Electrum wallet tutorials
After the installation is completed and you can see the pi raspberrypi: The followed by on Ubuntu Make sure you are completely offline, all possible connections are cut off Turn OFF the Wi-Fi and Bluetooth and only then, in the terminal, write:.
Well by default Electrum Bitcoin Wallet looks for a connection to the Internet and to the Bitcoin network and -o means we command electrum to open in the offline mode. A window will open signaling the creation of a new wallet. Encrypt the wallet with a strong password, write down the seed and NEVER use a text doc to just copy and paste the seed. Your seed is your key to your wallet basically — If the wallet happens to get corrupted or you lose your password, you can restore your wallet with this SEED.
Wait for Electrum to generate the wallet and after the process is completed you will have a view of your empty wallet. Go to your day-to-day computer connected to the Internet, install Electrum Bitcoin Wallet on that computer, and open the program afterwards. Choose the following options in the wizard Standard Wallet What kind of wallet do you want to create? Click next and wait for this pop-up to appear:. Take a peek from time to time in case your forgot the balance and receive bitcoins; you can ONLY send funds if you decide to use your Raspberry Offline Wallet.
But how do you send funds since the Raspberry Wallet will forever remain offline, you wonder? There you will see how you can create an offline and watch-only wallet as presented above and how you send bitcoins by creating unsigned transactions and signing them using your Raspberry Pi wallet.
If you want to install the Electrum Bitcoin Wallet, open the terminal the prompt icon in the top bar and go ahead and write: In our case we need something called python-qt4 and python-pip required for Electrum to run properly. If you want to install Electrum Litecoin Wallet, go to their website, click Download and follow the steps in the Linux box one line at a time: Wait for the entire installation to be completed.
Make sure you are completely offline, all possible connections are cut off Turn OFF the Wi-Fi and Bluetooth and only then, in the terminal, write: Click next and wait for this pop-up to appear: I must repeat that this is not actually a pure air-gapped offline wallet since you have to connect to the Internet, download and install Electrum and its dependencies.
That means the system can be compromised. If you found a way to download and install Electrum offline on the Raspberry Pi, thus creating a pure air-gapped wallet, please leave a comment below explaining how you did it. That being said, the chances of compromising the wallet just by downloading and installing Electrum are very slim. The seed can be represented as a word mnemonic code. You do not need to perform regular backups, because your wallet can be recovered from the seed that you can memorize or write on paper.
What is the gap limit? The gap limit is the maximum number of consecutive unused addresses in your deterministic sequence of addresses. Electrum-LTC uses a gap limit to stop looking for addresses. This is set to 5 by default, so the client generates new addresses until 5 unused addresses are found.
When you freeze an address, the funds in that address will not be used for sending litecoins. You cannot send litecoins if you don't have enough funds in non-frozen addresses. The best way to switch to Electrum is to send all the litecoins you have on your old wallet to one of the addresses on your Electrum wallet. This way you'll have all your litecoins secured with your seed. Older versions of Electrum could import private keys from another client, but then you had to backup those keys separately, as they could not be restored by the Electrum seed.
Where is my wallet file located? What is a blockchain? A blockchain is a long record of every single transaction ever made. Each litecoin traded for a good or service is marked on the ledger with a transaction id and the origination and target wallet addresses. This server is provided courtesy of ByteSized Hosting. Website design by Frank Tudor.