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Use the BitBox02 with Electrum wallet

BitBox02 ❤️ Electrum: part 1

Note: Electrum wallet is a third-party application. We don’t have control over the development and distribution of the software and can’t provide any guarantees.

When first starting Electrum, you need to choose the server to connect to. You can either select “Auto connect” and use a random server, or manually select a server. Before going further, let’s quickly examine what Electrum servers are.

Electrum does not communicate with the Bitcoin network directly. Instead, it relies on Electrum servers that are indexing the Bitcoin blockchain and provide all relevant information — like transaction details, address balances or fee estimates — to the Electrum wallet.

You need to trust the server you use to a certain extent. It learns about your total Bitcoin holdings and past transactions, and can cluster all your various Bitcoin addresses. It is safe to assume that blockchain analytics companies run Electrum servers to gather information about Bitcoin transactions and address clusters.

If you choose manual server selection, provide your connection data on the next screen.

Storing private keys on a regular computer is not very secure. This is why it makes sense to use Electrum in combination with a hardware wallet. In this setup, all private keys are managed by the BitBox02, they never touch any networked device and all your receiving addresses and outgoing transactions can be confirmed on the trusted screen of your BitBox02.

Plug in your BitBox02 and tap the side to choose screen orientation. It now displays “See the BitBoxApp”.

Electrum stores information about wallets in individual files. To create a new wallet, select “File > New/Restore” in Electrum, enter a descriptive filename and click “Next”. On the next screen, choose the wallet type to set up. Select “Standard wallet” and click “Next”.

Now it’s time to choose where to store the private keys. We use the “hardware device” BitBox02 as a keystore, so no secret information is stored on your computer, and then click “Next”. Once Electrum detects the BitBox02, it lists it as a Hardware Keystore, which you can confirm by clicking “Next”.

If you run into trouble at this point, it’s probably because the BitBox02 is not connected or blocked by a different application. Make sure the BitBoxApp is not running as well.

Electrum now waits for you to unlock your BitBox02 by entering the device password. Next, if you use the BitBox02 for the first time with Electrum, you’re asked to confirm a pairing code. This enables the secure encryption of all future communication between Electrum and the BitBox02.

If the pairing codes match, confirm on the BitBox02, and then click “Next” in Electrum.

Now we come back to the various Bitcoin derivation schemes. This is the most complex screen during the whole wallet creation process.

First, choose what type of Bitcoin addresses you want to use:

If you know that all your relevant counterparties support native segwit addresses, this is the best type to use. Otherwise, or if you’re not sure, use p2sh-segwit. It’s also possible to use your BitBox02 to create additional wallets of a different type later.

A derivation path makes it possible to have an organized structure with many different wallet types, accounts and individual addresses all derived from a single secret. The main advantage is that a backup only needs to include the single secret, not every individual account and address. An account corresponds to an independent wallet and can help to keep funds clearly separated.

All wallet types follow a universal derivation path syntax. In Electrum you can define it as follows:

These parameters have the following meanings:

The only parameter you may want to change is the account number. This way, you can create an unlimited number of wallets, but make sure to use consecutive numbering. Otherwise, they might never be found again. For example, you could use:

With wallet type and derivation path set, click “Next”.

This is the last screen for creating a new Electrum wallet. You’re asked if you want to encrypt the wallet information stored on your computer with your BitBox02.

Electrum does not store secret information, as your private keys never leave the BitBox02. Nonetheless, the public keys and transaction data is private information and you might want to secure that.

Once you made your decision, click “Next”.

Congratulations, your new Electrum wallet is now ready to use!

Now that your Electrum BitBox02 wallet is configured, you’re all set up to receive bitcoin. Go to the “Receive” tab.

You now have a bitcoin: link or a QR code to share with your counterparty that both include the description, amount and expiration date. Of course, you can still use the bare Bitcoin address without all the metadata.

Now it is very important to verify this Bitcoin address on your BitBox02. A computer virus could easily change the receiving address to an address that belongs to an attacker. Check the address on your hardware wallet by clicking on the little eye icon 👁️ at the bottom right corner to make sure that the address actually belongs to you .

To send some bitcoin, go to the “Send” tab. Enter the receiving address, the amount and an optional description (just for you) and then click “Pay”.

You can now set the mining fee. If you hover over the slider with your mouse, you’ll see additional information.

Electrum does not know your private keys. If you now click on “Send”, Electrum creates an unsigned Bitcoin transaction and hands it over to the BitBox02. There, all relevant details are shown on the secure screen and you can verify the recipient’s address, the amount and fee to either approve or decline the transaction.

If you approve, the BitBox02 signs the transaction and hands it back to Electrum, which broadcasts it to the network. In that process, your private keys never leave the BitBox02.

The BitBox02 is available in a Bitcoin-only edition, with radically focused firmware. Less code means less attack surface which further improves your security when only storing Bitcoin.

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