Electrum Wallet – This is a lightweight digital wallet for bitcoins. Its main feature is speed, appropriation, low resource use and simplicity. It starts instantly, as it works in conjunction with high-performance servers that handle the most complex tasks of the Bitcoin system.
Due to the fact that Electrum uses the method of simple payment verification (SPV), the application can remain easy. The SPV client does not need to download a complete transaction chain. He only needs to download block headers, which are much smaller than full blocks. Which makes it much faster and more convenient to conduct operations with cryptocurrency.
Electrum has various user interfaces: it can be installed on mobile devices, on the desktop or using the command line. Electrum supports hardware wallets: Ledger, Trezor, Keepkey.
This wallet has its own portable version, which makes Electrum a hardware wallet. The password and other protection applications are transferred to a regular flash drive, where they are stored remotely from the computer. When there is a need to send a transfer, a USB flash drive is simple enough to connect to a PC.
How to install and use Electrum
Step 1. Download the correct version for your operating system.
Step 2. Run the program and in the window that opens, come up with a name for your wallet:
Step 3. Indicate what action should be performed:
create a standard wallet;
associate a wallet with 2FA;
bind multicurrency storage;
import the address of a bitcoin wallet or private keys.
Choose “Standard wallet”.
Step 4. Create a secret Seed phrase, which will be needed to restore access to the wallet if necessary.
Step 5. Now you need to select the type of storage. It’s better to choose Segwit, as this wallet option has several advantages: it is completely free and has limited transactional paid programs.
At step No. 6, a secret phrase will be generated from 12 unrelated words, which must be carefully and responsibly kept in a safe place. You can print it, copy it or take a picture. It is important that no one can use it without your knowledge.
To proceed to the next step, you will need to enter this Seed phrase correctly.
Step 7. To protect yourself from malware and unauthorized access, you need to encrypt your wallet with a strong password.
Step 8. After installation, it is recommended that you export your private keys for secure storage. Your secret key is your access to cash and all bitcoin transactions. Never give these keys away and keep them as safe as possible. Private keys can be exported through Wallet -> Private keys -> Export.
That’s all – now your wallet is created and ready to use.
How to use Electrum wallet
The wallet interface looks like this:
It has four tabs:
Storage management is quite simple and intuitive.
The History tab displays all transactions of this wallet.
On the “Send” tab, you can create outgoing transactions with bitcoins and determine the size of commission payments.
On the “Receive” tab, you can request a payment with a QR code for payment.
The “Addresses” tab displays all the bitcoin addresses that are associated with the storage.
How to regain access to the wallet
If for some reason you have lost access to your repository (you forgot your password, stole the gadget, a software client is broken, etc.), you can easily restore it. To do this, you will need a secret Seed phrase that you saved in step 6 of the installation.
Run the program file. As you can see, Electrum supports various types of wallets. You need to choose the same type of wallet that you are recovering, in this example it is a “standard wallet”.
At the next stage, Electrum will ask you to choose where the wallet’s secret will be. Select “I already have a seed.”
Then enter your seed words:
When you enter the correct seed words, the next button will become active, and you can proceed to the next step.
Note. If the seed words are taken from another wallet, such as the blockchain.info or Mycelium wallet, you need to press “Options” and check bip39. If your seed words are taken from bip39 wallet (i.e. not Electrum), you will see this window below. Just leave the default value (m / 44 ‘/ 0’ / 0 ‘) unchanged and click Next.
Now Electrum asks you to enter a password to protect your wallet file. This action is optional, but highly recommended.
Electrum – This is a very reliable, well-protected option for storing bitcoins. There are several versions of the wallet for other cryptocurrencies, the official ones are only Bitcoin-Electrum, Dash-Electrum and Verge-Electrum.
It is quite popular among users. It is easy to install and very simple to manage. Electrum combines all the advantages of cold storage of cryptocurrencies with ease of use online. The application does not burden itself with a heavy blockchain, but refers to it only to update information.
Here are the main benefits of using an Electrum wallet:
all private keys of the vault are located remotely from the server and are never transferred to third parties;
the application is lightweight and does not take up much space on your device;
a project that can run on various operating systems (Windows, Linux, OSX, Android) and supports integration with hardware wallets (Trezor, Ledger, KeepKey);
the wallet has a high degree of security and an acceptable level of anonymity;
the ability to create highly secure wallets using the TrustedCoin service (2FA, multi-signature).
Among the disadvantages of Electrum are the following:
Paid sets of one-time passwords for the two-factor authentication function (in terms of translation it turns out somewhere around 0.00005-0.0001 BTC for each confirmation);
Verge (XVG), created in 2014 under the original name DogecoinDark, is an open-source coin created by a team of international developers. Verge uses the Tor and I2P anonymity tool for an anonymous network layer to hide the IP addresses and locations of certain transactions. The speed of the border transaction is estimated at 5 seconds due to the use of Simple Payment Confirmation (SPV). The Core QT wallet has built-in TOR integration and SSL encryption that hides users’ IP addresses. The implementation of the Wraith Protocol update allows users to send and receive payments privately through the Verge blockchain, providing hidden addressing services. It is reported that Verge users can switch between private and public registers on the Verge blockchain. Verge offers five different Proof-of-Work mining algorithms – Lyra2rev2, Scrypt, X17, blake2s and myr-groestl.
Electrum (XVG) A lightweight wallet that provides payment security based on the VERGE (XVG) blockchain for ordinary users with easy-to-use software adapted to real needs and applications without requiring downloading the Verge blockchain. The new version of Electrum XVG fixes a connection error to the Verge network.
EVERYDAY USE: Electrum XVG (Verge) provides an easy-to-use platform that allows ordinary users to quickly and efficiently carry out transactions on a blockchain-based network without downloading the entire blockchain.
COMMUNITY DRIVEN: Verge is an open source project that has an active development team from around the world. The development team is always in close contact with the community. Verge is not a private company funded through an ICO or pre-screening.
MASS ADOPTION: Low fees, fast transactions, high volume of circulation and multi-platform support – these are the components that make Verge ideal for mass deployment.
SECURITY: Our network provides world-class features so that our users can send and receive payments quickly, safely and reliably.
The file for windows will be labeled as such. You don’t need the sourcecode.zip. In this example, you only need the 32 or 64 bit zip.
Electrum-XVG-Tor for Windows isn’t really an install as much as it is an «unzip». Simply create a directory anywhere on your hard drive, and unzip.
You will be given an 8 or 9 word seed. Just like it says, it is absolutely CRITICAL that you save this to a safe place.
After you make your initial wallet, I would even try to create a new wallet and use the seed to restore, just to make sure it works.
You should strongly consider encrypting with a pass phrase that’s DIFFERENT from your SEED. DO .. NOT .. GET .. THESE .. CONFUSED. They are different, and you will need BOTH.
Files/Directories of an Electrum Wallet
There are 2 main directories of the Electrum Wallet
The directory where you unzipped the electrum-xvg-tor filesCan be anywhere you want !
The «data directory»
The default data directory on Windows is located at:
*It’s a good idea to make a shortcut to this path
Your Verge Addresses
When you first create the an electrum wallet, you will get 20 new addresses.
-backup the «Wallet» folder under your «data directory» (default at C:\Users\xxYOUxx\AppData\Roaming\Electrum-XVG)
-You should have written this down already in a safe place 🙂
Getting your private keys
Your private keys need to be EXTREMELY secured by you. Anyone with access to your private key(s) will have access to your wallet, no passphrase or seed necessary! Use with extreme caution ! 1) Go to Wallet -> Private Keys -> Export