However, the open-source wallet’s user interface has a very basic Windows 95 feel, which may deter beginners used to more user-friendly, gamified financial applications. Setting up Electrum on your desktop is as easy as installing any other wallet software.
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Finally, you’ll enter an encryption password and wait for your wallet to synchronize, which typically takes less than a minute.
Write down the seed phrase and re-enter it to confirm you’ve written it down and stored it securely. If you’d like to create a standard wallet, click standard wallet and proceed to create a new seed phrase. Additionally, you can choose to restore an existing wallet. Then, you'll be asked if you’d like a standard wallet, a wallet with two-factor authentication, or a multi-signature wallet.
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To download the mobile version of Electrum, you can search for the wallet in the Google Play Store or click on the Android version of the software on the Downloads section of the Electrum website.Īfter downloading the Electrum mobile wallet to your Android device, open the app and click on ‘Next’ to create a new wallet. You can start using your Electrum Bitcoin Wallet after setting your password. Once you have secured your recovery phrase and typed it in again to confirm, you need to set an encryption password for your wallet. Click ‘Create new wallet’ and write down the twelve-word seed phrase you will need to recover your wallet in case your computer crashes or you accidentally delete the software. To set up Electrum Bitcoin Wallet, open the software and choose whether you want to create a new wallet, open a multi-signature wallet, or restore an existing wallet.
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Choose the operating system your computer runs on, and download and install the wallet software. On the next page, you will find the available operating systems that support Electrum. There, you click on the Download Electrum button at the bottom of the homepage. To set up Electrum on your desktop, you’ll need to access its official website. Since the Electrum wallet does not require users to complete a Know Your Customer (KYC) process, nor does it store any user data on company servers, Electrum provides privacy and a high level of anonymity for Bitcoin users. Moreover, Electrum enables users to create multiple Bitcoin addresses and discard old wallet addresses to enhance user privacy. Privacy and AnonymityĮlectrum is a non-custodial Bitcoin wallet, which means that Electrum users have complete control over their funds as only they hold their private keys. Never share your wallet’s login details, recovery phrase, or private keys with anyone. While leading cryptocurrency wallets may provide a high level of security for safekeeping your crypto assets, improper security practices on behalf of the user can lead to a complete loss of funds. Users can also choose to set up two-factor authentication and Electrum requires you to set an encryption password for enhanced security. Moreover, Electrum is a non-custodial wallet so users have complete control over their private keys. Numerous developers have contributed over 14,000 commits to the wallet’s open-source code.
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Moreover, Electrum users can open Lightning Network channels to send and receive low-cost, near-instant Bitcoin payments over the Lightning Network.Įlectrum is an open-source wallet created in 2011, which means the security of its code has been thoroughly vetted. During times when the network is congested, replace-by-fee allows users to send a second Bitcoin transaction that’s similar to the original one but with higher fees to ensure that the original transaction is processed in a timely manner. It also lets you use replace-by-fee (RBF) and batch RBF transactions. The Electrum wallet offers a range of advanced functionalities, including compatibility with hardware wallets for highly secure cold storage, the creation of multi-signature wallets, and the ability to set custom Bitcoin transaction fees. Documentation, Twitter, Reddit, BitcoinTalk
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