Cryptocurrency wallets are widely used throughout the world. There are various types of online wallets for crypto and Electrum is one of them. It is one of the most popular Bitcoin Wallets that had been established back in 2011. It is an easy to use, secured and lightweight wallet that is used to safely store Bitcoins (BTC) for free. In this article, we will conduct an in-depth Electrum wallet review where we will offer all the necessary information.
What Is An Electrum Wallet?
Electrum Wallet is considered to be one of the most popular Bitcoin wallets for desktop that is compatible with several types of the operating systems such as Windows, Mac and Linux. A German computer scientist had developed Electrum and it was created to be lightweight and efficient.
Electrum utilizes the indices of blockchain that means that the users are not required to download the large and ever-expanding blockchain files on their computer. With a simple and easy to use user interface, the Electrum wallet is currently one of the oldest BTC wallets available in the market. Unfortunately, this wallet does not support any other cryptocurrencies other than Bitcoin (BTC).
In recent years, several developers have contributed to the source code of Electrum making it the most trusted digital wallet available today. Although numerous different cryptocurrencies are joining the crypto space with each passing day, Electrum wallet’s primary focus remains Bitcoin. Additionally, it ensures that the platform functions speedily and efficiently. One of the many features of Electrum is the integration with a couple of major hardware wallets or cold wallets such as Trezor Model T, Ledger Nano S and KeepKey.
Electrum Wallet Review: Striking Features
The Electrum Wallet is a noteworthy BTC wallet offering a host of impressive features. Here are a few of them:
- The Electrum wallet offers complete control of the user’s private keys. It is heavily encrypted and stored in the user’s computer. This makes it safe and secured for the users and that the keys are never shared with the Electrum servers. Additionally, the users can also export their private keys offline and use them with the other Bitcoin clients. Thus, no user is locked to solely use Electrum.
- Electrum is pretty fast as it verifies all the transactions in the users’ history and the user does not require to download the entire blockchain.
- The user is not required to worry in case anything goes wrong with the computer. You can recover the funds using the secret recovery phrase that has been provided to the user while they are installing and setting up their Electrum wallet.
- The transactions that are carried out in the Electrum wallet are verified utilizing the SPV or the Simple Payment verification. The wallet offers cold storage and that the private keys of the users are stored offline.
- The users can choose to store their Bitcoin in the Multisig wallets. However, they can also split the permissions in order to spend their Bitcoins.
- Now comes the most crucial features of the wallet. The wallet claims no downtimes. This implies that the servers are decentralized and redundant making the wallets always run without any downtime. Electrum is completely open-source and the professionals have screened its QR code. Additionally, the wallet is highly resistant to failures.
- As already stated before, the Electrum wallet supports the integration of several hardware wallets like Ledger-Nano S, Keepkey, and TREZOR.
What Services Can You Expect From The Electrum Wallet?
The following are the outstanding services that the Electrum Wallet offers to its users:
- The electrum wallet is also termed as the desktop wallet that is compatible with Linux, Mac and Windows operating systems. The wallet can be downloaded from the official website of Electrum for free. As per our Electrum wallet review, it is currently available for the Android users as well. The Android users can download the Electrum Wallet app from the Google Play Store for free. It also supports the same features in the desktop version.
- The wallet is pretty simple and easy to set up and it is integrated with the other hardware wallets. One of the most prominent features of the Electrum wallet is it does not download the entire blockchain.
- It is a fact that the Electrum makes use of its servers to collect information, saving a lot of memory. The wallet is end-to-end protected and highly encrypted making it challenging for the hackers and the attackers to steal the stored Bitcoins.
- Python programming language has been used to develop the electrum wallet that bears shorter and easier codes. The network can also verify the messages and sign offline transactions where Electrum can export and import the private keys.
Electrum Wallet Review: Advantages and Disadvantages
The following are the hits and misses of the Electrum wallet that you need to consider before going for electrum wallet download and using the virtual wallet:
The platform is easy to install and set up.
The wallet is not at all suited for beginners.
The platform is widely used.
Solely supports Bitcoin.
Offers a variety of privacy features.
Offers integration with a hardware wallet for extra security.
Pricing & Fees Of Electrum Wallet
Based on the Electrum crypto wallet review, it can be stated that the wallet can be freely downloaded from the official website of Electrum. If you are an Android user, you can go ahead and download the app from the Google Play Store. In both cases, it is free to download. But, the transactions are not free and thus, the users will be charged the standard transaction fees if they are sending Bitcoin from their Electrum Wallet.
The electrum wallet fees for transactions are calculated from the BTC amount to be sent and the default network fees are minimal. The user can also raise the transaction fees for the fast transactions. Alongside this, the Electrum wallet does not have any added fees. However, the Electrum commission might go up to 0.7sat/byte. In case there is no quick transfer, the user might also reduce it to 0.1. The user might also select from the wallet and manually specify the fee size. After the transaction, they can replace the commission fee if the sent amount is insufficient.
Is The Electrum Wallet Secure?
Electrum is the most secure Bitcoin wallet owing to the encryption techniques that are utilized to secure the private keys. The electrum possesses a highly secure seed that is completely random. The random phrase is used for generating the keys. It provides the same level of security as that of the BTC private key. The seed is absolutely important as it is the only way that the user can recover the password of the electrum wallet address in case they lose it. The password that the user initiates can open the wallet makes it crucial for executing the Bitcoin payments.
Thus, there is nothing to worry about and ask “is electrum wallet safe?” In some other article we will cover how to use electrum wallet.
Customer Support Of Electrum Wallet
The analysis by far states that the Electrum wallet is well-established and is a popular BTC wallet bearing dedicated and knowledgeable customer service. It furnishes the users with several tutorials, articles, documents to help users get acquainted with the system and frequently asked questions that can be seen on the BitcoinTalk Forum. The users are also able to locate an extensive and comprehensive support page on its website. Furthermore, the users can also easily locate their official announcements via the Electrum Twitter page. Additionally you can check the electrum wallet review reddit threads.
Electrum Wallet: A Summary
Below is a gist of the Electrum Wallet for easy understanding:
Electrum Bitcoin Wallet
Cold Wallet / Hardware Wallet
Supported Hardware Wallet
Yes (Ledger-Nano S, Keepkey, and TREZOR)
Most of All
Charges Transaction Fee as per the Transaction Speed
Tutorials and FAQs Support
Summing up everything in the Electrum Wallet Review, the Electrum wallet is the best Bitcoin wallet for the users who are looking forward to convenience and security. It is the safest cryptocurrency wallet that is quite trusted amongst the users and the cryptocurrency industry. Additionally, it offers various interesting features in addition to the very simple user interface.
People often ask “is electrum a good bitcoin wallet?”. Yes it is. The electrum wallet offers simple, secure and convenient Bitcoin storage. If the users are knowledgeable about how to use the wallet, they can also set the wireless settings as per their preference and this makes it extremely easy to use.