|Wallet type||Web-Based, Hot wallet|
|Platforms supported||Linux, Windows and Mac OS|
|Cryptocurrencies supported||Bitcoin (BTC)|
We normally store currency in a wallet. There are wallets where you can store your virtual coins when it comes to digital currency. While the aim remains the same, these wallets look and work differently from the standard wallets.
Each cryptocurrency needs a compatible wallet for it. Among such wallets is the Electrum Bitcoin wallet which is one of the safe and secure wallets preferred by the crypto users.
In this article, we will give you a detailed guide on the Electrum Wallet and its overall aspects. Let us look into this Electrum Wallet review in detail now.
Let’s start with the review!
What is an Electrum Wallet?
Electrum is a lightweight wallet that is designed to be easy to use while also maintaining a high level of security. Electrum is a client based wallet which means that in order to use it you need to download and install it on your computer. The Electrum wallet supports MacOS, Windows, and Linus operating systems.
The Electrum wallet was initially developed by Thomas Voegtlin in November 2011. Electrum is also developed to support hardware wallets such as TREZOR or Ledger. This means your private key will be stored safely offline on the hardware wallet.
Electrum Wallet Features
- Interface: The user interface of the wallet is very much easy to use. There are three tabs at the top of the window which allow you to choose between “send”, “receive” and your transaction history.
- Hardware Wallet Support: The Electrum wallet also offers support for the hardware wallets. The Ledger Nano S and Ledger Nano X are the best hardware wallets to use with Electrum wallet.
- Cold Storage: The Electrum wallet supports the storage of private keys offline. It has a watch-only mode for online users.
- Security: Electrum is password protected and can also encrypt the private key on your hard drive. If the password is lost or the computer is destroyed, you can always recover your funds with the seed phrase.
- Customer Support: Electrum has very extensive documentation online, as well as an active BitcoinTalk category where you can get your questions answered.
Electrum Wallet Fees and Limits
The Electrum wallet is completely free to download, install and use. However, transactional fees do apply but when it comes to the actual usage of the wallet, you can do so absolutely free of charge.
It also provides the ability to speed up the transaction time, but you need to pay more. If any transaction optimised for lower fees is not validated in due time, the transaction speed is higher with equal fees to complete it.
Electrum Wallet Supported Currencies
The only supported cryptocurrency by the Electrum wallet is Bitcoin (BTC). There have been clones developed for Bitcoin Cash, Bitcoin Gold, and other coins, though.
Is Electrum Wallet safe?
The Electrum wallet employs some of the excellent security features to keep the Bitcoins safe. Anyone can run a server since the server code is open-source. The wallet does not download any script. This means that even if a server is hacked, you won’t lose your Bitcoins.
Electrum wallet uses a seed phrase as a backup measure. This enables protection if you lose your private key. These features make the Electrum wallet one of the most secure software wallets around.
How to set up the Electrum Wallet?
Step 1: Visit the Official Website and click “Download” at the top of the screen.
Step 2: Select the version of Electrum wallet supported for your operating system
Step 3: After downloading the executable, open the .exe file to install the application.
Step 4: Now click the option “Create a New Wallet”, “Standard Wallet” and then click “Next”.
Step 5: Now a recovery seed phrase will be generated. Write it down and store it safe, as you will need these in case your wallet is ever lost, destroyed, or stolen.
Step 6: Input the seed phrase you just wrote down into this box to confirm you copied it correctly.
Step 7: Now choose a strong password and once done, click “Next”.
Step 8: Then select which server you want to connect to and click “Auto Connect”.
Step 9: Finally, click “Next”. The wallet is now set up and you can begin using Electrum.
How to restore the Electrum wallet?
Step 1: Download Electrum from the official website
Step 2: Now run the .exe file and then give your wallet a name
Step 3: Select ‘Standard Wallet’
Step 4: Then select, ‘I already have a seed’
Step 5: Now input your seed and then, encrypt the new wallet with a password
Step 6: Finally, Electrum will automatically import your wallet and your Bitcoin.
How to send crypto assets using Electrum Wallet?
Step 1: Click the “Send” tab at the top of the main Electrum wallet screen.
Step 2: Now copy the address you want to send the Bitcoins.
Step 3: Then paste the address into the box that says “Pay To”.
Step 4: Enter the amount of Bitcoin you want to send in the box labeled “Amount”.
Step 5: Re check if all the information is correct and then click the “Send” option.
How to receive crypto assets using Electrum Wallet?
Step 1: Click the “Receive” tab at the top of the main Electrum wallet screen.
Step 2: Next to the “Receiving Address” label, you will see a string of characters.
Step 3: Click the “Copy Symbol”. This will copy the receiving key to your clipboard.
Step 4: Now paste this key to where you are sending the Bitcoin.
Step 5: Once you have clicked “Send”, it may take a while to receive into your Electrum wallet.
Electrum Wallet Pros and Cons
- It is very easy to use
- There is no information is stored on the server
- It is Open-source
- Employs two-factor authentication
- Has had security Issues
- Only Bitcoin supported
- Not ideal for beginners
Electrum is a fast, secure and a stable wallet. However, it is not suitable for beginners. The wallet enjoys massive support from the Bitcoin community and is extremely rich in features. The password protection makes it harder for hackers to get into Electrum wallet.
The wallet offers users a very user-friendly solution for sending and receiving Bitcoin payments regularly. Thus the Electrum wallet is perfect for those who want to use Bitcoin to make regular payments.