How To Create A Safe 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:

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.
A secure smartphone with Google Authenticator installed.

Getting Started

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

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

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. 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 an y one. 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 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". 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 Bitcoin wallet is ready for use.