Electrum Wallet Review
Electrum Wallet is one of the oldest BTC wallets you can find. The wallet, which used to be a desktop client alone, is now also available on mobile. Electrum is compatible with multiple operating systems such as Windows, Mac, and Linux. The wallet is an open source software wallet. Over the years, several developers have contributed to its source code. Being open-source makes it one of the most trusted wallets available. The wallet also boasts excellent security features, adding to its esteem.
German computer scientist, Thomas Voegtlin, developed the Electrum wallet. It was launched on November 5, 2011. The wallet was designed to be a lightweight and efficient BTC client wallet. Electrum enables users to connect to external servers. So users do not have to download the entire Bitcoin blockchain and run a full node.
Electrum offers software wallets predominantly. However, it launched its Android wallet in March 2016. This enables fast and efficient services since its sole currency is the BTC. Asides being a mobile and desktop wallet, Electrum integrates with major hardware wallets. These include TREZOR, KeepKey and Ledger Nano S.
An active community of developers backs the wallet. It is also popular among crypto veterans and has been voted as one of the most secure software wallets. The Electrum team provides active support on Bitcointalk and the official subreddit.
Electrum Supported Coins
The wallet supports only BTC as the sole digital assets. Now, you will not be able to add any altcoin to an Electrum wallet. This is a downside to consider if you are looking to store multiple assets.
To find out where you can purchase BTC in the first place, check out our Cryptocurrency Exchange List.
Electrum Wallet Fees
The default transaction fee for sending BTC using Electrum is a flat rate of 0.2 mBTC. A millibitcoin is the one-thousandth of a BTC. In some cases, the rate could reduce to 0.1 mBTC or less. Electrum adds transaction fees to the sum of the amount you want to send.
Electrum Wallet Price
It is a software wallet and costs nothing to run on Windows, Mac, Linux, Android, and iOS. You can download the mobile wallet at the respective app stores for Android and iOS devices. However, if you are interested in the desktop client, find it on the official website.
Electrum’s Ease of Use
The wallet is quite easy to set up and use. If you are a newbie, this is not an ideal wallet for you. The interface is not beginner-friendly. You should try other wallets like Coinbase.
To set up the desktop wallet, download and choose an installation method. The installation wizard will present you with four installation options:
- A Standard Wallet
- A 2FA Wallet
- A Multisig Wallet
- Import an Existing Wallet
We recommend that you choose either the multisig or the 2FA option for better security. After choosing your installation method, you are ready to use your wallet.
Next, you will be prompted to choose a seed phrase. A few steps might precede this if you choose the 2FA or multisig options.
If you choose to create a new seed, you will receive a prompt to choose either a Segwit or a standard wallet address. Next, the installation window will display a recovery seed. Ensure you copy this down and store in several places. If anything goes wrong, the recovery of your funds will depend on the seed phrase. Next, reproduce the seed phrase and create a strong password to complete the installation. You can install the mobile wallet in a similar manner as the desktop client.
Asides the typical wallet features, you will find other cool functions. This includes invoicing, encrypted messaging, contacts list and transaction history.
Electrum uses a technique called Simple Payment Verification (SPV). This means that the server does not receive the users’ private keys. Transactions are not anonymous unless the user runs the Electrum wallet on the Tails operating system. The Tails operating system adds a layer of privacy and anonymity.
Electrum is secure, although it has recorded instances of attacks in the past. There have been patches to plug vulnerabilities of the past and prevent future ones from occurring. Here are some of the security features of the wallet:
- Seed Backup: The Electrum wallet is backed up by a seed phrase which protects you. The seed helps if you have to install your wallet.
- Password: Electrum keeps your private key in an encrypted wallet file that is protected with a password.
- 2FA or Multisig Address Options: Electrum offers users an added layer of protection with 2FA and Multisig addresses. This means that users are in control of their funds.
In spite of these security features, you also have a role to play in order to keep your funds safe. Make sure you update your software. Also, prevent unauthorised access to your password and seed phrase.
Where to buy the Electrum Wallet?
If you intend to hold digital assets other than BTC, check out the other wallets listed in our Cryptocurrency Wallet List.