Established in 2011, Electrum is one of the market’s most popular Bitcoin wallets offered for free. It is an easy, secure, and lightweight wallet to store Bitcoin safely. Electrum uses blockchain indices, implying that the user need not download large and ever-expanding blockchain files on their computer. The Electrum wallet is a simple and easy-to-use BTC wallet, and it is currently one of the oldest Bitcoin wallets available in the market. It does not support any other cryptocurrency than Bitcoin.
Electrum Wallet Summary
|Wallet name||Electrum Bitcoin Wallet|
|Type of Wallet||Cold Wallet|
|Supported Hardware Wallet||Yes|
|Supported Countries||Most of All|
|Charges||Charges Trasaction Fee as per the Speed of Transaction|
|Customer Support||Tutorials and FAQs Support|
What is an Electrum Wallet?
One of the most popular desktop Bitcoin wallets is Electrum which is compatible with various types of operating platforms like Windows, Linux, and Mac. Electrum was developed by a German computer scientist, and it was created to be efficient and lightweight.
In recent years, numerous developers have contributed to Electrum’s source code by making it the most trusted cryptocurrency wallet that is available today. Even though many cryptocurrencies are joining the crypto space every day, the main focus of Electrum is Bitcoin, and it ensures that the platform functions efficiently and speedily.
One feature of Electrum is its integration with major hardware wallets like KeepKey, TREZOR Model T, and Ledger Nano S.
Features of Electrum Wallet
Here are the few features of Electrum:-
- Electrum offers full control of the user’s private keys, and it is heavily encrypted and stored in the user’s computer. In this way, it is safe and secure for the users, and the keys are never shared with the servers of Electrum. Moreover, the users can export their private keys offline and use them with other Bitcoin clients. Hence, no user is locked to use only Electrum.
- Electrum is fast, and the user doesn’t need to download the entire blockchain.
- If anything goes wrong with the computer, the user need not worry. The funds can be recovered through a secret recovery phrase provided to the user when installing and setting up their Electrum wallet.
- The transactions carried out in the Electrum wallet are verified by using SPV (Simple Payment Verification). Electrum offers cold storage, and the private keys of the users are stored offline.
- The users can store their Bitcoin in Multisig wallets, and they can split the permission to spend their Bitcoins.
- The most important feature of Electrum is their servers are redundant and decentralized; this means the wallets always run without any downtime. Electrum is open-source, and professionals have screened its QR code. Besides, it is highly resistant to any failure.
- Electrum supports hardware wallet integration with some major hardware wallets, such as Ledger-Nano S, Keepkey, and TREZOR.
Is Electrum Trustworthy?
According to our Electrum wallet reviews, even though Electrum is not a highly secure storage wallet, it offers traders a user-friendly solution to send and receive BTC payments frequently. If the user uses cryptos to send online payments, the Electrum wallet is the perfect choice for all types of transactions.
Services Offered by Electrum
- Electrum is also known as a desktop wallet compatible with Mac, Windows, and Linux operating systems. Electrum wallets can be downloaded from the official website for free. According to our Electrum wallet reviews, Electrum is now available for Android mobile devices. It can also be downloaded for free from the Google play store, and it also supports the same features offered in the desktop version. However, before downloading just go through this link.
- Electrum wallet is easy and simple to set up, and it is integrated with other hardware wallets. One of the major features of Electrum is it does not download the complete blockchain.
- Electrum uses its servers to collect information; hence it saves a lot of memory. Electrum Wallet is end-to-end protected, and it is encrypted by making it difficult for hackers to steal Bitcoins.
- Electrum wallet is developed using python, which has shorter and easier codes. The network can verify the messages and sign the transactions offline, where Electrum can import and export the private keys.
Electrum Wallet Review: Pros and Cons
|This platform is easy to set up.||Not suited for beginners.|
|A widely used platform.||Supports Bitcoin only.|
|Offers several privacy features.|
|Provides integration with a hardware wallet for extra security.|
Getting Started With Electrum Wallet
According to our Electrum wallet reviews, this wallet can be downloaded easily and installed within a few minutes. The installation wizard of Electrum takes the user through a step-by-step process by making it easier even for nontechnical people. When the wallet is set up, it is easy to use, and the trader can start using it immediately.
Here are the few steps to get started with Electrum wallet:-
- The first step is to download the Electrum wallet from the Electrum website. It can be downloaded for Windows, Linux, Mac, or Android.
- When it is downloaded, users should click install, and the installation wizard will do the setup. The users might get an option to choose between a 2 factor authentication wallet, standard wallet, multi-signature wallet, etc.
- Multi-signature wallets and two-factor authentication wallets may require some additional steps to complete the process.
- The next step is the user will be asked if they would like to create a new seed or restore a wallet with an existing seed. Also, the user can set up a hardware wallet in this step.
- On creating a new seed, the users are shown a 12-word recovery seed. The user should note this for future references.
- When the user has stored their recovery seed, they will be prompted to create a strong password. Now, the Electrum wallet is ready to use.
Add Cryptocurrencies to Electrum Wallet
When the user receives the Bitcoin payment, they can transfer the Bitcoin to their Electrum wallet. This can be carried out by locating the Bitcoin receiving address through the receive tab seen on Electrum.
