Bitcoin is a decentralized digital currency that allows peer-to-peer transactions without the need for a central authority. Electrum is a popular Bitcoin wallet that allows users to send and receive Bitcoin easily and securely. In this article, we’ll explain how to send Bitcoin with Electrum.
Step 1: Open Electrum
The first step in sending Bitcoin with Electrum is to open the wallet. If you haven’t installed Electrum on your computer, you can download it from the official website. Once you have installed Electrum, open the wallet by double-clicking on the icon.
Step 2: Create a New Transaction
Once Electrum is open, you will see the main interface of the wallet. Click on the “Send” tab to create a new transaction. In the “Pay to” field, enter the Bitcoin address of the person or organization you want to send Bitcoin to.
Step 3: Enter the Amount
Next, enter the amount of Bitcoin you want to send in the “Amount” field. You can also choose whether you want to send Bitcoin as a regular transaction or as a priority transaction. Priority transactions are processed faster but require a higher fee.
Step 4: Choose the Fee
The fee you pay for a Bitcoin transaction determines how quickly it will be processed by the network. Electrum allows you to choose the fee you want to pay for your transaction. The higher the fee, the faster the transaction will be processed. However, higher fees also mean higher transaction costs.
In the “Fee” field, you can choose between three options: “Low fee,” “Medium fee,” and “High fee.” If you’re not sure what fee to choose, you can use Electrum’s fee estimator to get an idea of the current fees.
Step 5: Preview the Transaction
Before sending the Bitcoin, it’s important to preview the transaction to make sure everything is correct. Click on the “Preview” button to review the transaction details. Make sure the Bitcoin address and the amount are correct, and that you’re happy with the fee you’ve chosen.
Step 6: Sign and Send the Transaction
Once you’ve reviewed the transaction and you’re happy with everything, it’s time to sign and send the transaction. Click on the “Sign” button to sign the transaction with your private key. Once the transaction is signed, click on the “Broadcast” button to send it to the Bitcoin network.
Step 7: Wait for Confirmation
After you’ve sent the transaction, you’ll need to wait for it to be confirmed by the Bitcoin network. This can take anywhere from a few minutes to a few hours, depending on how busy the network is.
Once the transaction is confirmed, the Bitcoin will be sent to the recipient’s address. You can check the status of your transaction by going to a Bitcoin block explorer and entering the transaction ID.
Conclusion
Sending Bitcoin with Electrum is a straightforward process that can be completed in just a few steps. By following the steps outlined in this article, you can send Bitcoin quickly and securely using Electrum.