Electrum Bitcoin client — Set up a hardware wallet in 10 easy steps

Satochip, multi-cryptocurrency physical wallet.
Satochip — Hardware wallet on a smart card.

Table of content

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

Introduction

Step 1 — Download and install the Electrum Satochip client

  • For Windows user (link for version 4.1.5_012, please always download the latest version)
  • For Linux user (link for version 4.1.5_012, please always download the latest version)
Github repository for the Electrum Satochip client.
Github repository for the Electrum Satochip client.
How to make an AppImage file executable.
How to make an AppImage file executable.

Step 2 — Launch the Electrum Satochip 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 — Auto connect.
Electrum Satochip client — Auto connect.

Step 3 — Give a name to your wallet

Satochip — 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 — 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.
A Satochip Bitcoin hardware wallet and its card reader.
A Satochip Bitcoin hardware wallet and its card reader.
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).
Select your hardware device : Satochip.
Select your hardware device : Satochip.

Step 6 — The PIN code

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

Step 7 — Generate and backup your very own seed

Create a new seed.
The Satochip-hardware-wallet.dat wallet personal seed.
The Satochip-hardware-wallet.dat wallet personal seed.
Seed confirmation screen for the Satochip-hardware-wallet.dat wallet.
Seed confirmation screen for the Satochip-hardware-wallet.dat wallet.

Step 8 — Choose your type of addresses

  • Segwit (p2sh or native) : the most recent and supported Bitcoin address format implemented with the BIP141.
  • Legacy : the original address format.
Satochip — The Segwit address seed type.
The Segwit address seed type.

Step 9 — Wallet file (.dat) encryption

Satochip — Set wallet file encryption.
Set wallet file encryption.
Did you see the green Ginkgo leaf on the bottom right ? So your hardware wallet is connected.
Did you see the green Ginkgo leaf on the bottom right ? So your hardware wallet is connected.

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.
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 — Secure the future.
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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