Hello there! As a cryptocurrency enthusiast, I’m always on the lookout for secure and reliable wallets to store my digital assets. Recently, I came across Electrum, a popular Bitcoin wallet that has been around since 2011.
In this blog post, I’m going to give you my honest review of Electrum, based on my personal experience using the wallet.
Key Takeaways:
| Specification | Description |
|---|---|
| Type of Wallet | Software or Hot Open-source Wallet |
| Charges | Free |
| Transaction Fees | Customizable (depends on network congestion) |
| Supported Coins | Bitcoin (BTC) |
| Rewards | No |
| Features | Send and Receive Bitcoin |
| Cold Storage | Ledger and Trezor |
| App | Android, Windows, Mac, Linux |
Electrum Wallet Overview
Electrum is an open-source Software wallet that allows you to store, send, and receive Bitcoin. It’s available for Windows, Mac, and Linux, and also has a mobile version for Android devices. What sets Electrum apart from other wallets is its focus on speed and security. It’s designed to be lightweight and fast, which makes it an excellent choice for users who value efficiency.
It’s easy to navigate and provides a range of features, such as multi-signature support, two-factor authentication, and compatibility with hardware wallets like Trezor and Ledger. Electrum also offers a range of advanced settings that allow you to customize your wallet’s behavior to suit your preferences.
Pros and Cons
| Pros | Cons |
|---|---|
| Open-source software | No support for other cryptocurrencies |
| Proof Checking | No mobile wallet for iOS |
| Advanced features like multi-signature support and 2FA | No built-in exchange functionality |
| Compatibility with hardware wallets like Trezor and Ledger | Can experience syncing issues on some devices |
| Hierarchical deterministic (HD) wallet structure for added security | No live customer support |
| Supports offline transactions for enhanced security |
Electrum Wallet Fees Review
When it comes to transaction fees, Electrum offers several options to choose from, ranging from a minimum fee (which may take longer to confirm) to a higher fee (which ensures faster confirmation). The fee options are displayed in satoshis per byte, which is a standard way of measuring Bitcoin transaction fees.
By default, Electrum uses a dynamic fee algorithm that calculates the appropriate fee based on the current network congestion and the user’s preferred confirmation time. This means that users can set a target confirmation time (e.g., 10 minutes) and Electrum will adjust the fee accordingly to achieve that goal.
In addition, Electrum also offers an option to use the Replace-By-Fee (RBF) feature, which allows users to increase the transaction fee later if necessary in order to speed up confirmation. This can be especially useful in times of high network congestion when transaction fees tend to rise.
Electrum Bitcoin Wallet: Features
Safe
Electrum Wallet ensures that private keys are secure by encrypting them and storing them locally on the user’s computer. This means that private keys are never transmitted over the internet, which reduces the risk of theft or hacking. Electrum Wallet also allows users to set a password, adding an extra layer of protection to the wallet.
Seed Phrase Backup
The secret phrase is a backup of the user’s private keys, and it can be used to restore the wallet on a new device. This phrase is generated when the user creates the wallet and should be kept secret. The phrase is a series of words, usually around 12-24, that the user can use to recover their wallet if their device is lost or stolen.
Fast Transactions
Electrum Wallet is designed to be fast and efficient, and it uses servers that index the Bitcoin blockchain. This allows Electrum to quickly access transaction history and provide users with real-time information on their funds. Electrum Wallet also supports SegWit, a feature that optimizes the size of transactions, making them faster and cheaper.
Open-Source
Electrum Wallet is an open-source platform, which means that users can export their private keys and use them with other Bitcoin clients. This feature is beneficial for users who want to switch to another wallet for any reason.
No Downtimes
Electrum Wallet servers are decentralized and redundant, ensuring that the wallet is always available to users. The servers are distributed worldwide, and if one server goes down, the wallet can still be accessed through other servers.
Proof Checking
Electrum Wallet uses Simplified Payment Verification (SPV) to verify all transactions in the user’s history. This feature ensures that all transactions are legitimate and have been approved by the Bitcoin network.
Cold Storage
Electrum Wallet allows users to keep their private keys offline, which is known as cold storage. The wallet generates a watching-only wallet that can be used to monitor the funds. Cold storage is considered one of the safest ways to store Bitcoin funds.
Multisig
Electrum Wallet supports multisig, which means that the permission to spend coins can be split between several wallets. This feature adds an extra layer of security by requiring multiple signatures to authorize transactions.
Customer Support and Ease of use
Electrum lacks a specialized customer support team. Nonetheless, it includes a help section that enables users to verify the latest software versions, signal technical glitches, or establish communication with the official websites.
