What is SPV?

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SPV stands for Simplified Payment Verification. It was first described by Satoshi Nakamoto in the original Bitcoin whitepaper. This method allows a wallet to provide strong security without the need for downloading the blockchain or running a full node. SPV lets you validate your own transactions by ensuring they are confirmed in the blockchain. It uses the best header chain with the most cumulative proof of work and the correct hashing difficulty level. Electron Cash relies on a distributed network of servers which handle the heaviest part of blockchain operations. Your private keys sign transactions locally. They are never sent to the servers.

The Send tab is how you send money using Electrum. The screenshot below shows the Send tab:

Electrum Bitcoin Wallet. Impressum This website is hosted by Electrum Technologies GmbH Electrum Technologies was founded by Thomas Voegtlin in 2013. Its mission is to develop, package and distribute Electrum software, and to provide services to Bitcoin users and businesses. Just as you had specified your address at the time of buying, you will need an address to send your Bitcoins to. Once you have the address, you just need to navigate to the send tab on your respective Electrum wallet. Once you are there, you will need to enter the number of Bitcoins you wish to send.

Let’s look at what the various fields are for:

Pay To: In order to pay someone with bitcoin you need their address. The address looks like a random string of characters beginning with 1, 3 or bc1. For example:

Ask the recipient for their bitcoin address, copy it to the clipboard and paste it into the Pay To field on the send tab.

Addresses are supposed to be single use only so please don’t assume the recipient controls old addresses. Get a fresh address from them for every transaction unless they tell you otherwise.

In some cases when paying merchants on the web you don’t use an address. Instead you click on a link and set that link to open with Electrum. Such links begin with “bitcoin:”. In such cases the Pay To field is automatically populated with the merchant’s name and the amount field is populated with the amount you need to pay the merchant.

Buy Bitcoin For Electrum Wallet

The Pay To field is a required field.

Description: You can enter a description here for your own reference. It’ll be displayed on the history tab entry for this transaction. The description is stored in your wallet file only and is not shared with anyone. It is optional.

Amount: The exact amount the recipient should get. This is required too.

Then you click pay and electrum displays this window:

Electrum Bitcoin Wallet App

Bitcoin transactions require a fee that is paid to miners. The fee slider lets you set a fee based on fee market conditions. You can move the fee slider to the left to reduce the fee and to the right to increase the fee. The higher the fee you pay the quicker your transaction will confirm. If you pause your mouse cursor over the fee slider it’ll give you some useful information about the fee rate.

The fee is deducted from the wallet balance so the total amount that is spent is the value you put in the amount field plus the fee. More information about fees is given here.

How To Get Bitcoin Cash From Electrum Wallet

After you’ve filled out the details please double check them to make sure they are right. Bitcoin transactions are irreversible so if you make a mistake you can’t get your bitcoins back.

Electrum Bitcoin Cash Wallet

Bitcoin Electrum Wallet

Once you are sure everything is correct enter your password and click on the Send button to send the bitcoin. Once it has sent the bitcoins Electrum will display the transaction ID of the payment. You can also find the transaction ID on the history tab by right clicking on the relevant transaction and selecting details.