Sweeping Legacy Wallet to SegWit Wallet

Bitcoin Questions and AnswersCategory: General questionsSweeping Legacy Wallet to SegWit Wallet
Greg asked 5 days ago

Hello and thank you for a great website,

I certainly hope I’m not wasting your time, I have read you ‘When import vs sweep’ acticle, but am not sure if I will be able to sweep an Exodus (Legacy Wallet) to a SegWit based Electrum Wallet.

Please could you let me know if this is possible.

Thank you,

Greg

1 Answers
Steven Hay answered 5 days ago

Hi Greg,
 
I read the Exodus guide to exporting into Electrum found here:
 
http://support.exodus.io/article/159-import-your-bitcoin-wallet-into-electrum
 
I note that it calls for you to import the seed using the m/44’… derivation path. In order to generate a SegWit-compatible wallet however, it’s necessary to use the m/49’… path.
 
I’m not sure if you can simply import the wallet as per the Exodus procedure but change that m/44’… path to an m/49’… path. I’ve asked the Electrum developers (this is obviously something requiring a definite answer) and will get back to you soon once I’ve found out.

Steven Hay replied 5 days ago

OK, Greg. Got a definite answer, please disregard my initial statement.

If you export your private key from Exodus (see: http://support.exodus.io/article/77-does-exodus-have-advanced-export-options), then create a new SegWit wallet in Electrum and sweep your private key.

Note that you won’t be able to receive funds from other wallets which aren’t bech32-ready. This is likely to be a temporary issue as other wallets are updated going forward. So if you transfer all your funds to an Electrum SegWit account, you’ll get the benefits of lower fees when making payments but receiving payments may be a problem. You can always continue to use your Exodus wallet or a standard Electrum wallet for receiving purposes.

As a more complex workaround, I’m informed that you can “create a bip39 seed externally and import that using a bip49 derivation to have p2sh-segwit addresses.” Let me know if you want to tackle that, it shouldn’t be as bad as it sounds.

Your Answer
7 + 16 =