Read on for steps to install and setup Electrum, or use this guide as a reference for installing another Software Wallet.Electrum is a great Bitcoin wallet for both beginners and advanced users.It is a wallet perfectly suited for daily use of Bitcoin: making purchases online and transferring funds between people.Although it has a simple interface, Electrum is one of the most secure wallets out there.For both of these reasons, we recommend it to all of our users, and we also want to help you setup Electrum correctly.So continue reading for step-by-step instructions and tips to install, secure and setup Electrum, or any other software wallet for that matter.Meanwhile, for an introduction to receiving the first transaction to your wallet, scroll to the bottom of this post.If you have a Bitcoin wallet already, consider reading our guide to buying bitcoins with your credit or debit card, or read our instructions how to pay a CoinGate Bitcoin invoice., install, and run it.You will now undergo the wallet creation process.

Use the default options in the first two screens and select Auto connect and Standard wallet (for a more advanced setup with increased security, choose Wallet with two-factor authentication).Next, Electrum will generate your wallet backup seed – a sequence of 12 words, which allows you to restore your wallet if something unforseen happens to your device.You MUST keep the backup seed secure, as you would keep your bank login credentials.Also, we recommend printing the sequence or writing it down by hand, and storing it safely.bitcoin not taxableTo make sure that you wrote down the backup seed correctly, you will be asked to re-enter the 12 word sequence.bitcoin mining on old pcNext, you will be able to choose a password to encrypt your wallet.4chan archive bitcoin

This password will help protect your bitcoins if someone gains access to your computer or copies your wallet file.This password will NOT be required to restore the wallet from the backup seed, though.After choosing the password, the main Electrum window will open – you are done with setting up.Yet we recommend going to Tools > Preferences > Appearance and changing the Base unit to BTC.This will make Electrum display the transaction amount in bitcoins, whereas the default setting is mBTC (microbitcoins), which can be confusing for new users.bitcoin canada mining poolTo receive bitcoins, open the Receive tab.bitcoin dari a-adsReceiving address is your Bitcoin address and it is something like your bank account number.bitcoin for b2b payments, or simply wish to receive bitcoins from a person, you should indicate this address for payment.ethereum exchange singapore

Upon receiving a payment, Electrum will display a notification.Althouh the risk of Bitcoin double-spends is extremely low, if you do not personally know the person sending you bitcoins, allow the Bitcoin network to confirm the transaction at least once (6 confirmations is often considered the most secure threshold).Unlike your permanent bank account number, you will be generated a new Bitcoin address each time you want to receive a transaction,  This, essentially, increases your anonymity and improves security, because it is much more difficult for someone to track your received transactions.bitcoin tutorIt may seem that this makes your life more difficult; however, it does not.bitcoin reddit traderYou do not really have to care about all these different addresses – you can use the same addresses for receiving payments every time.This may be beneficial, for example, when you wish to see how much money in total you received from a specific person over a longer period of time.

In spite of the number of different addresses you use, you will always see your total balance at the bottom left corner of Electrum.Click here for our step-by-step guide on buying Bitcoin with credit/debit card without registration.Continue reading here to learn about paying a CoinGate invoice.Point Nine Capital announces investment in P2P Bitcoin lending platform Bitbond – 13. August 2014 After going through a credit review process, Bitbond allows global peer-to-peer lending and enables small businesses to raise short and long term Bitcoin loans.Users do not need a bank account for the transaction, pay lower fees and earn higher interest as lenders, the startup explains.To lower barriers for small businesses to receive financing, Bitbond offers crypto-currency Bitcoin.The seed funding round will be used to build a team of programmers, enhance the platform’s functionality and intensify its marketing activities.Bitbond, which was founded in January 2013 in Berlin and launched in July 2013, has facilitated close to 200 loans with users in over 100 countries.

“Our investment in Bitbond is a great fit for our strategy to invest in marketplace models and fintech startups.We are excited to see bitcoin being applied to create an international loan marketplace,” states Pawel Chudzinski, co-founder and Managing Partner at Point Nine Capital.“The founding team has strong expertise in bitcoin, tech and finance, which played a crucial role in our investment decision.” This is Point Nine Capital’s first investment in a Bitcoin startup and represents its confidence in the crypto-currency.Skip to content A major asset to wallet security and ownership is the ability for users to back up their funds.The process and utility behind making a backup has changed since our legacy wallet.It’s also a lot easier.To refresh your understanding of how our new wallet works under the hood, be sure to check out this post.Your Wallet Recovery Phrase (or seed) is a random string of words that you write down and store somewhere safe.It acts as a saved copy or backup of your funds.