How to Generate a signed BTC transaction using Electrum and Trezor

Maurice

New member
I always felt uncomfortable carrying any large amounts of Bitcoin on my cellphone hot wallet when I am in need to carry it with me in the event of any purchases in person. SO that being said I was made aware of a very safe way to not to have the BTC on your phone but still be able to send it to the other persons address once needed.

What I will show you in the following steps is a way to forge or CREATE a bitcoin transaction of x amount and have it forged to the address given prior to the meet.You can also have the BTC sent to your cell phone hot wallet and then from there you can send wherever you want to send it.

So if I ever need to send a large chunk of BTC in person, I'd probably forge the transaction before at my place but only broadcast it in person.

We will be using Electrum and Trezor to accomplish this forged BTC transaction and the output will be a raw Hex data which later I will show you how to transmit on blockchain once needed.


Step 1

Download Electrum https://electrum.org/#download
Verify the the download
If you do not know the verification steps then please read this article: https://bitzuma.com/posts/how-to-verify-an-electrum-download-on-windows/
Warning: Do not install the downloaded exe file without verifying the signature. It may risk losing your Bitcoins



Step 2

Once installed click on new wallet and this window will pop up. I labeled my new wallet Trezor2
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Step 3

Click on the standard wallet option

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Step 4

Click on using a hardware wallet
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Diego

Member

Cole

Member
You missed some important information to add about verifying the downloaded file, may be add file lines of a link of the verify download page. This is very important before installing the wallet. By the way, very good tutorial. This will help a lot of users.

Thank you.

Edit: Ok here is the link for you: https://bitzuma.com/posts/how-to-verify-an-electrum-download-on-windows/

I hope this helps
The link is the official electrum website. Why is that a problem or am I misunderstanding you? Please explain. In the meanwhile will place the main home page as follows.. https://electrum.org/#home If its coming from Electrums website I am sure the file will not be an issue
 

Maxwell

Member
The link is the official electrum website. Why is that a problem or am I misunderstanding you? Please explain. In the meanwhile will place the main home page as follows.. https://electrum.org/#home If its coming from Electrums website I am sure the file will not be an issue
Verifying the files signatures should be a mandatory step when downloading Electrum. There are many reasons why someone could end up in the wrong website or trusting a phishing email/message. Let’s not forget the last vulnerability where Electrum was showing fake “please update” messages leading to an infected wallet.

Since it was coming from the legit wallet, people fell for it. But if they had the habit of verifying the signatures, they would know that something wasn’t right. Let’s not be lazy with our security; always double check your files.
 

Juan

Member
The link is the official electrum website. Why is that a problem or am I misunderstanding you? Please explain. In the meanwhile will place the main home page as follows.. https://electrum.org/#home If its coming from Electrums website I am sure the file will not be an issue
You already had your answer here https://bitcointalk.org/index.php?topic=5106013.msg49582538#msg49582538
And I am sure this should be enough to explain.
I see all your points. Very good ones. I updated accordingly and thanks again for the enlightenment..
Cheesy


If I missed anything..please let me know...cheers
Grin
 

Kingston

Member
Download Electrum https://electrum.org/#download
Verify the the download
If you do not know the verification steps then please read this article: https://bitzuma.com/posts/how-to-verify-an-electrum-download-on-windows/
May I help you to rewrite the section?


Step 1
Download Electrum https://electrum.org/#download
Verify the the download
If you do not know the verification steps then please read this article: https://bitzuma.com/posts/how-to-verify-an-electrum-download-on-windows/
Warning: Do not install the downloaded exe file without verifying the signature. It may risk losing your bitcoins

Code:
Step 1
Download Electrum https://electrum.org/#download
Verify the the download
If you do not know the verification steps then please read this article: https://bitzuma.com/posts/how-to-verify-an-electrum-download-on-windows/
Warning: Do not install the downloaded exe file without verifying the signature. It may risk losing your bitcoins

Hope it helps 🙂
 

Ashton

Member
Download Electrum https://electrum.org/#download
Verify the the download
If you do not know the verification steps then please read this article: https://bitzuma.com/posts/how-to-verify-an-electrum-download-on-windows/
May I help you to rewrite the section?


Step 1
Download Electrum https://electrum.org/#download
Verify the the download
If you do not know the verification steps then please read this article: https://bitzuma.com/posts/how-to-verify-an-electrum-download-on-windows/
Warning: Do not install the downloaded exe file without verifying the signature. It may risk losing your bitcoins

Code:
Step 1
Download Electrum https://electrum.org/#download
Verify the the download
If you do not know the verification steps then please read this article: https://bitzuma.com/posts/how-to-verify-an-electrum-download-on-windows/
Warning: Do not install the downloaded exe file without verifying the signature. It may risk losing your bitcoins

Hope it helps 🙂
Updated and of course
 

Kaiden

Member
Very good tutorial.

Of course this applies the same way if you want to sign your transactions on an offline/airgapped machine and broadcast them later from a possibly compromised device
 

Giovanni

Member
The seventh step lacks information on adding any other account than the default one. Each account in the receive tab in TREZOR web interface displays a BIP32 path which needs to be typed in during that step.



Each account in Electrum will be saved in a separate wallet file
 

Jesus

Member
One of the tings I wanted to attempt on doing this was to do it all OFFLINE!

I had started a thread because of issues I can encountered here>>https://bitcointalk.org/index.php?topic=5094605.msg49587834#msg49587834

But I had no luck in doing it or was todl it cannot be done.

Well, a forum member pointed me to this thread here according to the instructions it can be done

https://www.reddit.com/r/Bitcoin/comments/6kek57
I will need to find the time to try it again someday in the steps they mention.

Has anyone had any first hand experience of this? If so kindly share it here or in my other thread as stated above
 

Calvin

Member
The seventh step lacks information on adding any other account than the default one. Each account in the receive tab in TREZOR web interface displays a BIP32 path which needs to be typed in during that step.



Each account in Electrum will be saved in a separate wallet file
Good point but I am just dealing with one Trezor..one account in my case. Still good to know for the person who has multiple accounts
Cheesy
 

Stone

Member
Good point but I am just dealing with one Trezor..one account in my case. Still good to know for the person who has multiple accounts
Cheesy
It looks like you have misunderstood me. I am not talking about using multiple TREZOR devices to sign a transaction. TREZOR allows you to create separate accounts which have a different Public Key derived from your Master Public Key. This increases your privacy since it helps you not to mix certain coins, but it's less advanced than Electrum's built-in coin control which can be also used with any TREZOR device. You can generate only up to 20 accounts per passphrase due to performance issues.
 
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