Electrum Bitcoin Wallet | Electrum Wallet Reviews 2019 | Beginner's Guide

CoinSwitch | 22 May, 2019 | 2 min

Electrum wallet is mostly associated with Bitcoin, which has been there since the beginning. Electrum was launched in November 2011 and is considered as one of the best Bitcoin wallets. The users don’t have to download the full blockchain, hence Electrum is considered as a Lite wallet. Electrum keeps up with BTC’s decentralized roots which have, in turn, made it a favorite software wallet amongst the Bitcoin community of users. Electrum only supports Bitcoin, in spite of there being so many cryptocurrencies in the crypto space. Electrum is compatible with major Bitcoin hardware wallets and supports Android, Mac, and Windows. The Electrum default fee is a flat rate of 0.2 mBTC, which can be reduced to 0.1 mBTC* or even lower in some cases. Now, let’s quickly check out its features:


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  • In wallet encryption and 2-factor authentication
  • Electrum hardware wallet integration and Multi-signature wallet option
  • Recovery passphrases or seed in case you lose the wallet
  • You can migrate between servers at your free will and export your private keys freely
  • Electrum doesn’t download scripts, hence the hackers can’t send you codes and steal your funds
  • The decentralization feature and it being an open-source prevents a central point of failure

Let’s check out the Electrum Wallet Review 2019:

#1 User Interface And Setup

If you are looking for installation flexibility, then you might as well try Electrum wallet. When you create a new wallet, the wizard would give you options, whether you want to make a standard wallet, a multi-signature wallet, a 2-factor authentication wallet or simply import an existing wallet. It is recommended for you to go for the multi-signature or the 2-factor authentication one, as it prevents your funds from getting hacked. Irrespective of which wallet you choose, you will come across a window asking about seed phrase, which will ask you to restore your wallet with the help of an existing seed or you can create a new one. Make sure you write the recovery seed or the passphrase somewhere as you will require it if you lose your wallet. You must read about how to use Electrum wallet offline.

#2 Security

With features like multi-signature and 2-factor authentication, the Electrum wallet gives you an additional layer of security. The fact that the private keys are saved on local devices means that the users have full control over their keys, which they most prefer. Till date, they have faced one security vulnerability, which led to fund stealing by the hackers through infected websites. But the Electrum developers upgraded it and hence make sure you update it once you install it, as it doesn’t support automatic updates.

#3 Supported Cryptocurrencies

Electrum is a Bitcoin-specific desktop wallet, and do not support any other crypto assets.

#4 Community Sentiment and Support

Amongst the Veteran enthusiasts, Electrum is one of the most preferred wallets for Bitcoin as Electrum even managed to secure the trust even in case of failures. The team has been working on upgrades and improvement as and when required and the developers are pretty updated.

Pros:

  • Easy setup process
  • No lock-in or down-times
  • Excellent Privacy features
  • Integration with hardware wallets for additional security

Cons:

  • Only supports Bitcoin and no other cryptocurrencies.
  • Not ideal for beginners.

Download Electrum BTC wallet

Conclusion

With almost 9000 commits on GitHub, third-party plug-in support and an expansive developer community, Electrum is considered as one of the most developed Bitcoin software wallets. It offers additional flexibility and their dedication to constantly improve, makes it users’ favorite. It might not look pretty, but it is undoubtedly one of the efficient wallets in the Bitcoin community.

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