Among the wallets that currently exist for cryptocurrencies, electrum is one of the most secure for Bitcoins. This is because it makes it possible to save the private key on the computer. It also allows you to keep it on a pen drive or hard drive, hence its security level. On the other hand, it offers the recovery of the wallet through a method that uses words. It is in case it is deleted from the computer. In this guide, I will discuss how to send bitcoin from Coinbase to electrum
There are different Bitcoin wallets, but the Electrum wallet is the fastest and even comfortable to use. This wallet is especially for computers of the light class. That is, it downloads only part of the blockchain. When you do not have experience in cryptocurrencies, something that puzzles us is selecting the wallet. However, this article will help you choose one, and you will deposit your cryptocurrencies.
How to Send Bitcoin from Coinbase to Electrum
Remember that electrum as a bitcoin wallet has been in operation for quite some time. Since 2011 its main goal has been to give users real power over their funds.
Also, this software allows you to generate other bitcoin wallets from a Seed and make movements online.
It is straightforward to send bitcoins from Coinbase to the Electrum wallet.
Steps for sending bitcoins from Coinbase to electrum
- First, you have to log in to Coinbase.
- On the left-hand side, there is a menu. Click on the send/request button.
- There, you will be presented with a form.
- Enter the bitcoin address to which you want to send the money or an email address.
- In our case, that address will be electrum bitcoin, and that’s it.
The security of coin acceptors is reduced by increasing their speed. Thus the ease of use influences the security also by decreasing it.
This wallet has some advantages:
- It allows saving the private keys in the computer.
- If it is deleted, it will enable to restore it using the Seeds.
- This is very secure and very easy to use.
- It can be configured for portable and PC.
- It allows the signing of offline transactions.
- As it downloads only part of the blockchain. It becomes more insecure. However, it becomes faster.
- Compared to other wallets such as paper wallets for Bitcoins or physical wallets, it makes it less secure.
Uses of Electrum
To make payments between friends or businesses, you can keep small amounts in cell phone wallets. Now in physical wallets, you can store Bitcoins that will be used only in the long term.
This wallet is used to receive payments from different online stores and store money used in the medium term. From the electrum wallet, Bitcoins can be sent to the cell phone to get cash. If you want to save money, you can send them to the physical wallet.
- To install it on your computer, download the program for this wallet.
- Go to electrum.org and download the version that matches your operating system.
- You will also select the portable or PC option.
- Now start the installation of the program as you would do with any other program.
- Contact with the server choosing the preference. To download the final sections of the chain, you must connect to a server.
- To do this, you can leave it in Auto connect. However, to select when it relates, choose Select server manually.
- Generate the seed.
Here there are two options: use the seed or generate a new one.
Before creating the wallet, the seed must be written on paper to be well saved. The origin is different words that will make it possible to recover the purse. This recovery is in case it is deleted from the computer.
- When you have a wallet and you want to restore it is when you use the seed.
- When you want to create a new purse is when you must make a new seed.
This installation is more straightforward, and for which, you will need to download the portable version. It is then saved on a hard disk and opened. The method is the same as you create the seed and password, and then write it down on a piece of paper.
It is essential to be aware that electrum is an excellent alternative for any user. Whether or not you have experience in handling cryptocurrency wallets. That is why you should review the advantages disadvantages, as well as how the electrum works. This way you will choose whether to use it or not, without having doubts about it.
Hope you have learned the procedure to Send Bitcoin from Coinbase to Electrum. As I mentioned earlier, there are actually three types of Bitcoin wallets that people use but today we will focus on just one type -the software or hardware wallet. The other two types include paper wallets (which are simply printing out your public and private keys) and online web-based wallets which store your coins on servers owned by someone else.
One advantage of using a software or hardware wallet is that they don’t require any third-party access so if you lose them then nobody can take them from you. I am looking forward to hearing your thoughts on this article in the comments section below. If you think that others may find it helpful, please share it with them!
I am Lavinia by name and a financial expert with a degree in finance from the University of Chicago. In my blog, I help people to educate by making wise choices regarding personal investment, basic banking, credit and debit card, business education, real estate, insurance, expenditures, etc.