Electrum Wallet | Electrum Bitcoin Wallet | Electrum login

The electrum wallet is a very simple and easy-to-use Bitcoin wallet. This wallet is trusted and the electrum bitcoin wallet only stores the Bitcoin. Through this article, you will get the queries answered about the Electrum wallet. Moreover, you will get a view of different types of wallets and their advantages and disadvantages. It is important to understand that the Electrum wallet only stores Bitcoin and it doesn’t offer any support for any other cryptocurrency. This clearly includes any of Bitcoin’s app. However, cryptocurrency users need to know much more about the Electrum wallet so let’s get started!

What are the features of the Electrum wallet?

There are some notable features that make Electrum wallet more convenient and easy to use, here are some of the features:

  • The Electrum wallet is safe and your private keys are encrypted. Your wallet can be easily recovered from a secret phrase.

  • The Electrum wallet uses the servers that index the Bitcoin blockchain which makes it fast.

  • Keep your private keys offline and go online with a watching-only wallet.

  • Proof checking verifies all the transactions in the history using SPV.

  • There are no downtimes and your wallet is never down.

  • You can easily export your private keys and use them in other Bitcoin clients.

What are the advantages of the Electrum wallet?

Here are some of the advantages of the Electrum wallet, that are listed here:

  • One of the oldest Bitcoin wallet

  • Very easy to use

  • It is software-based

  • There is no information is stored on the server

  • Open-source software

  • Utilizes two-factor authentication

  • It uses Bitcoin to make regular payments.

  • Your account is password protected

  • Users do not need to download the whole blockchain

  • Multi-signature wallet

  • The electrum wallet calculates the number of fees

  • Completely free to download

  • No user information is stored with the server

  • The private keys are never shared with the server.

Electrum wallet- Security Overview

The electrum wallet has lots of added security features to keep your bitcoin safe and secured, the security features of Electrum wallet are as below:

  • The encrypted wallet file that clearly contains your private keys is password protected.

  • The wallet uses a seed phrase as a backup measure as it protects your private key.

  • Electrum does not download any script.

  • Since the server code is open-source, anyone can run a server.

  • This decentralized model protects the user's profile from failure.

  • The programming language of Electrum is Python that is very easily communicable.

How to setup the Electrum wallet?

Setting up the Electrum wallet is a very easy process, here are the steps that you need to follow to setup the Electrum wallet:

  1. Visit the electrum official website and tap on the “Download” at the top of the screen.

  2. Tap on the “Windows Installer” button and this will download the necessary files to your computer.

  3. Just open the download and follow the on-screen prompts as you would the installation process.

  4. Once it is installed, it opens the Electrum wallet.

  5. You will now be asked if you want to create a new wallet or restore an existing one.

  6. Click the “Create a New Wallet” option, “Started wallet” option.

  7. Tap on the “Next” option.

  8. You will be presented with your recovered seed phrase.

  9. Enter the seed phrase again and you need to be written correctly.

  10. In the next step, you will be prompted to enter the password.

  11. Make it a very strong one and that you have never used anywhere else.

  12. Click on the “Next” button.

  13. Select the server you wish to connect to and then tap on the “Auto connect” button.

  14. Finally, you have to tap on the “Next” button and your Electrum wallet is ready to use.

How to use Electrum wallet?

In this section, you will get to learn the basic steps to send and receive transactions with Electrum, so let us begin the discussion:

Receiving Bitcoin with Electrum Wallet

  1. The first and foremost thing is to click on the “Receive” tab on the Electrum main window.

  2. The next step is to go to the “Receiving address” label and you will see a string of characters.

  3. Tap on the “Copy symbol” option.

  4. Paste the public key to where you are sending the Bitcoin.

  5. If you are sending it from an exchange, paste the public key into the send address field under the withdrawal options on the exchange.

  6. Once you have to tap on the “Send” option, it may take a while to receive into the Electrum wallet.

  7. If you are sending the Bitcoin from a mobile device, then you can ask for the QR code instead.

Sending Bitcoin with Electrum Wallet

If you have some Bitcoin in the wallet then you need to know how to spend it. Here are the steps that you need to follow:

  1. First of all, you need to tap on the “Send” tab at the top of the Electrum wallet screen.

  2. Just copy the address to which you wish to send the Bitcoins.

  3. After this, you have to paste the address into the box with the heading “Pay to”.

  4. Always double-check the address to make sure that it is correct.

  5. You can do this by checking the first and last 3 digits.

  6. Enter the amount of Bitcoin you wish to send in the box that says “Amount”.

  7. Adjust the fee using the slider.

  8. Remember, the smaller the fee is, the longer your transaction will take to process.

  9. If the transactions are urgent, then you can slide the slider according to the money you wish to spend.

  10. Double-check all the information and once you are good to go, click on the “Send” button.

Final Takeaway

So, that is all, you have now reached the end of the Electrum wallet review. We hope that you are now clear with the content that we have highlighted here are shown you the way to use Electrum wallet. However, if there are still queries that are left unanswered or you have confusion related to the content then it is recommended to visit the official website and get assistance from the professional experts and technicians available to assist you round the clock.