Electrum Wallet
Find out all you need to know about the Electrum bitcoin wallet, which is available on multiple mobile and desktop operating systems, including Windows, iOS, and Android.
A Brief History of Electrum
A Brief History
of Electrum
Electrum is one of the oldest bitcoin wallets currently in operation and was first created by Thomas Voegtlin in November 2011. Since its establishment as a bitcoin wallet, various developers have contributed to its source code. Unlike several of its nearest competitors, the Electrum wallet only stores bitcoin and, at present, it is not compatible with other cryptocurrency options. Despite this, some cryptocurrency users have forked its software to enable support in relation to different bitcoin forks.
The main focus of the Electrum system is speed and simplicity, while providing functionality that has a low resource usage. It utilises remote servers in order to handle even the most complex and intricate parts of the bitcoin system, as well as allowing the user to recover their wallet from a secret phrase.
Why Electrum Wallet?
The Electrum wallet is one of the most established bitcoin wallet options on the market, with almost a decade of market experience behind it. The company is considered to be a reliable and safe choice for investors to store their bitcoin and is available across multiple mobile and desktop operating systems.
Pros and Cons
Pros
- Free to download
- Available on Windows, Linux, OSX/iOS, and Android
- Two-factor authentication
- Multi-signature capabilities
- Offers password protection for users, safeguarding against hackers
- Private keys are never shared with the server
- User information is not stored with the server
- Features open source software, enabling checks for security breaches
- Calculates the number of fees from each transaction
Cons
- Only supports bitcoin, meaning you will have to use a different wallet for other cryptocurrencies
- Was victim to a recent security breach, so not 100% secure at present
- Remains a hot wallet, meaning it is possible for hackers to access certain features
How to Set Up Electrum Account
In terms of getting started, setting up an Electrum wallet is quite simple. A few steps need to be taken before the wallet is successfully installed and ready to use.
Firstly, you will need to head over to the official Electrum wallet page to download the wallet via the link provided on the website. Proceed to follow the on-screen instructions on how to correctly install the Electrum wallet, including navigating the pop-up installer boxes that may appear.
Once you have installed the program, open Electrum, where you will be asked if you wish to open a new wallet or restore an existing one. Continue to fill in all the necessary information and select the correct boxes in order to create a new wallet.
When you reach the wallet generation seed page, remember to write down the phrase in the text box and store it somewhere safe. This is very important, as it will be needed if you ever need to restore your Electrum wallet without your private key.
You will also be required to provide a password. As with any password prompt, be sure to create a strong but memorable one, as you do not want a password that is easy to hack.
Popular
The Electrum wallet is one of the most widely downloaded bitcoin storage options on the market and is very popular with investors.
Straightforward
This wallet option ranks highly in terms of how easy it is to download, access and use. As a result, it is suitable for investors of all experience levels.
Affordable
The Electrum wallet is completely free to download, install and use, meaning it is accessible to all people, regardless of their budget.
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