An update,
I successfully set up a firewalled server running Electrum. It wasn't as hard as I though it would be and it's very lightweight, the whole system taking half of the 1GB of memory I gave the server.
What has intrigued me is that it has generated a lot of wallet addresses for me. I'm looking at about 20 right now. Wouldn't one be enough? Why are all of those addresses needed?
The 20 addresses from Electrum is auto-generated by default. One address is enough but if you don't want to use the other address just leave them there no matter what address you use it still your wallet. The important is to save the seed phrase backup somewhere safe.
But if you want to use only one address you can export one address from the Electrum wallet.
Here's how to export and import them.
- Choose any address you want then right-click then click private key.
- Copy it and save somewhere safe.
- Now, you can use the private key to import it on the same wallet by going to file on the top right of Electrum then New/Restore
- Make a new name of your wallet file then next
- Choose "import bitcoin addresses or private keys" then paste your backup private key
- Then next add the password to encrypt your wallet file.
- Done
It is just for an alternative if you want a single wallet and if you don't want to see all addresses generated by Electrum.