The following shows how to set up an Electrum wallet.
Alternatively, check out the best Bitcoin wallets for more choices.
For starters we have to head to Electrum Web page and download the wallet.
In this guide we use Electrum-3.3.8
It is recommended that you check the GPG signature for the file. File validation means that you authenticate a file by looking at whether the developer signed the file with his public key or not. Here is a tutorial separately for that: Windows, MacOS
Although Electrum’s website and files are probably all safe anyway ..
For the purposes of this guide, we will make absolutely the simplest installation, to simply get started with your own Bitcoin wallet.
The Electrum wallet may look super simple, but let me tell you something, it is actually one of the most advanced wallets in the industry.
The capabilities of this wallet are really good, and you can spend a lot of time simply learning what it is actually capable of.
With that in mind, let’s get started.
Once you have downloaded and installed the Wallet, you will be done with this.
Select Automatic Connection and click Next.
Name the wallet file.
Select Standard Wallet.
Create a new seed.
Copy the correct word order somewhere safe, (this is very important), “seed” will recover your wallet in case your computer breaks down or something goes wrong.
If you lose this seed, you will lose your coins forever!
Paste the seeds you just stored somewhere safe.
Choose a strong password for your wallet and be sure to encrypt the file.
Obviously you want a password backup too!
And that’s it, now you’ve created your own secure Electrum wallet.
From here, you can receive and send Bitcoins, view wallet addresses, view your transaction history and more.
The way electrum works is to generate multiple addresses and private keys from seed, so essentially your seed is your access to your Bitcoins.
If you lose your seed, you will lose your Bitcoins forever and no one can do anything about it.
The most important part of surrendering Bitcoin is that you need to back up your seed and protect it with your life.
Now that you have a Bitcoin wallet, you may want to learn how to get started with Bitcoin.