No Lock-In You can export your private keys and use them in other Bitcoin clients. No Downtimes Electrum servers are decentralized and redundant. Your wallet is never down. Cold Storage Keep your private keys offline, and go online with a watching-only wallet.
Multisig Split the permission to spend your coins between several wallets. Add-ons Electrum supports third-party plugins: Multisig services, Hardware wallets, etc. Documentation Official documentation: electrum. Its mission is to develop, package and distribute Electrum software, and to provide services to Bitcoin users and businesses. Impressum Disclaimer. Your wallet can be recovered entirely from its seed : the chain of words generated by Electrum when creating the wallet.
But if you lose your seed, you lose your entire wallet. Turn on the Bitcoin Client feature of the Persistent Storage to store your bitcoin wallet and preferences across separate working sessions. Backup your seed outside of Tails. For example, you can write it down on a piece of paper and keep it with you. If Electrum fails to start or stays minimized, maybe your Electrum folder is corrupted.
Click on the button in the title bar and choose Show Hidden Files. When creating a new wallet choose I already have a seed and specify the seed of your wallet.
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This step should be considered mandatory for any wallet that will hold significant money. A series of posts will describe how to verify the signature of an Electrum download on Mac , Windows , and Linux systems. Electrum gathers configuration data from a wizard when run for the first time. For more on the concepts behind this process, skip to the later sections of this guide discussing backups, security, and addresses.
Launch Electrum by double clicking its icon, or some other method. This launches the Install Wizard. Its first question regards your method of connecting to a server. Although you can connect to a trusted server and this is recommended for secure use , letting Electrum decide on a server is a good beginner option. Click Next. Accept it, then click Next. The next screen asks about the kind of keystore to create. The next window displays your seed. The words displayed in your window should be different than that those in the figure below.
Write your seed on a piece of paper. The next window asks you to type your seed. Click inside the text area and type the words of your seed. When you have entered the correct words, the Next button will become active. Click it. Electrum can, at your option, encrypt the copy of your seed stored to disk. Doing so encrypts all wallet contents, not just the seed. This protects not only your money, but your privacy in the event of an attack.
Wallets intended for experimentation and learning benefit little from encryption. Electrum should present its main screen. If you already keep bitcoin on an exchange or elsewhere, you may now transfer those funds into your Electrum wallet. If you do, a very small transfer is recommended. Unfortunately, the steep rise in transaction fees during has made experimenting with real bitcoin very expensive. Depending on your budget, this may simply be too expensive.
One solution is Testnet. Testnet is a Bitcoin clone actually the first altcoin that runs on a different network using a different block chain. Specifically designed for experimentation, Testnet offers beginners a chance to experience using Bitcoin without risking financial security or privacy. Because they are intended to convey no monetary value, Testnet coins can still be obtained from faucets at no cost. With only minor differences, Electrum works the same in either case.
Your next step will be to log into your exchange or wherever your funds are currently stored. When that is done, you can skip the next section. Running Electrum in Testnet mode is not difficult, but the procedure varies by operating system.
This launcher can be placed on your desktop or elsewhere. It will allow you to run Testnet Electrum whenever you double click it. This step adds essential files that Testnet Electrum will need to run. Copy the Electrum launcher on the desktop right click, Copy. Paste a new copy onto the desktop right click, paste. Click OK.
The launcher will be created through the Terminal application. Terminal is a tool for entering low level commands. Type the following text. Save the file by pressing control-x. Nano will ask you if you want to save the buffer. A new file called electrum will appear on your desktop. Next, the file needs to be made executable. Begin by opening the terminal application. The Nano editor will start. Enter the following text:. There should be an icon on your desktop that looks like this:.
The easiest way to do that is to examine the Receive tab. For this reason, you may fail to connect after launching Electrum in Testnet mode. A red circle in the lower-right corner of the main window will be your clue.
If this happens, you can to connect to a custom server. See this list of Testnet servers. Begin by double clicking the red circle to the lower right, which opens the Network configuration panel. Click on the Receive tab to obtain one. You can either scan the QR code or copy the receiving address to the clipboard and paste it into your withdrawal service.
Browse to Bitcoin TestNet Sandbox. A transaction added to the current block has one confirmation. A transaction added to the preceding block has two confirmations, and so on. Adding a description to this payment will help you identify it later. To do so, double-click the Description field and add a descriptive label. A window pops up listing the transaction ID, amount, size, fee, and other details.
The transaction identifier can be pasted into a block explorer such as blockchair. As a transaction accrues confirmations, its icon changes. When the transactions has six confirmation, a checkmark appears next to its timestamp. Delays of a few minutes are to be expected because transfers are often batched together to save on fees.
Payments can be made through the Send tab. Activate it by clicking. Adding a description will help you identify the payment later. The total amount of the transaction is the sum of the sent amount and transaction fee. Electrum issues a warning in the form of a red amount if the total transaction amount exceeds the wallet balance.
