- Widely used platform
- Good privacy features
- Quick and easy setup
- Supports integration for popular hardware wallets
Not so great for:
- Not ideal for beginners
- Only supports Bitcoin
Check out our full list of pros and cons or read on.
|Product Name||Electrum Wallet|
Developed in 2011 by a German computer scientist, very few Bitcoin wallets can say they’ve been in the game since the very beginning when Bitcoin’s value was just a few dollars. Over the years, various developers have contributed to Electrum’s source code, making it what many people believe to be one of the most trusted wallets available. It’s now estimated that some 10% of all Bitcoin transactions occur on Electrum.Although there are more than 900 cryptocurrencies on the market today, Electrum’s sole focus is Bitcoin in an attempt to ensure that the platform remains fast and efficient.
In addition to receiving Bitcoin payments, you can transfer Bitcoin to your Electrum wallet from another wallet. This can be done by locating your Bitcoin receiving address in the “Receive” tab on Electrum.
Next, transfer funds from the service you are currently using into your unfunded Electrum wallet.
To make a payment on Electrum, click the “Send” tab. The “Pay To” field is where you type in the Bitcoin address or copy it from the clipboard.
After clicking Send, you will be prompted to type in the password you created when you opened the wallet.
Your Electrum wallet can also receive Bitcoin payments. This can be done by opening the “Receive” tab. Your Receiving address is essentially your Bitcoin address. Anyone who knows your Bitcoin address can send you a payment.
The electrum Bitcoin wallet is available for download at electrum.org, which is the official website for the platform. Users of Ledger, TREZOR and KeepKey hardware wallets can also use Electrum to store their Bitcoin.
Downloading the Electrum wallet is free. However, 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.
Electrum is considered one of the most secure Bitcoin wallets available today, and that’s largely due to the encryption techniques it uses to secure your private keys. That said, be careful when downloading your Electrum wallet. Electrum versions older than 3.3.4 are susceptible to phishing attacks. Be sure to download Electrum from electrum.org only, which will offer the latest version.
Electrum also has a highly secure seed, which is the random phrase that is used to generate your private keys. Without getting overly technical, the Electrum seed provides essentially the same level of security as a Bitcoin private key.
Your seed is extremely important as it is the only way you can recover your password if you forget it. As mentioned earlier, the password you initiate when you open the Electrum wallet is needed to send Bitcoin payments.
Getting started with the Electrum Bitcoin wallet is quick and easy. Simply visit electrum.org and click “Download.” Here, you’ll be prompted to choose your installation method. In just a few clicks, you’ll be ready to use Electrum.
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