How to generate P2SH addresses in Bitcoin Electrum wallet - #CryptoTrading


Some dApps and non-custodial exchanges will only let you withdraw Bitcoin to P2SH addresses, here's how to generate yours from your seedphrase.
p2p/dex bitcoin     · [technical]  · Author: AltcoinTradingNET

This is a tutorial to help you generate P2SH bitcoin addresses to withdraw bitcoin from non-custodial apps like LocalCryptos.

If you are a P2P or DEX crypto trader, you probably know that to receive BTC from a decentralized app, you need to use a SegWit bitcoin address.

  • If you want to learn more about SegWit, head over to the ATNET Glossary.

Segwit addresses are not all the same

You can easily get a SegWit bitcoin wallet on your phone with the Exodus app, on your laptop with Electrum if you are old-school or on any device with Ledger wallet.

However, in 2020, any regularly updated bitcoin wallet app will prefer bech32 addresses. Bech32 addresses start with bc1.

The problem is that some non-custodial exchanges will only let you withdraw into a bitcoin address that starts with 3. Bitcoin SegWit addresses starting with 3 are called P2SH addresses (pay-to-script-hash).

Electrum lets you generate P2SH address set from bitcoin seed

Good news is you can generate a set of P2SH bitcoin addresses from your seedphrase in Electrum wallet. It is easy to do, but you need to know how to do it - the Electrum wallet provides no walkthrough for it.

If you worry about messing up your wallet, generate a new seedphrase first. It will work just the same.

Step-by-step: Generate P2SH addresses in Bitcoin Electrum

This method works on a laptop with any operating system. The steps are always the same.

Before you start typing your seed anywhere, check with https://electrum.org/#download that you have the latest version of the wallet.

Step 1: Get your seedphrase, or generate a new one.

If you don’t want to work with the seedphrase of a wallet you are currently using, that’s fine. Just start creating a new wallet up to the step where you get the seedphrase.

Write the seed down and close the Electrum dialog where you were creating the new wallet.

Step 2: Start a wallet restoration process.

Open the Electrum wallet and in the File menu, select “New/Restore”.

Select you want “Standard wallet” and in the next step that you “Already have a seed”.

Step 3: Type down your seedphrase and go to the advanced options.

Below the box into which you have to type in your seedphrase, you should see a button for extra “Options”. Click that, select bip39 and ignore the warning that will be generated for you then.

Step 4: Select derivation path “p2sh-segwit”.

The derivation path of “p2sh-segwit” should be one of the options after typing in the seed. You can double check the derivation string below the options. It should contain the number 49 because your selection is based on BIP49. Don’t change anything in there.

Step 5: Create the wallet.

Your wallet should now be ready to use. Check your addresses to see that they all start with a 3.



Posted in Technical
Tagged as     

 

Last added to Crypto Airdrops, Bounties & Opportunities
Airdropped Token or Opportunity Airdrop Date About the airdrop Link
Huobi Token campaigns 4 weeks, 1st run started 12 Jan Huobi Token (HT) is a DeFi asset on the Huobi Ecological Chain (HECO). You can get a wallet address to receive the tokens in Huobi exchange. Huobi is giving out rewards for Twitter activity, blogging, YouTube content creation and Telegram activity. Rules on bitcointalk. rules
Bitfresh bounty program Started 10 Jan Bitfresh is giving out token for Twitter follow and retweets. The more followers you have, the more tokens you get. Full rules on bitcointalk. rules
Earn YoBit's YoDefi tokens Live YoBit set up their own defi project for liquidity on the exchange. The exchange pays out 777 YoDefi Tokens proportionally for all users every 10 mins. sign up
QUAI DAO Accelerator Bounty 4 Jan 2021 - 18 Feb 2021 The tokenized DEFI accelerator Quai Dao is running social media bounty. Tokens are distributed via Telegram bot for social media follows. sign up
Psyche.Cash Bounty Campaign Continues Ongoing The DEFI project Psyche.Cash runs a set of social media bounties. You get tokens for follow, comments, content creation or bitcointalk signatures. Sign up via bitcointalk. sign up
CUDOS Ranger Bounty - Callout for participants Dec 2020 The platform cudos.org is looking for ambassadors with social media presence for their new program. Chosen ambassadors will get to create educational content about crypto (defi, trading, mining, dev) and earn between $200-$1000 worth of tokens a month. link to google form
XRP Holders: get Flare airdrop on Bitfinex 12 Dec 2020 Bitfinex will support the distribution of Flare Networks’ upcoming airdrop of Spark (FLR) tokens for XRP holders. sign up
Staking without KYC on WhiteBit New! WhiteBit opened 17 different staking plans with 9 different currencies to choose from. 40% APR, available to the users without KYC. (Be mindful of risks) sign up
Opportunity: DeFi Tokens on reputable exchange with lower fees 14 days after listing The Aussie exchange Independent reserve is listing new DeFi tokens these days. For each of the new markets has the fee reduced to 0.1% for the first 2 weeks. Currently those markets are yearn.finance, Aave and Kyber Network Crystal. sign up
LATOKEN Earn Nov 2020 10+ new Telegram airdrops available on LATOKEN exchange under "Earn" in the top navigation bar. (SAND, UNO, BXT, PZS, L2L, BIOG, DGB, OAP...) If you sign up with the link here you get 50 USD fee credit. sign up
Opportunity: Trade DeFi Tokens with NO FEES 14 days after signup The token exchange WhiteBit gives you 14 days of zero-fee trading if you sign up with a shill link. No KYC until 2 BTC/day withdrawal limit, lots of new DeFi projects get listed there. sign up