This can be subtle. For example, the screenshot below shows a red amount because available funds are insufficient to cover both the payment and fees. Bitcoin fees are a complex topic. Briefly, a fee is required to send any transaction. Whereas the banking system charges fees based on the amount being sent, Bitcoin charges fees based on the number of bytes needed to encode a transaction.
The fee is the product of two terms: the transaction length, in bytes; and the market fee density. The fee density fluctuates with network transaction volume. A good estimate of the current market fee density is available from estimatefee. Electrum allows the fee density to be adjusted by moving the slider below the transaction amount.
Sliding left decreases fee density; sliding right increases it. The higher the fee density, the higher the total fee, and the more likely a transaction will be included within the next block. A transaction of low fee density can be delayed for hours, days, or simply not confirm at all. On Electrum 2. Leaving it checked marks the transaction as replaceable. A replaceable transaction can be re-sent in the event that its fee density causes unwanted delay. Many services will not accept unconfirmed replaceable transactions as payment for goods or services and will require a confirmed transaction instead.
In most cases, however, the Replaceable box should be checked. A custom fee density can be set by updating preferences. Pull down the Tools menu and select the Preferences item. You will now be able to set a specific fee for your transaction by entering it into the box to the right of the slider.
Be aware that this is an absolute fee, not a fee density. In other words, this is the total fee your transaction will pay. One approach to setting fees would be to use the slider to coarse-adjust the fee, then fine-tune it with the fee input box during times of low or high network transaction volume. Click the Preview button. The lines appearing under the Outputs section are noteworthy.
Bitcoin is an electronic cash system in which digital coins are represented as transaction outputs. The first output pays the address I entered into the payment form, but the second output pays one of my own addresses.
This allows me to collect change in this case, 0. The transaction can be signed and broadcast from the transaction preview window click Sign, then Broadcast. Alternatively the window can be closed, and the transaction sent by clicking the Send button from the Send tab. If you added a password to your wallet, Electrum will ask you for it before the transaction is signed. Just make sure that you have your seed phrase backed up in redundant locations before you use Electrum to store significant amounts of Bitcoin.
See above for a list. Electrum also supports any valid Bitcoin transaction, regardless of where it originates from. For the most part, yes. Electrum has a proven security record and the wallet itself has never been hacked.
What has been hacked, however, is the update mechanism. Through the use of a sophisticated DoS attack, hackers were able to push a recommendation to Electrum users that they update their wallet. Unfortunately users who clicked on the link to update ended up downloading a malicious version of Electrum that stole all of their funds. Millions were reportedly lost to this scam before Electrum was able to shut it down. While this event was very unfortunate, as already noted it only affected users who downloaded a new version of Electrum, the wallet itself was not compromised.
These attacks rendered any Electrum version older than 3. So with this in mind, Electrum is safe provided that you keep your seed phrase safe and only ever download new versions of Electrum directly from the website. Be extremely skeptical of any message pushing you to update which originates from within the Electrum wallet. Backing up an Electrum wallet is simple. As mentioned, you should write down the seed phrase when you first create an Electrum wallet.
The seed phrase is the best backup for an Electrum wallet. After creating the wallet you can also backup your private keys. Ideally, these private keys should only be kept on a cold device one not connected to the internet like a clean, never used USB thumb drive.
If you have set up password encryption on this wallet, you will need to enter your password to view the seed again. This error message happens when the Electrum wallet is having trouble connecting to a server. One possible reason is that a user is connecting through Tor.
In some cases this can cause a delay in connection between the wallet and the server. To fix the problem try connecting without Tor. Also, in the bottom right hand corner click on the red or green bubble. To calculate transaction fees, Electrum takes an average of all transaction fees paid recently on the Blockchain network and then analyzes how long it took for a transaction to be included in a block.
Using these historical averages, Electrum is able to make a fairly accurate prediction of what size fee is required for a transaction to go through. For the most accurate estimations though, you can use our transaction fee estimator and calculator tool. A full guide on doing so is available here. The best way to claim Bitcoin Cash is to import the private keys from your Electrum wallet into an Electron Cash wallet.
A full guide on how to get Bitcoin Cash is available here. The Electrum public key is derived from the private key and is used to generate wallet addresses. Another use case is for encryption. Altogether though the public key is mostly a backend feature and most traders and investors will never have a reason to use their public key. Simply download the. Updating Electrum should only take several minutes.
Depending on how congested the Bitcoin network is, the transaction might appear immediately in Electrum or it could take up to an hour or two. The biggest differences between Electrum and Bitcoin Core is that with Bitcoin Core you must download the entire Bitcoin blockchain. However, it is MUCH easier to download an unsafe version of electrum due to phishing and scam versions of the software or downloading an old version that is no longer safe.
Bitcoin core are far easier to get right in this regard, so know you own limitations when choosing between the two. No, Electrum only supports Bitcoin, and they have not announced an intention to support any other coins at this time.
Review by: Jordan Tuwiner. Rating: 4. Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity. Buy Bitcoin Worldwide is for educational purposes only. Every visitor to Buy Bitcoin Worldwide should consult a professional financial advisor before engaging in such practices.
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