What you need to know about ELECTRUM WALLET

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What you need to know about ELECTRUM WALLET -electrum.readthedocs.io/en/latest/faq.html

64 sats \ 7 comments \ @iawomin 25 Nov 2023 bitcoin

0 sats \ 0 replies \ @TNStacker 25 Nov 2023

Nice comprehensive intro

0 sats \ 5 replies \ @DarthCoin 25 Nov 2023

Electrum is one of the oldest Bitcoin wallet with many powerful features for mobile and desktop. Fully integrated private LN node with trampoline channels (on both mobile and desktop). Advanced features for onchain wallet. Their documentation page is impressive, one of the most complete and well written.

All new bitcoiners should start using Electrum, before using any crap custodial app. With Electrum you really understand and learn how Bitcoin works. Electrum is a must have in your mobile and desktop.

188 sats \ 0 replies \ @elysia 25 Nov 2023

Electrum is the gold standard.

21 sats \ 0 replies \ @iawomin OP 25 Nov 2023

That's what I also realized when I started using it. The informative material is very rich and should be an integral part of every Bitcoin beginner's guide.

0 sats \ 2 replies \ @jakoyoh629 25 Nov 2023

I was using a custodial wallet and decided to install this one. At first glance, it seems simple but has everything I need. I have a basic question: to be able to send and receive satoshis on this wallet through the LN, do I need to open a channel? To open a channel, do I already need to have some satoshis? And finally, to receive satoshis, is it enough to have my phone turned on with the app in the background?

21 sats \ 1 reply \ @DarthCoin 25 Nov 2023

do I need to open a channel?

Yes. Any LN wallet must have a LN channel open in order to be able to operate over LN.

To open a channel, do I already need to have some satoshis?

Yes, Electrum is a self-custodial LN node so that means you need to open a LN channel, is not like any custodial wallet, that already have the LN liquidity open for their users.

to receive satoshis, is it enough to have my phone turned on with the app in the background?

Yes, is enough to just open it, no need to keep it all the time online. But keep in mind that for receiving you need to have inbound liquidity too. In Electrum case, to obtain that inbound liquidity, you will need to "make space" in your LN channels first. That means to spend something, or use a swap to move out (to another of your onchain wallets) a part of your liquidity you have in Electrum LN channels.

0 sats \ 0 replies \ @jakoyoh629 25 Nov 2023

Thanks