WEBVTT 00:00.690 --> 00:01.080 Okay. 00:01.080 --> 00:06.840 So now that we have our wallet software installed, which is electron and this lecture, I'm going to 00:06.840 --> 00:09.690 show you how to create our first wallet. 00:10.440 --> 00:15.530 So I'm here at Thales and I'm going to double click the electron icon. 00:15.540 --> 00:18.990 As you know, we we put this in persistent. 00:20.310 --> 00:27.060 Now because this is the first time we run it and because we haven't created a wallet, as you can see, 00:27.060 --> 00:31.230 by default, it's showing us a wizard to create a new wallet. 00:31.350 --> 00:36.270 So the first thing you want to do is select the name of the wallet that you want to create. 00:36.420 --> 00:42.210 In my case, I'm going to call it John Wake Wallet and I'm going to click on next. 00:42.420 --> 00:46.860 And now it's asking us what type of wallet do we want to create? 00:47.190 --> 00:52.170 By default, this is set to a standard wallet and this is what we're going to create. 00:52.410 --> 01:00.150 The wallet with two factor authentication allows you to create a wallet that uses three keys, two of 01:00.150 --> 01:05.640 which are stored on this computer, and the third is stored on a remote device. 01:05.640 --> 01:12.630 And in order to log in to this wallet and use it, you'll need to use a device with Google Authenticator. 01:12.660 --> 01:20.520 Now, this obviously increases security, but it jeopardizes our privacy because as we know, Google 01:20.520 --> 01:22.920 isn't great when it comes to privacy. 01:23.250 --> 01:28.380 Therefore, this would be a good option if you want to be secure and you don't care about privacy, 01:28.380 --> 01:33.570 but if you want to be anonymous, then standard wallet is a better option than this. 01:34.200 --> 01:37.050 You can also create a Multi-signature wallet. 01:37.350 --> 01:44.170 This is basically a wallet that uses two other separate wallets installed on two separate machines. 01:44.190 --> 01:51.660 Again, it increases security and because it doesn't require Google Authenticator, it won't jeopardize 01:51.660 --> 01:52.700 our privacy. 01:52.710 --> 01:58.620 But like I said, in order to do this, you will need to set up two machines and use these two machines 01:58.620 --> 02:00.780 to authenticate and use this wallet. 02:01.580 --> 02:07.820 The last option will allow us to import Bitcoin addresses or private keys, as the option suggests. 02:08.750 --> 02:11.370 So we're keeping this at standard wallet. 02:11.390 --> 02:13.070 We're going to click on next. 02:13.520 --> 02:20.780 Now it's asking us whether we want to create a new seed or a new wallet or restore an existing wallet. 02:21.560 --> 02:26.390 A seed is a string of text that can be used to restore a wallet. 02:26.390 --> 02:31.490 So if you already have a wallet on a different computer that you removed, or if you already have a 02:31.490 --> 02:36.170 wallet that you want to use on this computer, then you would select the second option. 02:36.170 --> 02:37.520 I already have a seed. 02:37.790 --> 02:42.260 If you're creating a new wallet from scratch, you're not restoring anything. 02:42.260 --> 02:47.960 You're going to keep this add, create a new seed and you'll see in the next window we will get a seed 02:47.960 --> 02:52.820 which we can use to login to our wallet or restore it on multiple computers. 02:53.690 --> 03:01.760 You can also use a key or a hardware device to again restore a wallet and use it in this computer. 03:01.760 --> 03:04.160 But like I said, we don't have a wallet. 03:04.160 --> 03:05.690 We want to create a new wallet. 03:05.690 --> 03:08.090 So we're keeping this at the first option. 03:08.240 --> 03:10.100 And we're going to click on next. 03:11.090 --> 03:13.880 Next is going to ask us about the C type. 03:13.970 --> 03:15.960 We're going to keep this at the SegWit. 03:15.980 --> 03:18.440 This is much more secure than the legacy. 03:18.440 --> 03:23.540 But as the node suggests in here, this might not work with all websites. 03:27.080 --> 03:30.590 And right here, as you can see, we have our seed. 03:30.860 --> 03:37.490 So like I said, the seed is a string of text that we can use to log in to this wallet. 03:37.490 --> 03:39.290 So this is very dangerous. 03:39.290 --> 03:42.170 You're not supposed to share this with anybody. 03:42.260 --> 03:46.930 If anyone sees this text, they'll be able to log in to your wallet. 