Electrum
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Established in 2011, Electrum Wallet is one of the most used non-custodial Bitcoin wallets. It is an open-source, collaboratively developed software that reflects a robust and community-driven approach to managing digital assets.
How to Sign Up at Electrum Wallet
Before you begin using Electrum for deposits and withdrawals from crypto betting and gambling sites, you will first need to download and install Electrum and set up the wallet.
- Visit the official Electrum website and click on “Download Electrum”
- Select the operating system (Android, iOS, Windows, Linux)
- Run the new wallet creation wizard and set up the wallet
- Create a new seed and write it down, preferably in a notepad
- Verify the seed
- Set up the password
- Finalise the wallet set-up
Using an Electrum Wallet for Crypto Betting
Since its inception, Electrum has only supported Bitcoin, and this remains the case today. However, even though it can only hold BTC, it can still be used for betting on online crypto-betting sites – as long as they support Bitcoin deposits.
To use Electrum for online crypto betting, you will have to learn how to send Bitcoin from the wallet to the online crypto betting site. And the process is no different than with any other crypto wallet.
- Visit the online crypto betting site you want to deposit Bitcoin on
- Click on “Deposit” and pick Bitcoin as your preferred crypto
- Copy the address
- Open Electrum wallet
- In the “Pay to” tab, input the address
- Input the amount you want to send
- Click on “Pay”
- Choose the fee by moving the slider
- Complete the transaction
Since Bitcoin transactions require a fee, you will have to use the slider to set a fee based on market conditions. By moving the slider to the left, you can reduce the cost, and by moving it to the right, you can increase it.
A higher fee will result in quicker transactions and vice versa, and the fee will be deducted from the wallet balance when the transfer is complete.
Buy & Sell Crypto at Electrum Wallet
Electrum Wallet is a simple wallet designed to store Bitcoin. It does not include any functions that would allow users to buy or sell crypto from it. You can buy Bitcoin on an excahange and send it to Electrum for safe storage, but nothing beyond that.
While Electrum offers no option to sell Bitcoin, you can transfer your Bitcoin to an exchange and sell it there. Although less convenient than other wallets, which offer a more straightforward way to convert BTC and other crypto into fiat, the added step is hardly a huge inconvenience.
Electrum Wallet FAQ
Can you use Electrum Wallet for betting?
Yes, Electrum Wallet can transfer cryptocurrency to and from any online betting and gambling sites, making it a solid choice for online betting activities. However, it only supports Bitcoin
Can you buy and sell crypto at Electrum Wallet?
Electrum Wallet was made only to store Bitcoin and does not include any features that would allow users to buy and sell crypto from it. However, it is possible to transfer BTC from Electrum to an exchange and sell it there.
Is Electrum Wallet safe?
Electrum is a safe cold storage wallet in which the private keys are never exposed. It is a secure option and one of the top choices for anyone who wants to keep their BTC safe.
