Locating Crypto in Electrum: Why Ledger Live (Or Trezor) Accounts can be Hard to Find. BTC, LTC, BCH

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 kept in the loop about future content I
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3 thoughts on “Locating Crypto in Electrum: Why Ledger Live (Or Trezor) Accounts can be Hard to Find. BTC, LTC, BCH”

  1. I could not find my old Legacy acc since the ledger live isnt working for legacy and the chrome extansion could not find it either, tried every step of this video and still didnt find my legacy wallet.
    Tried till 10 accounts ( i def didnt have even half of that)

  2. the derivation paths in ledger live don't look exactly like the ones in electrum… how do i convert from one to the other?

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