Electrum Wallet is the most well-known and oldest Bitcoin wallet on the market. Although it is not a full-featured node, Electrum allows users access to their private keys and a range of advanced Bitcoin features like multisignature addresses and hardware wallet integration.
Electrum is a Bitcoin wallet that has been around since 2011. It’s included as a default in Tails’ privacy-focused Tails system. The wallet software uses simplified payments verification (SPV), and a system with full node servers for verifying payments.
It is believed that Electrum accounts for 10% of all transactions on Bitcoin.
Electrum Wallet Background
Electrum was created by Thomas Voegtlin in November 2011. Since then, many developers have modified it (the code remains open source). Electrum is client-based, which means that you must download it and install it on your PC in order to use it. Users who want to use their mobile wallet as their wallet will find that the client is only available on their desktop. Electrum is known for being private, fast and secure. The wallet is a lightweight wallet. It does not download blockchains, so it doesn’t take too long to set up and it’s always current. Your private keys remain on your computer and are protected by encryption. A secret phrase, also known as a “seed phrase”, can be used to recover your wallet. Your private keys can be kept offline and you can access them online using a watch-only wallet. The server connecting Electrum and the Bitcoin network does not share your private key. The server does NOT store user accounts. The server doesn’t need to know who you are. Electrum can also be used to support hardware wallets like TREZOR and Ledger. This means that your private key is stored offline on the hardware wallet. However, you can still use Electrum’s interface for sending coins whenever you want.
What is Electrum Wallet?
Electrum, which is compatible with many operating systems, including Windows, Linux and Mac, is one of the most popular desktop Bitcoin wallets. Electrum was designed to be lightweight and efficient by a German computer scientist.
Numerous developers have contributed to Electrum’s source code over the years. This has made it one of the most trusted cryptocurrency wallets available. Electrum’s main focus is Bitcoin. It ensures that the platform works efficiently and quickly, despite the fact that many cryptocurrencies are entering the crypto space each day.
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Electrum’s integration with hardware wallets such as KeepKey, TREZOR T Model T and Ledger Nano S is a key feature.
Hardware Wallet Features
Personalized Security
Electrum gives you several options to secure the Bitcoins that you entrust. Electrum Wallet allows you to choose whether your wallet should be protected with 2FA (2-factor authentication), or multiple-signature security (standard security for watch-only wallets). These options allow you to have more control over how your Bitcoin is stored.
Multi-signature wallets are the best option for those who want the highest level of security. Standard wallets are the most secure. These wallets are best for those who want to store their bitcoins on an offline device, or to transfer them to a physical wallet. 2FA offers a middle ground between the extremes. This option offers additional security and allows you quick access to your money.
Easy Installation
Electrum makes it easy to download and install. They even walk you through each step in their installation wizard. It takes all the technical jargon and simplifies it for you. Electrum makes it easy to set up your Bitcoins without worrying about anything going wrong. You can rest assured that everything has been installed correctly and you can start storing Bitcoins quickly.
Open-source Software
Electrum’s software can be viewed and commented on by anyone. Anyone can view the code and look for potential vulnerabilities or software errors. Potential weaknesses in the defenses of the system can be detected before hackers can exploit them. Electrum’s design is constantly updated to ensure that security continues to evolve.
Hardware Wallet Compatibility
Electrum Wallet defaultly offers hot storage. This is vulnerable to hackers. Electrum allows users to move their Bitcoins to a hardware wallet to keep their coins safe offline. To achieve the same result, users can also download the wallet to an offline device. Electrum supports many popular and powerful hardware wallets. It recommends the Ledger nano series of hardware wallets to store Bitcoin.
Useability
Electrum Wallet on Desktop
Electrum can be installed on your desktop in the same way as any other wallet software. The user interface of the open-source wallet is very basic Windows 95-like, which can discourage beginners who are used to more user-friendly and gamified financial apps.
