Would you like to create a Bitcoin wallet, but don’t know where to start? This is the article for you! As you continue reading, you will be able to follow an easy tutorial to install the Electrum Bitcoin wallet, directly on your Mac machine.
If you’re looking to create your wallet on a device with a different operating system, visit the Alyon Blog section, and find the right tutorial for you:
1. Install Electrum
To install Electrum, just go to the official website of the software: you find it here. Scroll down the page you can read the main features of the wallet, then click on the “download” button at the bottom.
Now you can choose which file to download, depending on the operating system of the device you are using: in our case, the version for Mac OS X (Note: Electrum requires version 10.13 or higher). Finally, from the download folder open the downloaded file and install Electrum.
2. Create the wallet
Click on the program icon to open a help window for creating a new wallet. Simply follow the instructions to initialize a default wallet.
Electrum offers various types of wallets: standard, with two-factor authentication or multiform. To find out the features of each version you can explore Electrum’s documentation, but for our purposes the standard version is fine.
Continuing, Electrum asks us if we already have a Seed: select “create a new seed” to create one.
Transcribing on paper the 12 words that make up the Seed and keeping them safe is vital. In fact, this set of words is the key to recover the data of your wallet in case of need. Finally, the software requires you to set a password to access the backup file in your computer’s memory.
3. Use the Electrum interface
Your Bitcoin wallet is ready! Now you’re in front of the interface that will allow you to manage your cryptocurrencies: Electrum’s various features are available at the top.
In short, to send bitcoins you have to click on “Send”: just enter the recipient’s address, a description and the amount of bitcoins to send. Vice versa, to receive bitcoins just click on “Receive”: by selecting “New address” your wallet acquires a new address, to be shared in the form of a text string or qr code with those who will send us bitcoins.
Finally, clicking on Wallet>Information, a window will open showing the basic information of the wallet. Here Electrum also shows us the master public key, a very important sequence of characters because:
- It identifies the wallet on the Bitcoin blockchain and allows generating the addresses needed for transactions
- It is required during registration in Alyon!