How To Use Electrum Wallet
Secured. Fast. Private. This is exactly what the Electrum wallet is all about.
The Electrum wallet, also known as the Electrum Bitcoin, is an easy-to-use software wallet that was released in 2011. As the name suggests, it only supports Bitcoin.
Being one of the oldest wallets in the market and committed to its security features, it has gained trust and popularity among crypto enthusiasts.
Let’s understand how to use the Electrum wallet and how safe it is for users.
Connecting Your Electrum Wallet To ZenLedger For Your Crypto Tax Forms
To import your Daedalus wallet transactions you must create a custom CSV for your crypto tax forms.
Read how to create a custom CSV.
How To Use Electrum Bitcoin Wallet?
Here’s how you can set up your Electrum Bitcoin wallet is xxx easy steps:
1. Downloading And Installation
- Visit the official website of Electrum and click on ‘Download’
- Next, click on ‘Window Installer’ for downloading the necessary package files to your computer
- Once the download is complete, open the file and follow the instructions on the pop-ups to complete the installation
2. Setting Up The Wallet
Now that you have successfully downloaded and installed the Electrum wallet, it’s time to set it up. Firstly, you’ll be given a choice if you want to create a new wallet or restore an existing one. To create a new wallet, follow the instructions given below:
- Click on ‘Create A New Wallet’ and then on ‘Standard Wallet’, followed by tapping on Next
- Now comes the most important step- your seed phrase. The computer will show you your 13-word seed phrase which you must write down (in the order it is shown). This seed phrase will be the key to your wallet in case of a computer failure. For confirmation, you have to re-enter the seed phrase in the next step as well
- After your backup phrase is set, you now have to set a wallet password
- Next, click ‘Autoconnect’ if this is your first Ethereum wallet and finally tap ‘Next’
3. Sending And Receiving Cryptocurrency
Now on to the next step- receiving and sending cryptocurrency using your Electrum wallet:
- Choose the ‘Receive’ option from the Electrum window
- Copy your public key from the ‘Receiving Wallet’ option
- If you want to receive crypto from an exchange, you have to paste the public key in the ‘Send Address’field under the option to withdraw on exchange
- Click ‘Send’
Additionally, you can use QR codes if you are using the mobile app.
- Choose the ‘Send’ option from the Electrum window
- Copy the recipient’s address and paste it into the ‘Pay To’ section
- Next, type out the amount you want to send
- Under the ‘Amount’section is the ‘Fee’ tab, where you must adjust the bar to determine the transaction fee you’re willing to pay. You must remember that the lower the fee, the slower will be the transaction
- Tap on ‘Send’
How Safe Is Electrum Wallet?
Electrum wallet is one of the safest crypto wallets available in the market. How can we be so sure about Electrum wallet’s security?
- Cold wallet
- Password protection
- Backup seed phrase
The Bottom Line: Why Choose Electrum Wallet?
Now that we know how to use the Electrum Bitcoin wallet and how safe is the Electrum wallet, we’re coming down to why should you choose the Electrum wallet, even though it supports just one cryptocurrency, Bitcoin.
- It is one of the oldest crypto wallets and is thus reliable
- Easy user interface
- Open-source software, written in Python and can be reviewed by the community
- Two-factor authentication