so in this video I'm just gonna have a look at a wallet that can be used as an
alternative to ledger live for a variety of different cryptocurrencies and there
might be a bunch of reasons why you find yourself needing to use this alternative
perhaps you're having issues with ledger live for whatever reason perhaps you've
come from a different wallet platform, hardware wallet platform and are struggling
to find all your coins what we'll do is I just want to show you how to go about
finding all of these accounts in electrum because if you just click
through and follow the defaults you might find that you can't locate your
coins because one of the things Electrum will not do for you is scan
through and find all the different accounts you have you'll have to
manually create a wallet for each one and I've created six accounts actually
only four of which are visible in ledger live and that'll be important then I'll
mention that again in a sec so we've got one wallet here which is a legacy
account with the derivation of m/44/2/0 that corresponds to that one there
you can see it's got the same balance point two three likewise we've got a
second legacy account so you've see point four three and that corresponds to
the derivation path m/44/2/1 so you can see that's the same as that m/44/2
but that's gone from zero to one and then we've got what ledger calls
segit wallets which here so good a different derivation path for them so
m/49/2/0 and then we've got a second one which is m/49/2/1 and the other
thing that we've got which is fun is we also got a Bech32 wallet which has a
derivation part of m/84/2/0 and another one for m/84/2/1 now these
wallets are not detected by ledger at this point the ledger live as on the
latest updates as it has experimental support for native segwit however
when I went to add accounts nothing I could do would make it detect these two
litecoin accounts and that's going to be an issue for you
if you say come from a Trezor or something like that where you've been or
if you've been using electrum because by default now when you create wallets in
electrum it uses these derivation paths and I'll show you what that looks like
the other thing that I'll add is if you're looking to understand how to get
your accounts from the original ledger chrome app into electrum what you'll see
is if you select legacy what you'll end up with is a screen like this so we can
see that account number one corresponds to this one here account number two on
the legacy chain corresponds to this one here with the derivation paths in the
file names whereas if you open the ledger chrome app and select segwit you
know account the first account and there is going to correspond to this one here
and you can see there they've got the same balance and likewise this recovered
account one will correspond to this account here and began the legacy ledger
chrome app did not support the new native segwit format at all it only
supported these old ones I'll just show you real quick what happens if you start
electrum for the first time so what you'll get prompted with is this screen
here and so when you say next if you've got a hardware wallet like a ledger or a
Trezor you say I want a standard wallet we're not going to worry about these
other types for the purposes of this video and what you're going to want to
do is select use my hardware device I know a lot of people will sometimes
immediately say I already have a seed and that was typing their 24 word phrase
there but with electrum you don't need to do that it will work directly with
your ledger or your Trezor and the good thing about that is it will tend to
be quite happy to work with your ledger even if your firmware is like horribly
out-of-date whereas ledger live might insist that you do an upgrade first
before it will do anything else so we're going to click Next and it's detected my
ledger since it's already initialized
all right and this is the bit that is important so you have to choose between
three different types of wallet now the one it selects by default that is native
segwit is this derivation path right here and that corresponds to this wallet
now it's important to know ledger live does not support this address format yet
so if you go creating wallets like using this they are not going to appear in ledger live
whereas if you create wallets using legacy that is we can see that
corresponds to engineer this derivation part here or segwit what ledger calls
segwit and that's that derivation of path there if you go and open ledger
live an ad litecoin it will recover all of these accounts you've created in
this way the only other thing you need to know for this is that if you want to
access what would have been represented in ledger as you know account number two
for segwit addresses you need to manually increment this number yourself
so if you're trying to add multiple accounts in electrum you'll need to add
those yourself manually one account at a time and you'll need to increase this
last number in the duration path by one each time and that's what I've done here
so you know this one here was the derivation path that corresponds to
m/44/2/0 this one next to it was the second account let's say I created
that back-in-the-day in the old ledger chrome Bitcoin app and then say I had
two accounts that were segwit accounts and you can see that one there
corresponds to that derivation of this one here I incremented that by
one and then again these the same is true for these last two I'd increment
started with just a native segwit wallet and they're incremented it by one
for this last wallet but it's important to know that again in ledger live these
first four wallets would all have been detected automatically by ledger and
just sort of added in so legacy one legacy two, segwit one, segwit two
but yeah these last two ones will not appear at all and so if you're
trying to find a sort of like missing litecoin if you found some but not all
my suggestion would be to create say half a dozen accounts in each of these
first two types if you're coming from ledger so start at zero and go all the
way up to five and I think you'll find all of the accounts that you'd used
there obviously if you create a dozens and dozens of accounts you'll have to
create a lots and lots of wallets in electrum and that could be very onerous
but you know in a situation where you're stuck and for whatever reason you can't
or don't want to use ledger and this is a way to access your coin and again this
will work for any cryptocurrency that's supported by electrum so Bitcoin
litecoin vertcoin things like that you can use them instead of ledger live
you'll say still need to use ledger live to install the litecoin app on your
ledger nano and you need to have that app open but in terms of interacting
with your accounts you can just use electrum and that'll work perfectly so
you've got an electrum which is a Bitcoin client there's also a fork that
is a litecoin client and actually be using electron LTC today just because it
was faster to work with the funds for the purposes of this video
you've got the Vertcoin fork of it an electrum-vtc and even the Raven coin you
know some smaller tokens you've got electron cash which is the
Bitcoin cash fork of it and you've got a Bitcoin Gold one as well so electrum is
something that has been forked to support many many many currencies and is
very commonly used it's great because it will work directly with your hardware
wallet as well I think the only other warning that's worth saying is that
electrum because of its popularity has often been the target of sort of various
attacks and ways to try and either create botnets or to steal people's
cryptocurrency so it's really important that you make sure that what you're
downloading it is actually from the official website the official repository
and not a compromised version there have also been forks of the
come on another crypto currencies that have been deliberately designed to sort
of pinch your keys and to steal the currency that they're supposed to be
forking from and they'll do a whole video on that another time so just be
aware that you need to again be vigilant in where you source your electrum
software from and make sure it's from the official web sites and I'll put the
websites for the ones I've listed in here in the description as well thanks
for watching I hope that was helpful just hit subscribe if you'd like to be
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