Electron Cash client — Set up a hardware wallet in 10 easy steps

Satochip — Hardware wallet on a smart card.
Satochip — Hardware wallet on a smart card.

Table of content

  1. Step 1 — Download and install the EC client
  2. Step 2 — Launch the EC wizard
  3. Step 3 — Give a name to your wallet
  4. Step 4 — Create a new wallet
  5. Step 5 — The keystore
  6. Step 6 — The PIN code
  7. Step 7 — Generate your very own seed
  8. Step 8 — Backup your very own seed
  9. Step 9 — Derivation path
  10. Step 10 — Backup your Bitcoin Cash wallet

Introduction

In our previous article, we explained you how to setup a Bitcoin Cash wallet using the Electron Cash client. An easy to use step-by-step guide with the following conclusion :

Step 1 — Download and install the EC client

The Electron Cash (EC) client is available on Windows (7 edition and higher), Linux (Ubuntu, Debian, Manjaro…) and MacOX. If you want you can also run it from the Python sources.

Satochip — Electron Cash client download section.
Electron Cash client download section.
Satochip — How to make an AppImage file executable.
How to make an AppImage file executable.

Step 2 — Launch the EC wizard

At the first start, the Electron Cash client will ask you whether you want to connect automatically to the remote ElectrumX servers or select it manually.

  • If a server is down, it will switch automatically to another .
  • It learns about your total Bitcoin Cash holdings and past transactions, and can gather all your past Bitcoin Cash addresses.
Satochip — Electron Cash — Auto connect.
Electron Cash — Auto connect.

Step 3 — Give a name to your wallet

The Electron Cash client will save several information on a local .dat extension file on your personal computer. This file will contain public keys as well as your transaction history, user labels… The default wallet file is called default_wallet, which is created when you first run the application and is located in the /wallets folder, inside the datadir.

Satochip — Give a name to your wallet file.
Give a name to your wallet file.

Step 4 — Create a new wallet

Electron Cash supports many types of wallet :

  • Multi-signature wallet : a common use-case for this is if you want to collaboratively control funds; maybe you and your friend run a company together and certain funds should only be spendable if you both agree. Another one is security; one of the wallets can be on your main machine, while the other one is on a offline machine. That way you make it very hard for an attacker or malware to steal your coins.
  • Import Bitcoin Cash addresses or private keys : this option will allow you to retrieve a Bitcoin Cash wallet from private keys or create a “watch-only” wallet if you specify one or more Bitcoin Cash addresses.
Satochip — Create a new standard wallet.
Create a new standard wallet.

Step 5 — The keystore

Note : A seed phrase, seed recovery phrase, backup seed phrase or mnemotechnic passphrase is an ordered list of words needed to recover Bitcoin Cash funds. Software wallet like Electron Cash will typically generate a seed phrase and instruct the user to write it down on paper. If the user’s computer breaks or their hard drive becomes corrupted, they can download the same wallet software again and use the paper backup to get their bitcoins back.

  • I already have a seed : choose this option if you already have a mnemotechnic passphrase and want to use it.
  • Use public or private key : choose this option to create a “watch-only” wallet or configure a multi-signatures wallet.
  • Use a hardware device : choose this option if you want to store your private keys in a secure, offline, trusted device called a hardware wallet.
Satochip — A Satochip hardware wallet.
A Satochip hardware wallet.
Satochip — Use a hardware device to store the keystore (and the private keys).
Use a hardware device to store the keystore (and the private keys).
Satochip — Select your hardware device : Satochip.
Select your hardware device : Satochip.

Step 6 — The PIN code

The Satochip hardware wallet comes with an extra security feature : the PIN code; just like your bank card. Access to private keys (creation, derivation and signature) is enforced through the use of the PIN code (up to 16 char). This access control is needed every time you want to use the wallet. If a wrong PIN code is entered multiple time, the chip card get bricked. Even if you card is lost or stolen, your funds remain SAFU!

Satochip PIN code is an extra security feature.
Satochip PIN code is an extra security feature.
Satochip — And repeat it twice.
And repeat it twice.

Step 7 — Generate your very own seed

This is an important step while creating a new Bitcoin Cash wallet : the seed. ❗️Please pay attention❗️

Satochip — Create a new seed.
Create a new seed.
The Satochip.dat wallet personal seed.

Step 8 — Backup your very own seed

Because your seed is the most important thing, the Electron Cash client will ask you to type it twice (copy-paste does not work).

Seed confirmation screen for the Satochip.dat wallet.

Step 9— Derivation path

A derivation path is a piece of data which tells a Hierarchical Deterministic (HD) wallet how to derive a specific key within a tree of keys. Derivation paths are used as a Bitcoin standard and were introduced with HD wallets as a part of BIP32.

Electron Cash derivation path for standard hardware wallet.
Electron Cash derivation path for standard hardware wallet.

Step 10 — Backup your Bitcoin Cash wallet

At the end, what do you really need to backup in order not to loose your precious Bitcoin Cash or restore your wallet to another personal computer or use another Satochip card ?

  • The derivation path as shown in step 9. At least if you change it and do not use the one suggested.
Satochip Bitcoin Cash hardware wallet on a smart card.
Satochip Bitcoin Cash hardware wallet on a smart card.

More information about Satochip

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👾 Check out our website
🔨 Take a look at our GitHub

https://satochip.io
Satochip — Secure the future.

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Satochip

Satochip

Open source and affordable hardware wallet on smart card. More information on https://satochip.io — Follow us on Twitter : @SatochipWallet