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Friday, September 17, 2021

Electrum Wallet Review: Is Electrum Safe Or Legit Wallet

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About Electrum Wallet

Electrum Wallet was created by Thomas Voegtlin in November 2011. Since then, various developers have contributed to its source code. Electrum is a Bitcoin desktop wallet that is feature-rich but not very user friendly. If you’re just getting started with Bitcoin, I recommend avoiding Electrum, but if you’re already familiar with the basic terms then this is an excellent choice.

One of the most popular desktop Bitcoin wallets is Electrum that is compatible with various types of operating platforms like Windows, Linux, and Mac. Electrum was developed by a German computer scientist, and it was created to be efficient and lightweight.

KeyDetails
Vendor NameElectrum Wallet
FeaturesSafe, Cold Storage, Multisig, Instant On
Founded2014
Platforms Android
ValidationSPV
Ease of UseEasy
Anonymity Medium
Wallet HQ LocationLos Angeles, CA
Listed At Altwow12/08/2021
Official Wallet WebsiteClick Here To Visit Wallet Website

How To Install Electrum Wallet ?

Step 1

First Download Electrum Wallet Wallet App From App Store For Example ( Google Play, Or Apple Store. You Get Official Download Wallet Link At Electrum Wallet Website.

Step 2

Once You Successfully Installed Wallet.Than Start Creating Wallet By Filling Necessary Data Which Required By Wallet Like – Name , Email, Password Etc.

Step 3

Download The Keystore File. This File Enable Or Allow You To Decrypt Your Wallet Just Alike Private Key Does, So If You Lose It Or Someone Gains Access To It, Your Coins Are Locked. Save This File On A USB Stick, Put It In A Ziploc Bag Or Waterproof Container, And Store It In A Safe Place .

Step 4

Many Wallet Offer Private Key Features. If Electrum Offer Private Ket Features Than Follow This Guide – Snap “I Get, Proceed” And You Will See Your Private Key. Spare This Key By Printing Your Paper Wallet. Store This In A Safe Place For Example In Almira Or Any Zip Locker.

Step 5

Once You Follow All Above Guidelines Than Your Wallet Successfully Setup. Now It Is Time To Store Coin.

Features

Safe

Your private keys are encrypted and never leave your computer.

Forgiving

Your funds can be recovered from a secret phrase.

Instant On

Electrum Wallet is fast, because it uses servers that index the Bitcoin blockchain.

No Lock-In

You can export your private keys and use them in other Bitcoin clients.

No Downtimes

Electrum servers are decentralized and redundant. Your wallet is never down.

Proof Checking

Electrum Wallet verifies all the transactions in your history using SPV.

Cold Storage

Keep your private keys offline, and go online with a watching-only wallet.

Multisig

Split the permission to spend your coins between several wallets.

Add-ons

Electrum Wallet supports third-party plugins: Multisig services, Hardware wallets, etc.

How Secure is Electrum?

Electrum is password protected and can also encrypt the private key on your hard drive. If the password is lost or the computer is destroyed, you can always recover your funds with the seed phrase (assuming you wrote it down during the wallet setup).

Cold wallets

The most secure cryptocurrency wallets available are known as cold wallets. They are great for long-term storage of cryptocurrencies. There are two main types of cold wallets: paper wallets and hardware wallets:

Paper Wallets

Paper wallets provide the maximum level of security if you set them up properly. However, this isn’t easy to do in a way that is completely secure. They are free but, due to the difficulty in setting them up, they are not recommended for new cryptocurrency users.

Paper wallets allow you to print off your cryptocurrency wallet keys and store them offline. The only thing you need to do is keep the piece of paper secure. If someone gets access to the piece of paper with your wallet keys on it, they can get access to your wallet.

Hardware Wallets

Hardware wallets are great if you want a highly-secure wallet for long-term storage of cryptocurrencies and you’re not sure how to set up a paper wallet correctly. Examples of hardware wallets include the Ledger Nano S and Trezor devices.

Electrum Wallet Security

As per the Electrum wallet reviews, Electrum is one of the most secure Bitcoin wallets because of the encryption techniques that are used to secure private keys. Electrum has a highly secure seed, the random phrase used for generating the keys. It offers the same level of security as that of a Bitcoin private key. The seed is very important as it is the only way the user can recover the password if they lose it. The password initiated by the user can open the wallet that is very much needed to execute Bitcoin payments.

Electrum Wallet Customer Support

According to the Electrum Wallet review, this wallet is a well-established and popular Bitcoin wallet with dedicated and knowledgeable customer support. Electrum offers users several tutorials and FAQs that can be seen on the BitcoinTalk forums. The users can find an extensive and comprehensive support page on its website. The support page of Electrum offers articles, documents, and tutorials for the users to get acquainted with the system. Further, the users can easily find their official announcements through the Electrum Twitter page.

Electrum Wallet Review

7

Secure Wallet

7.5/10

Easy To Setup

6.5/10

Support

7.0/10

Pros

  • Very Fast
  • Good Safety Features
  • Privacy Is Kept

Cons

  • Not for Beginner
  • Only 5 cryptocurrencies supported
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Electrum Wallet Review

7

Secure Wallet

7.5/10

Easy To Setup

6.5/10

Support

7.0/10

Pros

  • Very Fast
  • Good Safety Features
  • Privacy Is Kept

Cons

  • Not for Beginner
  • Only 5 cryptocurrencies supported