Last updated on July 17, 2019
Bitcoin is a peer to peer digital cash, if you want to own a bitcoin then you need to create a bitcoin wallet. In this guide provides step by step explanation to create your first bitcoin wallet right way. There are many bitcoin-related wallets but Electrum desktop wallet is one of the best bitcoin wallets. If you don’t have any idea about cryptocurrency wallets refer Cryptocurrency wallet basics
Let’s dive into the creating Bitcoin wallet,
Step 01: Download and Install Electrum
Type Electrum.org on your address bar of the browser, click download tab of the top menu bar of the site. Then find out ” Sources and Binaries ” section and under that click on ” Windows Installer “. Also, Electrum wallet available for other OS types such as Mac and Linux.
After download completed, Click and run the “electrum-version-setup” file. Then New popup window will appear and select wallet installation directory then click the install button. Let software to install and after completing click close button.
Step 02: Setup Electrum wallet
After installing completed, click Electrum desktop icon and open it. In the fist window, you can select a server connection type, Let select ” Auto connect” then click next button.
Next window, select your wallet file location in your computer straightly and change the name if you want, then click next button.
Next window, select “standard wallet” but the recommended method is a wallet with two-factor authentication method then, click next button.
Next window, choose “create new seed”. Here the seed is a kind of password or key phrase which is used to recover the wallet when a computer or operating system going to failure.
Next window, you can select “legacy type” and click next.
In the next window, the software will generate your seed and write it down correct order or take a screenshot. Seed store in electronically not recommended method. Then click next button.
In the next window, confirm the wallet seed, type seed on the text area. When typing the word drop-down list will come and select a suitable word. then typing finished click next.
Next window, type the password you can remember. This password is typing to encrypt the wallet here wallet setup finished. In the first time, only the wallet window will come automatically. After that, you need to password to signing to the wallet.
Step 03: Basic wallet operations.
Receive bitcoin: If you want to receive bitcoin from other wallet or cryptocurrency exchange click the “Receive” tab in the top secondary menu. There is receiving address which can be copied and send to other people or you can publicly use to receive the bitcoin to your wallet. There is a QR code which also reflects receiving an address. This wallet generates multiple public keys if wanted. Click the new button to generate a new address and these addresses not expired anytime.
Send bitcoin: If you want to send the bitcoin to other select the “Send” tab of the secondary menu. Type or copy and paste the receivers address on “Pay to” section. Then write any description on the “Description” section. Then select the amount you want to send. If you click the “Max” button the entire amount will be sent. Then select the transaction fee( Transaction fee is a net cost to send that amount of bitcoin). recommend selecting middle fees. Finally, click the “Send” button. If you make any cryptocurrency transaction double-check the address because you can’t reverse the particular transaction.
If you want to check the transaction history of the wallet, Click the “History” section.
Conclusion: Bitcoin wallet is very important when using cryptocurrency. In this article provides necessary information to create a bitcoin wallet step by step using Electrum. If you have any question please comment it down.