This guide is for those who are already comfortable using their BitBox02 with the Electrum wallet and want to explore its more powerful features. Before proceeding, you should have already connected your BitBox02 to Electrum and know how to send and receive transactions.
Electrum gives you precise control over your Bitcoin. Let's explore some of its advanced capabilities.
Using Coin Control
Coin control allows you to choose which specific pieces of bitcoin (UTXOs) you want to spend in a transaction. This is an advanced feature that can help you manage your privacy and optimize transaction fees.
- To enable this feature, go to the menu and select View > Show Coins.
- A new Coins tab will appear. Switch to this tab to see all the individual UTXOs in your wallet.
- Select the specific UTXOs you want to spend.
- Right-click on your selection and choose Add to coin control.
- A 'coin control active' message will appear at the bottom of the window.
- Now, when you go to the 'Send' tab to create a transaction, Electrum will only use the coins you have selected.
You can find a detailed guide on this topic in the official Electrum documentation How to spend specific UTXOs in Electrum
How to create a watch-only wallet
A watch-only wallet lets you monitor your balance and transaction history on a different computer without exposing your private keys. You can create one by exporting your extended public key (XPUB) from the BitBoxApp.
To get your extended public key from the BitBoxApp:
- Select the account you want to use from the left sidebar.
- Click on 'Account info' in the top right corner of the screen.
- Copy the extended public key that is displayed.
More about Extended public keys and how to see them in the BitBoxApp, see here: Extended public keys explained
To create the watch-only wallet in Electrum:
- Open Electrum on the computer where you want the watch-only wallet and start the new wallet wizard.
- Choose Standard wallet.
- On the next screen, select Use a master key.
- Paste your extended public key into the text field. Electrum will now generate a view-only version of your wallet.
For a more detailed walkthrough, you can reference this guide: Creating a watch-only wallet in Electrum
How to sign a message
You can prove ownership of a Bitcoin address by signing a message with it.
- Go to the Addresses tab. If you don't see it, enable it via the menu View > Show Addresses.
- Right-click the address you want to use and select Sign/verify message.
- Enter the message you wish to sign and click "Sign".
- Check the message on your BitBox02's screen, and then confirm it on the device.
- Copy the generated signature from Electrum to provide proof of ownership.
Setting up a multisig wallet
Multisignature (multisig) wallets require multiple keys to authorize a transaction, which can significantly increase security. Your BitBox02 can be used as one of the keys in a multisig setup with Electrum. This is a complex topic, and we strongly recommend reading our dedicated guide before you begin: BitBox02 multisignature wallet
FAQ:
What is the risk of sharing my extended Public Key?
Sharing an extended public key (xpub, ypub, zpub) allows anyone to see your entire transaction history and all future transactions for that account. This is a privacy risk. They cannot, however, spend your funds.
What is the difference between an xpub, ypub, and zpub?
These are different version formats for extended public keys. The one you use depends on the Bitcoin address type. 'xpub' is for legacy addresses starting with '1', 'ypub' is for nested SegWit addresses starting with '3', and 'zpub' is for Native SegWit addresses starting with 'bc1'. The BitBoxApp will show you the correct one for your account.
Can I spend bitcoin from a watch-only wallet?
No. A watch-only wallet does not have the private keys necessary to sign transactions. It can only view your balance and transaction history.
Why is coin control a useful feature?
It gives you granular control over your privacy (e.g., to avoid linking different transactions together) and can help you manage transaction fees more effectively.
When should I consider using a multisig wallet?
Multisig is for high-security situations, like securing a large amount of funds for a business or family. It adds complexity, so you should be very comfortable with standard Bitcoin wallets first.