How to backup your Electrum wallet? How do you fix Verge XVG Electrum Wallet Sync Not Connected Issue?
The electrum wallet is an essential and easy-to-use Bitcoin wallet. It was launched in November 2011. It is one of the most seasoned Bitcoin wallets available, and it’s also among the most reliable. Its Electrum Bitcoin wallet only stores Bitcoin, and it does not support another cryptocurrency. That includes all of the Bitcoin forks (such as Bitcoin Cash). However, some cryptocurrency users have modified the Electrum software to help various BTC forks.
Forks in cryptocurrency are an unintended split in the cryptocurrency network. They happen when a party wants to alter how the system operates. Forks are hard to fork result in an entirely brand new form of cryptocurrency. Bitcoin Cash comes as a fork of Bitcoin, the most famous example of a fork.
How to backup your Electrum wallet?
When creating an Electrum wallet, you are shown 12 random seed mnemonic or seed words. The seed is ultimately all you need to recover access to your bitcoins. It is imperative to write it down on paper and somewhere safe. You may write it down in a notebook on the wallet creation page because loose pieces of paper can get lost.
However, it is possible to access your bitcoins after restoring your wallet from seed. It applies if you also want to recover access to your wallet metadata, and you need to take additional steps. By metadata, your transaction and address labels/descriptions and the addresses saved in your contact book.
If you care about both the labels and the contacts, you should periodically back up your wallet file. You can manually backup your wallet file via file menu > save backup (“save copy” in older versions). Alternatively, you can automate this by having your backup program grab the wallet files from the Electrum wallet directory. Note that wallet file backups should be protected because anyone with access to them can potentially spend your bitcoins. The password you set via the wallet menu encrypts the wallet file. It can provide some protection but denying potential attackers access to the wallet file is even better. Therefore IMO backing up your wallet file to a removable drive is better than backups to the cloud.
You can enable the label sync plugin if you only care about the labels and don’t mind a minor loss of privacy. You won’t need anything more than the seed when restoring your wallet in future. Electrum will grab your labels from the remote server.
Verge XVG Electrum Wallet Sync Not Connected
Electrum can be utilized as a multi-signature wallet, which enhances your wallet’s protection quite a lot. Two-factor authentication is available when using an Electrum account, and it also provides additional safety to the wallet.
Suppose you are experiencing the RED DOT and not able to see any transactions in your Verge Electrum wallet? We have the proper fix for you, and we bring you the solution and final spot to connect your wallet to the network correctly with our content.
Let us see how to fix the Verge Electrum wallet not connected Issue.
First, ensure that you are using the latest version of the Electrum wallet. If not, then download from the website. When writing this article, we were using Electrum — XVG 2.4.1. Next, check the bottom right corner of the wallet. If you see a green light, it is connected to the network. If you see a big red button, then it is not connected.
If it is a green button, you have to ensure that it is constant or keeps reconnecting now and then. If it keeps reconnecting and synchronizing, you will find trouble doing transactions. The network should be in green all the time. Here are a few fixes that we found onlineVerge XVG, and it should work for both Windows and Mac users.
Verge Electrum wallet network issue Solution
Click on the big red button at the bottom right corner of your wallet, which should open the network settings window. You will find two default servers: electrum-verge. xyg and electrum-xvg. Stream. Since both are not working, you may add a new network address. To do so, copy any of these and paste it in the address field on the network settings, just like you see in the image.
Ensure auto-connect is unchecked and use SSL is checked. Then change the port to 50003 and set proxy as none. Once done, click on ok, and your wallet should connect to the network now. If it is still offline even after trying these three networks, we suggest adding the address below.
elec2.verge-blockchain.com or electrum-xvg.party
You should see the green ball at the bottom corner if it is connected. Also, you should see your funds now.
Who should be using Electrum Bitcoin wallet?
