Electrum Crypto Coins, Features, Pros and Cons - Safetrading [2020 Review]
Electrum wallet is a thin and non-custodial crypto wallet for cryptocurrency storing, sending and receiving.
Last time we wrote the review for Exodus wallet, and now it’s time to go through another desktop wallet - Electrum.
In this Electrum wallet review, you will find all the necessary details about its features, functions, security, advantages, disadvantages, etc.
What Is an Electrum Wallet?
At first, it is important to say in this Electrum wallet review that it has not as a fully-designed interface as Exodus has.
They want users to pay attention to their functions and features.
And here I can understand the team, because the main function of any crypto wallet is a secure sending, storing and receiving crypto assets.
This wallet saw the world in 2011. And it gained popularity because it didn’t and still doesn’t require a full version of blockchain downloading.
And in 2016 they announced that every user could go through the wallet on GitHub.
Electrum Crypto Coins
Here everything is very interesting and unusual.
For every asset - Bitcoin, Dash, BCH, Verge, Litecoin - there are different versions of wallets to download.
You can download those version on the following links:
Electrum Wallet Phishing Attacks
Everything started in 2019 when Electrum developers posted on Twitter some messages about new phishing attacks.
There was a post about a fraudulent version for Stellar:
Also, they officially declared that they had no connection with the project Electrum Dark:
As I told you before, the Electrum wallet is quite...conservative.
There are only 4 tabs for a user: “History”, “Send”, “Receive”, “Addresses”.
Here you can monitor all of your transactions and every detail about them.
Here you can send your assets. And! You are able to choose the size of commissions based on the priority of a transaction.
Here you can find your BTC address or QR code. The second type is more convenient now.
Here you can find all the public’s keys of the wallet and balances on them.
Electrum Wallet Security
At first, this wallet has more than 9 years of experience. I told you before that it was released at the beginning of 2011.
This wallet is not only thin but non-custodial. It means that all of your private keys and data are stored on your device, but not on the Electrum server.
Among phishing attacks, there were no disruptions.
Now let’s talk about security measures you will face while setting up your new wallet.
After you choose a name for your wallet, you will be offered to choose a type of wallet you want to create: standard wallet, wallet with two-factor authentication, multi-signature wallet or just to watch Bitcoin addresses.
The first type - standard wallet, is protected only with the help of a password, that is why we advise you to choose the second type of a wallet.
Then, when you choose this type, the two-factor authentication will start. You will need to pay for it and to download a Google Authenticator.
Then you will be asked to create a new seed, and after you agree, the system will give you the seed phrase that will help you to restore access to your wallet in the case of problems with a system of device problems.
On the next screen, you will be asked to create a password to begin your Bitcoin wallet login process.
The most important now is to store the seed phrase and password carefully. Don’t take screenshots, don’t copy them. Write them down! And hide in a safe place.
Pros and Cons
My favorite section of this Electrum wallet review - advantages and disadvantages.
This wallet is very easy to use, safe and convenient.
Among the other advantages are:
- compatibility with hardware wallets;
- high level of security;
- high anonymity of transactions;
- open-source code;
- very good support for users.
The thing I don’t like is a poor design.
I don’t want you to understand me wrong, of course, security is the most important.
Among other disadvantages are:
you need to download separate versions for every crypto asset;
you need to pay for two-factor authentication;
wallet downloading needs a lot of attention to the process.
Of course, those cons are not very important. I mean, they don’t destroy the security measures or general ease of use.
Today we discussed with you all the info about the Electrum wallet.
This wallet is very conservative but convenient and safe.
Also, I need to say that it is very easy for beginner traders to use.
It supports 5 Electrum crypto coins but you need to download a separate version for every coin.
I hope this Electrum wallet review was very helpful for you. If you want to go through other wallets reviews like Coinbase, Bitcoin Core, etc.
By the way, if you want to know how to create a Bitcoin wallet or how to choose the best and the safest Bitcoin wallet, read this article.