Electrum is one of the oldest Bitcoin wallets in the market. Thomas Voegtlin created it way back in November 2011 and various developers have since modified it. Since Electrum is a client-based wallet, you can download the software and run it from your computer. Unlike most other desktop bitcoin wallets, there is no need for you to run your entire blockchain.
Electrum is a bitcoin wallet client that is mobile-enabled — it works with Windows, Mac, Linux, AND Android. When installing Electrum, it requires that you write down a 12-word seed, which can help you restore your wallet on multiple devices. This seed also makes Electrum more “forgiving” in case you forget your private key. One interesting feature of Electrum is its support for third-party plug-ins that provide it with additional functionality.
Another innovative feature of Electrum is fee management. While most BTC wallets don’t allow you to decide whether or not you want to pay for a sudden increase in fees once a transaction has been broadcast to the network, Electrum does. It even gives you an option to replace the fee after starting a transaction.
- Website: https://electrum.org/#home
- Currencies Supported: Bitcoin
- Pricing: Free
- Payment Method: Split the permission to spend your coins between several wallets.
- Features: Electrum Wallet verifies all the transactions in your history using SPV.
- Other Benefits: You can export your private keys and use them in other Bitcoin clients.
- Hard Wallet or Digital Wallet or Both: Both
- Desktop or Mobile App: Mobile
- Control Rating: You control
- Type of Verification: Multisignature and SPV
- Vulnerable or Secure Environment: High security
- Privacy Rating: High
- Best feature: Open source code for extra security.
- Electrum ensures speedy transactions and keeps waiting time low via server usage.
- The private keys of the users are not sent to the servers, they are instead encrypted, giving you full control and ownership over your private keys.
- Electrum offers cold storage to store up your Bitcoin. The online desktop hot wallet version is used to finish transactions and making payments.
- It can integrate with existing hardware solutions, including KeepKey, Trezor, and Ledger Nano.
- The wallet ensures complete verification of all the transactions in your wallet history.
- Electrum has incredible security and prevents theft and fund loss.
- The open-source code of the wallet is written in Python, which is widely used by developers so developing is easy.
- The single wallet can be executed on multiple desktops with automatic synchronization.
- The user-interface can be a little difficult for beginners.
Pros and Cons of Electrum
- The platform is popular and is one of the oldest Bitcoin wallets in the market.
- The set up is pretty straightforward and the wallet is pretty fast.
- The wallet also has very good privacy features and keeps your Bitcoins secure.
- Integration with hardware wallets like Ledger and Trezor is available.
- It also has an Android application that you can use on your mobile.
- No need to download the Bitcoin blockchain to use this wallet
- Supports multi-signature wallet use
- Electrum server does not store private keys. Rather, transactions are signed locally
- Unlike Exodus, it only offers Bitcoin services.
- The reception to the Android app is mixed.
- The interface is not easy for beginners.
- Though uses can mask IP address using Tor, this option sacrifices some security
- If you choose a segwit wallet instead of standard during setup, you may have problems receiving funds from most other wallets as they are incompatible