run it on a computer with no internet or make sure it's completely shut off.
3. enter in BIP39 Mnemonic
4. let it calculate
5. Take the first private key under derived addresses
6. Sweep it into Electrum
7. Broadcast it.

At this point the "offline computer" represents a security risk the minute it is turned back onto the internet.

At the very least check the actual code before you run it; better methods exist, depending on how secure you want to be.
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