How to Create Electrum Bitcoin Wallet?
Set up an Electrum wallet to send and receive Bitcoin
To keep Bitcoin safe, you need a secure and user-friendly wallet. Electrum is a popular option that provides a convenient and secure way to manage your Bitcoin.
It is a software wallet with an easy-to-use interface and a variety of advanced features. One of its key advantages is that it is lightweight, which means you do not need to download the entire Bitcoin blockchain. Here are the steps on how to create an Electrum Bitcoin wallet.
Create Electrum Bitcoin Wallet
Step 1: Visit Electrum wallet homepage. Scroll down and click Download.
Step 2: Choose your operating system and click on the version that best suits your device. For example, we chose the Windows Installer. The Electrum wallet download will then start.
Step 3: Open the downloaded file on your device. Click Install.
Step 4: Installation will begin. It may take a few moments. Click Close.
Step 5: The Electrum Bitcoin wallet will have downloaded to your device. Open it now. Choose whether you want to connect to the Electrum server by default or manually integrate with a server. We choose Auto connect and click Next.
| Feature | Auto connect | Manual server selection |
|---|---|---|
| Pros | Convenient, does not require any configuration | More reliable, can connect to servers that are closer to you |
| Cons | Not always reliable, may not be able to connect to the nearest server | Requires configuration, may not be as convenient as auto connect |
Step 6: Enter a name for your Electrum wallet file and click Next. This file will be saved on your computer, and anyone can access your wallet using this file and the password you will set later.
Step 7: Select the type of Bitcoin wallet you want to create. In our case, we will click Standard wallet. Then, click Next.
| Wallet type | Description | Security |
|---|---|---|
| Standard wallet | Uses a single private key for each address. | Low |
| Authentication wallet | Requires 2FA for all transactions. | Medium |
| Import bitcoin wallet | Allows you to import an existing wallet with WIF key. | Varies |
| Multi-signature wallet | Requires multiple users to sign a transaction before it can be sent. | High |
Step 8: Select Create a new seed and click Next.
Step 9: Your backup seed is the key to your Bitcoin kingdom. Treat it with the utmost care and security, just like you would your bank login credentials.
We recommend witing it down by hand, and storing it in a safe place. Copy your seed phrase and then click Next.
Step 10: To confirm your seed phrase, please enter it in the text box and click Next.
Step 11: Choose a password to encrypt your wallet. This will protect your bitcoins when someone steals your computer. You will not need this password to restore your wallet from a backup seed. Click Next to create your wallet.
Use Electrum Wallet
You have now created an Electrum Bitcoin wallet. Your wallet is ready to send and receive Bitcoin. Your Bitcoin balance will be displayed at the bottom of the wallet window.
Convert mBTC to BTC
mBTC is a smaller unit of Bitcoin that is equal to 0.001 BTC. It is often used to make it easier to track smaller amounts of Bitcoin. To convert mBTC to BTC, you can use a Bitcoin converter.
Receive Bitcoin in Electrum Wallet
To receive Bitcoin, open the Receive tab in Electrum and click Create Request. This will generate a new Bitcoin deposit address for you.
You can generate as many addresses as you want. Electrum also allows you to add an expected amount, description, and expiry date to each address. This information is for your reference only and does not affect how Bitcoin is sent to you.
Once you have generated an address, people can send Bitcoin to it at any time, even after it has expired in your record.
To receive Bitcoin, copy the address and give it to the sender.
Send Bitcoin from Electrum Wallet
To send Bitcoin, go to the Send tab, enter the recipient's Bitcoin address, the amount you want to send, and click Pay.
Final Reflections
Electrum is a Bitcoin wallet that offers a variety of features for storing, sending, and receiving Bitcoin. It has a simple user interface that some may find boring, but its efficiency is a good reason to try it.
Frequently Asked Questions
1. Who is CEO of Electrum wallet?
Electrum was created by Thomas Voegtlin in 2011. He is the current lead developer of Electrum and is responsible for its overall design and architecture.
2. Is Electrum wallet free?
Yes, Electrum is a free Bitcoin wallet. There are no fees to set up or use the wallet, and the only fees that are associated with Electrum are the network fees that are charged by the Bitcoin network for processing transactions.
3. Where to get support from Electrum wallet team?
The Electrum developers do not offer direct support to users. You can find support from the community on the Bitcoin forum. This blog also has a lot of resources for people who are using the Electrum Bitcoin wallet.
