After acquiring digital currencies, almost everyone’s worry lies in where to store them. Today, the best way to secure your digital money is through the use of a cryptocurrency wallet.
Storing your money online is not an option for anyone looking to invest in cryptocurrency for whatever reason. Online transactions are always prone to a number of threats, including hacking and scamming.
Without a wallet, you are bound to be vulnerable to numerous online threats. The thing is, choosing a wallet that suits your needs could be rewarding but not quite easy.
It is my hope that you will take away some tips and lessons from this Electrum wallet review to help you acquire a wallet that suits your needs.
Electrum Wallet Review
Electrum was established in 2011 by a computer scientist named Thomas Voegtlin. At the time, Bitcoin had very little to no competition. Well, let’s just say things have changed for the better since competition is always meant to avail the best to the ultimate consumer. The Electrum Bitcoin wallet has certainly stood the test of time.
It is believed that 10% of all the Bitcoin transactions are undertaken on Electrum. In its quest to remain the fastest and the most efficient platform, electrum’s main focus has been on Bitcoin.
Electron is among the most secure and convenient wallets and especially great for beginners.
How Can I Start Using the Electrum Wallet?
The process of getting started is pretty much straight-forward. Here are the steps to get you started:
- Go to the official website of the wallet and click on the “Download” icon at the top of your home screen.
- Next, click on the “Windows Installer”
- Open the download and follow the prompted steps to start the installation process. After the download is complete, open the application. A question should pop up asking you whether you wish to set up a new wallet or to restore an existing one. Choose the “Create a new Wallet” option.
- Once you have chosen to create a new wallet, pick the standard wallet option. You will be issued with a seed phrase. You will need to note it down somewhere safe and secure.
- Note that the key will be used to restore your electrum wallet in case such a need arises. You will be required to re-enter the seed phrase one more time to make sure you got the right phrase noted down.
- After verifying your seed phrase, you will need to set up a strong password for your wallet.
The last step would be to choose the server you will be using – do not select the “Auto-Connect” option no matter how easy you wish your login process to be. Auto-Connect will grant you access to your account without necessarily having to key in your password every time you log in. This means that if your mobile device or computer falls into the wrong hands, the person will equally have an easy time accessing your account.
How to Use the Electrum Wallet
After successfully setting up your wallet, the next step would probably be to familiarize yourself with its features before you actually use it.
Once you feel comfortable enough with the wallet, you can transfer your coins to it. You may want to make smaller transfers until you are familiar with the process to avoid any losses resulting from lack of familiarity with the platform. Of course, this might be slightly expensive due to the transfer fees involved in each transaction.
To receive funds from another wallet, click on the “Receive” button and then copy the link on the clipboard. Paste the address in the area named “Receiving Bitcoin Address”, key in the number of Bitcoins you wish to transfer, and click send.
To send Bitcoins to an online exchange, use the same steps above; the only difference is that you will need to click on the “Send” button instead of the “Receive” tab.
Is Electrum Safe?
As I stated earlier, Electrum is one of the most trusted and secure wallets we have today. The use of the highly encrypted techniques and other security measures makes it easy for the platform to protect its users’ transactions.
The seed phrase used to generate a private key for users provides a high level of security just like the private keys that are used for Bitcoin security.
- Electrum offers fast transactions since it relies on the servers that index the Bitcoin Blockchain.
- Electrum minimizes downtimes through operating decentralized and redundant servers.
- The tool offers protection to your digital assets through the encrypting of your keys while in your computer.
- The wallet offers an offline cold storage for your keys to enhance more security.
- Electrum integrates with third-party plugs such as hardware wallets to improve its user experience.
Here is a bonus one for those who love to shop in style and pay using your Bitcoins wallets:
- Electrum has a complex password protection policy that provides more security to its users’ funds.
- Great wallet for receiving and sending Bitcoins.
- Best suited for people who make payments online using Bitcoins.
- It’s a free download application.
- The multi-signature functionality increases security.
- At the moment, it only supports Bitcoin.
- Being a hot wallet, it is prone to hacking and related security threats.
Our Electrum Rating
- User-friendly – 4.5/5.0 stars
- Supported coins – 3.8/5.0 stars
- Security – 4.5/5.0 stars
- Reputation – 4.6/5.0 stars
Overall Rating – 4.4/5.0 stars
Reason Behind the Rating
User Friendliness: Electrum is by far one the most user-friendly wallets. Beginners can easily navigate around the platform.
Supported Coins: A wallet with only one coin might not be the best at a time when there are hundreds of coins on various exchanges; they probably need to up their game on the listed number of coins.
Security: The wallet has a two-factor authentication feature as well as an encryption methodology to boost the security of user funds.
Reputation: Electrum has been around for close to a decade now and, so far, no serious issues have been raised against its reputation.
There you have it!
Generally, Electrum is famed as one of the oldest wallets; its top-level security attributes and its overall user experience simply stood out for us. It may not be the best wallet, but you would be hard pressed to find one that gets the job done better and more efficiently than Electrum.
Finally, for those who have used the Electrum BTC wallet, what are your reviews so far?