# Electrum You can set Electrum V4.1.2 or newer as a watch-only wallet that functions as the companion app for Keystone Essential or Pro. {% hint style="info" %} **Tips**: Electrum has released version V4.0 which implemented [PSBT (BIP 174)](https://github.com/bitcoin/bips/blob/master/bip-0174.mediawiki) as a default protocol so if your Electrum is running version V4.0 or newer, please make sure your Keystone has been run with version V1.1.1 (BTC-Only) or newer. {% endhint %} ## **I. Preparation** 1\. [Firmware](https://keyst.one/firmware?locale=en) version V1.1.1 (BTC-Only) or newer running on Keystone Essential or Pro. (Please read[ How to upgrade firmware](https://support.keyst.one/getting-started/firmware-upgrading) for more details.) 2\. Electrum wallet V4.1.2 or newer version installed on a personal computer or smartphone. 3\. MicroSD card (FAT32 format, capacity **NOT** exceeding 512 GB). {% content-ref url="../../getting-started/firmware-upgrading/how-to-format-a-microsd-card-to-fat32" %} [how-to-format-a-microsd-card-to-fat32](https://support.keyst.one/getting-started/firmware-upgrading/how-to-format-a-microsd-card-to-fat32) {% endcontent-ref %} ## II. Creating an Electrum Watch-Only Wallet (BTC-Only) 1\. Open Electrum on your personal computer or smartphone. 2\. Create a new wallet and select \[Next].
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3\. Select \[Standard wallet], then \[Next].
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4\. Select \[Use a master key], then \[Next].
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5\. Select the camera icon in Electrum to scan Keystone's master public key or upload it to Electrum using a microSD card. **- Option 1: QR Code Scanning**
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① Select Electrum as the watch-only wallet on your Keystone hardware wallet that you've already setup, then touch the \[•••] button on the top right of the screen.
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② Select \[Export Wallet] and get the public key in both QR code and text format.
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③ On Electrum: Touch the camera icon on the \[Create keystore from a master key] page and align the provided QR code with your camera connected to your device that is running Electrum to scan the QR code.
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④ After the master public key has been successfully imported, select \[Next].
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**- Option 2: MicroSD Data Transmission** ① Insert your microSD card into Keystone.
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② Setup the Keystone and select Electrum as the watch-only wallet. Touch the \[•••] button on the top right of the screen.
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③ Select \[Export Wallet] and get the public key in both QR code and text format.
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④ Select \[touch here to export the file with micoSD], then press \[Export] to export the master public key as a .txt file to your microSD card.
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⑤ Take the microSD card out of Keystone and insert it into your personal computer or smartphone running Electrum. ⑥ On Electrum: Select the folder icon on \[Create keystore from a master key] page, then find the master public key .txt file and open it.
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⑦ After your master public key has been successfully imported, select \[Next].
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6\. Set a strong wallet password.
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7\. Enter the watch-only wallet.
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## III. Sending and Receiving Assets with Electrum Wallet ### **A. Receiving Assets** 1\. On Keystone: Touch \[Addresses] to display the receiving addresses.
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2\. On Electrum: Select \[Receive] > \[New Address] to display receiving addresses (you can set receiving amounts).
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### **B. Sending Assets** #### 1. Create a Transaction on Electrum 1\) Select \[Send], choose a receiving address, set the transaction fee, and add a memo if required.
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2\) Select \[Preview] to view the unsigned transaction data.
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#### 2. Sign with Keystone Hardware Wallet **Tips:** Here users can choose to sign the transaction via QR code or file. **- Option 1: By scanning unsigned transaction data** ① Select \[Export > \[For hardware devices; include xpubs] > \[Show as QR code] > Display the unsigned transaction data as a QR code.
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② Touch the scanning icon in the top right corner of the Keystone main page and scan the QR code displayed by Electrum.
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③ Sign the transaction on Keystone to obtain the signed transaction data.
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**- Option 2: Use a microSD card to transmit unsigned transaction data** ① Insert the microSD card into your computer or smartphone. ② On Electrum: Select \[Export] > \[For hardware devices; include xpubs] > Click \[Export to file] and export the unsigned transaction data as a .psbt file to your microSD card’s root directory.
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③ Take out the microSD card from your computer or smartphone and insert it into your Keystone. ④ Touch the "microSD card" icon, then find and open the unsigned transaction .psbt file.
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⑤ Sign the transaction on Keystone to obtain the signed transaction data.
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#### 3. Broadcast with Electrum Wallet **Tips:** Here users can choose to upload signed transaction data via QR code or file. **- Option 1: Uploading Signed Transaction Data with QR Code** ① In the Electrum menu bar, select \[Tools]>\[Load transaction]>\[From QR code]. Align the QR code displayed on Keystone with the camera.
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② After the QR code is recognized, select \[Broadcast] to broadcast the transaction to the blockchain network.
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**- Option 2: Upload Signed Transaction Data with a MicroSD card** ① Once you signed the transaction on Keystone, select \[Export] (if the signed transaction displays as a QR code, touch \[export via micoSD] > \[Export]) to export the signed transaction data as a .txt file to your microSD card.
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② Take the MicroSD card out of your Keystone and insert it into your personal computer or smartphone that is running Electrum. ③ In the Electrum menu bar, select \[Tools] > \[Load transaction] > \[From file], then find the signed transaction file in the microSD card root directory and open it.
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④ Once the signed transaction data is uploaded to Electrum, select \[Broadcast] to broadcast the transaction to the blockchain network.
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{% hint style="info" %} **Notes:** 1\. Electrum cannot recognize dynamic QR codes, static QR codes that only have the capacity for around 8 inputs, 2 outputs, and corresponding signing data (capacity may be affected by differences in screen resolution and camera on the device used for Electrum). When transaction data is too large to be transmitted via static QR code or Keystone is unable to recognize/display a QR code, please use your own microSD card to transmit transaction data. 2\. Keystone automatically checks and marks the changed address for you as a security measure against phishing attacks on Electrum, which may attempt to insert different addresses that do not belong to you. However, these functions only work for the first 100 changed addresses that Keystone creates by default, and will not continue working for changed addresses that you create after initializing the device. Later, we will add support to manually add an unlimited number of changed addresses to the list that Keystone will check for in Electrum transactions. {% endhint %} Instructions recommended: {% content-ref url="electrum/electrum-2-3-psbt-multi-signature" %} [electrum-2-3-psbt-multi-signature](https://support.keyst.one/3rd-party-wallets/bitcoin-wallets/electrum/electrum-2-3-psbt-multi-signature) {% endcontent-ref %} {% content-ref url="electrum/electrum-2-2-psbt-multi-signature" %} [electrum-2-2-psbt-multi-signature](https://support.keyst.one/3rd-party-wallets/bitcoin-wallets/electrum/electrum-2-2-psbt-multi-signature) {% endcontent-ref %}