![]() ![]() Native segwit (p2wpkh) This account supports the Bech32 standard and is not fully supported yet, but is supported by the Trezor firmware. p2sh-segwit (p2wpkh-p2sh) This account is similar to the standard account with addresses starting with 3 and SegWit support.legacy (p2pkh) This account is similar to legacy accounts with addresses starting with 1 that do not support SegWit. ![]() Select your bitcoin address format in your wallet account.If you have a seed phrase written down on paper, then select the “I already have a seed” option. Select “Use a hardware device” if you want to use a seed phrase from a hardware wallet. The wallet recovery algorithm is as follows: “Use a hardware device” - use a hardware wallet (Trezor or Ledger).“Use a master key” - use a master key for recovery.“I already have a seed” - when you have a SEED phrase.It is necessary to make it so that unauthorized access to your phrase is practically impossible. Therefore, you should store your passphrase offline. With a seed phrase, you can recover your own password if you ever forget it. In the last step, you can (and should) create a password, but it's not required. The software itself will offer options for autocomplete words. Then you need to enter these words to make sure that you wrote them down or saved them correctly. Now the most important step, because you must remember the following wallet generation data with 12 consecutive words: To create a wallet, select "Create a new seed". The app will now ask: Do you want to create a new seed phrase or restore your wallet using an existing one? You will most likely have to select "Standard". Import Bitcoin addresses or private keys.Įssentially, this is the choice of the type of seed phrase.Then you need to specify what type of wallet you want to create. Now you decide whether you want to open a new wallet or restore the old one. At the beginning of the installation, you are asked how to connect to the server. Until you can change the language, installation is initially in English. How to use Electrumĭouble-click the downloaded file. A warning will appear if your wallet balance is below the fee. All fees are already included in the displayed amount. The total fee is 0.2 mBtc (Millibitcoin), but in some cases it can be reduced to 0.1 mBtc or lower. Two independent encryption methods continue to protect you from any danger. Two-factor authentication provides enhanced wallet security. That is why the application offers the same level of security as the Bitcoin private key. Electrum has a highly secure seed phrase, a random passphrase used to generate keys. Electrum not only ensures that your assets are not lost during unforeseen events, but also allows you to recover them using secret seed phrase.Īccording to update reviews 3, Electrum is the most secure bitcoin wallet due to the encryption methods used to protect private keys. The main highlight of the application is its focus on security. Thus, it has high working speed and safety. Recently, the number of cryptocurrencies has been increasing, but this application is designed purely as a bitcoin wallet. Mobile Compatibility: The Android wallet was released in 2016 for mobile useĮxperts rank Electrum as one of the most secure wallets on the market.Supported exchanges: all major bitcoin exchanges.Over the years, many developers have contributed to the open source code, which is available to everyone on Github. However, Electrum is open source software and there are many forks that support certain altcoins. Thus, neither Ethereum nor Monero is supported in the main version of the application. The project has never supported any altcoins, only BTC. Supports only 1 cryptocurrency - Bitcoin onlyĮlectrum only supports Bitcoin. ![]()
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