Buy Bitcoin on Electrum Wallet
As per the Electrum wallet reviews, Electrum does not support buying or selling of cryptocurrencies. It is a simple and easy-to-use wallet that is designed to store BTC safely. The user can buy Bitcoin from another exchange and add them to their Electrum wallet.
How to Send Payments on Electrum Wallet?
If the user wants to make a payment through Electrum, they need to click the “send” tab. In the “Pay To” field, the user needs to type the BTC address, or they should copy it from their clipboard and then click send. They are prompted to type the password they have created. The user should note that the receiving wallet addresses are referred to as their Bitcoin address.
How to Get an Electrum Wallet Address?
According to our Electrum wallet review, it is a simple process. If the user wants to get an Electrum address, they need to open their wallet, click receive, and then choose a request. The BTC address will appear on the screen.
Electrum Wallet Review: Pricing and Fees
According to our Electrum wallet reviews, Electrum can be freely downloaded from the Electrum website. It also can be downloaded from the Google play store for mobile devices and is free to download. The users are charged standard transaction fees when they are sending Bitcoin from their Electrum wallet.
The transaction fees are calculated from the Bitcoin amount to be sent; its default network fees are minimal. The user can raise the transaction fee for fast transactions. Besides, the Electrum wallet does not have any added fees.
The Electrum commission may go up to 0.7sat /byte. If there is no quick transfer, the user can reduce it to 0.1. The user can select from the wallet and specify the fee size manually; they can replace the commission fee after the transaction if the sent amount is insufficient.
Electrum Wallet Supported Coins
According to our Electrum wallet review, this wallet supports Bitcoin storage even though several thousands of cryptocurrencies are available in the market. Since its inception, Electrum has only focused on Bitcoin, thereby providing a highly secure and efficient BTC wallet. It offers sophisticated Bitcoin storage and increases transaction speeds significantly.
Comparing Electrum Wallet With Others
Electrum Wallet Vs eToro Wallet
eToro offers several security measures like two-factor authentication, but Electrum does not offer any of these. Unfortunately, Electrum supports only Bitcoins which implies it does not support other cryptocurrencies. On the other hand, eToro supports an array of cryptocurrencies, including Bitcoin. Shortly, we can expect eToro to add more cryptocurrencies to its platform.
Electrum Wallet Vs Bitcoin Core Wallet
Bitcoin core runs on a Bitcoin blockchain, while Electrum is a lightweight client. Further, it is easier to download Electrum and install it when compared to Bitcoin core. Electrum is faster and uses a lesser amount of data. Bitcoin core is considered a hot wallet, while Electrum provides cold wallet storage, making Electrum safe to use.
Electrum Wallet Vs Coinomi Wallet
Coinomi offers more than 300 cryptocurrencies, while Electrum supports only Bitcoin. Automatically Coinomi analyses the user’s IP address for all the transactions carried out on its platform. This feature helps the user’s identity to be private, which is a significant advantage for security.
Electrum Wallet Security
As per the Electrum wallet reviews, Electrum is the most secure Bitcoin wallets because of the encryption techniques that are used to secure private keys. Electrum has a highly secure seed, the random phrase used for generating the keys. It offers the same level of security as that of a Bitcoin private key.
The seed is very important as it is the only way the user can recover the password if they lose it. The password initiated by the user can open the wallet that is very much needed to execute Bitcoin payments.
Electrum Wallet Customer Support
According to the Electrum wallet review, this wallet is a well-established and popular BTC wallet with dedicated and knowledgeable customer service. Electrum offers users several tutorials and FAQs that can be seen on the BitcoinTalk forums. The users can find an extensive and comprehensive support page on its website. The support page of Electrum offers articles, documents, and tutorials for the users to get acquainted with the system. Further, the users can easily find their official announcements through the Electrum Twitter page.
Electrum Wallet Review: Final Thought
To sum up, Electrum is the best BTC wallet for users who are looking for security and convenience. It is the safest cryptocurrency wallet that is trusted among users and the crypto industry. Also, it offers several interesting features, and the user interface is simple. Electrum offers secure, simple, and convenient storage for Bitcoins. If the user knows how to use a wallet, they can set the wireless settings according to their preference, and it becomes extremely easy to use.
For Whom Does Electrum Wallet is Good?
As per our Electrum wallet review, electrum is a highly reputable BTC wallet, and cryptocurrency users prefer it. Since its inception, it has built a large customer base by offering simple designs and easy-to-use features. Here, ease of use has made it a user’s first choice compared to other wallets. It has drawn all types of users to use the wallet. Electrum is best for those who are technically savvy and understand the working of Bitcoin.
Is Electrum Wallet Safe?
Electrum is a secure wallet, and it has the tools needed to back up its wallet in all possible ways. As Electrum is an open-source platform, users can check the Electrum BTC wallet review for more information.
Can I Use Electrum Wallet to Make Bulk Payments?
The user can use Electrum wallet to make bulk payments. Besides, users can create a single transaction with several outputs.
How to Use an Electrum Wallet?
As per our Electrum wallet reviews, Electrum is currently one of the most user-friendly crypto wallets and ease of use, that are available in the cryptocurrency sector. The user can get straightforwardly started with this wallet as the interface is designed in such a way that it is easy to navigate the platform.
Can Electrum Wallet Be Hacked?
As Electrum protects the user’s password with strict security, it is harder to hack the Electrum wallet.