The electrum wallet is a well-respected Bitcoin wallet popular among cryptocurrency users. It’s well-established as it was created in 2011 and has built an extensive client base. The wallet is a simple design and is very easy to use. However, those new to Bitcoin could be misled as the wallet doesn’t focus on user experience but the functionality. However, it is recommended that you use the Electrum wallet. It is ideal for those who are a bit technical and know the basics of what Bitcoin can mean and exactly how it functions. It’s not like the wallet is made to appeal to the masses. However, it is designed for more adept cryptocurrency users. The wallet comes with some sophisticated capabilities and setup procedures that require prior experience regarding the storage and handling of cryptocurrency.
- The oldest Bitcoin wallets
- Very simple to make use of
- There is no information stored on the server.
- Utilizes two-factor authentication
- Has faced security concerns
- It supports only Bitcoin
What kinds of cryptocurrency wallets exist?
There are four main types of cryptocurrency wallets: hardware, online software (app), and paper versions. Each of these wallets has unique characteristics, advantages and drawbacks, which will be appropriate for different individuals. Paper wallets are the best option for inconvenience software, and online wallets are the best options for security reasons.
Is Electrum only used for Bitcoin?
The electrum wallet is solely used to store and transfer Bitcoin. It is not possible to buy or sell any other alternative of Bitcoin through the wallet. Suppose they want to exchange their Bitcoin. They’ll need to transfer their Bitcoin to an exchange. These exchanges must accept cryptocurrency and accounts allowing cryptocurrency trading.
How Good is the Electrum Wallet?
As I said earlier, Electrum is a software wallet. That means that it provides more excellent safety than an electronic wallet but lower than a well-made paper or hardware wallet.
While it’s far from the safest storage system, it offers users an extremely user-friendly method for regularly receiving and sending Bitcoin payments. Suppose you are interested in using cryptocurrency to make online transactions or online payments. In that case, Electrum is the ideal solution for keeping an amount of money ready to use.
Advantages and Disadvantages
Let’s look at the key advantages and disadvantages often discussed in reviews by users. Electrum reviews of wallets, let’s look at them, will we?
- Ideal for those who wish to make use of Bitcoin for regular transactions.
- Protection against passwords makes it difficult for hackers to access the Electrum wallet.
- Instantly online – users don’t require downloading the entire blockchain. The Electrum wallet downloads the blockchain information from servers. It means that there are no delays, and the wallet is always current.
- Private keys are not shared with servers. So, you don’t have to put your trust in the server itself!
- None of the information about users is stored on the server. Users control their private keys and, consequently, the Bitcoin they own.
- Open-source software. Anyone can inspect the code for flaws or bugs, or security flaws.
- Cost-free to download.
- Electrum determines the number of fees you’ll need to add to the transaction. It also has a slider that allows users to select the urgency of the transaction. You can decide the number of blocks (how long) it takes for the transaction to process by the system.
- Electrum can be utilized as a multi-signature wallet, significantly enhancing your wallet’s security.
- Two-factor authentication is possible using an Electrum wallet, and it adds additional protection to your wallet.
- Even though it has some security options, Electrum is still a hot wallet. That means that all the problems that affect hot wallets are incorporated into it. Cybercriminals can hack into the individual wallets of Electrum.
- It can only support Bitcoin. That is fine if you only intend to use Bitcoin along with it. But, suppose hard forks occur within Bitcoin’s Bitcoin blockchain. You’ll require a separate wallet to get the money created from the fork.
- There was a vulnerability in security (see the following). It took the Electrum team an extended time to correct it, which is a cause for worry.
Coinbase vs Electrum Technical Comparison Results
Its value for Money score is one of the most crucial aspects to consider. It will determine if the wallet has the highest price and quality ratio or lacks in any of these areas. In looking at Coinbase with Electrum and Electrum, we will see that Coinbase has a better value for money score when compared to Electrum.
