There have been cases when bitcoins or other cryptocurrencies are stolen or hacked. It is a tragedy that no one could escape from. But despite all these problems, Electrum makes sure that your coins will be protected no matter what. This software Bitcoin wallet is one of the best when it comes to securing your cryptocurrencies.
What is Electrum?
Electrum is a software Bitcoin wallet that started protecting bitcoins since 2011. It is fast, safe, and easy to use. It is also free and decentralized; no one can control your coins but you. This software also verifies transactions directly to the Bitcoin blockchain. One new feature is that it can also be a multi-signature wallet that can let you and your fellow users share a wallet.
What can Electrum offer?
This wallet encrypts your private keys and makes sure that it stays on your computer at all times. It also stays online because the system will never be down. You do not have to worry if someone tries to hack your computer because this wallet has a PIN and secret phrase. If you are still doubtful, you can also export your keys to other Bitcoin customers. You can also view your histories to confirm your transactions. A good thing about this wallet is that it supports hardware wallets, multi-sig wallets, and more. It can also act as a watch-only wallet and make sure that your private keys are offline.
How can you set up your Electrum wallet?
The first step is to find and download Electrum. Simply go the official Electrum website and click the Windows Installer button to also download the setup program. The second step is to install the wallet. Then you can get started with your wallet. You have the option to create a new wallet or restore your previous one. If you wish to create a new wallet, select that option and choose Standard Wallet. Afterward, the page will reveal your recovery phrase. You have to write this down immediately and make sure to keep it.
The fourth step would be security and connection. In this step, you will create a strong password for your wallet. You will also connect your wallet to the server to make sure that it stays online. The fifth step would be to configure your wallet. This is where you adjust settings like language, base unit, and online block explorer. The last step would be getting your Bitcoin address. When all of these are done, you can now start using your software wallet.