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Okay.

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So now that we have our wallet software installed, which is electron and this lecture, I'm going to

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show you how to create our first wallet.

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So I'm here at Thales and I'm going to double click the electron icon.

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As you know, we we put this in persistent.

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Now because this is the first time we run it and because we haven't created a wallet, as you can see,

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by default, it's showing us a wizard to create a new wallet.

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So the first thing you want to do is select the name of the wallet that you want to create.

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In my case, I'm going to call it John Wake Wallet and I'm going to click on next.

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And now it's asking us what type of wallet do we want to create?

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By default, this is set to a standard wallet and this is what we're going to create.

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The wallet with two factor authentication allows you to create a wallet that uses three keys, two of

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which are stored on this computer, and the third is stored on a remote device.

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And in order to log in to this wallet and use it, you'll need to use a device with Google Authenticator.

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Now, this obviously increases security, but it jeopardizes our privacy because as we know, Google

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isn't great when it comes to privacy.

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Therefore, this would be a good option if you want to be secure and you don't care about privacy,

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but if you want to be anonymous, then standard wallet is a better option than this.

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You can also create a Multi-signature wallet.

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This is basically a wallet that uses two other separate wallets installed on two separate machines.

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Again, it increases security and because it doesn't require Google Authenticator, it won't jeopardize

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our privacy.

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But like I said, in order to do this, you will need to set up two machines and use these two machines

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to authenticate and use this wallet.

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The last option will allow us to import Bitcoin addresses or private keys, as the option suggests.

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So we're keeping this at standard wallet.

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We're going to click on next.

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Now it's asking us whether we want to create a new seed or a new wallet or restore an existing wallet.

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A seed is a string of text that can be used to restore a wallet.

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So if you already have a wallet on a different computer that you removed, or if you already have a

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wallet that you want to use on this computer, then you would select the second option.

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I already have a seed.

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If you're creating a new wallet from scratch, you're not restoring anything.

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You're going to keep this add, create a new seed and you'll see in the next window we will get a seed

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which we can use to login to our wallet or restore it on multiple computers.

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You can also use a key or a hardware device to again restore a wallet and use it in this computer.

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But like I said, we don't have a wallet.

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We want to create a new wallet.

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So we're keeping this at the first option.

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And we're going to click on next.

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Next is going to ask us about the C type.

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We're going to keep this at the SegWit.

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This is much more secure than the legacy.

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But as the node suggests in here, this might not work with all websites.

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And right here, as you can see, we have our seed.

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So like I said, the seed is a string of text that we can use to log in to this wallet.

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So this is very dangerous.

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You're not supposed to share this with anybody.

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If anyone sees this text, they'll be able to log in to your wallet.

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So that's why you have all the notes in here telling you never store this electronically.

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You should keep it on a piece of paper or try to just memorize it.

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Because if anybody sees this string of text, they'll be able to log in to your wallet and use your

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money.

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Transfer money or receive money.

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Now this is very useful for us if we keep it private because we can use this text to log in to our wallet

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from different computers, or even if we remove tiles from here and reinstall it on a completely different

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USB stick.

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All we have to do is start electron.

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Instead of choosing create a new seed, we're going to say we're going to restore from an existing seed.

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Put this text and you'll be good to go.

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You'll be able to log into your wallet and you won't lose any money.

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So right now I'm going to copy this and I'm going to put it in a text editor.

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Now I know it said, don't do this, but I'm going to do it anyway for the sake of this video.

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And we're going to click on next.

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And in the Next Window, it's literally asking you to paste the seed in here just to make sure that

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you actually stored it somewhere and you remember it.

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So I'm going to go here.

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I'm going to select all copy and paste it here.

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And we're going to click on next.

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Now it's going to ask you to choose a password to encrypt your wallet again.

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Use a long and strong password.

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And we're going to keep this option checked to encrypt the wallet file that will be stored on this computer.

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I'm going to click on next.

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And that's it.

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Our wallet is set now, as you can see in here.

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The main thing you want to check is the balance.

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As you can see, we have zero micro bitcoins because we haven't really transferred anything in here.

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This is our balance.

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You can also see in here the blue circle.

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Now, this circle will be red.

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If you're not connected, it will be green if you are connected directly and it will be blue if you

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are connected over the to our network.

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So Electrum is just software that you can install on any operating system and you can see that if you

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install this on any other operating system other than tails and create a new wallet, you'll see this

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circle right here will be green, not blue, because you'll be connected directly through the clear

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net.

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But because this is blue in here, we know that we are more anonymous and more private because we're

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connecting using Tor.

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So we can be rest assured that all the traffic that is sent to and from electron is going through the

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Tor network first.

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Now you can also see in here we're already by default in the history tab where you can see all your

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transactions.

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Again, I have nothing because I haven't done any transactions.

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You can use the receive tab to get your receiving address and your receiving QR code.

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You can use these.

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You can share them with anybody that you want to receive money from, and they will be going to their

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send tab and they will either use your receive address or use your QR code to send money to you.

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And that's pretty much it.

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So now we have our wallet and as you can see, Electrum is a very simple program that is easy to use.

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Don't worry too much about using it.

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We are going to use it more in the next lectures and you'll get very comfortable with it because as

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you can see, it's simple enough anyway.