What is Electrum Wallet?
Electrum is a desktop bitcoin wallet compatible with multiple operating platforms such as Windows, Mac, and Linux. It was developed by a German computer scientist and is lightweight and efficient.
Over the years, various developers have contributed to its source code, making it one of the most trusted wallets out there.
Although there are currently more than 900 cryptocurrencies on the market, Electrum focuses solely on Bitcoin to ensure that the platform remains fast and efficient at all times.
One of the main functions of Electrum is the integration with the most important hardware wallets like TREZOR, KeepKey, and Ledger Nano S. This means that you can integrate Electrum into any of these premium hardware wallets.
- Windows, Mac, and Linux. The Android wallet was also launched in 2016 for mobile use.
- Electrum is compatible with the usual Bitcoin hardware wallets.
How much does it cost?
As electrum wallet is a service provider, it charges transaction fees for sending Bitcoins. The standard rate 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 total amount you want to send. The Electrum platform will issue a warning if the total amount of the transaction exceeds your wallet balance.
[* Note: mBTC = Millibitcoin or one-thousandth of Bitcoin.]
Electrum Wallet Features
Here are the few features of Electrum:
- Electrum provides full control over the user’s private keys, and is heavily encrypted and stored on the user’s computer. In this way, it is safe for users, and keys are never shared with Electrum’s servers. Also, users can export their private keys offline and use them with other Bitcoin clients. Therefore, no user is blocked from using Electrum only.
- Electrum is fast and users don’t need to download the entire blockchain.
- If something goes wrong with the computer, the user need not worry. The funds can be recovered through a secret recovery phrase that is made available to the user when installing and configuring their Electrum wallet.
- Electrum Wallet transactions are verified using SPV (Simple Payment Verification). Electrum offers cold storage and users’ private keys are stored offline.
- Users can store their bitcoins in multi-signature wallets and can split the permission to spend their bitcoins.
- The most important feature of Electrum is that the servers are redundant and decentralized; This means that the wallets always work without downtime. Electrum is open source and its QR code has been checked by professionals. It is also very resistant to any failure.
- Electrum supports hardware wallet integration with some major hardware wallets such as Ledger Nano S, Keepkey, and TREZOR.
User interface and ease of use
Like all good wallets, Electrum is available for all major desktop operating systems, including Windows, macOS, and Linux. Android users can also download Electrum from the Play Store, but it is not available for iOS devices.
Installs like any other application, but the configuration process is more complicated than that of other wallets. You must first choose the type of wallet you want to create. While the options make sense for seasoned users, some crypto newbies may scratch their heads.
The process involves creating a seed for the wallet, which in turn includes options that can confuse inexperienced users. By default, Electrum creates a Segwit wallet that has several advantages (for example, lower fees) but is not accepted by all Bitcoin wallets and exchanges.
We were also a bit surprised by the security options. On the one hand, Electrum forces you to re-enter the twelve-word seed to make sure you typed it, but on the other hand, it gives you the option of not entering a password at all, which means that the wallet file will not be encrypted.
After you have created the wallet, you will also have to spend some time configuring the application to your liking. By default, the wallet shows coins in mBTC or Millibitcoin (0.001 Bitcoin) and not in the most used Bits, Satoshis or BTC. You will also need to set up your fiat currency.
Once you`ve installed the pockets on your liking, the manner of moving finances isn`t all that complicated. There are separate tabs for sending and receiving Bitcoin, and any other to view beyond transactions.
The Receive tab offers you the choice to generate a brand-new cope with, in conjunction with a QR code, both of which you could then skip directly to the sender. Optionally you could upload an outline of the transaction and an expiry date for the request. Electrum can even robotically convert the Bitcoin quantity into fiat currency.
To ship Bitcoin, transfer to the Send tab and input the cop with of the pockets you need to ship to, both manually or through scanning its QR code. Again, you could optionally upload an outline for the transaction that will help you become aware of it later. The tab additionally has a slider that you could use to specify the price for the transaction.
One of Electrum`s maximum exciting functions is the capacity to ship bills to more than one address at an identical time, which allows keeping on transaction fees. However, you need to allow it first from the Tools menu.
Electrum additionally has coin manipulate functions, however those to are hidden through default. You`ll need to allow the Coins tab from below the view menu to view all of the person UTXOs or unspent transaction outputs. You can then right-click on any of them to get the choice to spend them.
Electrum offers many features for a slim wallet. However, not everything is immediately apparent.
In fact, we recommend anyone interested in using Electrum, regardless of their level of experience with cryptocurrencies, spend some time reviewing the extensive documentation to familiarize themselves with its details.
The website points to two different resources; one is the official documentation, while the other is an unofficial resource containing around two dozen well-illustrated and easy-to-understand guides.
The official documentation begins with a frequently asked question that describes some of the interesting features of the wallet. Some advanced features, such as multi-signature wallet setup, transaction signing, and hardware wallet operation on Linux, have their own sections. The documentation also covers niche use cases like routing transactions through a Tor network or setting up a watchtower for your Lightning wallet.