Electrum Wallet Review- All You Need to Know
Hardware wallets are one safe option for storing cryptocurrency funds and keys. These are the sort of USB sticks that store digital assets. However, not all wallets are safe. Instead, one must conduct proper research to find a systematic and reputed option such as the Electrum wallet.
So, what is an Electrum wallet? What are its features? Keep on reading, and we will conduct an in-depth yet unbiased analysis of this wallet in the forthcoming content. So make sure to stay tuned from start to end.
It is pretty difficult to digest a large chunk of information at once. The same is why we have broken down this review into different pieces so that you don’t miss any critical information. With that said, let us walk through the content.
Background of Electrum Wallet
Electrum wallet is one of the world’s oldest bitcoin wallets, launched in November 2011 by an individual named Thomas Voegtlin. It is a simple, beginner-friendly, and easy-to-use wallet in cryptocurrency and bitcoin.
It is an open-source wallet that enables users to safely store all of their digital funds for over a decade. In addition, the Electrum wallet also allows investors and traders from all across the globe to send and receive near-instant payments on the bitcoin lightning network. Although we can not call this wallet the safest option, it offers a user-friendly solution for regularly receiving and sending crypto payments. Hence, if you want to use your crypto wallet for sending and receiving payments in bitcoin, then Electrum would be an excellent option for you to go with.
Features
Electrum wallets have many features and a wide variety of other advanced functionalities. For instance, it is compatible with multiple hardware wallets for extra secure cold storage.
In addition, it also allows the users to replace the RBF- Replace By Fee and batch RBF transactions. For those who don’t know much about RBF, it is a technology that helps users to send a second bitcoin transaction to the first one but with higher fees if the network is congested to ensure that the original transaction has been successful within the specific time. In addition, the wallet can send near-instant and low-cost payments via a lightning network.
Security
Security is another concern you must consider while selecting a crypto wallet for yourself. And as Electrum was launched about 11 years ago, its code is vetted.
Moreover, it is a non-custodial wallet and does not allow anyone other than the wallet owner to access funds. That means you have complete control over your wallet, funds, and private keys.
Users can also set up 2-factor authentication to enhance the overall protection and security of the wallet.
Privacy
The wallet works on decentralization and grants you complete control over the funds. It enables all its users to create various bitcoin addresses and discard old wallet addresses if they observe any security threat. Thus, privacy and security are enhanced to another level. Since the wallet does not ask for any KYC: Know Your Customer process, it does not store any user data or company services.
Setup for Electrum wallet
You can set up your Electrum wallets in two ways. We will be discussing each of them one by one.
Desktop
Access Electrum’s official website for setting your wallet on your desktop. There, click on the option that says: Download Electrum. You will find all the operating systems displayed on the next page. Choose an OS your desktop runs on to install the wallet software.
To set your Electrum wallet up, open a multi-signature wallet ad click on the button: Create new wallet” now, write down your recovery phrase somewhere safe as you will need it in the future for restoring and recovering your account.
Once you have secured the restoration phrase, you must set an encryption password. After that, you are done with this; you are done with the creation process. So enjoy it.
Mobile
Download the app on your smartphone via the apple store or google play store. After installing the app, open it and click “Next” to start the wallet creation process.
The app will now ask whether you want a standard wallet with 2-factor authentication or a multi-signature wallet. So choose an option according to your preference and need. Now clock on the option of creating a wallet and write down the seed phrase. Retype the seed phrase to confirm you have written it down somewhere safe. Finally, enter the encrypted password and wait till the wallet gets synchronized.
Customer Service
Open-source developers maintain an Electrum wallet. Hence you can expect an in-efficient and late-to-response customer support service. Instead, the users have to go through the wallet’s official documentation. If the issue does not get resolved with this, then the user has to reach out to Electrum’s community on social media pages such as Twitter or Reddit.
Pros and cons
Below are some significant pros and cons of the Electrum wallet
Pros
- Obtain easy to use interface that is perfect for beginners
- You can set the wallet up in two ways: Through Desktop or Mobile.
- Obtain advanced technologies for the usage of experienced individuals
- Helps to make successful transactions
Cons
Conclusion
In short, Electrum is a hardware wallet that lets the user manage their cryptocurrencies safely. The developers have tried to improve the open-source wallet to focus on functionalities. The same is why Electrum is more user-friendly than any other wallet.
If you are an experienced person, you are most likely to appreciate all the advanced features owned by Electrum wallet. In addition, it obtains a robust security system and does not allow anyone else but you to access the funds. All in all, it is an excellent wallet for receiving and sending crypto funds. However, slow customer service is one significant downside that this wallet has. Rest, the decision is all yours.
Originally published at https://dixitpatel.us on July 31, 2022.
