Electrum BTC Wallet
Electrum BTC wallet is one of the oldest Bitcoin wallets in the market, handling approximately 10% of all Bitcoin transactions.
Quick Guide: Create an Electrum BTC Wallet in 5 Minutes
• Download Electrum BTC wallet from electrum.org and install the file
• Open Electrum and select “Create New Wallet” and then click on “Standard Wallet”
• When the recovery seed phrase appears, make a copy of it
• Confirm that your seed phrase is correct by re-entering it and clicking “Confirm”
• Create a strong password for your wallet, re-enter it and click “Confirm”
• Select “Auto-connect” to connect your wallet to a server
• Your wallet is now ready to use
What is the Electrum BTC Wallet?
It is a desktop and mobile Bitcoin wallet that works on various operating system. The wallet was created in 2011 by German computer scientist Thomas Voegtlin. Since its creation, a number of developers have made contributions to its source code.
Electrum BTC Wallet Compatibility
Electrum BTC wallet is compatible with the following operating systems:
• Mobile devices
• Major Bitcoin hardware wallets (Ledger, Keepkey and TREZOR)
What wallet type is Electrum BTC?
• Bitcoin Wallet
• Cold storage
What cryptocurrencies does the Electrum BTC wallet support??
What fees does wallet have?
Electrum wallet fees: 2mBTC flat rate (An mBTC is a Millibitcoin or one-thousands of a Bitcoin).
How to open your Electrum BTC Wallet account
Before we get started, the first thing is figuring out how to open Electrum BTC Wallet. Here is how to set it up on a Windows PC:
Step 1: Go to electrum.org and download the latest version of the software, select “Download” and then click on “Windows Installer”
Step 2: Once the download completes, open the file and follow the instructions to install it
Step 3: Open Electrum BTC and select “Create a new wallet” and then choose “Standard Wallet” and click “Next”
Step 4: You will then get a seed phrase; write it down and keep it securely
Step 5: Re-enter the seed phrase to confirm that you got it correctly
Step 6: Set a password for your wallet, confirm it and then click “Next”
Step 7: Select the server you want to connect to. It is best to select “Auto connect” for the first-time set up
Your Electrum BTC wallet is now ready to use
That is how to open a wallet on Electrum BTC. Once you have completed the process, the main Electrum BTC window will open. Though you have finished setting up, it is advisable to tweak a few settings.
For instance, by default, the wallet shows amounts in mBTC, which can be confusing, especially to a beginner. Change it to BTC by going to Tools->Preferences->Appearance->Change Base Unit.
You will make other changes as you get better acquainted with the wallet. For now, let us figure out how to send and receive transactions on the wallet.
How do I add cryptocurrencies to Wallet?
Before you can start sending transactions, you need to transfer coins to your wallet. Here is how to add currency to Electrum BTC wallet:
Step 1: Go to a Bitcoin ATM
Step 2: Convert fiat currency into Bitcoin
Step 3: Send it to your Electrum BTC wallet
Online Crypto Exchange
Step 1: Use an online exchange to convert fiat to the bitcoin
Step 2: Send it to your Electrum BTC wallet address
How to send payments?
If you are wondering how to send payments, here is what you need to do:
Step 1: At the top of your wallet screen, click “Send”
Step 2: Copy the address to which you want to transfer Bitcoins and paste it into the “Pay to” tab
Step 3: Enter the amount of Bitcoin you want to send in the “Amount” box
Step 4: Check all the details and confirm that they are correct since you cannot reverse an erroneous transaction. Once you are sure that the details are accurate, click “Send”.
How do I receive payments?
Finally, here is how to receive payments on your Electrum BTC wallet:
Step 1: Click on the “Receive” tab at the top of the screen
Step 2: Once again, copy the receiving address, which is your wallet address, keeping in mind that it changes with every transaction.
Step 3: Send the address to the person sending funds to your account. (You can enter a description for the payment in the “Description” tab for reference purposes. When you are done, click “Save” to add the transaction to your requests file.)
Step 4: When you receive a payment, the wallet will send a notification. (If you do not know the person sending you Bitcoins, give the transaction time to get at least six confirmations. This is considered a secure threshold.)
How safe is Electrum BTC wallet?
Here are the security features that the wallet offers users:
Electrum wallet is designed to keep private keys offline. The wallet that goes online for transactions is a “watching only” wallet. This feature makes it convenient and safe if you use crypto for online payments.
Blocks Script Downloads
Electrum blocks script downloads which means that you cannot erroneously get arbitrary code from a compromised server to steal your funds.
Open Source Code
The server supporting the wallet uses open source code which consists of basic Python coding. As such, anyone can audit the code and this makes it easy to discover and highlight bugs.
Signature Verification Option
Software downloads from the internet always pose a risk of malware deployment. To avert this, you have the option of verifying the signature of the Electrum package you download. On the Electrum download page, there is a signature file that you can use to verify the authenticity of the software you download.
Integrates with Hardware Wallets
Electrum integrates with most hardware wallets including Ledger Nano, KeepKey and TREZOR. You can access added security by storing funds in any of these hardware wallets, which are inherently safer than software wallets.
Deterministic Wallet Address Generation
Your Electrum wallet address is not like a bank account number, which is permanent. Rather, you get a new address for every transaction thanks to Hierarchical Deterministic algorithms in the wallet. The feature enhances security by making it difficult for a malicious actor to track transactions.