Established in 2011, Electrum is one of the most popular Bitcoin wallets that are offered for free in the market. It is an easy, secure, and lightweight wallet to safely store Bitcoin. Electrum uses indices of blockchain, which implies 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 that are available in the market. It does not support any other cryptocurrency than Bitcoin.
What Is an Electrum Wallet?
One of the most popular desktop Bitcoin wallets is Electrum that 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.
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.
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, and 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.
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.
