Author: cryptolize
Update: Oct 09, 2018
A “Watch Only” wallet, is the wallet equivalent of a “read only” wallet, one that cannot spend. This type of wallet is typically used in concert with a cold wallet setup, a way to view the wallet address balance, but without any way to spend on the network.
Other uses cases, like viewing the incoming funds for a business, without the security risks of online spending wallets.
A savings wallet for children that allows them to see the balance grow, but without the means to spend from the wallet.
There are many uses cases, the essential benefit though, is the ability to view funds without the ability to spend them.
Step 1 Open Electrum Smart, type in a new wallet name and click next.
Step 2 Select the “Import SmartCash addresses or private keys” option and click next.
Step 3 add the addresses (one per line) that you want to monitor, this can be standard or multi sig addresses or both). The example below is one multi-sig and one standard address, once you have added the addresses you want to monitor, click next.
Step 4 It is still a good practice to password protect your “Watch Only Wallet”, however regardless of having a password or not, this wallet cannot spend funds. So, consider the password a way to protect against people viewing the wallets contents (prying eyes). Once you have finished this step click next, and the wallet will be created.
Step 5 Once the wallet is created a warning dialog will present, please read and take note, before clicking ok.
The addresses transactions and balances will be retrieved by the network, its important to note that a “watch only” wallet will have a label at the top of the wallet [Imported, watching only] to distinguish the type of wallet.
Step 6 to make it easier to see the individual address balances, click the “View” menu option and select “Show Addresses”.
This will show the “Addresses” tab, this tab lists all monitored addresses and their individual balances.
This ends the Watch Only Wallet guide.