Electrum Bitcoin Wallet

The Electrum wallet is a Bitcoin wallet that was built for speed and simplicity.  This includes low resource usage when compared to other wallets that need to fully sync to the Bitcoin blockchain.  The interface is not as ‘pretty’ as Exodus or some others, but that’s ok.  The important thing is that this is a secure wallet that gives you full control over your Bitcoin.  Follow the guide below to setup the Electrum Bitcoin Wallet.

 

Steps to setup the Electrum Bitcoin Wallet

1. Go to the Electrum website 

2. Click the “Download” button

Electrum Download Screen and indicator to click Download button

3. Choose the version that is compatible with your operating system.  For this guide, I am using the “Windows Installer” option.  This will download a .exe file.

Choices of Electrum download based on operating system

4. Run the file you just downloaded.  The icon should look like the below screenshot.

Icon picture of the Electrum setup .exe file

5. Choose where you would like to install Electrum and then click “Install

File explorer to choose install location of Electrum

6. Open Electrum once it finishes installing.  Since this is the first time running it, you will notice under the “Wallet” field it says that the file does not exist.  The default name is “default_wallet”, but you can name this anything you want. 

Electrum main screen when first running

7. Click the “Next” button

8. Choose the type of Wallet you would like to create and click “Next”.  The standard wallet will only prompt you for your password when accessing it.  Two-factor authentication adds an extra layer of security, but your funds are stored in a multi-signature wallet.  You own 2 of the 3 private keys and the last one is on a remote server that signs transaction on your behalf.  A small fee is also charged on each transaction that uses the remote server.  To keep this guide simple, I will be choosing the standard wallet, but strongly consider the 2FA option!

Electrum Wallet choices to choose from

9. Choose “Create a new seed” and click “Next

Electrum choices for type of keystore file

10. Choose “Standard” and click “Next”.  The difference between “Standard” and “Segwit” is outside the scope of this guide and gets into Bitcoin politics.  A future article will provide more detail on the differences.

11. Save your seed and then click “Next”.  This allows you to restore your funds in case of a computer failure.  You do not want to have a computer issue that results in you never being able to access your BTC again!

Electrum shows your seed words, save them

12. Confirm you saved your seed by typing it into the box and then click “Next”.

Electrum screen to enter in seed words that were just saved.

13. Choose a STRONG password for your wallet.  When opening Electrum next time, this is what you will use to unlock your wallet. 

Electrum screen to enter in password and confirm password. Also shows password strength.

14. Electrum should now generate your wallet and you will be taken to your wallet’s home screen.

That’s it on how to setup the Electrum Bitcoin wallet!  You can now send and receive Bitcoin with this wallet. Check back for more guides on using the Electrum wallet!

Summary

The Electrum wallet is a fast and secure wallet for storing Bitcoin.  Hopefully this guide made it easy to setup the Electrum Bitcoin wallet.  It has a lot of features and options for security, so you can feel safe storing Bitcoin in this wallet.  If you need some Bitcoin to send to this wallet, check out the guide on how to buy Bitcoin using Coinbase.  If your interested in a multi-cryptocurrency wallet, check out the guide on setting up an Exodus wallet

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