How to Create and Use an Electrum Wallet
For most people with a bit of chemistry know-how, Electrum is a natural alloy of gold and silver, with small hints of copper and other metals. However, for crypto aficionados, Electrum is one of the most popular solutions for Bitcoin wallets.
With a strong focus on security, but also on speed, simplicity, and low resource consumption, Electrum is a Bitcoin wallet that’s designed to meet the needs of all categories of users by offering an intuitive and safe environment for transferring crypto funds, as well as for making online payments.
Getting started with Electrum (1) – Installation
It’s available for all the major desktop platforms such as Windows, macOS, and Linux, as well as for Android.
Users are provided with two main types of installation options, either via accessible installers or directly from Python sources. Windows users are the most spoiled of the bunch with a few extra options. They can choose between a typical installer, a standalone executable version, and a fully portable one. Mobile users can deploy Electrum on their Android devices directly from the Google Play Store or by making use of the provided APK file.
To get started with Electrum wallet, you need to download the latest version from its official website. Once the download is complete, launch the installer, and follow through with the process by relying on the typical wizard.
Getting started with Electrum (2) – Wallet Creation
Next, upon first launching the app, you are required to connect to a server by opting for one of the two provided, self-explanatory options: “Auto connect” or “Select server manually.” From the following screen, you have to choose which type of wallet you want to create. Go for the “Standard wallet” option if you want to speed the process as much as possible, or choose the “Wallet with two-factor authentication” for a more advanced configuration and increased security.
Forwards, you can select to either create a new seed or use an already existing one. Do make sure to keep your backup seed as safe as possible since this sequence of twelve random words helps you restore your wallet. To complete the process, choose a password to encrypt your wallet keys (the stronger is the password – the better), and, you should be greeted by the app’s main window for the first time.
General description of Electrum’s functionality
The application has a non-pretentious, pragmatic graphical user interface with a typical menu bar up top and a few important tabs from where you can view the transaction history, as well as send and receive payments, and store addresses and contacts. Before going forward, it’s worth knowing that the Addresses, Coins, Contacts, and Console tabs can be effortlessly hidden from the View menu.
Readily accessible from the Tools menu, the app’s Preferences section might be of particular interest for you, especially if you’re a first-time user since it has a wide array of customization possibilities. For instance, you can change the default currency unit, select the interface language and the fiat currency type.
The bread and butter of Electrum – Receiving and sending Bitcoins
To receive Bitcoins, find your way towards the Receive tab, and fill in the required information like the receiving address, the payment request, description, the requested amount and the expiration date. The fact that Electrum generates a new Bitcoin address each time you receive a transaction is sure to make it a favorite between privacy oriented and security savvy users.
If you want to send Bitcoins, go to the Send tab and fill in the details regarding the address, the amount, and the fee in the appropriate sections. Add the address to which you want to send in the first “Pay to” field, followed by a description, and how much you want to send in the last field. Please note that the speed of the transaction is in direct accordance with the chosen fee.
Taking everything into account, Electrum is one of the most popular Bitcoin wallets, and for good reason, since it boasts a smooth balance between a number of features and all-around user accessibility, all while taking your privacy very seriously.
We hope this guide was helpful and you now have a better idea about why and how you should use Electrum Wallet.