SECURE YOUR CRYPTO
Use an Electrum wallet to protect your cash
YOU’LL NEED THIS
ELECTRUM You can get hold of the free
software from https:// electrum.org/#download. BITCOIN HAS GONE FROM BEING the province of a few bored programers to a major investment tool. While a single Bitcoin was worth around $1,000 in January last year, today it’s worth well over 10 times that amount. The prevalence of online exchanges such as CoinBase and Bitstamp have also made it easy for even non IT-literate people to cash in on the crypto-craze.
As a virtual currency, Bitcoin is vulnerable to hackers, which is why anyone interested in investing must have a secure software “wallet” to keep their funds safe. Electrum, which has been around since 2011, is a remarkably powerful and free client for Bitcoin. Not only is the software extremely easy to set up, but it uses powerful encryption to keep your wallet files safe. Electrum also supports creation of a special “seed” of 12 random dictionary words, which you can use to restore your Bitcoins if anything happens to your computer. The simple interface, which is written in Python, can be mastered in a few minutes. If you need to check your balance on another machine, Electrum can also load “watching” wallets, which can display your balance but not make payments