Today we will discuss how to setup the Electrum Bitcoin wallet on your Microsoft Windows computer. First we need to open our web browser, and navigate to the Electrum website at electrum.org. When loaded, you will see a download link in the top menu. Click download. Under “Easy installation” click “Windows Installer”. Once your download is complete, locate your download and run the program. Then click install when prompted. When completed, click close. Our Electrum wallet is now installed. Now, either from your start menu or from the icon placed on your desktop, open the Electrum program so we can begin to setup our new wallet.
Upon startup you will see a wallet name and the option to choose a wallet file. We will ignore these options for now and click “Next” at the bottom right. On the next screen Electrum will ask what type of wallet we want to create. For us new and basic users, we will simply use the default selected “Standard wallet”, and then click “Next” at the bottom right. A “seed” is essentially a wallet backup. We want to create a safe and reliable backup in case something happens to our program, or even your computer itself. If something did happen to our program or computer, we would use this same screen we are on to recover our wallet. However, since we are creating a brand new wallet, we will leave the default option “Create a new seed” selected, then click next at the bottom right. When asked for the seed type, we will leave the default option “Standard” selected, then click next at the bottom right.
This next step is very important. On your screen you will now see 12 random words. This is your seed, your bitcoin wallet backup. DO NOT print out these words. DO NOT copy and paste these words. Get out a pen and paper and write these words down by hand. To be safe, I recommend writing these down two or three times on different pieces of paper. Any one who has a copy of this backup will be able to spend your bitcoin from your wallet. Its very important to keep this backup in a safe place or in multiple safe places. Some ideas for safe storage of your backup would be, for example, a fire safe, gun safe, safety deposit box at a bank, even under your mattress. You need to store this backup in a secure location. Personally, I store mine inside an envelope inside a fireproof safe, along with other valuables such as my car title. After you have wrote down your backup words, click “Next” at the bottom right.
You will now be asked to retype your backup words to make sure you have them written down correctly and in the right order. Again, please DO NOT copy and paste your words. After you have retyped your works, click “Next” at the bottom right. You will now be asked to add a password to your wallet. This is recommended to help prevent any bad programs installed on your computer from having easy access to your wallet. Pick a password you can remember, or pick a new password and write it down on your backup paper(s). When finished, click “Next” at the bottom right.
Your wallet is now setup. You can access your bitcoin receiving address under the receive tap. Similarly, you can now send bitcoin you have received under the send tab. Please view our other videos for more tutorials for the Electrum wallet.