Cryptocurrency wallets are an essential part of both trading and investing in digital assets. Choosing the one that best suits our needs is certainly the best choice to make. In this review we will talk about Electrum Wallet, one of the many wallets designed to store cryptocurrencies purchased on platforms for crypto trading like Binance or Bitstamp.
Here we will discuss the way this wallet works, how to use it, and what you should look for in it. By reading our guide you’ll be able to decide whether it’s the right one for you. This obviously also depends on the virtual currencies you want to keep.
What Is Electrum Wallet?
Electrum is a very interesting wallet as it does not require the mandatory download of the blockchain. This factor results in a smaller occupation of space on your Hard Disk or SSD. The compromise in question still allows all the main actions to be carried out as in any other wallet.
The Electrum wallet is a very light cryptocurrency wallet that allows you to renounce the blockchain thanks to the connection on specific servers that can always be updated even without the entire blockchain.
How Does Electrum Wallet Work?
As hinted in the previous paragraph, Electrum Wallet allows you to keep your crypto with extreme security. The wallet in question allows you to have all the information even without downloading the blockchain. This avoids the user from taking up a lot of space on his computer or in the various Hard Disks or SSDs used for the blockchain. The operation is really very simple, you do not necessarily have to have a large Hard Disk to use this wallet.
Electrum Wallet, as mentioned, works simply by downloading the software to your PC. The program is really light and thanks to the Python language it can also be installed on an older computer.
Cryptocurrencies Supported by Electrum Wallet
This wallet supports, for now, only Bitcoin. It is a wallet that is highly appreciated by users given the positive reviews released by users from all over the world. The software is completely open source and this is certainly one of the greatest advantages of this wallet. The support team is very efficient and allows problems to be solved in no time.
As we said at the beginning, this wallet can be used for the purchase and sale of Bitcoins only. This feature is certainly limiting given that as a feature it is certainly one of the most interesting wallets available in the fintech world. Also, it does not support FIAT currency – Euro/Dollar.
Features of Electrum
Electrum has many features in its favor, here they are listed:
- Encrypted wallet: Decrypting the password of your wallet is practically impossible even for the most experienced hackers. Recovering your wallet in case you forget your password is child’s play. This is definitely a point in favor of this wallet. The traditional ones, in fact, in case of breakage of the hard disk where the blockchain is contained are practically irreparable.
- Open-Source: The Electrum wallet is completely free which means that anyone can make changes to the project. Furthermore, in addition to being free, it is also safe to use.
- Multiplatform: Electrum Wallet software is compatible with Linux, Windows, and Mac operating systems. This guarantees full use even on multiple PCs. Furthermore, this wallet for Bitcoin takes up little data space and is downloadable even on computers with poor performance.
- Simple to use: The wallet is incredibly easy to use. Even the less experienced will be able to independently start selling and buying Bitcoin in complete autonomy.
- Safe: The Electrum wallet is practically inviolable. Scripting by malicious people will in no way be possible.
Advantages and Disadvantages
The advantages of this free and cross-platform wallet are truly manifold. But like all things, this wallet also has some sore points. Having no cold storage, the wallet cannot be used offline, and it also does not support two-factor authentication. Furthermore, it is possible to buy and sell only Bitcoin, at the moment in fact this is the only cryptocurrency supported by the wallet in question. Electrum does not even support the FIAT currency in dollar and euro.
Is Electrum Wallet Safe?
Let’s start by saying that Electrum Wallet is certainly one of the most reliable and secure crypto wallets currently available online. As we have said, the security of this wallet is also positively influenced by the fact that it is based on an open-source project. Furthermore, Electrum is practically inviolable. To choose a wallet for your cryptocurrencies, it is essential to check whether the wallet in question is safe or not.
If from the point of view of reliability and ease of use it is one of the best wallets currently available, so it is not for the support of more crypto. This wallet is therefore not recommended for those who need to buy and sell more than one crypto in addition to Bitcoin. If, on the other hand, you like the idea and the project that supports Electrum Wallet, you can opt, if you have more cryptocurrencies, to download another wallet. All in all, it is a free, secure, cross-platform wallet and at the same time very easy to use even for the less experienced. Conduct your own personal research before downloading Electrum or any other crypto wallet. The responsibility for your cryptocurrencies and funds is completely your own.