how to send money to electrum wallet

Sending money from an Electrum wallet involves creating a transaction, specifying the recipient's address, amount, and fee, reviewing the details, and broadcasting the transaction to the Bitcoin network for confirmation.

Nov 01, 2024 at 10:04 am

How to Send Money to an Electrum Wallet

Electrum is a popular open-source, lightweight Bitcoin wallet that offers advanced features for users at different levels. Sending money from an Electrum wallet is a simple process and can be completed in a few easy steps.

1. Open Your Electrum Wallet:
Open the Electrum wallet installed on your computer. Enter your password if you have one set up for added security.

2. Create a New Transaction:
Click on the "Send" tab in the Electrum wallet window. A new transaction window will appear.

3. Enter the Recipient's Address:
In the field labeled "Pay to," enter the Bitcoin address of the recipient you wish to send money to. You can copy the address from the recipient's wallet or scan their QR code using your integrated Electrum QR scanner.

4. Specify the Amount:
Enter the amount of Bitcoin (BTC) you want to send in the "Amount" field. You can also specify other cryptocurrencies if your Electrum wallet supports them.

5. Set the Fee:
Electrum will automatically calculate a fee based on the network usage. However, you can adjust the fee rate by clicking on the "Custom Fee" button and selecting your desired fee rate. A higher fee rate will prioritize your transaction and confirm it faster, while a lower fee rate may take longer.

6. Review and Send:
Review the details of the transaction, including the recipient's address, amount, and fee. Once you're satisfied, click on the "Send" button.

7. Broadcast the Transaction:
Electrum will broadcast your transaction to the Bitcoin network. Wait for the transaction to be confirmed. Confirmation time depends on the fee you set and the current network congestion. You can track the progress of your transaction from the "History" tab in the Electrum wallet.