Creating an Bitcoin Wallet Tutorial

Before you begin

You will need to download and install electrum first. You can download it from here. If you are on Windows you should use the windows installer version and not the portable one.

You will need a pen and a notebook (recommended) or piece of paper to write down the seed mnemonic. The notebook will have to be kept somewhere safe once you are done with the installation process so it can’t be a notebook that you use on a day to day basis.

  1. To create a new wallet file you will need to run the new wallet creation wizard. When you run Electrum the first time and it finds that you have no wallet file on your computer it will display the new wallet creation wizard. Alternatively you can explicitly trigger it via file menu > new/restore or via other means.

  2. Enter a unique file name or just proceed to the next step.

    create bitcoin segwit wallet set name
  3. Click on next to see the wallet type selection window:

    create bitcoin segwit set standard wallet

    As you can see Electrum supports different types of wallets. If you are just starting out you should just select "Standard wallet".

  4. In the next step electrum asks you choose where the wallet secret will come from. Select Create a new seed

    create bitcoin segwit set standard wallet

    The seed is a secret that unlocks all your bitcoins. When creating a new wallet you want to let electrum generate a seed for you.

  5. Next electrum asks you to choose the seed type. Just choose Segwit here:

    create bitcoin segwit set standard wallet

    FunnyBit only support segwit wallets and if you choose standard, it will not work

  6. Electrum displays the seed to you as a 12 word mnemonic. It’s important at this stage to write down the seed in a notebook. You must put it down on paper. Don’t keep it on your computer!

    create bitcoin segwit set standard wallet

    Also write down "Software: Electrum" in your notebook below the seed mnemonic. You wouldn’t believe the number of users who forget what software they used!

  7. Electrum will then ask you to verify that you wrote down the seed correctly by typing it back in:

    create bitcoin segwit set standard wallet
  8. You can also set a password to protect your wallet file from other people who might have access to your computer. This is entirely optional:

    create bitcoin segwit set standard wallet
  9. Your wallet has now been created. You should put that notebook in which you wrote the seed down somewhere safe. In case you forget your wallet password or your computer crashes and you lose your wallet file you can still recover access to your wallet using your seed. It also means that anyone else can get access to your bitcoins with just your seed. So put it somewhere safe.

    create bitcoin segwit set standard wallet
  10. You can finally select an address and submit it to FunnyBit. Select "Receive". Electrum have generated your public bitcoin addresses. You can think of these addresses as your bank account number or phone number. You can safely show these to anyone. It will allow people to send you Bitcoin.

    create bitcoin segwit set standard wallet

    Copy the address starting with bc1

  11. Finally click on your username and "Set Bitcoin Address"

    create bitcoin segwit set standard wallet