Electrum Wallet on Mobile
The mobile version of the ElectrumWallet (only for Android) is very similar to the desktop version. It has a basic user interface. The mobile version has the same functionality as the desktop version and Lightning Network support.
Setting Up Electrum Wallet
According to our Electrum wallet review, the wallet is easy to download and install in just a few minutes. The Electrum installation wizard makes it easy for even non-technical users. Once the wallet has been set up, traders can immediately start using it.
These are the steps you need to take in order to get started using Electrum wallet.
- Download the Electrum wallet first from the Electrum site. You can download it for Windows, Linux or Mac.
- Once the file is downloaded, the user should click the install button. The installation wizard will then complete the setup. Users might be able to choose from a standard wallet, 2 factor authentication wallet or multi-signature wallet.
- Additional steps may be required for multi-signature wallets or two-factor authentication wallets.
- Next, the user will be asked whether they want to create a new or restore an existing wallet. In this step, the user may also set up a hardware bank account.
- The user is shown a 12-word recovery seed when creating a new seed. This information is important for future reference.
- After the recovery seed has been saved, users will be asked to create strong passwords. The Electrum wallet can now be used.
Electrum Wallet User Interface
The interface for the wallet’s desktop client user interface is very simple. The top tab allows you to select between “send”,’receive”, and your transaction history. You can view your system settings, inspect and change your password, or access your seed information at the bottom. The design is simple but not inviting. It appears that Electrum is more focused on functionality than user experience. It is possible that someone who is new to Bitcoin would not be able to download this wallet and understand all of the options it offers.
Security
Electrum is one of the most secure places to store Bitcoin, despite security breaches in the past. Electrum uses high-security encryption methods to protect the private keys of users’ wallets. The seed that is used to generate the private keys for Electrum wallets are highly secure as well. Electrum does not keep your private keys. They can be taken from Electrum. Instead, you have control over where and who has access to your private keys. This makes Electrum the most secure way to store Bitcoin in a hot wallet.
Electrum provides multisig security features that further limit your wallet’s access. Electrum offers 2FA, which is a simplified security setup that allows for greater accessibility and security. Combining any of Electrum’s security features with the cold storage hardware wallet will ensure that your Bitcoin is as secure as possible. Don’t forget your keys! Otherwise, you could be locked out of your wallet forever.
Electrum Wallet Fees
According to our Electrum wallet review, Electrum can be downloaded free of charge from the Electrum website. It is also available for free on the Google Play Store for mobile devices. When sending Bitcoin using their Electrum wallet, users will be charged standard transaction fees.
Transaction fees are calculated based on the Bitcoin amount sent. The default network fees for Bitcoin transactions are very low. For fast transactions, the user can increase the transaction fee. Electrum wallet doesn’t charge any additional fees.
The Electrum commission can go up to 0.7sat /byte. The user can lower the fee to 0.1 if there is not a quick transfer. If the amount sent is not sufficient, the user can manually replace the commission fee by selecting from the wallet.
Electrum Wallet Supported Cryptocurrencies
Electrum supports Bitcoin storage only. Electrum does not offer any other options for storing Bitcoin. Electrum may be right for you if you are only interested in Bitcoin storage or want to trade with another wallet.
Customer Support
According to the Electrum wallet reviews, this wallet is a popular and well-respected BTC wallet that offers knowledgeable and dedicated customer service. Electrum provides tutorials and FAQs for users that can be found on the BitcoinTalk forums. Its website has a comprehensive and extensive support page. The support page at Electrum provides tutorials, documents, and articles to help users get familiar with the system. Users can also find official announcements on the Electrum Twitter account.
Verdict
Electrum, a Bitcoin-only wallet with many features, allows users to securely manage their Bitcoin.
Open-source wallet was built by developers who focused on functionality. The interface is simpler than most of the popular cryptocurrency wallets today, and it’s less user-friendly.
However, experienced Bitcoiners will appreciate the wallet’s advanced functions and the ability to set up Lightning payment channels for sending and receiving payments over the Bitcoin Lightning Network.
