Electron Cash Wallet Review
Electron Cash is an open-source Desktop and Mobile Bitcoin Cash (BCH) wallet. The wallet was built as a replica to the Electrum wallet and is solely for Bitcoin Cash. One interesting fact about this wallet is that it forked from a bitcoin wallet. Similarly, the currency it supports, BCH, forked from the bitcoin network. This review will unveil the unique features, fees and security standards of this wallet.
The wallet is a project that is completely funded and managed by the Bitcoin Cash community and enthusiasts. The wallet is a bit technical and not so easy to setup. A bitcoin cash enthusiast, Jonald Fyookball (Pseudonym), created the wallet. It was first released in August 2017 after the Bitcoin Cash fork of August 2017. Before the wallet was created, Fyookball had been sensitizing the community on the Bitcoin Cash fork.
After the Bitcoin Cash fork, Fyookball forked the wallet code of electrum wallet to create an Electron wallet for Bitcoin Cash. This wallet has the same great features already available in the Electrum Bitcoin wallet. The wallet has seen many upgrades since its creation. It is now available in version 4.0.2.
It boasts several features such as SPV technology, multi-sig wallets, and Cash Shuffle. The wallet also does not integrate into third-party platforms. Asides adding a Coinshuffle integration, a new iOS version of the wallet was also released in 2019. In addition, the wallet has launched another version that can run on basic feature phones.
The wallet supports just one currency which some users might find disadvantageous.
Electron Cash Wallet Supported Coins
The wallet is solely for Bitcoin Cash (BCH) and does not support other coins. This is obviously a disadvantage if your goal is to store as many coins as possible.
To find out where you can obtain BCH in the first place, go to our Cryptocurrency Exchange List and use the filters to find the right exchange for you.
Electron Cash Wallet Fees
To use the Electron Cash wallet, you have to pay network fees. Bitcoin Cash transactions are ‘confirmed’ when miners write them in the Bitcoin Cash blockchain. To get your transaction confirmed faster, you have to pay a higher fee. This is because miners prioritize transactions with higher fees.
With its recent versions, the Electron Cash wallet has now introduced ‘dynamic fees’. This feature ensures that the fee you pay to confirm your transaction order is adequate.
You can also increase the transaction fee. However, this option is only open to ‘replaceable’ transactions. You can create this type of transaction with ‘Replace by Fee’ before sending the transaction. A CPFP is a new transaction where a higher fee is paid to compensate for the small fee of a parent transaction.
Electron Cash Wallet Price
Similar to the Electrum wallet for Bitcoin, the wallet is free to use. Electron Cash does not charge its users for downloading or gaining access to the wallet.
Electron Cash Wallet Ease of Use
The Electron Cash wallet is not easy to use. It will take time for a newbie to master. The mobile versions of the app are available on both the Android and iOS store. However, the desktop version can be found on the Wallet’s website.
The following are steps to setting up an Electron Cash wallet on windows.
- Download your desired type of Electron cash wallet from https://electroncash.org/.
- You can click on “Run” or click “More Info” and then click “Run Anyway” to run the file.
- Next, you have to choose a server and connect, or select a server manually.
- Choose a Name for the wallet file. You can use “default wallet” if it is your first time using the wallet.
- Select the type of wallet you would like to set up. You can choose a simple “Standard Wallet.” You can also select a multi-sig wallet.
- You have to create a Seed Word and Private Key. Electron cash will generate a new 12-word seed phrase. You can use this to recover your wallet should you forget your password or lose access to your private keys.
- Next, create a password that will encrypt your wallet files.
- You are ready to use the Electron Cash wallet now. You can send and receive cryptocurrencies.
This wallet helps protect user privacy. You do not have to input any personal data to create a wallet.
Security is a big factor. The wallet gives you control over your private keys. It is also open-source, meaning that the community decides on updates. Here are some other features of the wallet.
- Wallet security is improved using SPV technology. This helps to avoid downloading the full blockchain.
- You can keep your wallet keys in an offline cold storage environment. This will prevent hacking.
- There is also the multisig feature and you can proof check transactions.
On the other side, the wallet has been perceived as unsafe. The founder of the wallet uses a pseudonym and users are warned about the potentials of losing their funds.
Where to buy Electron Cash Wallet
You can download the mobile versions of the wallet from Google Play or Apple App Stores. The desktop versions are also available on https://electroncash.org/. Ensure you are visiting the official website to avoid being a fraud victim.