How to setup a secure Bitcoin wallet | A practical guide for beginners

Setup a secure Bitcoin wallet

Step-by-step guide to setup a secure Bitcoin wallet

My Bitcoin wallet of choice is Electrum Bitcoin wallet. I prefer only two wallets for storing Bitcoins on my computer - Electrum and Bitcoin Core. If you have a lot of patience, 150+GB of free hard disk space and a super fast, unlimited internet connection then you can opt for Bitcoin Core. We will set up a secure Electrum Bitcoin wallet in this tutorial.

Prerequisites:

1. A secure computer system with updated operating system software, updated internet browser and updated anti-virus program. Make sure your computer and all devices connected to the computer’s network are free of any infections. You can go through my safe computing checklist for more details.
2. A secure smartphone with Google Authenticator installed.

Getting Started

Step 1: Download the wallet executable

Step 1: Download the wallet from https://electrum.org/#download for your computer’s operating system.

Step 2: Install the wallet

Step 2: Install the wallet. We have installed the wallet on Windows 10 machine.

Step 3: Create a new wallet file

Step 3: Create a new wallet file. Click Next.

Step 4: Choose“Wallet with two-factor authentication” radio button

Step 4: Choose “Wallet with two-factor authentication” option. Click Next.

Step 5: Read the disclaimer

Step 5: Read the disclaimer. Click Next.

Step 6: Choose “Create a new seed” radio button

Step 6: Choose “Create a new seed” option. Click Next.

Step 7: Save the seed. Never disclose it to anyone else.

Step 7: Save the wallet generation seed that you see on your screen. Save these 12 words and heed the warnings mentioned. Click Next.

Note: Do not share this seed with anyone. You may lose Bitcoins stored in this wallet. Write down these 12 words in a secure location. These are the magic words that will help you recover your Bitcoins if your computer crashes.

Step 8: Confirm seed.

Step 8: Confirm the seed by typing the 12 words generated in the previous step. Click Next.

Step 9: Create a strong password to encrypt wallet keys

Step 9: Create a secure password to encrypt your wallet keys. Click Next.

Step 10: Ensure that your computer system is online

Step 10: Make sure that your computer system is connected to the internet. Click Next.

Step 11: Read the “Terms of Service”

Step 11: Read the “Terms of Service”. Enter your e-mail address. Click Accept.

Step 12: Scan the barcode in Google Authenticator

Step 12: Scan the barcode or enter the key in Google Authenticator app. Enter the Google Authenticator code from app. Click Next.

Your secure wallet is ready for use

Your secure Bitcoin wallet is ready for use.

Appreciate the author’s hard work.