How to Send and Receive Bitcoin in KeepKey Desktop
What are accounts and Addresses, and how to mange them?
Lets begin
Don’t have KeepKey Desktop? go here
To mange your funds you must use a dapp. There are many dapps in the ecosystem but the best one will want to use for sending bitcoin is ShapeShift. That is why we default to the ShapeShift dapp opening every time the application starts.
(if for any reason you are not brought into ShapeShift on startup click here)
Managing your #Bitcoin
Search for Bitcoin (BTC)
Press Receive Button
To Receive bitcoin give this address to the person or exchange you are receiving bitcoin from.
You can verify your bitcoin transactions here:
As well and view your history in the app.
Understanding Address Script Types
Legacy addresses: Legacy addresses are traditional Bitcoin addresses that begin with the number “1”. They are supported by most wallets and exchanges and are the most commonly used address type.
SegWit P2SH: SegWit P2SH addresses are a type of SegWit address that start with the number “3” and are supported by most wallets and exchanges. They are a more secure and efficient way to send Bitcoin.
Native SegWit: Native SegWit addresses are a type of SegWit address that start with the number “bc1” and are supported by most wallets and exchanges. They are the most secure and efficient way to send Bitcoin and have lower fees compared to other address types.
TL:DR
It’s important to understand.
There are no wrong answers, No selection will result in loss of funds
Segwit are slightly cheaper in transaction fee’s. However the fees gained from using native segwit do NOT justify moving your funds into them. Simply prefer segwit native when receiving NEW bitcoin into your wallet.
Understanding Accounts
account is a very loaded term. In the case of our application accounts are referring to specific paths in relation to bip39 derivation paths.
Accounts can be used to segregate funds purely for accounting purposes. every account can produce an infinite amount of legacy/segwit-p2sh/segwit native addresses.
Limiting account generation:
In order to maximize the performance of the application we default to a single account. if you wish to segregate funds for accounts purposes you can follow the following procedure.
- Procede to accounts tab.
2. Verify if you have used account0. if you have NOT and do not currently hold and bitcoin you MUST first fund your account0 with any* amount of bitcoin
3. Press Add account. Select Bitcoin, and continue.
Notice that both accounts contain all 3 script types. You may distribute funds to any of these paths and each path can generate an infinite amount of addresses. All accounts tracked by the app will register as source bitcoin when building a transaction.
Sending Bitcoin
return to assets search
Select Send Bitcoin
Enter the address of the user you wish to send Bitcoin too.
note: you may NOT send your entire balance of your wallet. You are limited from sending from multiple script types. This is a limitation of our wallet, not the protocol. You must select the source account and script type you wish to send FROM, and are limited to balance of the specific script type. You also must account for fee’s, however the app has a built in sendMax button. just understand the amount sending will never be exactly your balance
Understanding TheFees Tab.
TL:DR
Select average or better and don’t go down this rabbit hole… its a deep one. If you want to not stress and potentially be stuck in limbo for long periods just pay a moderate fee.
And thats it, you can now send and receive bitcoin using keepkey desktop!
for more support go to http://keepkey.com
But for all those who dare ask the question
“why does it cost a few dollars to send bitcoin sometimes?”
its a long and complicated answer…
….
last chance
