![]() ![]() Example: you can restore a Trezor BIP39 mnemonic in iOS BreadWallet, but due to missing support of BIP44 in BreadWallet, the funds cannot be recovered there. There is also the BIP32 keypath which can be different among wallets. It's used by KeepKey, Ledger, Trezor, Bitpay/Copay, etc.Įlectrum uses a different – more flexible – mnemonic backup concept which is incompatible with BIP39. Now that we know how to use the Electrum Bitcoin wallet and how safe is the Electrum wallet, we’re coming down to why should you choose the Electrum wallet, even though it supports just one cryptocurrency, Bitcoin.Some use BIP39 (mnemonic) which lacks a flexible wordlist and versioning. The Bottom Line: Why Choose Electrum Wallet? How can we be so sure about Electrum wallet’s security? You must remember that the lower the fee, the slower will be the transactionĮlectrum wallet is one of the safest crypto wallets available in the market. Under the ‘Amount’section is the ‘Fee’ tab, where you must adjust the bar to determine the transaction fee you’re willing to pay.Next, type out the amount you want to send.Copy the recipient’s address and paste it into the ‘Pay To’ section. ![]() Choose the ‘Send’ option from the Electrum window.If you want to receive crypto from an exchange, you have to paste the public key in the ‘Send Address’field under the option to withdraw on exchangeĪdditionally, you can use QR codes if you are using the mobile app.Copy your public key from the ‘Receiving Wallet’ option.Choose the ‘Receive’ option from the Electrum window.Now on to the next step- receiving and sending cryptocurrency using your Electrum wallet: Receive Crypto Next, click ‘Autoconnect’ if this is your first Ethereum wallet and finally tap ‘Next’.After your backup phrase is set, you now have to set a wallet password.For confirmation, you have to re-enter the seed phrase in the next step as well This seed phrase will be the key to your wallet in case of a computer failure. ![]() The computer will show you your 13-word seed phrase which you must write down (in the order it is shown).
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