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ELECTRUM BITCOIN WALLET TIPS INSTALL
ELECTRUM BITCOIN WALLET TIPS CODE
ELECTRUM BITCOIN WALLET TIPS OFFLINE

Creating and encrypting (optional) your wallet passwordĪs you can see, this is probably a bit more than the average non-technical newbie will be able to handle.

If creating a new wallet – choosing the wallet type (standard, 2fa, multisig).

Choosing between an existing wallet / hardware wallet / new wallet.

Choosing between a Legacy and a Segwit wallet.

Naming your wallet.dat file (the file that stores your private key).

The whole installation process is comprised of 7 steps which include: The seed you see above is for instructional purposes only and I am not using it to store funds. Note – you should never expose your seed phrase online. However, there’s no tooltip or summary in place to explain what the various steps are all about, as seen below:Īt least the seed phrase which is the most important part is explained in a bit more detail: While the installation process is pretty simple and straightforward for experienced Bitcoiners, I’m not sure how intuitive it would be for someone who’s just taking his first steps in the cryptocurrency world.īasically, just clicking “Next” all the time is probably the preferred setup for newbies. I wanted to take a look at Electrum from a newbie’s point of view since it always seemed to me that the wallet is too complex. Many consider Electrum to be the best Bitcoin desktop wallet, hands down.

ELECTRUM BITCOIN WALLET TIPS OFFLINE

This means your private key will be stored safely offline on the hardware wallet, while you can use Electrum’s interface to send coins whenever you wish to do so. You are not tied to a particular server, and the server does not need to know you.įinally, Electrum is developed to support hardware wallets such as TREZOR or Ledger. Your private key is also not shared with the server connecting Electrum to the Bitcoin network. You can also keep your private keys offline, and go online with a watch-only wallet. Your wallet can be recovered from a secret phrase (also known as a seed phrase). Your private keys are encrypted and never leave your computer. The wallet is a lite wallet, meaning it does not download the blockchain, so there are no delays on setup and it’s always up-to-date. The client is only available for desktop, which is a significant downside for users who wish to use their mobile as their wallet.Įlectrum prides itself on being fast, safe and private.

ELECTRUM BITCOIN WALLET TIPS INSTALL

Electrum is a client based wallet – meaning that in order to use it you need to download and install it on your computer.

ELECTRUM BITCOIN WALLET TIPS CODE

For a more detailed review keep on reading, here’s what I’ll cover:Ĭreated in November 2011 by Thomas Voegtlin, Electrum has since been modified by various developers (the code is open source). If you’re just getting started with Bitcoin, I recommend avoiding Electrum, but if you’re already familiar with the basic terms then this is an excellent choice. Electrum Review SummaryĮlectrum is a Bitcoin desktop wallet that is feature-rich but not very user friendly. In this review, I will cover the wallet’s pros and cons, and also share my personal experience with it. Perhaps one of the oldest players in the Bitcoin wallet market is Electrum.