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Electrum Wallet Review

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Are you considering the Electrum Wallet to store your cryptocurrency? Have you been reading user reviews, trying to decide if it is the right fit for you? Choosing a wallet to store your Bitcoin securely is no easy feat, so we simplified things and did the legwork for you. Keep reading for a detailed look into the features of the Electrum Wallet, its user interface, and how its security measures up.

Features Of Electrum Wallet

OVERVIEW

Bitcoin wallets come and go in the crypto world, but Electrum is one of the few that has been around since the early days. Electrum Wallet was born in 2011, at a point in time when Bitcoin's value was negligible. However, Electrum Wallet has gained such prestige amongst Bitcoin traders that around 10% of all transactions take place on their platform.

So, what exactly is Electrum Wallet? Electrum is a Bitcoin wallet for the desktop that works with various platforms, including Linux, Mac, and Windows. It was created by a German computer scientist and is meant to be a simple and effective way to store your coins securely.

The source coding behind the Electrum platform has gone through changes and improvements over the years, making it an even stronger platform to store crypto as time goes on. While there are over 900 cryptocurrencies being traded currently and the number is steadily increasing, Electrum Wallet supports Bitcoin only to ensure it remains quick and productive for users continuously.

One of the great aspects of Electrum Wallet is its ability to integrate with other cryptocurrency wallets, like Ledger Nano S, KeepKey, and TREZOR. If you have any of these hardware wallets, you can integrate them with Electrum Wallet for optimal user experience.

Key Components

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One primary feature of Electrum Wallet is its quick and seamless transactions. When you are making transactions with your cryptocurrency, the last thing you want is to wait around for confirmations.

Electrum Wallet downloads blockchains, taking the transactional information from the platform server. This means that every transaction you do will be much faster and you will not have to wait long for your confirmation.

You will also receive encrypted private keys when using Electrum Wallet. They are not transmitted to the servers and being fully encrypted, your Bitcoins will be password protected. As you will have sole ownership of your private keys, you can rest easy knowing there is little chance of theft.

Electrum Wallet also features cold storage for your Bitcoins. They provide an offline environment, so your desktop creates private and public keys. It then utilizes the online aspect of your desktop to finish transactions and send payments. The cold storage method is the best way to ensure your funds and Bitcoin will be safe.

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Electrum Wallet offers additional security features like the ability to use Tor support to hide your IP address from outside servers. Another great thing about Electrum Wallet is that if you were to lose it, there are numerous recovery routes to take so you can get it back swiftly and painlessly.

Electrum's connection to the server makes transactions faster than ever, while the wallet continuously verifies funds you send and receive. This helps secure your wallet against loss and theft, giving you additional peace of mind.

The code behind Electrum Wallet was created using Python, a system simple to reconstruct and update as user needs require. You can also use your wallet on different desktops without worrying about faulty synchronization. Plus, the wallet is designed for a hassle-free download and installation process.

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COST

CURRENCY

ADDING CURRENCY

SENDING AND RECEIVING PAYMENTS

User Interface

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A BREAKDOWN

Whether you are a tech guru or struggle with the techno world, you are in luck with Electrum. The installation aspect of the user interface is simple and efficient.

When installing Electrum and creating your wallet, the installation wizard will trigger a prompt asking if you prefer a two-factor authentication wallet, multi-signature wallet, standard wallet, or if you want to integrate an existing wallet. Your best option is a multi-signature wallet or two-factor authentication wallet because they give your Bitcoin an extra layer of security from potential hackers. Whichever selection you make, the platform will ask you about the seed phrase approach you want to use.

You will have the option to create a new wallet with a seed, secure key, or hardware wallet, or integrate a wallet with a current seed. If you select the standard wallet, the seed prompt will be the next window that comes up. Otherwise, you will have to go through a few pages before that point.

COMPATIBLE SYSTEMS

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Electrum Wallet is designed for desktops and works with iOS or Windows. The Android component of the Electrum platform was created in 2016 and can be used with Android devices, Mac, Windows, Linux, and desktops.

OVERALL LOOK

While Electrum's home page may be confusing for newbies to navigate at first, the overall process and tab accessibility for downloading your wallet and doing transactions is a breeze. Installation takes little time, and once you select your wallet and seed preferences, you are well on your way.

The platform's “Send” and “Receive” tabs and associated pages are intuitive and simple to use. One area where the interface might fall short for novice users regards its informational resources. It offers sufficient information on how to use the actual platform, but it does not provide any other resources regarding Bitcoin and other cryptocurrency details you might need.

Security

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HOW IT WORKS

Electrum has some impressive security components to consider if you are interested in one of their wallets. You can add an extra layer of security with either a multi-signature address or two-factor authentication, which will give you considerable peace of mind as you engage in Bitcoin transactions.

These functionalities are only part of the overall security system Electrum has in place. Electrum places the power completely in the hands of users, meaning you keep your private keys on your local device at all times. You have operational control over your funds, instead of worrying about them being left vulnerable to hackers like more centralized wallets do.

THE WEAK SPOT

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One weak area of the Electrum platform's security measures bears mentioning. In the past, Electrum had a weak point in their system that made them vulnerable to hackers skilled in absconding with funds via infected web pages.

If you logged into your wallet and simultaneously had up a webpage that was infected, your Bitcoins could be stolen. The good news is, this is the only real security issue with which the platform has dealt

Electrum has worked hard to make significant updates to resolve this problem. If you go with Electrum, be sure to install any prompted updates to make sure you boost your security, since the platform does not do automatic updates.

Conclusion

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If you want an easy, user-friendly platform with negligible wait times for sending and receiving Bitcoin, Electrum Wallet could be your go-to option for safety, compatibility, and no-sweat transactions. It features key elements like private key encryption, cold storage, and 2-factor authentication for your security needs. You can also integrate your wallet on Electrum with other wallets, so you are not limited by the platform.

While Electrum is a solid cryptocurrency wallet, it has a couple of downsides; there is a lack of information on the platform for crypto novices, and it only supports Bitcoin. Despite these couple of negatives, Electrum Wallet is still an impressive wallet option with plenty of attractive features, a solid user interface, and security measures that work to beat hackers and prevent theft effectively.

So, that is our Electrum review. We hope you have found it useful in your search for a suitable cryptocurrency wallet.

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