Electrum Bitcoin client — How to use in 10 easy steps

Satochip Bitcoin hardware wallet.
Satochip Bitcoin hardware wallet.

Table of content

  1. Step 1 — Download and install the Electrum client
  2. Step 2 — Launch the Electrum 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 — Choose your type of addresses
  7. Step 7 — Generate and backup your very own seed
  8. Step 8 — Wallet file (.dat) encryption
  9. Step 9 — Send and receive Bitcoin
  10. Step 10 — Backup your Bitcoin wallet

Introduction

Step 1 — Download and install the Electrum client

Satochip Electrum — Client download section.
Electrum client download section.
Satochip Electrum — How to make an AppImage file executable.
How to make an AppImage file executable.

Step 2 — Launch the Electrum wizard

  • The client will automatically choose the best server for your needs.
  • If a server is down, it will switch automatically to another .
  • You need to trust ElectrumX server node operator.
  • It learns about your total Bitcoin holdings and past transactions, and can gather all your past Bitcoin addresses.
Satochip Electrum — How do you want to connect to a server.
Electrum — Auto connect.

Step 3 — Give a name to your wallet

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

Step 4 — Create a new wallet

  • Standard wallet : a deterministic wallet with a single private key behind each address and no extra security option.
  • Wallet with two-factor authentication : this is a standard wallet with an extra security option. A remote server acting to co-sign transactions, adding another level of security in the event of your computer being compromised.
  • 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 addresses or private keys : this option will allow you to retrieve a Bitcoin wallet from private keys or create a “watch-only” wallet if you specify one or more Bitcoin addresses.
Satochip Electrum tutorial — Create a new standard wallet
Create a new standard wallet.

Step 5 — The keystore

  • Create a new seed : this will generate a new mnemotechnic passphrase (BIP32 and BIP173 compliant) for you. Note : new seed generated by the Electrum client does NOT support BIP39 (you can import an existing BIP39 seed but you cannot generate a new one).
  • I already have a seed : choose this option if you already have a mnemotechnic passphrase and want to use it.
  • Use a master 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 Electrum — Create a new seed.
Create a new seed.

Step 6 — Choose your type of addresses

  • Segwit : the most recent and supported Bitcoin address format implemented with the BIP141.
  • Legacy : the original address format.
Satochip Electrum — Choose Seed type
The Segwit address seed type.

Step 7 — Generate and backup your very own seed

Satochip Electrum — Generate a personal seed.
The Satochip.dat wallet personal seed.
Satochip Electrum — Confirm your personal seed.
Seed confirmation screen for the Satochip.dat wallet.

Step 8 — Wallet file (.dat) encryption

Satochip Electrum — Wallet file encryption.
Wallet file encryption.

Step 9 — Send and receive Bitcoin

Satochip Electrum — Electrum history tab.
Electrum history tab.
Satochip Electrum — Send tab.
Electrum send tab.
Satochip Electrum — Electrum receive tab.
Electrum receive tab.

Step 10 — Backup your Bitcoin wallet

  • Your seed as shown in the Step 7. You can write it on a sheet of paper and store it on a secure physical vault.
  • The password (if set) of your encrypted .dat wallet file as shown in the Step 8.
  • Your .dat file as shown in the Step 8. The default path where the wallet files are stored is : ~/.electrum/wallets.
Satochip Bitcoin hardware wallet on a smart card.
Satochip Bitcoin hardware wallet on a smart card.

More information about Electrum

More information about Satochip

Satochip logo
Satochip — Secure the future.

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

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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

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