In case of inquiries, users must address them to Electrum’s communities on BitcoinTalk Forum or social media networks such as Twitter and Reddit.
Electrum is a user-friendly wallet that is easy to set up and use, even for beginners. The interface is clean and straightforward, with all the necessary features and options readily available.
Electrum Wallet Security Review
Electrum is a lightweight Bitcoin wallet that is designed to be fast and efficient. Despite being lightweight, it has a variety of security features that make it a safe option for storing and sending Bitcoin.
One of the most important security features of Electrum is the seed phrase. The wallet generates a 12-word seed phrase during the wallet creation process, which is used to restore the wallet if the user loses access to their device or if the device is damaged. It is important to write down and keep the seed phrase in a safe place.
Electrum does not have built-in two-factor authentication (2FA), but it can be enabled through third-party plugins such as Google Authenticator and Yubikey. The wallet also supports cold storage, multi-signature wallets, and encryption using the strong AES-256-CBC algorithm.
To ensure the authenticity of the servers, Electrum uses a technique called “server authentication” to verify the SSL certificate of the server. Additionally, the wallet supports Tor, which enhances privacy and helps to conceal the user’s IP address.
Electrum Wallet Supported Coins
The Electrum wallet is primarily designed to support Bitcoin (BTC) and Bitcoin Cash (BCH). However, it can also be used to store other cryptocurrencies that are based on the Bitcoin codebase, such as Litecoin (LTC), Dash (DASH), and Digibyte (DGB).
Mobile and Desktop App
The Electrum wallet’s desktop version is user-friendly. Its interface has a Windows 95-like appearance, but it enables users to conduct essential tasks, such as sending and receiving Bitcoin, reviewing transaction records, and creating invoices, all from the home screen. Additionally, it offers Lightning Network support, enabling users to send Bitcoin cheaply if desired.
Currently, Electrum’s mobile version is exclusively accessible to Android users. They can get it by either directly downloading the APK file or accessing the Google Play Store. This version is lightweight and strikes a balance between user-friendliness and security.
How to setup Electrum Wallet
- Download: Visit the Electrum website and download the version that corresponds to your operating system (Windows, Mac, or Linux).
- Install: Once the download is complete, open the installer and follow the prompts to install the software on your computer.
- Launch: After installation, launch Electrum from your computer’s applications or programs folder.
- Create a new wallet: When you launch for the first time, you will be prompted to create a new wallet. Choose the “Standard Wallet” option, and then select “Create a new seed.”
- Write down the seed: The wallet will generate a 12-word seed phrase that is used to back up and restore your wallet. Write down the seed phrase on a piece of paper and store it in a secure location.
- Set a password: Electrum will prompt you to set a password for your wallet. Choose a strong password and make sure to remember it.
- Choose your wallet type: It offers several wallet types to choose from, including Standard, Segwit, and Multi-signature. Select the one that best suits your needs.
- Connect to a server: Electrum will prompt you to connect to a server. Choose a server from the list or enter the server URL manually.
- Start using your wallet: Your Electrum wallet is now set up and ready to use. You can send and receive Bitcoin by using your wallet address or QR code.
Alternatives to Store BTC
SAFEPAL S1
- QR Code Transaction Signing
- Portable and Affordable
- No Bluetooth, No NFC, No Wifi, highly secure
- Unlimited Tokens on 54+ blockchains
ELLIPAL Titan
- 100% air-gapped cold wallet
- Easy Portable with a screen size of Just 4 inch
- Camera for QR Code scanning
- Supports 10,000+ crypto coins and 51 blockchains
Summary
Electrum Wallet
Summary
Electrum is a software wallet for storing Bitcoin. It was created in 2011. It is open-source and free to use. It offers features such as multi-sig support and compatibility with hardware wallets. Electrum is a popular wallet option for both beginners and experienced Bitcoin users.
FAQs
Is Electrum wallet Secure?
Yes, Electrum wallet is considered a secure wallet option for managing and storing cryptocurrency. Electrum employs advanced security measures such as two-factor authentication, multi-signature support, and encryption of private keys, which makes it difficult for hackers to gain access to your funds.
Is Electrum good for beginners?
Electrum is not typically recommended for beginners, as it has a steep learning curve and can be challenging to set up and use. The interface is designed for more advanced users and may be overwhelming for those who are new to cryptocurrency.
Is Electrum better than Coinbase Wallet?
Electrum is a software wallet that offers advanced security features and greater control over your private keys, but it requires more technical knowledge to use. Coinbase Wallet, on the other hand, is a mobile wallet that is more user-friendly and convenient for beginners but offers less control over your private keys.