03:46.940 --> 03:52.370 So that's why you have all the notes in here telling you never store this electronically. 03:52.370 --> 03:56.750 You should keep it on a piece of paper or try to just memorize it. 03:56.960 --> 04:03.350 Because if anybody sees this string of text, they'll be able to log in to your wallet and use your 04:03.350 --> 04:03.680 money. 04:03.680 --> 04:05.660 Transfer money or receive money. 04:06.380 --> 04:13.400 Now this is very useful for us if we keep it private because we can use this text to log in to our wallet 04:13.400 --> 04:19.310 from different computers, or even if we remove tiles from here and reinstall it on a completely different 04:19.340 --> 04:20.510 USB stick. 04:20.540 --> 04:22.970 All we have to do is start electron. 04:23.000 --> 04:27.950 Instead of choosing create a new seed, we're going to say we're going to restore from an existing seed. 04:27.950 --> 04:30.460 Put this text and you'll be good to go. 04:30.470 --> 04:34.160 You'll be able to log into your wallet and you won't lose any money. 04:34.880 --> 04:39.200 So right now I'm going to copy this and I'm going to put it in a text editor. 04:39.230 --> 04:44.420 Now I know it said, don't do this, but I'm going to do it anyway for the sake of this video. 04:45.020 --> 04:46.820 And we're going to click on next. 04:47.000 --> 04:52.730 And in the Next Window, it's literally asking you to paste the seed in here just to make sure that 04:52.730 --> 04:55.880 you actually stored it somewhere and you remember it. 04:56.420 --> 04:57.830 So I'm going to go here. 04:57.830 --> 05:01.910 I'm going to select all copy and paste it here. 05:03.370 --> 05:05.170 And we're going to click on next. 05:05.800 --> 05:10.420 Now it's going to ask you to choose a password to encrypt your wallet again. 05:10.420 --> 05:12.550 Use a long and strong password. 05:14.330 --> 05:20.300 And we're going to keep this option checked to encrypt the wallet file that will be stored on this computer. 05:20.720 --> 05:22.130 I'm going to click on next. 05:23.160 --> 05:23.890 And that's it. 05:23.910 --> 05:27.150 Our wallet is set now, as you can see in here. 05:27.210 --> 05:29.700 The main thing you want to check is the balance. 05:29.700 --> 05:35.460 As you can see, we have zero micro bitcoins because we haven't really transferred anything in here. 05:36.210 --> 05:37.620 This is our balance. 05:37.650 --> 05:40.980 You can also see in here the blue circle. 05:41.010 --> 05:42.870 Now, this circle will be red. 05:42.870 --> 05:49.770 If you're not connected, it will be green if you are connected directly and it will be blue if you 05:49.770 --> 05:52.420 are connected over the to our network. 05:52.440 --> 05:58.680 So Electrum is just software that you can install on any operating system and you can see that if you 05:58.680 --> 06:04.950 install this on any other operating system other than tails and create a new wallet, you'll see this 06:04.950 --> 06:11.120 circle right here will be green, not blue, because you'll be connected directly through the clear 06:11.130 --> 06:11.640 net. 06:11.640 --> 06:17.910 But because this is blue in here, we know that we are more anonymous and more private because we're 06:17.910 --> 06:20.000 connecting using Tor. 06:20.010 --> 06:25.950 So we can be rest assured that all the traffic that is sent to and from electron is going through the 06:25.950 --> 06:27.330 Tor network first. 06:29.060 --> 06:34.400 Now you can also see in here we're already by default in the history tab where you can see all your 06:34.400 --> 06:35.260 transactions. 06:35.270 --> 06:38.270 Again, I have nothing because I haven't done any transactions. 06:38.600 --> 06:45.000 You can use the receive tab to get your receiving address and your receiving QR code. 06:45.020 --> 06:46.220 You can use these. 06:46.220 --> 06:52.550 You can share them with anybody that you want to receive money from, and they will be going to their 06:52.550 --> 06:59.690 send tab and they will either use your receive address or use your QR code to send money to you. 07:00.260 --> 07:01.590 And that's pretty much it. 07:01.610 --> 07:08.490 So now we have our wallet and as you can see, Electrum is a very simple program that is easy to use. 07:08.510 --> 07:10.450 Don't worry too much about using it. 07:10.460 --> 07:15.650 We are going to use it more in the next lectures and you'll get very comfortable with it because as 07:15.650 --> 07:18.110 you can see, it's simple enough anyway.