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Electrum Wallet is one of the trusted crypto wallets that focuses on fast loading time and low use of resources. It maintains the security of cryptocurrency through collaboration with heavy-performance servers. The Electrum supports Bitcoin and it is one of the most secure and trusted Bitcoin wallets.

It was developed and launched in 2011. As it is an open-source crypto wallet, many online contributors have added to its source code to increase its compatibility and security. Users can protect their digital assets through password protection. Electrum users can also activate two-factor authentication(2FA) for increased security.

What is an Electrum Wallet?

It was launched in 2011 and has been a trusted cryptocurrency wallet. Electrum is an open-source wallet, which means the initial source code was found. The users can modify the source code and check for any bugs or errors to keep the wallet protected. The wallet is also called Electrum Bitcoin.

It is a software that can be downloaded on MacOS, Android, and Windows. Electrum can be used to send and receive Bitcoin and store it as cold storage. It doesn’t deal with third parties for security. But it is less secure than Bitcoin Core or other full-node services.

Electrum Wallet article image

How do you back up and restore a Bitcoin wallet using Electrum?

Using Electrum is simple. The operating system is simple enough to use for anyone who knows how to send and receive Bitcoin using a digital wallet.

Follow the steps below to use Electrum Bitcoin as your standard wallet:

01. Download and install Electrum

Electrum can be installed on computers and also used on mobile devices. You should install Electrum from the official website: electrum.org. Be sure to check the compatibility of your device so you can download the correct version of Electrum. If you’re you’re installing on your computer, select “Window Installer” so the right package is downloaded. On the computer, you have to follow instructions from the pop-ups to install the box properly. The app installation is easier on mobile devices.

02. Set up your Electrum Wallet

Launch the application to make sure you installed the software properly. Electrum is a fast-running software that uses high-capacity servers to store and maintain data.

After launching the app, you have to create a new wallet or restore an existing one. If you want to create a new wallet on Electrum, follow these steps:

  • Select “Create new wallet” and then click “Standard wallet”.
  • The application shows a seed phrase of 13 words that must be recorded in the exact order. This seed phrase is your key for unlocking the account. The seed phrase needs to be confirmed twice.
  • You need to set a backup phrase to access the information if your initial seed phrase fails.
  • Set a password to tighten the security of the account. The wallet password adds two-factor security to the wallet.

03. Send and receive cryptocurrency through Electrum Wallet.

Follow these steps to receive Bitcoin using Electrum Bitcoin:

  • Select the “Receive” option on the main window and copy the public key.
  • Go to the “Send Address” field and paste the key to receive currency from an exchange. 

QR code transactions are enabled for mobile devices.

Follow the below steps to send Bitcoin using Electrum:

  • Select “Send” from the Electrum main window to get started.
  • Copy the receiver’sreceiver’s payment address.
  • Paste the receiver’s information in the “Pay to” section.
  • Input the amount to send into the software.
  • Adjust the transaction fee on the “Fee” tab before sending the Bitcoin. Lower transaction fees mean the transaction will be slower.
  • Click “Send” to initiate the transaction.
Image of bitcoin wallet

What are the risks of using an Electrum?

Electrum uses private keys and allows users to store the keys. Electrum is one of the safest Bitcoin wallets. Users can update the Bitcoin blockchain to improve security.

The risk issues to keep in mind when using Electrum are:

  • Source phishing: Phishing sites lead users to different websites that can steal personal data.
  • Version update: keep Electrum updated to avoid viruses or errors related to previous versions of Electrum.
  • Malware attacks: Check your device thoroughly before installing Electrum. If any device is infected with malware or viruses, your Electrum account will be exposed. Your data may get stolen.
  • Data loss: If you remember your account passport, Electrum may lock you in. This will cause you to lose all your data and digital currency.
  • Involving third-party services: Some third-party services are available to make installation and running of Electrum easy on all devices. Electrum itself does not endorse or collaborate with any third-party services. If you attach your account to third-party partners, your data might be at risk.

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Conclusion

Electrum Wallet is a trustworthy digital wallet for storing Bitcoin. Send or receive BTC on the go with the trusted digital wallet. The cryptocurrency stays in cold storage, protected by passwords. Electrum Bitcoin is an open-source network that grows with the number of users.

Electrum is easy to use and can be installed on any device. The software launches fast and runs smoothly. Electrum uses high-security servers to store and retrieve Bitcoin blockchain data.

Frequently Asked Question

How do you use a private key with an Electrum Wallet?

You can import a private key to your Electrum. This method will keep your currency stored at the same address. You can use the sweeping method to transfer BTC to a new address using a private key.

How to create a new Bitcoin address in Electrum?

To create a new Bitcoin address, select “Wallet” and click “New/Restore.” Name the new wallet and select the wallet type.

How safe is it to store Bitcoins in an Electrum wallet?

Electrum secures users’ accounts by using a high-security encryption method. Each private key protects the user’s information from getting stolen. The two-factor authentication ensures unique access to account data.

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