You saw how to install the Electrum Bitcoin Wallet:
- Go to electrum.org.
- Navigate to Download section.
- Download the right file for your system (MacOS).
- Install downloaded Electrum to Applications.
- Open the Terminal by pressing
Command + SPACEBAR, terminal, ENTER.
Then you saw how to run it in Testnet mode from the terminal:
cd /Applications cd Electrum.app cd Contents cd MacOS ./run_electrum --testnet
After that you were pressing
Next (using the default settings) for
most of the questions and when it came to generating your seed (twelve
English words which is a human-readable way to write a very big
random number) you copied it so that you could see them when you need to
write them in the same order in the next step of the wizard. That was
good for our testing purposes but do not do that with a real Bitcoin
seed. Normally you would take a paper notebook and a pen and write
the words down. Exactly in their order. The on-screen instructions in
Electrum should be more than sufficient here.
Then after finishing the wizard you changed in Electrum to
New Address button which generated a new unique address
belonging to your wallet. You sent that address to me over encrypted
chat and I sent you some testing bitcoin (remember, unit is written with
lower letter b, the network and software is with capital letter B).
When you already saw the transaction (in History tab) we did following:
- You went to
Bitcoin Testnet Explorer(we used blockstream.info/testnet but feel free to use any other).
- Now you pasted the address you received some bitcoin previously on into the search box.
- It showed that
0.2tbtc (testnet bitcoin) was on its way and there was also the transaction number link which lead you to even more detailed view where you could see the transaction fee for example.
We discussed that every transaction consists of
You also noticed that you see the UTXO (unspent transaction output)
that was taken as an input to the transaction you received, so the
part you received was easy to distinguish from the other part which was
the “change” (the rest of the
INPUT UTXO after subtracting the part
you received and fee) which usually goes back to whoever sent you the
transaction. There are some privacy considerations here, but we can get
into that topic later.
Then you sent the testing bitcoin back to me to the address which you got from me. One address should be used only once.
If you will use a faucet to get the testing bitcoin, please send it back
to the faucet (e.g.
mv4rnyY3Su5gjcDNzbMLKBQkBicCtHUtFB which belongs to
coinfaucet.eu) so that the coins may be recycled instead of being
lost forever in your random testnet wallet..
That was our first Bitcoin Testnet lesson. In next lesson you will see how multi-sig wallets work and what they are good for.
Thank you for your time! Feel free to share this summary with your friends who would like to learn about Bitcoin using the Testnet network.