![]() Now it’s time to choose where to store the private keys. Select “Standard wallet” and click “Next”. On the next screen, choose the wallet type to set up. To create a new wallet, select “File > New/Restore” in Electrum, enter a descriptive filename and click “Next”. It now displays “See the BitBoxApp”.Įlectrum stores information about wallets in individual files. Plug in your BitBox02 and tap the side to choose screen orientation. The BitBox02 needs to be set up with the BitBoxApp first. In this setup, all private keys are managed by the BitBox02, they never touch any networked device and all your receiving addresses and outgoing transactions can be confirmed on the trusted screen of your BitBox02. This is why it makes sense to use Electrum in combination with a hardware wallet. Storing private keys on a regular computer is not very secure. If you choose manual server selection, provide your connection data on the next screen. The best way to achieve this is to run your own server, either locally with Electrum Personal Server if you already run Bitcoin Core on your computer, as a DIY solution like the RaspiBolt on a Raspberry Pi, or using a commercially available Bitcoin node. This is why we strongly recommend to only use Electrum connected to a server you know and trust. It is safe to assume that blockchain analytics companies run Electrum servers to gather information about Bitcoin transactions and address clusters. It learns about your total Bitcoin holdings and past transactions, and can cluster all your various Bitcoin addresses. You need to trust the server you use to a certain extent. ![]() Instead, it relies on Electrum servers that are indexing the Bitcoin blockchain and provide all relevant information - like transaction details, address balances or fee estimates - to the Electrum wallet. Before going further, let’s quickly examine what Electrum servers are.Įlectrum does not communicate with the Bitcoin network directly. You can either select “Auto connect” and use a random server, or manually select a server. When first starting Electrum, you need to choose the server to connect to. If you want to be sure that you got an official release, follow the instructions to verify the GPG signatures. Double-check the domain name to avoid installing malware. To get the latest release of Electrum, download and install it from the official website. We don’t have control over the development and distribution of the software and can’t provide any guarantees. Note: Electrum wallet is a third-party application. It can be used as a pure software wallet, with the private keys stored on your computer, but it also works very well with many leading hardware wallets. It connects to an Electrum server of your choice and offers many advanced features. The Electrum wallet is a powerful Bitcoin light client for Windows, Mac and Linux. Part 3: BitBox02 multisignature wallet Electrum Part 1: Use BitBox02 with Electrum wallet It is written for advanced users, so we go a bit more into details. In this post we explain how to use the Electrum wallet together with your BitBox02 hardware wallet. ![]() This is the start of our Electrum article series.
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