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Author Topic: How to get SegWit addresses starting with a "3" in Electrum?  (Read 59 times)
Stedsm
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February 06, 2019, 07:34:57 AM
 #1

I got a post (quoted below) and followed it:

You can buy Bitcoins with LocalBitcoins.

As a wallet, use Electrum with a Segwit address for lower fees. For now, I recommend to use a nested P2SH Segwit address instead of the bech32 format created by Electrum. So that's what you should do:

1. Go to iancoleman's BIP39 seed generator[1] (optional - download the source code and run offline for better security);
2. Select 12 words and generate a new seed;
3. SAVE THIS SEED AND DON'T LOSE IT! You can't see it again in Electrum and without the seed you can't restore your wallet in the future;
4. Download Electrum[2];
5. While creating the wallet, select: Standard Wallet -> I already have a seed -> Paste the seed from step 2.
6. Click Options -> check "BIP39 seed" -> Next.
7. In the Derivation part, paste m/49'/0'/0'/0 and click next.
8. Now you have an Segwit wallet with addresses starting with 3.


[1] https://iancoleman.io/bip39/
[2] https://electrum.org/

Now, I'm here to ask a few things.
I tried to follow every step @TryNinja, but every time (whether going for a 24 word seed or a 12 word one), it doesn't allow me to click "Next" after filling out the seed completely while followi step #5. I'm confused as to why isn't it working for me? What's stopping it to allow me to go ahead to perform other steps?

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February 06, 2019, 08:09:32 AM
Merited by HCP (1)
 #2

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6. Click Options -> check "BIP39 seed" -> Next.
Stedsm
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February 06, 2019, 09:09:20 AM
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6. Click Options -> check "BIP39 seed" -> Next.

I'm only getting "Extend Seed" option in it, nothing else.
Does it have anything to do with the version I'm currently using?

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February 06, 2019, 09:54:06 AM
Merited by Stedsm (2)
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I'm only getting "Extend Seed" option in it, nothing else.
Does it have anything to do with the version I'm currently using?
Are you using the Android version? If so, this doesn't support importing BIP39 seeds... only the desktop version of Electrum (Windows, MacOSX and/or Linux) support importing BIP39 seeds

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February 06, 2019, 03:17:30 PM
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I'm only getting "Extend Seed" option in it, nothing else.
Does it have anything to do with the version I'm currently using?
Are you using the Android version? If so, this doesn't support importing BIP39 seeds... only the desktop version of Electrum (Windows, MacOSX and/or Linux) support importing BIP39 seeds

You got it right, I was in my office and was doing it in my smartphone.
I installed Electrum in my Windows PC and it worked like a charm.
Now, I've got to know a few things I'd like to share and even know more about (by asking):

When I checked "BIP 39 seed", I saw this:



Does it caution me that it may not be useful in future versions of Electrum? What would happen if BIP 39 won't be supported in upcoming upgrades of Electrum? And why BIP 39 doesn't meet their safety criteria?

Ok, after this step is completed, it asks you to select one out of these 3 options:



Legacy (1st option) will not get you a SegWit wallet, don't go for it.
P2sh SegWit (2nd option) will get you addresses that will start with a 3.
Native SegWit (3rd option) will get you bech32 addresses, you can go for it if you want a wallet whose addresses will start with bc1.

@HCP,
One important thing, as you know that BTC had many forks adding its name as a major brand to it (like BCH, Bitcoin Gold and many others), will these P2SH and Native SegWit addresses also contain those forked coins and will we be able to claim them or Legacy addresses will be needed for this?

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February 06, 2019, 03:29:47 PM
 #6

Does it caution me that it may not be useful in future versions of Electrum? What would happen if BIP 39 won't be supported in upcoming upgrades of Electrum? And why BIP 39 doesn't meet their safety criteria?
Since that’s kind of a workaround instead of Electrum’s default recovery process, they can’t guarantee that you will be able to do the same procedure to create the p2sh segwit wallet in the future. But that’s not a major issue. You can always use an outdated Electrum wallet that supports that to forge a transaction or get your private keys; or use a different wallet/tool that does.

Quote
@HCP,
One important thing, as you know that BTC had many forks adding its name as a major brand to it (like BCH, Bitcoin Gold and many others), will these P2SH and Native SegWit addresses also contain those forked coins and will we be able to claim them or Legacy addresses will be needed for this?
Legacy addresses will always have the better compatibility with those forks. If they support Segwit/their walet supports Segwit, you may be able to spend the coins on their chain. Honestly, I don’t care about those pennies at all, so I’m not worried about this.

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