What Is Electrum wallet?
Do you invest in bitcoin? Are you worried about how to keep bitcoins safe? If yes, then you can use the Electrum wallet. It is one of the secured, private and fast cryptocurrency wallets designed for bitcoins. Being one of the oldest wallets in the crypto market and committed to its amazing security features, it has gained huge popularity and trust among crypto enthusiasts. Users can use this wallet on both desktop and mobile according to their needs.
It is an open-source software wallet, and many developers have contributed to its source code over the years. Being open-source makes the wallet one of the highly trusted bitcoin wallets accessible in the market. It stores only bitcoins and does not provide support for other cryptocurrencies. This software wallet runs on Mac, Windows, Linux, iOS and Android without payment. Make sure you get the wallet from the official site and app stores to enjoy its benefits to the core.
Major Features Of Electrum Wallet
Here is the list of the major features of the Electrum wallet that attract the attention of bitcoin users.
- Electrum renders full control of the user’s private keys because it is encrypted and stored on the user’s computer. Since the keys are not shared with the Electrum servers, you will enjoy guaranteed safety and security.
- Electrum is fast, and thus users do not require downloading the entire blockchain. It is because the wallet requests this information from Electrum’s servers, which index the bitcoin blockchain.
- There is nothing to worry about whenever something goes wrong with the computer. You can use the secret recovery phrase rendered at the time of installing and setting up the wallet to recover the funds.
- SPV (Simple Payment Verification) always verified the transactions performed in the wallet. Electrum renders cold storage, and thus users’ private keys are stored offline.
- It supports hardware wallet integration with major hardware wallets, including Trezor, Keepkey, and Ledger-Nano S.
- Another great feature of this wallet is that the servers are decentralized and redundant. It means the wallet runs without any downtime.
Major Services Of The Electrum Wallet
Electrum is well-known as a desktop wallet compatible with Linux, Windows and Mac operating systems. Anyone can download this wallet from the official site free of cost. Based on the wallet reviews, Electrum is now accessible for mobile devices, including Android and iOS. From the play store, one can download it for free and enjoy the features offered in the desktop version without trouble.
Setting up the wallet is extremely simple and easy. As a result, anyone can do it and enjoy the service of the Electrum. If you wish, then you can integrate it with other hardware wallets. Electrum is a free and decentralized platform to store bitcoins.
How To Use Electrum Wallet
Download And Install The Wallet
The first step in using the Electrum wallet is downloading and installing the wallet on your device. You should visit the official site of Electrum and click on the download button to get the wallet. Next, tap on “window installer” to download all the necessary package files to your device. As soon as the download is complete, you have to carefully open the file and follow the prompted instructions. That’s enough! The wallet is now downloaded and installed on your device.
Setting Up The Wallet
After successfully downloading and installing the wallet, it is time to set it up. You can either create a new wallet or restore the existing one as per your needs. Follow these instructions to create the new wallet.
- Tap on “create a new wallet” and then “standard wallet” by clicking on Next
- The computer will show you a 13-word seed phrase that you should write down and keep safe. It will act as the key to your wallet in case of computer failure.
- Re-enter the seed phrase in the next step for confirmation
- Set the wallet password once the backup phrase is set
- Click “auto-connect” if it is your first Ethereum wallet and tap “next.”
Make sure you follow these steps properly to set up the wallet and benefit from it to store your bitcoins.
Send And Receive Bitcoin
Now, you can use your wallet to send and receive cryptocurrency easily and quickly.
Tap the receive option from the Electrum window and copy the public key from the “Receiving wallet” option. Paste the public key in the send address field under the option to withdraw on exchange. Finally, press sends button. If you are using the mobile app, you can access QR codes.
Select the send option from the Electrum window and copy the recipient’s address. Then, paste the address into the “pay to” section. After that, type the amount you wish to send. Choose the fee tab under the amount section to adjust the bar to find the transaction fee you are willing to pay. Keep in mind that the transaction will become slow if the fee is lower. Lastly, click on send.
Advantages of Accessing Electrum Wallet
Even though different types of wallets are available for storing bitcoins, users still engage with the Electrum wallet due to the following benefits.
- It is the best wallet for those who wish to use bitcoin to make regular and quick payments. It helps the users to send, receive and store the bitcoins according to their needs.
- The availability of password protection makes it harder for hackers to get into the wallet. Thus, users do not worry about security anymore. You can store your bitcoins in your wallet and have peace of mind.
- Users do not need to download the whole blockchain because the wallet instantly gets all the blockchain information from the server. As a result, you will not confront any delay or downtime. The wallet is always up-to-date and gives you the best solution for storing your bitcoins.
- Unlike other bitcoin wallets, Electrum does not store user information with the server. Users can control their private keys, and thus their bitcoins are always under their control.
- Since Electrum is open-source software, anyone can check the code for bugs, security breaches or glitches. It increases the reliability of the wallet and makes it the most trusted wallet.
- Electrum can be accessed as a multi-signature wallet. It maximizes the wallet’s security, and thus, bitcoin users will stay worry-free.
- The wallet is completely free to download, and thus there is no need to spend from your pocket to store the bitcoins.
- For added security, users can access two-factor authentication with the wallet. It keeps you away from all the security threats.
- You can access the support page, FAQs and tutorials to get the solution for the problems you confront in the wallet.