![]() ![]() Labels Sync- enable/ disable the option to sync your wallet across devices.Then, you can select any to change your wallet balance in that denomination Denomination- The different denominations are BTC, mBTC, bits, and sat.Many languages are available, if you want, you can select any Moreover, from the Settings page, you can check the below parameters: Then, you can now check your newly created wallet in the Wallets section. Select the kind of wallet (new, existing).Select the type of wallet you wish to create (Standard wallet, Multi-sig wallet, etc).So, follow the below steps to create a wallet: Therefore, this will create a new wallet with the different key phrases. Then, if you wish to create another wallet, you can do that by clicking on the New button. In addition, under the Wallets section, you can check the wallet that you have created. Then, once you are satisfied, confirm the process. A window will appear where you can check the ETA and mining fee required for the process. To transfer BTC from your Electrum wallet, you need to fill in the below details: Here you can see the list of all unused addresses that you can use to receive BTC. The sender can send any amount to the address. Note: The amount that you enter is only for your reference. Then, you can see your submitted request at the bottom. Now, in Receive tab, you can see a few fields:įill the Amount, and description field. Then, you can change the expiration date to Never. However, the process of getting the receiving address is not easy as any other network.įirst, go to the Receive tab. Then, to receive BTC in your wallet, you need the receiving address. Source: Electrum How to Receive Funds on Electrum Wallet Once done, you can see the landing ( History) page. The application will now prompt you to set your wallet’s password. ![]() Or if someone gets access to it, they can steal your assets. If you lost access to it, you won’t be able to get your funds back. Note: A 12 or 24-word backup phrase is important to recover your account and its associated funds in the future in case you lost your device. Next, the application will show your 12-word backup phrase, and ask you to verify your key phrase. New users who wish to create a new wallet need to select this option. Once you provide the key phrase correctly, your account will be imported. This option requires you to enter the 12-word backup phrase. All they need to do is to select option 2 i.e I Already Have A Seed. Then, existing users can again set up their accounts on different devices by using the seed phrase. The First option i.e Create A New Seed will let you create a new Electrum wallet. Next, you will find the below options for wallet setup: If you want to create a simple wallet, then go for Standard Wallet. On the other hand, to setup your electrum wallet, you need to select the kind of wallet that you wish to create. Import Bitcoin address or Private keys- Wallets are created using private keys generated by other software.This method is also secured as it requires more than one person to approve a transaction. When a transaction is triggered, it needs to be signed by the minimum number of owners (specified during setup) to approve the process. You can install the Electrum wallet on multiple devices (having different private keys, different or same owner). And also the minimum number of signatures required to approve 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. Multi-signature Wallet- A multi-signature wallet requires approvals from multiple users to sign a transaction.Therefore, this method is considered the most- secured method as the code is randomly generated. Users need to provide the security code generated in their Google authenticator application whenever he/she initiates any withdrawal/address whitelisting activity. Wallet with two-factor authentication- Requires the users to set 2FA.Standard Wallet- Uses single private keys for each address.Then, we will now explain the different wallet types in detail so that you can decide what wallet type you need: Now, click on Install, and the application will get downloaded to your device. ![]() Search for the Electrum Application on the Google PlayStore. 1) How to Install the Electrum Wallet on Android Therefore, users will get the option to download the application for different Operating systems. Now, you need to click on the Download button appearing at the top of the page. Therefore, users are advised to download version 3.3.4 or above for secure transactions. Then, on the main page, you may notice a warning message regarding the application versions that are prone to a phishing attack.
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