> For the complete documentation index, see [llms.txt](https://docs.cakewallet.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.cakewallet.com/cryptos/bitcoin.md). # Bitcoin Official Website: [bitcoin.org](https://bitcoin.org/) Bitcoin `(BTC)` is the first cryptocurrency, created in 2009, functioning on a decentralized network where transactions are recorded on a blockchain. It aims to enable secure, transparent, and intermediary-free digital payments. There's a cap set at 21 million bitcoins that will ever be created, which introduces a scarcity factor similar to gold. Bitcoin has since become a popular investment asset, a speculative bubble to critics, and a symbol of financial freedom to its advocates, aiming to provide an alternative to conventional banking systems. ## Seed Types New Bitcoin wallets use the industry-standard 12-word BIP39 seed by default. You can choose the Electrum seed type instead under `Advanced Settings` on the wallet creation screen. You can also restore legacy Electrum-style seed phrases if you need to. While the seed type is BIP39, the same `Advanced Settings` screen also offers a `Seed phrase length` choice of **12** (default) or **24** words. Switching to an Electrum seed hides that option. {% hint style="info" %} Only BIP39 wallets can join [wallet groups](https://docs.cakewallet.com/features/managing-your-wallet/wallet-groups). Electrum-seed wallets cannot. {% endhint %} ### Derivation Paths Electrum: `m/0'` BIP39: `m/84'/0'/0'` ## Addresses We automatically generate a new Bitcoin address after each use for better privacy. Previous addresses continue to work. The receive sheet shows these address types: * **Standard** — the default `Default (P2WPKH)` address, starting with `bc1q`. * **Lightning** — instant, low-fee payments. See below. * **Silent Payments** — a static, reusable address starting with `sp1`. See below. Tap `More Options` in the address picker for **Taproot (P2TR)**, **Segwit (P2WSH)**, **Segwit-Compatible (P2SH)**, and **Legacy (P2PKH)**. To switch types, open the `Receive` screen and tap the current address type at the top of the screen. See [Receive funds](https://docs.cakewallet.com/features/basic/receive-funds) to choose your address type. ## Bitcoin fee levels When you send, you can choose a fee priority. We recommend leaving it at `Medium`, which is the default. | Priority | Approx. confirmation time | | ---------------- | ------------------------- | | Fast | \~30 min | | Medium (default) | \~1 h | | Slow | \~24 h | | Custom | Set your own sat/byte | Choose `Custom` to enter an exact sat/byte rate. Bitcoin is the only coin in Cake Wallet with a `Custom` fee option. ## RBF (Replace-By-Fee) The Bitcoin wallet supports RBF (Replace-by-Fee), which lets you raise the fee after you've already sent a transaction. RBF is enabled on most transactions, but not all: * If a transaction spends any **unconfirmed** inputs, RBF is **not** enabled on it and its fee cannot be bumped. * `Bump fee` is offered only for **outgoing** transactions. * `Bump fee` is also hidden when the transaction was sent to a Silent Payments (`sp1`) address. * `Bump fee` is **Bitcoin-only**. Litecoin, Bitcoin Cash and Dogecoin share the same wallet engine but do not offer it. To bump a fee, open the `History` tab on your home screen, tap the transaction to open its details, then tap `Bump fee`. Set your new fee and tap `Send`. See [Change network fee](https://docs.cakewallet.com/features/advanced/change-network-fee) for the Bump fee steps. ## Lightning Lightning gives you instant, low-fee Bitcoin payments and a memorable `@cake.cash` address. It's enabled by default for new Bitcoin wallets created from a seed, so you can send and receive over Lightning right away. Two limits apply: * Lightning is available on **iOS, Android and macOS only** — Linux and Windows desktop Bitcoin wallets have no Lightning. * Lightning is turned off for hardware wallets and for wallets restored from keys or watch-only keys. Learn more on the [Lightning page](https://docs.cakewallet.com/features/basic/bitcoin-lightning). ## Silent Payments Silent Payments (BIP-352) give you a single, reusable `sp1` address that you can share publicly without linking your payments on-chain. The wallet scans on-device to find payments sent to you, protecting your privacy. Learn how to enable and use it on the [Silent Payments page](https://docs.cakewallet.com/features/privacy-and-security/silent-payments). ## PayJoin PayJoin lets you and the sender collaborate on a single transaction with inputs from both parties, breaking common surveillance heuristics and sometimes saving on fees. Both parties need a PayJoin-compatible wallet. PayJoin is **off by default** — you need to turn it on before you can use it. Learn how to enable and use it on the [PayJoin page](https://docs.cakewallet.com/features/privacy-and-security/payjoin). ## Features for Bitcoin Cake Wallet's Bitcoin wallet supports a range of Bitcoin-specific features, each with its own guide: * [Bitcoin Lightning](https://docs.cakewallet.com/features/basic/bitcoin-lightning) — send and receive Bitcoin instantly with very low fees over the Lightning Network. * [Silent Payments](https://docs.cakewallet.com/features/privacy-and-security/silent-payments) — a reusable address that keeps your incoming payments unlinkable on-chain. * [Payjoin](https://docs.cakewallet.com/features/privacy-and-security/payjoin) — collaborative transactions that improve your on-chain privacy. * [Coin control](https://docs.cakewallet.com/features/advanced/coin-control) — choose exactly which coins (UTXOs) you spend. --- # Agent Instructions This documentation is published with GitBook. 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