These words should be kept on paper or preferably on one of Privacy Pro's Billfodl steel backup devices. If someone hacks your phone or finds the recovery phrase, they can take all your coins on the wallet. Do not screenshot the recovery words either. Never write down these words on an internet connected device like your phone or laptop (or any electronic device). You can also connect an existing hardware wallet, such a Ledger or Trezor, and use Electrum as your wallet managing software - option 4. If you are restoring an old wallet (because you lost it or it was stolen or destroyed), then you can do so via either a recovery phrase (12 to 24 words usually) - option 2 - or from a master private key - option 3. If you really want to create a new wallet, then you will choose ‘Create new seed’ - option 1. In most cases you will choose standard here (unless you know what the other options mean and specifically want that kind of wallet). Since Electrum allows you to have several different wallets within the desktop app, you need to give each wallet a name. If you are using Windows, Windows may try to block the download, so just hit ‘Details’ then ‘Run Anyway’.Īfter downloading the executable, open the. Select the version of Electrum made for your operating system: There are also fake Electrum sites as well. There are many third party websites that may be hosting a version of Electrum wallet that’s been designed to steal any Bitcoin that gets sent to it. Never follow hyperlinks on websites or emails. You should type this URL into your browser address bar manually so you know you are going to the real. Head to and select ‘Download’ in the top right menu bar. The first step is to download Electrum directly from the official website. People holding Bitcoin who want a feature rich wallet with lots of privacy settings will find Electrum useful. There are no animated guides or walkthroughs and the GUI has not changed much since the wallet was introduced nearly a decade ago. It’s meant for cryptocurrency traders and investors who already know how Bitcoin works. Who is Electrum Wallet Good For?Įlectrum isn’t designed for people just joining the blockchain space. With that in mind, it can be helpful to look at what type of cryptocurrency investor the Electrum wallet is designed for. You should always do research before downloading or installing any Bitcoin wallet. If you decide to use a QT wallet, you will most likely want to use it on a regular basis or it could take an hour or more (depending on how long it has been since you opened your wallet last) to download the latest blockchain updates.Large amounts of bitcoins should not be stored on your Electrum wallet! If you want the most secure Bitcoin wallet then you will need to use a hardware wallet like the Ledger Nano X or TREZOR. If you are using a QT wallet, make sure your device has enough extra storage to handle it.Įvery time you open your QT wallet, the wallet will synchronize and download the latest blockchain data to your computer. Currently, the Verge blockchain is ~1GB and will continue to climb as more users make transactions. In other words, your computer must download a record of every single Verge transaction that has ever occurred. QT wallets require that you download the entire Verge blockchain to your computer. Per Wikipedia, the toolkit was named QT because "the letter Q looked appealing in Haavard's Emacs typeface, and 't' was inspired by Xt, the X toolkit". It allows developers to write code in C++ and then release their software to various software and hardware platforms. QT is a cross-platform application and UI framework for developers using the C++ programming language. For more general questions about Electrum, please go to their FAQ page. The SPV technology allows average transaction confirmation times to drop to ~5 seconds (instead of ~30 seconds for non-Electrum). Electrum wallets use a technology called, Simple Payment Verification (SPV), that verifies transactions on the Verge blockchain without needing to download the entire blockchain. What Is an Electrum Wallet?Ī Verge Electrum wallet is a wallet that is focused on speed and low resource usage. Verge has forked the Electrum wallet codebase and updated to have it work with the Verge blockchain. What Is Electrum?Įlectrum is an open-source Bitcoin lite wallet solution. For everyday users, we recommend you download an Electrum wallet, e.g. Wallets Where can I get help with wallet issues?Please visit this site for assistance: Verge Zendesk Which Verge Wallet Should I Use?įundamentally, there are two types of Verge wallets you can use QT and/or Electrum.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |