DescriptionElectrum is a desktop bitcoin wallet that is compatible with multiple operating platforms, such as Windows, Mac and Linux. It was developed by a German computer scientist and designed to be lightweight and efficient. Over the years, various developers have contributed to its source code, making it one of the most trusted wallets available. Although there are more than 900 cryptocurrencies on the market today, Electrum’s sole focus is bitcoin. This ensures that the platform remains fast and efficient at all times. One of Electrum’s core features is its integration with the major hardware wallets, such as TREZOR, KeepKey and Ledger Nano S. This means you can integrate Electrum with any of these premium hardware wallets.
As a service provider, Electrum charges transaction fees for sending bitcoin. The default fee is a flat rate of 0.2 mBTC. This rate can be reduced to 0.1 mBTC* or even lower in some cases. The transaction...
As a service provider, Electrum charges transaction fees for sending bitcoin. The default fee is a flat rate of 0.2 mBTC. This rate can be reduced to 0.1 mBTC* or even lower in some cases. The transaction fee is included in the sum of the amount you want to send. The Electrum platform will issue a warning if the total transaction amount exceeds your wallet balance. *Note: mBTC = millibitcoin, or one-thousandth of a bitcoin
The Electrum Wallet is one of the oldest in the bitcoin storage market. It was created in November 2011 by Thomas Voegtlin and has been developed by other individuals upon becoming open-sourced. This wallet is client based. Its software is downloaded and runs on the computer. It was only available for desktops but recently, as of March 2016, the Android wallet was released and offers almost the same features as the originally launched wallet.
It is a quick wallet given that the client does not unload any blockchain, just ask the information to a server. There are no delays and it is always up to date. The user's private keys are encrypted and never leave the computer. The wallet can always be retrieved through a secret phrase. These private keys are not shared with the server, which means you do not have to entrust your money to the server.
The Electrum home page is very clean and easy to understand. The installation process is also quite simple and intuitive. To use this portfolio, you should already have some experience with bitcoin as it is not adapted to a new user in the world of cryptocurrencies. Anyway, Electrum provides a lot of documentation on the subject and also has a very active forum in BitcoinTalk.
The Electrum interface is also simple, having a series of tabs that allow you to choose between sending bitcoin, receiving bitcoin or other options related to your wallet. This wallet is also the only one that supports TOR which allows the user to achieve full anonymity while using the desktop wallet. The IP address will never be passed to the server to which it is connected.
- Multiplatform: Electron wallet software can be run on different platforms. The desktop versions which can be downloaded from the official website runs on Linux, Windows, and Mac operating systems. There is also an option for a mobile version of the software. These mobile versions can be downloaded both on Appleâ€™s Appstore and in Googleâ€™s PlayStore. For those conversant with command lines on Linux and Windows operating system, there is a provision to use a command line interface to perform the various processes on the Electrum wallet. To reduce the chances of installing malware while installing this open source software, it is advisable that you verify the developer of that specific version before installation. This can be done by accessing the digital signature associated with each software version.
- Cold Storage: When applied to cryptocurrencies, cold storage refers to the system which stores bitcoins offline. This is important as it reduces the chances of hackers getting access to your wallet. It thus considerably increases the security of the wallet and the associated transactions. Electrum wallet provides its users with an option of creating an offline wallet which is complemented by a watching-only wallet. The watching-only wallet is used to initiate online transactions which have to be signed by the offline wallet before the transaction is broadcasted.
- Decentralized System: A decentralized system is controlled by several servers which are connected through a network. The servers do not trust one another but always request a proof of transaction from the specific server initiating a transaction. A transaction is deemed complete after it has been added as one of the blocks of the blockchain system. Such a decentralized system is important as it makes it difficult for hackers to intrude into the system and reduces errors associated with a centralized system. The Electrum wallet relies on such a technology to store and carry out transactions between the client system and the blockchain.
- Support for Hardware Wallets: For those who would like to integrate their electrum wallet with hardware wallets, there is an option for them. Such integration is important as it increases the overall utility of the wallets. Added to this, such an integration helps individuals control all their cryptocurrency sources from the same platform.
- Simple Payment Verification: This method is used to quickly verify whether a transaction has been included in the blockchain blocks. This is important in reducing the transaction time as it eliminates the need to download the entire blockchain. Electrum wallet uses this transaction verification method to quickly complete light transactions. To verify whether a transaction has been included in the blocks, the simple payment verification software requests proof of the transaction from the blockchain.
- Two-factor Authentication: A two-factor authentication ensures that the wallet user does not lose money in an event his/her client computer is compromised. The two-factor authentication provided by electrum wallet is not a default feature. The users who wish to benefit from this security feature can do so by choosing the two-factor authentication button when prompted by the Electrum wallet installation wizard. Once this option is enabled all future transactions will be authenticated by a remote server before the completion of the transaction. The remote server used by Electrum wallet is offered by TrustedCoin, a leader in cryptocurrency security systems.
- Reliable wallet reputation
- Ability to connect third-party plug-ins
- Easy setup
- Has a password recovery option
- Multi-platform support
- Problems displaying actual blockchain data
- The wallet interface is not suitable for cryptocurrency wallet learners
As a result, we have a vivid example of a successful project, which for a long time of its existence has not lost its reliability and has managed to maintain a good reputation among users. It can be argued that Electrum succeeds in balancing between its advantages and disadvantages and, undoubtedly, this wallet is worth paying attention to when choosing a safe place to store cryptocurrency.