Electrum Wallet Overview
Electrum wallet is one of the most popular cryptocurrency wallets. It is primarily used for Bitcoin, but based on the Electrum code, wallets have been created for other coins such as Ethereum, Stratis, Zcash, and many others. The wallet interface is the same for all coins, because the same source code is used with minor modifications. If you have multiple cryptocurrencies, it may be better to use multi-currency wallets, but in all other cases, Electrum can be a great solution.
What Is Electrum?
Electrum digital purse is different from official wallets. Most cryptocurrencies have their own e-purses that download the entire blockchain to a computer and work with it. It is more reliable and secure, but not everyone has enough disk space and a fast enough internet connection. For many cryptocurrencies, blockchain sizes have already exceeded 10 gigabytes.
Electrum is a different type of wallet. The blockchain is stored on the program server, and the user’s computer only uses information from the server to send coins and update the balance. But what is important, your private keys are not transferred anywhere, and are stored on your computer, so you control everything and in case of problems with the e-purse, you can import them into another program. The software supports proxies, so you can get a lot of anonymity.
The wallet supports most platforms. It is written in Python and Qt4, so it can be run on most systems. We will consider installing a purse for Bitcoin, but for other cryptocurrencies, everything will look the same, you will only need to find the desired archive with files. You can download the bitcoin version for your system on the official website. There are both exe and dmg files as well as files for Linux. There is even an apk for Android.
With Window, it’s understandable how to install the program. But in the case of Linux, you need either to download a tar.gz file orto use the prompt line. When you download the file, you can unpack it, and run the software from the resulting folder. Another option is to install Electrum on the system with the command:
sudo pip2 install Electrum-2.9.2.tar.gz
After the installation is complete, the program will appear in the main menu.
How To Use Electrum?
On the first launch, the program will try to create a new wallet. Do the next:
- Select “Automatic” to search for servers.
- Then, you can select an existing e-purse file or create a new one if you don’t have any yet. Just enter a name or leave the default and click Next. You can take the usual type of wallet.
- So that you can restore the Electrum account later, it allows you to create your private keys not based on random data, but based on a seed phrase. In case of problems with this phrase, you can quickly restore your wallet or even deploy it on another computer. Just save the phrase that the program suggests in a safe place.
- In the next window, you need to enter the received phrase to prove that you have saved it.
- The last point is to enter a password to encrypt your keys.
Your digital purse will immediately open, and in a few minutes, a connection with the Electrum servers will be established, and you will be able to perform operations with cryptocurrency.