How Create ELECTRUM Bitcoin Wallet Account With 2-Step Verification. What is the Electrum Bitcoin Wallet?
The Electrum Bitcoin wallet is software that runs on your computer. It is an application that allows you to send, receive and store bitcoins. It also has advanced features that allow you to check your current balance, see a list of transactions, and even maintain several “wallets”. It does this by allowing you to access a bitcoin address on the Bitcoin blockchain. Access to a Bitcoin address is provided by a cryptographic key-pair. The key-pair is a public/private asymmetric cryptographic key. The public key is the receiving address. This is the address you can share with others, so they can send you bitcoins. The private key is the part that allows you to send bitcoins. The Electrum Bitcoin software creates a new key-pair whenever you create a new wallet. It stores the private key on your computer. The private key is protected by on-disk encryption. Electrum will automatically decrypt the private key when you wish to send bitcoins. Access to the private key is also enhanced by a password or your own choosing that you can set when the wallet is created. Best practice is to choose a strong password for your Electrum Bitcoin Wallet.
The Electrum Bitcoin Wallet is one of the most popular Bitcoin wallets for desktops. It has several advanced features that make it robust and flexible. It supports Two Factor Authentication, Multi-sig Wallets, and Cold Storage.
Another unique feature of the Electrum Bitcoin Wallet is that it does not require you to download the entire Bitcoin Blockchain on to your computer (which can be time-consuming and requires a lot of space). It does this by maintaining several Blockchain servers which allow you to quickly access the current state of the Bitcoin Blockchain and the up-to-date status of the wallets you control. This includes your current balances and the transaction history for each of your wallets.
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