This guide contains detailed steps on how you can install and use the Electrum Wallet.
Electrum is a secure, fast, and easy-to-use wallet designed only to support the Bitcoin network. It is free software released under the MIT License. That means any user can run the Electrum server and the application will verify the transactions in the Bitcoin network.
The application also provides support to hardware devices like Ledger, Trezor, and Keepkey. Also, the Electrum wallet is available for various operating system users i.e Windows, Linux, Python, etc. So, in this article, we will explain how you can install and set up your Electrum wallet for Android devices.
First, to install the Electrum wallet, visit the official website
Then, on the main page, you may notice a warning message regarding the application versions that are prone to a phishing attack. Therefore, users are advised to download version 3.3.4 or above for secure transactions.
Now, you need to click on the Download button appearing at the top of the page. Therefore, users will get the option to download the application for different Operating systems.
Then, we will now explain the different wallet types in detail so that you can decide what wallet type you need:
Standard Wallet- Uses single private keys for each address.
Wallet with two-factor authentication- Requires the users to set 2FA. Users need to provide the security code generated in their Google authenticator application whenever he/she initiates any withdrawal/address whitelisting activity. Therefore, this method is considered the most- secured method as the code is randomly generated.
Multi-signature Wallet- A multi-signature wallet requires approvals from multiple users to sign a transaction. Then, when you set up the Electrum wallet for the Multi-signature wallet, you can define the number of persons (known as co-signer) it will have. And also the minimum number of signatures required to approve a transaction.
You can install the Electrum wallet on multiple devices (having different private keys, different or same owner). When a transaction is triggered, it needs to be signed by the minimum number of owners (specified during setup) to approve the process. This method is also secured as it requires more than one person to approve a transaction.
Import Bitcoin address or Private keys- Wallets are created using private keys generated by other software
How to Set Up Your Electrum Wallet
On the other hand, to setup your electrum wallet, you need to select the kind of wallet that you wish to create. If you want to create a simple wallet, then go for Standard Wallet. Next, you will find the below options for wallet setup:
The First option i.e Create A New Seed will let you create a new Electrum wallet. Then, existing users can again set up their accounts on different devices by using the seed phrase. All they need to do is to select option 2 i.e I Already Have A Seed. This option requires you to enter the 12-word backup phrase. Once you provide the key phrase correctly, your account will be imported.
New users who wish to create a new wallet need to select this option. Next, the application will show your 12-word backup phrase, and ask you to verify your key phrase.