Today we will see how to use Electrum Cash SLP Edition, a wallet for managing both Bitcoin Cash (BCH) and SLP tokens (Simple Ledger Token), in order to use a single app to control all the cryptocurrencies and tokens associated with this blockchain.
SLP tokens have become the prevailing standard in the Bitcoin Cash (BCH) ecosystem for developing tokens based on this blockchain. The first crypto that uses this system is the stablecoin HonestCoin (USDH).
How to use the wallet for Bitcoin Cash
The first step is obviously to download the app in the version suitable for the operating system. Electrum Cash is available for Windows, Linux and macOS.
After opening the wallet for the first time, a new address (standard or multi-signature) must be created or a previously created one must be imported.
When choosing the multi-signature option, it is possible to select up to 15 different signatures and set the minimum threshold required for operation: this is very useful, for example, when using it in a business environment.
When opting for the creation of a new seed, 12 words will be generated, which will then allow for the recovery of the wallet. It is always advisable to write the seed on a sheet of paper and keep it in a safe place; it is also possible to lengthen the seed with other customised words to make the wallet even safer. Finally, a password must be entered.
Once everything is configured, the address will be found in the “Receive” tab; if instead the user wants to retrieve the private keys, these must be exported through the “Wallets> Private Keys> Export” menu by choosing one of the 2 available formats.
As can be seen, the interface is very basic and intuitive and with just a few clicks allows sending and receiving crypto and tokens associated with the Bitcoin Cash (BCH) blockchain.
Interestingly, this wallet can also be used to download and upload files using BFP (Bitcoin Files Protocol) and thus make use of the blockchain to permanently store information.