This is linked to my first post Cryptocurrency and Bitcoin. In this post, I’ll be showing you how to setup Electrum in your laptop or PC so you can have your very first Bitcoin Wallet address.
First step is to download Electrum here. Electrum supports Linux, Windows, OSX and Android. I’m currently using Windows so this guide will be based on that. I’ll be downloading the portable version of Electrum so I can move my wallet later on as needed.
After downloading the file, open and run the application. In the first screen, it will ask you to choose what server to connect to. Don’t worry about this part for now and leave the default choice “Auto connect” selected then click Next.
In the next screen, you will be prompted to enter the name for your wallet. By default, the initial wallet name is default_wallet. I’ll be changing that to myCryptoWallet. You can use whatever name you want. After proving a wallet name, click Next.
In the next screen, you will be presented with options on what kind of wallet you want to use. I’ll try to create some posts about the other options next ime but to keep things simple, lets leave the default choice “Standard wallet” and click Next.
One of the most important part of setting up your first bitcoin wallet is creating the seed. You will need this seed later on to restore your wallet in another laptop or PC in the event that your current hardware stops working. In the Keystore screen you will be prompted to create a new seed or to restore your wallet from an existing seed. I’m assuming you are doing this for the first time, so choose “Create a new seed” then click Next.
The screen you see now shows your wallet seed. Make sure to write down the 12 words shown in your screen. As mentioned earlier, you can use this 12 words to restore and recover your wallet later on. Electrum also allows you to add more words to your seed if you prefer but for this post, lets stick with what is currently provided to you. Again, write down these 12 words as you will be using it in the next screen. Once you have written down and double checked that the 12 words you wrote are correct, click Next.
You will now be asked to type in the 12 words you wrote down from the previous screen. Type the 12 words in order and if everything is correct the Next button should now be enabled. Click Next to proceed to the next screen.
Now that you have entered your seed, keep your 12 word seed somewhere safe. After clicking next, you will now be asked if you want your wallet to be encrypted with a password. This is an optional step but just to add another layer of security to our wallet, enter and confirm your password. Once done, click Next.
Once everything is done, you should see something similar to the image below. Congratulations! You have successfully setup your Electrum wallet . Take note of the red circle in the lower right corner of the application. Just leave your Electrum wallet open and running in the background until it turns green and shows Connected in the lower left of the application.
Now that you have setup Electrum. It’s time to retrieve your wallet address which you can use on your first Bitcoin purchase! From the screen above, click the “Receive” tab. You should see some random letters and numbers with the label “Receiving address”. This is your wallet address which you can share with anyone so they can use to send you bitcoins. This will also be the wallet address that you will be using when you buy bitcoins.
Now that you have a bitcoin wallet. You can now start buying bitcoins!