Electrum (cryptocurrency wallet)

Electrum (cryptocurrency wallet)

The first version was released on November 5, 2011. The client is actively developed on GitHub, and the open source status is a big plus. Electrum is lightweight, that is, it does not download the entire blockchain to the computer, but only those parts that are associated with the user's inbound and outbound addresses.

Despite the abundance of servers to connect to the network, all transactions are signed locally, which greatly reduces the likelihood of outside interference. On Electrum, you can generate both new "SegWit" (bech32) seeds, as well as the old "Legacy" format.

Where to download Bitcoin Electrum Wallet?

Having entered the electrum.org site, you need to find the "Download" button and we immediately find ourselves on the application download page.

Electrum (cryptocurrency wallet)

For personal use, visit the Sources and Binaries section. Here we see a list of available operating systems: Windows, Linux, OS X (Mac), Android.

There is also a repository on GitHub

In the column "Installation from Python sources" you can find commands for installing the client from Python.

How to install Electrum wallet?

Download "Windows Installer" by clicking on the link, if you are a Windows user, and go through the standard installation procedure. Download the .exe file, open it and click the Install button. 

Versions "Standalone Executable" and "Portable version" differ in the ability to restrict rights and not make entries in the registry, which is not recommended for novice users and gives more freedom to lovers of fine tuning.

For Mac (OS X) and Linux users, the boot order is the same, only these will be the "Executable for OS X" and "Appimage" links, respectively.

There is also a version for Android, for this we follow the link to the Google Play Market.

If you need a Bitcoin wallet for iOS or a browser, try the Russian cryptocurrency service Wallet.


Electrum wallet - how to use it after installation?

After launching the client, we see the choice of the method of connecting to the server. By the way, a little later it will be possible to change the language to Russian, which will make it easier to use. And now we choose "Auto connect", the program itself will look for the best way to connect to the network.

Connecting to the Electrum server

So what attracts traders to  Electrum better than the classic "Core" client: you don't have to download the entire network to your hard drive, you can start using it right away.

Choosing a name for a wallet in Electrum

The next step is to come up with a name for the wallet. Although you can leave "default_wallet" as well.

Individual wallet name

The “Choose…” button opens a window for selecting the path to save the wallet file. It is recommended not to save it on the system disk, or even better create a copy and save it on a USB flash drive or in the cloud.

Electrum Bitcoin wallet you can create 4 types:

Choosing a wallet type in the Electrum client

The process of creating a wallet (Standart wallet)

This is the easiest option and is best for a beginner.

Segwit addresses have been around for a long time, but it is still recommended to use the Legacy type so that you can confidently send Bitcoin to any kind of address.

Seed type selection

The client generates a seed. This is a set of 12 arbitrary words. Be sure to save them on a trusted site, and it doesn't hurt to write them out separately on a piece of paper.

This is what the Electrum seed looks like

Never share a seed with a stranger. Having received it, he can get full access to your funds.

Save your seed and take care of it

And now we press "Next" and enter the issued Electrum seed to an empty field to confirm that it has been saved.

Optionally, you can set a password. The program will ask for it when opening the wallet and with every transaction.

Setting a password in Electrum Wallet

Wallet with 2FA (Two Factor Authentication)

The order of creation is the same as in the previous step.

But in addition, an authorization layer will be added using the TrustedCoin service. To configure, you need to download the Google Authenticator app.

License agreement of the company that ensures the presence of 2FA in the client

After reading the rules by clicking "Next" we are offered to choose if we already have a seed, or create a new one. And then the creation process is the same as described above in the “Standart Wallet”.

Linking a wallet to a Trusted Coin

Having decided on the seed, you need to enter a mailbox (used to register with the TrustedCoin service).

Registration in Trusted Coin

Open the Google Authenticator application on your phone and point the camera at the QR code. We will see 6 digits like 372 472. We enter them, and then, when Electrum asks for the code again, during a transaction, for example, the actual one will always be in our application. It updates automatically.

Electrum two-factor authentication

But this service is not free. Bitcoin wallet Electrum TrustedCoin will withdraw 0.00005 BTC from every 20 transactions, or 0.000025 BTC from 100.

Commission when connecting 2FA to the wallet

Multi-signature wallet

A wonderful virtue of the Bitcoin network. By setting up such a wallet in Electrum, you can manage the funds of a board of up to 15 people. And for example, make it so that without 1, 3 or even all 15 signatures in different parts of the world, translation will be impossible.

Each participant must generate a seed and receive a key. Then a multi-sig wallet is created on the master computer by entering all these keys one by one. When carrying out transactions, the client will require the signature of all participants.

Setting up a multi-signature wallet in Electrum

Importing Keys into Electrum

By selecting the item "Import Bitcoin addresses or private keys" we will see a blank sheet where you can insert the keys. For example, if you have previously used another client and want to import into Electrum.

Importing keys / addresses

What does the key look like? 

L2EVoom7CgGp4txwtiitX9LCoaGxWNMSD4GbTJuisqX5gzorinsQ

To insert several, separate them by pressing "Enter" without commas. This is how the import of classic addresses that start with the number 1 looks like:

An example of generating a list of keys for import

If your addresses start with the number 3, then you need to insert “p2wpkh-p2sh:” in front of each key. If they start with bc1, then “p2wpkh:”.

For example:

p2wpkh-p2sh:L2EVoom7CgGp4txwtiitX9LCoaGxWNMSD4GbTJuisqX5gzorinsQ

p2wpkh:L2EVoom7CgGp4txwtiitX9LCoaGxWNMSD4GbTJuisqX5gzorinsQ