Does Electrum Support Sending BTC On BEP20?

SquirrelJulietGarden

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Quote from: Z-tight on June 18, 2024, 08:40:58 AM

Electrum does not generate a bip39 seed phrase, it uses an Electrum seed and you cannot import it into most wallet softwares, as far as i know, only BlueWallet supports importing an Electrum seed phrase. So you cannot import it into Metamask or TrustWallet.

I know we can import other wallets with BIP39 to Electrum wallet, choose BIP39 when importing but the process to import Electrum wallet to other wallets is different flow because Electrum wallet use its own seed phrase, not use BIP39.

We can move bitcoins to another wallet or to export private keys in Electrum, then use private keys for import in other wallets.
To export private keys, in Electrum.

Wallets > Private keys > Export > Choose CSV or JSON, and export keys.
This step is to export all private keys in the wallet.

If we want to export only one private key for one public address, right click on the Public address, choose Private key, type wallet passwords, and export the private key.

dkbit98

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Quote from: ContentWriter on June 18, 2024, 09:11:39 PM

How can I send BTC using the Lightning Network feature of Electrum?

You have to make a transaction and move coins offline to Lightning Network.
If you didn't do this already I suggest doing this when transaction fees are lower, or even better if you can first test how this is working with testnet coins.
There are several guides and instructions about this if you are interested of risk-free testing.

Z-tight

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Quote from: ContentWriter on June 18, 2024, 09:11:39 PM

How can I send BTC using the Lightning Network feature of Electrum?

Take note that using the BTC Lightning Network does not solve the problem for which you seek solution in your op, as the member above you said, if it is fees you want to save on, then the Lightning Network is a great option, because it helps you save fees, as you only pay on chain tx fees for opening and closing the channels.

One last thing, using the Lightning Network in Electrum isn't really newbie friendly, so if you want to use it in the future, you can check this thread for other options: https://bitcointalksearch.org/topic/--5494607

nc50lc

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Quote from: ContentWriter on June 18, 2024, 09:11:39 PM

Quote from: dkbit98 on June 18, 2024, 04:28:54 PM

-snip-

How can I send BTC using the Lightning Network feature of Electrum?

Read this topic for the instructions: https://bitcointalksearch.org/topic/electrum-lightning-network-walkthrough-5259973

As a heads up: You'll basically have to move your on-chain funds to your lightning channel through a transaction (so it involves a tx fee).
Then, after it's established, you can now send by getting the lightning invoice from the recipient.
But you can only send at first since you only have "outbound capacity", you'll gain "inbound capacity" in every BTC that you send via lightning. (search "reverse swap" in case you'll need more)
Check your 'Channels' tab to see the overall liquidity.

But take note that your BTC in your lightning channel(s) can't be used to send on-chain, vice versa.
You'll have to close the channel if you want to use its funds on-chain.
Closing the channel also involves a transaction.

ContentWriter

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Quote from: dkbit98 on June 18, 2024, 04:28:54 PM

Quote from: ContentWriter on June 17, 2024, 09:23:54 PM

I have some bitcoins in an Electrum wallet. Is there a trick I can use to send then on the Binance network?

No, and don't use this binance token crap on any other wallets, that is not the real Bitcoin!
This is totally different blockchain that is centralized and controlled by only few people who can always remove peg and crash all tokens.
Electrum wallet is only for Bitcoin main chain and Lightning Network if you want to save on fees.

How can I send BTC using the Lightning Network feature of Electrum?

dkbit98

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Quote from: ContentWriter on June 17, 2024, 09:23:54 PM

I have some bitcoins in an Electrum wallet. Is there a trick I can use to send then on the Binance network?

No, and don't use this binance token crap on any other wallets, that is not the real Bitcoin!
This is totally different blockchain that is centralized and controlled by only few people who can always remove peg and crash all tokens.
Electrum wallet is only for Bitcoin main chain and Lightning Network if you want to save on fees.

Z-tight

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Quote from: ContentWriter on June 17, 2024, 09:23:54 PM

I have some bitcoins in an Electrum wallet. Is there a trick I can use to send then on the Binance network?

No, you cannot, and if i may ask, why do you want to do this? Clarifying things up can lead to users giving you a better suggestion on how to go about things. You have to deposit your BTC into an exchange and convert it to a token that supports the network you want to spend the coins in.

Quote from: SquirrelJulietGarden on June 18, 2024, 01:37:41 AM

You can import your wallet seed from Electrum to web3 wallets like Metamask, Trust

Electrum does not generate a bip39 seed phrase, it uses an Electrum seed and you cannot import it into most wallet softwares, as far as i know, only BlueWallet supports importing an Electrum seed phrase. So you cannot import it into Metamask or TrustWallet.

SquirrelJulietGarden

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Quote from: Frankolala on June 17, 2024, 10:11:33 PM

It is not possible, because bitcoin has its own blockchain and there is no way it will use Binance network that was just created recently in September 2020. Altcoins uses Binance network.

The way banks transports cash in bullion van is just like asking if those funds can be transported a in crude oil pipeline.

No way do to that directly but you can use bridges. There are bridges for Bitcoin to other chains like Binance Smart Chain but bridges themselves are not safe in security and vulnerable to hacks.

You can import your wallet seed from Electrum to web3 wallets like Metamask, Trust but if I am right, other wallets don't support wallet seed from Electrum. They use different BIPs so it is incompatible for importing Electrum to others.

So you have create your web3 wallet that supports Bitcoin blockchain too, then send your bitcoin from Electrum to your web3 wallet. It needs transaction fee.

Next you can bridge your bitcoin from Bitcoin blockchain to other chains, to Wrapped bitcoin token or other tokens. Bridging fee is not cheap.

Another way is to send your bitcoin to centralized exchange, sell it and buy BEP20 token or you can withdraw it on BEP20 chain to a web3 wallet and buy any BEP20 with available liquidity pool. Withdrawal fee from centralized exchange is not cheap. For transactions on BSC, you need BNB for transaction fee.

nc50lc

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Quote from: ContentWriter on June 17, 2024, 09:23:54 PM

I have some bitcoins in an Electrum wallet. Is there a trick I can use to send then on the Binance network?

The only "trick" is to exchange your Bitcoins to BTCB then send that to your intended destination,
That's only if the recipient uses BEP20 chain exclusively.

But if it supports real Bitcoin, send from Electrum directly.
It's cheaper than going for those extra steps that doesn't just involve a "transaction fee" but also an "exchange fee".
Now's quite a good time to send bitcoins, while fee isn't too high.

Frankolala

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Quote from: ContentWriter on June 17, 2024, 09:23:54 PM

I have some bitcoins in an Electrum wallet. Is there a trick I can use to send then on the Binance network?

It is not possible, because bitcoin has its own blockchain and there is no way it will use Binance network that was just created recently in September 2020. Altcoins uses Binance network.

The way banks transports cash in bullion van is just like asking if those funds can be transported a in crude oil pipeline.

ContentWriter

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Merit: 11

I report crypto news and write gambling articles

I have some bitcoins in an Electrum wallet. Is there a trick I can use to send then on the Binance network?

Topic: Does Electrum Support Sending BTC On BEP20? (Read 127 times)