Electrum wallets is one of the strongest players in the world of cryptocurrency wallets. The wallet launched in 2011 and since its launch, it has faced several upgradations and acquainted more customers every year. Electrum is a wallet based on the client-server framework and also a server launched for making bitcoin transactions speedier. It is an open source and client wallet which you can download and use on desktops.
What is Electrum?
Electrum is an open source light weight bitcoin wallet which runs on the client’s platform. It is a desktop wallet which reduces response time and provides vast number of features. The private keys of the users are not sent to the servers and the funds are completely safe. This bitcoin wallet has some exceptional and unique features which make it unique and adapted worldwide.
Features of Electrum:
Nobody likes to wait for transaction confirmations and thus, here is an impressive feature of Electrum to resolve this issue. The blockchains are now downloaded and instead, information is retrieved from the servers which make the transactions speedier and the waiting time minimal!
Encrypted private keys
The private keys are not sent to the servers and are encrypted. The file which accommodates your funds or bitcoins is secured with a password. With the private keys on your machine, you will never have to worry about theft which is simply amazing!
Cold storage for bitcoins
The wallets offering cold storages are considered quite reliable. Electrum provides the same facility to making storage of bitcoins more flexible. The offline storage is created where the desktops are used for generation of public and private keys. On the other hand, the online desktop is used to complete transactions and for making payments. The cold storage is secured and reliable.
Additional Electrum wallet features:
- Electrum integrates with some renowned hard wallets like Ledger Nano and Trezor
- It also offers Tor support using which you can hide your IP address from the servers
- Your wallet can easily get recovered from itself. If you lose the wallet, there are some private recovery options which makes recovery completely easy
- Server usage in electrum makes it quick and instant
- The wallet verifies all the transactions in your wallet history
- It is a super secure wallet which prevents theft and fund loss
- The code is written using Python which is easy to rebuild and correct
- You can use a single wallet on multiple desktops where synchronization will occur automatically.
- The wallet can be easily downloaded and installed on your system
two factor authentication
User interface of Electrum is quite colorful, but not as intuitive and understandable as other wallets for the users. However, the transactions and signup are quite easy processes. Here is the usability and user friendliness of Electrum explained in an accurate way:
Currently, electrum is available for desktop computers and is compatible with windows as well as iOS. In 2016, the Android version of this wallet was launched. It is used within
- Desktop computers
- Android devices
The home page of Electrum appears quite dark and ambiguous especially for novice users. However, the tabs for downloading the wallet and making transactions through Electrum are quite simple to understand. The installation process is quite quick and easy. You get to witness a very simple ‘send’ and ‘receive’ page where the accurate information is provided.
The user friendliness of Electrum is average as it simply focuses on accurate information regarding its functionalities. There is no additional information or guide about bitcoins and other common information users may require.
When it comes to security, Electrum is considered to be secure as the users have control over their private keys and funds. The keys are well encrypted and are not sent to the servers which ensure safety.
Also, the facility of cold storage is available to save your bitcoins offline. With this, all your funds remain within your system and under your control.
Electrum also supports encryption which allows you bitcoins to remain safe. For seeding or using the private keys, you will need to enter the password. The wallet can also get decrypted on the disk which requires password for opening. Electrum also verifies that your bitcoins are in the bitcoin blockchain. To keep the funds safe, 2 factor authentication is used. This verification and robust authentication keeps your wallet free from malware and thefts. Along with this, easy multi signature facility is provided through which multiple users can use the wallet without any complexity.
Thus, electrum is a fast and easy to use secured wallet.
Electrum is an open source wallet for bitcoins and it supports transactions and storage of bitcoins. It also integrates well with the hardware wallets out there.
- Simple and easy interface for sending and receiving money
- It is a super fast wallet with minimal turnaround time
- Safety features like cold storage, excellent private key encryption, 2 factor authentication makes it robust and secure
- Open source platform to modify and enrich the code
- There are no open ports and thus the wallet is secured from firewalls
- Electrum allows easy integration with hard wallets
- It supports multisignature and 2 factor authentication
- It is not as beginner friendly as other wallets with a simple UI
- Support is limited to just bitcoins
- Customer support base is comparatively weak
Final verdict for Electrum:
Electrum is a ripened bitcoin wallet which was launched in 2011 and since then it’s only showing progress. With the open source development platform and robust encryption, it allows safety and security of funds. The transactions are completed rapidly and with verifications. With 2 factor authentication and cold storage facilities, it ensures security. The wallet is flexible and now available for androids too!
Electrum is prepared while considering all the important aspects like security, encryption, flexibility of multiple uses, auto sync, authentication and transaction verification and thus, is a reliable wallet to store your bitcoins
Watch this Electrum wallet review to learn more about how to set up Electrum wallet