![]() ![]() They don’t likely support bech32 addresses that begin with bc1. There are few low volume outdated exchanges that cannot send money to a bech32 address (Bitcoin native SegWit addresses that starts with bc1). If the services says your Bitcoin address as not a valid address or incompatible format then it means the particular service does not recognize your Bitcoin address or does not support that particular address format. They were using electrum Bitcoin wallet and they were trying to receive funds into their new electrum wallet with BTC address that starts with bc1. ![]() Upon entering the withdrawal address the service returned “invalid address” error. They were never able to actually submit a withdrawal request. Recently one of our user said that they were trying to withdraw BTC from an exchange but can’t withdraw to their address. In my next post, I’m going to show you how to make a paper wallet for cold storage.“Can’t withdraw using bech32?” The year is 2022 and there are still some exchanges and Bitcoin services that refuse to accept Bech32 addresses, Bitcoin address that starts with bc1. The more you play with sending and receiving money from Electrum, the more familiar you’ll get. Just use any of your Electrum addresses as the “to” address and you’re all set. Coinbase and LocalBitcoins both have online wallets where it’s easy to send money from. Just right-click and choose “Copy to clipboard” to make it easier. These are yours, so you can start sending money to any of these. The default “History” view isn’t particularly helpful, so click over to the “Receive” tab. Ok! So above you can see your empty Electrum wallet. (But don’t forget to add a password if/when you start accumulating some serious money.)Īll this flew over my head, so I just left the default “Auto connect” checked. You can leave it blank if you just want to get started. This is to prevent someone with access to your computer from taking your wallet file and stealing your keys. You’ll then be asked to create a password for your wallet. The math that’s doing this behind the scenes is nuts. This is your “seed” and you can use it to recover your wallet if it becomes lost or damaged. When you launch it, you’ll want to “Create a new wallet.” Then it’ll present you with a bunch of random words. ![]() You should also be familiar with creating an offline wallet or paper wallet, which is known as "cold storage." (I’ll get to that in my next post.) Setting up the Electrum wallet software So as a best practice you should create encrypted backups of your wallet and store them somewhere off your computer (this is easily Googleable so I'll leave that in your capable hands). Now of course, you could still be shit out of luck if a) your computer crashes, or b) your computer is hacked. So the overall concept is that you keep your wallet on your computer so that your private keys are safe on your hard drive and not "in the cloooooud" somewhere. There's also Multibit, which I've tried, but the interface seemed a little too complicated for me as a beginner.) I heard a podcast with Armory's inventor and he seems like a real honest security buff. (I've also heard good things about Armory, which is constantly raising the bar in terms of security. It's not particularly intuitive or amazing, but enough people in the forums were using it, so I thought what the hell. There are a few reputable software wallets out there, but I settled on Electrum for the Mac. Now it’s time to pick some wallet software. Ok, so at this point you probably have an account at Coinbase or. ![]()
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