Been out of the loop for a while and would like some corrections and clarifications my topic query of safely moving all my current BTC from old legacy Electrum into same Electrum client with new wallet/native SegWit send/receive addresses.
Currently, I have one Electrum default wallet on Windows OS that I created several years ago (early 2017) and use it maybe once or twice a year to make payments to some online services that accept BTC.
- All of my current Electrum wallet send/receive addresses begin with "1".
Prior to each use:
- I make sure to upgrade/run the latest version of Electrum (current version: 4.1.5) found via the official Electrum/github websites.
- I have my original 12 word seed safely written down and also password protection enabled to access the Electrum client/default wallet.
The fees have been getting a bit higher and reading that it might be better to use Native SegWit instead (which seems to be the new standard wallet default on newly created wallets within Electrum).
Searching online for some updated guides has been a bit tough and not sure which ones are accurate and up to date.
Here are the steps so far that I'm planning (not sure yet of any other must-do options to enable/disable once completed within Electrum):
- Create new wallet > Standard Wallet
- Create a new 12 word seed > confirm 12 word seed
- Enter new password for new wallet encryption
- New wallet is now a native SegWit by default by checking addresses tab and noting bc1 at the beginning of the address string?
- Go to old default legacy wallet >
- Send all BTC to new wallet bc1xxxxxx receiving address?
- What BTC fee amount should I be aiming for here?
- Some comments mentioned utilizing sweep private keys but is that the same as sending my legacy BTC via manually entering the bc1xxxxx receiving address I have listed from the new Electrum wallet?
Also, if it's not much more to ask for... **I never did claim any BCH/Bitcoin Cash during the changes happening many years ago and wondering if I'm able to still redeem them if possible in 2021. I did have BTC in the same Electrum legacy wallet prior to that event in early 2017. From a cursory search, it seems that I would:
- move all current BTC from electrum to a new wallet (e.g. new native SegWit Electrum as outlined from steps above)?
- use a community suggested BCH wallet application and enter/restore my original legacy Electrum 12-word seed into that BCH application? (e.g. Electron Cash)?
Thank you for your clarifications and tips to be aware of!
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