NameCartera ElectrumPublished2014Wallet typeWeb-based hot walletPriceFreeSupported platformsLinux, Windows and Mac OSCryptocurrency compatibleBitcoin (BTC)Mobile supportNo We normally store money in a wallet. There are wallets where you can store your virtual currencies when it comes to digital currency. While the goal remains the same, these wallets look and function differently than standard wallets. Every cryptocurrency needs a compatible wallet for it. Among those wallets is the Electrum Bitcoin wallet, which is one of the safe and secure wallets preferred by crypto users. In this article, we will give you a detailed guide on Electrum Wallet and its general aspects. Let’s take a look at this Electrum Wallet Review in detail now. Let’s start with the review!
Did you know Electrum Bitcoin Wallet is a private company that has an estimated income of more than $ 1 million with less than 10 employees.
What is an Electrum wallet?
Electrum is a lightweight wallet that is designed to be easy to use while maintaining a high level of security. Electrum is a client-based wallet, which means that to use it you must download and install it on your computer. The Electrum wallet is compatible with 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 like TREZOR or Ledger. This means that your private key will be safely stored offline in the hardware wallet.
Did you know 10% of all Bitcoin transactions are done on the Electrum Bitcoin Wallet.
Electrum wallet features
Interface: The wallet user interface is very easy to use. There are three tabs at the top of the window that allow you to choose between “send”, “receive” and your transaction history. Hardware wallet support: The Electrum wallet also offers support for hardware wallets. Ledger Nano S and Ledger Nano X are the best hardware wallets to use with the Electrum wallet.Cold storage: The Electrum wallet supports offline private key storage. 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 you lose your password or your computer is destroyed, you can always get your funds back with the seed phrase. Customer Support: Electrum has very extensive online documentation, as well as an active BitcoinTalk category where you can get answers to your questions.
Electrum Wallet Fees and Limits
The Electrum wallet is completely free to download, install and use. However, transaction fees do apply, but when it comes to the actual use of the wallet, you can do so completely free of charge. It also provides the ability to speed up transaction time, but you have to pay more. If a transaction optimized for lower fees is not validated in due time, the speed of the transaction is higher with equal fees to complete it.
Electrum Wallet Compatible Coins
The only cryptocurrency supported by the Electrum wallet is Bitcoin (BTC). However, clones have been developed for Bitcoin Cash, Bitcoin Gold, and other currencies.
Is Electrum Wallet safe?
The Electrum wallet employs some of the great security features to keep Bitcoins safe. Anyone can run a server as the server code is open source. The wallet does not download any scripts. This means that even if a server is hacked, you will not lose your Bitcoins. The Electrum wallet uses an opening 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 out there.
How to set up Electrum Wallet?
Paso 1:Visit the official website and click “Descargar” at the top of the screen.
Paso 2:Select the version of the Electrum wallet compatible with your operating system
Paso 3:After downloading the executable, open the .exe file to install the application.
Paso 4:Now click on the option “Create a new wallet”, “Standard wallet” and then click “Next”.
Paso 5:Now a recovery seed phrase will be generated. Write it down and keep it in a safe place, as you will need it in case your wallet is lost, destroyed, or stolen.
Paso 6:Enter the opening phrase you just typed in this box to confirm that you copied it correctly.
Paso 7:Now choose a strong password and once done, click “Next”.
Paso 8:Then select which server you want to connect to and click “Auto connect”.
Paso 9:Finally, click on “Next”. The wallet is now set up and you can start using Electrum.
How to restore the Electrum wallet?
Paso 1: Download Electrum from the official website
Paso 2: Now run the .exe file and then give your wallet a name
Paso 3: Please select ‘Standard wallet’
Paso 4: Then select, ‘I already have a seed’
Paso 5: Now enter your seed and then, encrypt the new wallet with a password
Paso 6: Finally, Electrum will automatically import your wallet and your Bitcoin.
How to send crypto assets using Electrum Wallet?
Click on the “Submit” tab at the top of the Electrum wallet main screen.
Now copy the address you want to send the Bitcoins to.
Then paste the address in the box that says “Pay To”.
Enter the amount of Bitcoin you want to send in the box labeled “Amount”.
Double check if all the information is correct and then click the “Submit” option.
How to receive crypto assets using Electrum Wallet?
Click on the “Receive” tab at the top of the main Electrum wallet screen.
Next to the “Receiving Address” label, you will see a string of characters.
Click “Copy Symbol.” This will copy the reception key to your clipboard.
Now paste this key to the place where you are sending the Bitcoin.
Once you’ve clicked “Submit”, it may take a while for it to be delivered to your Electrum wallet.
Electrum Wallet Pros and Cons
It is very easy to use Software based No information stored on the server It is open source It uses two factor authentication
Has had security issues Only supports Bitcoin Not ideal for beginners
Electrum is a fast, secure and stable wallet. However, it is not suitable for beginners. The wallet enjoys massive support from the Bitcoin community and is extremely feature-rich. Password protection makes it difficult for hackers to access the Electrum wallet. The wallet offers users a very easy-to-use solution to send and receive Bitcoin payments regularly. Therefore, the Electrum wallet is perfect for those who want to use Bitcoin to make regular payments.
Electrum wallet faq
How much does the Electrum wallet cost?
The Electrum wallet is completely free to download, install and use.
How to recover Electrum wallet password?
To restore your wallet from your initial phrase, create a new wallet, select the type, choose “I already have a seed” and proceed to enter your seed phrase.
What hardware wallets work with Electrum?
Ledger Nano S and Ledger Nano X are the best hardware wallets to use with the Electrum wallet
Is the Electrum wallet safe?Yes, the Electrum wallet is comparatively safe as it is password protected and can also encrypt the private key on your hard driveWhat cryptocurrencies does the Electrum wallet support?Currently, the Electrum wallet only supports a single cryptocurrency Bitcoin (BTC).
Electrum wallet ratingsReviewed by QD Summary Electrum is a lightweight wallet that is designed to be easy to use while maintaining a high level of security.
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Original source: Coinpedia.org