Electrum is commonly known as the founding software wallet in the digital space community. It was launched back on November 5, 2011, and its interface was mostly designed for the Bitcoin community. Right now, the Electrum is basically known as a desktop Bitcoin wallet that has been supporting the Bitcoin tokens only. Aside from that, it can support computers who works under Windows, Mac, and Linux operating systems. Over the years since it was launched, different developers have contributed a lot to the improvement of the Electrum wallet. These advancements have made ways for most of the people to believe that this Electrum wallet is the most trusted wallet available in the market today.
Despite the numbers of digital currencies traded in the market today, it is good to know that this Electrum focuses on the Bitcoin with the aim to ensure that their platform remains fast, easy, and efficient with its transactions all the time. Aside from being a desktop wallet, it also has integrated to some of the most popular hardware wallets just like the Trezor, the Ledger Nano S, and the KeepKey. This simply means that storing your token is also possible with these premium hardware wallets.
Compatibilities, Cost, and Currencies that work Best for Electrum Wallets
Electrum, having known as a desktop wallet, is specially designed to be compatible with computers with Windows, Linux, and Mac operating systems. Apart from that, it is also good to know that this wallet is compatible and can work best to other major Bitcoin hardware wallets.
This simply means that being a digital asset investor, using Electrum wallet is still pretty good in making safe and fast transactions. When it comes to its charges, the Electrum wallet has a certain charge or transaction fees when sending Bitcoin to another wallet. However, there are certain cases that the default fees can be reduced in some other instances.
When making transactions, the charges are already included in the amount of Bitcoin you wish to send. Meanwhile, it has been learned that the Electrum platform will prompt you up and will give warning whenever the total amount of transaction has exceeded your wallet’s current balance. As of this writing, the Electrum only supports the Bitcoin.
How Secure is the Electrum Wallet?
Being an investor, it is always a primary concern to look into the security of a particular wallet. With Electrum, investors have nothing to worry about as it has been noted as the most secured Bitcoin wallet made available in the market today.
It has been using the so-called encryption techniques and private user keys to ensure its security. Just like any other wallet, the Electrum also generates a seed, which is a random phrase that is used to create private keys. Without having too technical, the Electrum seed is giving the same level of security just as how secured the Bitcoin private key is.
When you are an Electrum wallet user, you have to consider that your seed is vital with each transaction you make. This is the only way for you to recover your password if in any case, you forget about it. Meanwhile, you have to always remember that you will need your wallet password each and every time you are going to send a Bitcoin payment.
The Electrum wallet is known as a widely used platform and of course, a wallet with a great reputation. It is also the best wallet especially for the beginners since it is very fast and is also very easy to set up. It has been notably known for having the right level of privacy features and its integration to the premium hardware wallets made its security a top caliber.
How to Make a Transaction with an Electrum Wallet?
In order to start making transactions for your Electrum wallet, you have to start it by adding a currency inside the wallet. It is easier for you to transfer digital currencies to the Electrum from another wallet and this can be done simply through locating your Bitcoin receiving address. By doing so, you now have a stored token inside your Electrum wallet.
When making payments, you only need to look for the “Send” tab on its interface. Look for the “Pay to” field and it is also where you can type the Bitcoin address, to whom you are sending the payments. When you click send, you will be asked to provide your password that which you created when you started opening your wallet.
While it is true that Electrum wallets also receive payment, you have to remember that your receiving address is very important in order for you to successfully make such transaction. Any person who knows about your address can certainly send you a payment anytime.
How to Get an Electrum Wallet?
In order to get started, getting your own Electrum wallet is a must. You simply need to visit the Electrum official website and have it downloaded to your computer. Meanwhile, if you are using a hardware wallet like Trezor and KeepKey, you can also use the Electrum to store your Bitcoins.
When done with the downloads, setting up the Electrum wallet comes next and it is always just simple, fast, and easy. After downloading, you will be prompted on the method of installation and right after a few more clicks, you will be ready to use the Electrum wallet, one of the most secure and trusted Bitcoin wallets in the digital community.
Electrum is very much excellent when it comes to its installation flexibility that works best for both beginners and experts. Meanwhile, no matter which installation option you choose, make sure to set up your seed phrases as it is important in the recovery of your password in the future.
The Electrum wallet is undoubtedly one of the best wallets to choose from in the crypto community. Having all these details mentioned in this review, may you now have additional information and knowledge as to what an Electrum wallet can do for you.