With the increasing trends of Bitcoin and other digital coins, the options for their wallets have also been increased. As a matter of fact, there is number of types of wallets that allows the users to store, receive and send digital currency and these types have their own tons of choices. One great choice of wallet for the storing, sending and receiving Bitcoin is called Electrum Wallet that is considered to be most popular Desktop Bitcoin Wallet.
So, if you are looking for a desktop Bitcoin Wallet, we have got you covered with everything you need to know about Electrum. Please be advised that Hardware Wallets for more secure way to keep your cryptocurrency at a safe place.
What is Electrum BitCoin Wallet?
Electrum Wallet is a great desktop Bitcoin Wallet option for both beginners and the advanced users. Although there are many other options for the desktop wallets for Bitcoin, however, Electrum BitCoin Wallet is really easy to use and it is perfectly suited for the daily use. Not only this, Electrum Wallet is one of the most secure wallets out there. Moreover, this wallet also offers tons of features that are needed by the users to the next level cryptocurrency experience like:
- Full-fledged security with encrypted private keys
- Easy Recovery from a secret phase
- Fast Servers that index the Bitcoin Blockchain
- No Lock-in
- No Downtimes
- Proof checking
- Cold Storage
For these reasons, many experts recommend using Electrum Wallet for your Bitcoins. So, read on to know how you can use this wallet to store your Bitcoin.
How to Setup Electrum Wallet for Bitcoin Storage?
Installing and Securing Electrum BitCoin Wallet on Windows PC
In order to start receiving, storing and sending Bitcoin, the first thing you need to do is download, install and secure your Electrum Wallet. For this, check our step-by-step guide for installing and securing Electrum below.
1: The first step to Bitcoin Storage using Electrum Wallet is to download the latest version of Electrum from its official site on your desktop. Install and run it. After installing the software, you will be prompted to the wallet creation process.
2: Select the “Auto Connect” and “Standard Wallet” option in the pop-up menus and select NEXT to proceed.
3: After that, Electrum will generate your wallet backup seed which allows you to restore your wallet. Make sure to keep your backup seed secure safely.
4: You will be asked to re-enter your 12-word sequence, to make sure that have written the backup seed correctly.
5: Now choose the password to help secure your wallet and Bitcoin.
6: After choosing the password, you will be prompted to the main Electrum Wallet window that indicates that setting up is done.
Storing Bitcoins in Electrum Wallet on Windows PC
Once you are done setting up the Electrum, you can easily fund your wallet with the Bitcoins. If your PC is connected to the strong network, there is a bottom green light signal and your balance will display in mBTC.
1: On the main Electrum Window, go to the “Receive tab” where you will have your first receiving address listed. Copy the address and send this to anyone who wants to pay you.
2: The QR code can also be used to send and receive payments.
Now, you are all set to store, receive and send Bitcoin using Electrum Wallet. In case you are looking to buy BitCoin online, you can get started by following this easy tutorial guide.