A further aspect that is crucial to consider is Security Level – it can indicate how safe your crypto assets are stored in a particular wallet. After conducting a Coinbase against Electrum comparisons, it’s clear that Coinbase is a bit more secure in its security features than Electrum. The Number of Cryptos Supported section will let you know the number of cryptocurrencies you can store in one wallet simultaneously. Comparing both, it is clear that Coinbase has a more significant number of supported crypto. It comes with eight cryptocurrency options, while Electrum allows one cryptocurrency.
It is also crucial to assess a wallet’s client support since you may have a few questions or issues that require resolution right immediately. Based on our Coinbase and Electrum analysis and collected information, the best customer service is offered by Coinbase that provides quick and honest assistance when customers require assistance.
Remember that in this case, we’re only comparing Coinbase with Electrum and Electrum, but this doesn’t mean these brands are the top on the market. While Ledger Nano X wins this comparison, when you compare it against the other crypto wallet brands, Coinbase is the clear winner. That is why in the charts of contrast, you’ll be able to examine how Coinbase compares to your preferred brands. Coinbase provides superior features to industry standards and is the highest-rated and most well-known crypto wallet available today.
When comparing Coinbase and Electrum’s digital wallets, which features are the most important?
The first aspect of paying focus is the kind of wallet since it can reveal an entire lot about the item and its security. Most often, physical wallets are most well-known because of their excellent security. Another factor to consider is the number of coins supported, as specific wallets may not handle the currency you have. It is also essential to look at the responsiveness of the customer service offered by a company and read the general feedback from others on how problems were solved. Of course, the price and payment method are also important; however, in the world of cryptocurrency wallets, “free” often means a low-security level. Therefore, don’t be afraid to spend just a bit more to ensure the security of your cryptocurrency!
Price of Electrum Bitcoin wallet
It is free to download the Electrum wallet. It is available for free download on the Electrum website for desktop computers and the Google Play Store for Android mobile devices. Although the wallet is free to download, transaction charges are charged when sending Bitcoin through the wallet. The transaction cost (network cost) is calculated using how much Bitcoin will be sent. The default fees for network transactions are set to the minimum amount. Suppose a user wants the payment to be completed faster. In that case, they may raise the transaction fee, so their transaction is processed before other transactions are sent simultaneously, with lower transaction costs. Overall the Electrum wallet is free of no additional fees to transact crypto, unlike other wallets.
Setup Guide & How to Use it
The Electrum wallet can be installed, downloaded and configured in just a few minutes. The wizard that installs it walks you through the process step-by-step making it a breeze for anyone who isn’t tech-savvy. Also, once the wallet is set up, it’s simple and easy to get started using. Below is a step-by-step guide to creating and using the electrum wallet on any computer with a desktop.
Step 1: Download the Electrum Wallet
With your computer, visit the Electrum website to Download the Electrum wallet. It is compatible with Windows, Mac, or Linux.
Step 2: Install
After downloading, you can install it, and then an installation wizard should come up. First, you will be asked what kind of wallet you’d like to create. The choices are traditional wallet, one with two-factor authentication, multi-signature wallet or transfer Bitcoin addresses or personal keys. Whatever wallet you select, each wallet follows identical steps, except to add steps to verify two-factor authentication as well as multi-signature wallets.
Step 3: Keystore
When you complete this process, you’ll be asked to create brand new seeds or restore your wallet based on existing funds. You may also set up the wallet with an actual hardware wallet in this step. (We are creating a brand new seed as if we did not have a physical wallet or an earlier electronic wallet.)
Step 4: Recovery Seed
After you click “create a new seed”, You will be presented with a recovered seed that is 12 words. It is necessary to write it on a separate piece of paper and then confirm it within the following window after you’ve already noted it down.
Step 5: Set Password
Once you have safely stored away from your recovering seed in a secure location, you’ll be required to establish your password. Then, the electrum wallet is now fully set and ready for use.
The wallet is extremely minimalistic and doesn’t have an elegant user interface, as do most wallets. The wallet works exceptionally well and comes with the typical send the balance, receive and send tabs. It also includes invoices, a list of contacts, transaction history, and private message messaging.