Tutorial – How to setup the Electrum bitcoin wallet
The Electrum wallet, is one of the go-to wallets, if you need one for any laptop or desktop computers. It can be downloaded here:
Here you will find a step-by-step guide on how to setup the wallet on a Windows computer.
Step 1 – Locate and download Electrum
- First you navigate to www.electrum.org where you click Download in the menu item to download the software.
- You then click “Windows Installer” that will initiate a download of the setup program.
Step 2 – Installing the Electrum wallet
- Now go ahead and open the downloaded .exe file and click yes.
- Next you go and select where you want the program to be installed.
- Once you have clicked on the install, and the installation is complete, please click the Close button.
Step 3 – Getting started with Electrum
- Double click this icon to lauch the program.
- Here you can choose if you want to create a new wallet or restore an old one.
- If it is the first time you use the software, please select: “Create a new wallet” and “Standard wallet” and click next.
- Here you see your recovery phrase. Please write this down right away.
Step 4 – Keeping your recovery phrase safe
- A wallet recovery phrase, is an easy way to create a backup of your wallet.
- Please write down your recovery phrase on a piece of paper, and store it somewhere safe.
- DO NOT take a screenshot of this and DO NOT write it down electronically on the machine running the electrum software.
- Please remember that this sequence of words is very sensitive, and should anybody else get a hold of your wallet seed, you will surely loose all of your bitcoins.
- One your have written down your seed, your will be asked to input this, to double check that you have typed it correctly.
- So before you read any further, an old fashioned find pen and paper and write down the recovery phrase.
Step 5 – Security and Connection
- Here you will be asked to set a password for your wallet. Here applies the general rules, that you should choose a strong password, since this password is what protects your bitcoins from hackers etc.
- Click Next
- Next you will see a server connection question. This has to do with how the Electrum client connects to different Electrum servers.
- Here we recommend that you choose “Auto connect”.
- You have now completed the setup phase and your wallet is ready to use.
Step 7 – Configuring your wallet
We however recommend that you adjust some settings to avoid confusions regarding amounts and to make sure that your transactions will be confirmed on the bitcoin blockchain.
- You do this, by clicking the Tools menu item, and then select Preferences.
- Please select Dynamic fees, with a 100% fee multipier.
- Then click the appearance tab.
- Here you can set your default language, where you in most cases can choose your own language.
- We further recommend that you select 8 zeros after the decimal point and set the base unit to BTC.
- Click close, restart your wallet and then the settings should reflect your choices.
A block explorer is a tool that you can use to see your bitcoin transaction in the bitcoin blockchain, and here we recommend that you use Tradeblock.com, that amongst having an excellent block explorer also have other great tools.
Congratulations! You now have a bitcoin wallet
Step 5 – Finding your Bitcoin address
- Your bitcoin address, can be found here:
- Just copy and paste the address as you see fit. This address is safe to share with the public.