Since 2011, Electrum wallet has been a trusted crypto wallet that focuses on fast loading time and low resource use. It maintains cryptocurrency security through collaboration with heavy-performance servers.
As an open-source crypto wallet, many online contributors have added to its source code to increase its compatibility and security. Electrum users can protect their digital assets through password protection and activate two-factor authentication(2FA) for increased security.
Want to know more about this simple-to-use crypto wallet? Let’s dig in!
What Is an Electrum Wallet? In-Depth Review
The Electrum Bitcoin wallet is an open-source wallet, which means the initial source code was found. Users can modify the source code and check for bugs or errors to keep the wallet protected. As it only supports Bitcoin, the wallet is also known as Electrum Bitcoin for storing Bitcoin.
This application is available on both desktop and mobile versions, including MacOS, Android, Windows, and Linux. It can be used to send and receive Bitcoin and store it as cold storage.
The best part is it doesn’t deal with third parties for security, but it is also a fact that it features less secure than Bitcoin Core or other full-node services. Some users are much satisfied with the security but disappointed with the UI.
(“Electrum Bitcoin Wallet App”)
So, How to Use Electrum Wallet?
Electrum is simple to use. The operating system is simple enough for anyone who knows how to send and receive Bitcoin using a digital wallet.
Follow the steps below to use the Electrum wallet app as your standard wallet:
Step 1: Download and install Electrum
Electrum can be installed on desktop and mobile devices. You should install It from the official website. Be sure to check your device’s compatibility so you can download the correct version.
However, if you’re installing an Electrum desktop wallet on your computer, select “Window Installer” so the right package is downloaded. Then, follow the instructions from the pop-ups to install the box properly.
Step 2: Set up your Electrum Wallet
Launch the application to make sure you have installed the software properly. Electrum is a fast-running software that uses high-capacity servers to store and maintain data.
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How to Restore Electrum Standard Wallet?
After installing the app, you have to create a new wallet or restore an existing one. If you want to create a new wallet on Electrum or are thinking about an Electrum recover wallet, follow these steps:
First, go to the option “Create new wallet,” after that, select “Standard wallet”.
The application shows a seed phrase of 13 words that must be recorded in the exact order. This seed phrase is your key for unlocking the account, and it needs to be confirmed twice.
You need to set a backup phrase to access the information if your initial seed phrase fails.
Set a password to tighten the security of the account. The wallet password adds two-factor security to the wallet.
Step 3: Send and receive cryptocurrency through Electrum Wallet.
Follow these steps below to receive Bitcoin using Electrum Bitcoin:
- Select the “Receive” option on the main window and copy the public key.
- Go to the “Send Address” option and paste the key to receive currency from any exchange.
You can also enable QR code transactions which are available for mobile devices.
This Video Might Come in Help Too!
How to Send Bitcoin Using Electrum:
Bitcoin is one of the electrum wallet supported coins. Let’s examine some steps to send Bitcoin using this most straightforward wallet.
Step 1: Select “Send” from the Electrum main window to get started.
Step 2: Copy the receiver’sreceiver’s payment address.
Step 3: Paste the receiver’s information in the “Pay to” section.
Step 4: Input the amount to send into the software.
Step 5: Adjust the transaction fee on the “Fee” tab before sending the Bitcoin. Lower transaction fees mean the transaction will be slower.
Step 6: Now select the option “Send” to start the transaction.
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Key Benefits of Electrum Bitcoin Wallet
So, why use this wallet when it only supports transactions for Bitcoin-
- Beginner-friendly & easy to install and use.
- More secure with having control over users’ private keys
- Offers multi-signature wallets for enhanced security
- Customizable transaction fees
What are the Risks of Using an Electrum?
Electrum uses private keys for the user to store them. Electrum is one of the safest Bitcoin wallets. Users can update the Bitcoin blockchain to improve security.
The risk issues to keep in mind when using Electrum are:
- Source Phishing:
Phishing sites lead users to different websites that can steal personal data.
- Version Update:
Keep Electrum updated to avoid viruses or errors related to previous versions of Electrum.
- Malware Attacks:
Check your device thoroughly before installing Electrum. If any device is infected with malware or viruses, your Electrum account will be exposed, and your data may be stolen.
- Data Loss:
If you remember your account passport, Electrum may lock you in. This will cause you to lose all your data and digital currency.
- Third-party Services Involvement:
Some third-party services make Electrum installation and running easy on all devices. Electrum itself does not endorse or collaborate with any third-party services. If you attach your account to third-party partners, your data might be at risk.
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Final Words
Electrum Wallet is a trustworthy digital wallet for storing Bitcoin. With this free and trusted wallet, you can send or receive BTC on the go. The cryptocurrency stays in cold storage, protected by passwords. Electrum Bitcoin is an open-source network that grows with the number of users.
Electrum is easy to use and can be installed on any device. The software launches fast and runs smoothly. So, if you are new to this, you’re most welcome to use it conveniently. Besides, if you need to know more about cryptocurrency exchange platforms, these 5 best cryptocurrency exchanges in Uk can help you for sure.
Frequently Asked Question
Is Electrum wallet safe?
Indeed, it is. Electrum is entirely safe to store and send Bitcoin, and the best part is that it is beginner-friendly. It’s an open-source software program, so everyone has free access to this application. Moreover, it is compatible with all devices, including desktops.
How safe is it to store Bitcoins in an Electrum wallet?
Electrum secures users’ accounts by using a high-security encryption method. Each private key protects the user’s information from getting stolen. The two-factor authentication ensures unique access to account data.
Is Electrum only for Bitcoin?
Yes. Electrum wallet, also known as Electrum Bitcoin wallet, supports only services for storing Bitcoin. It has never offered services other than Bitcoin. Investopedia study finds it as one of the demerits of this wallet.
How do you use a private key with an Electrum Wallet?
You can import a private key to your Electrum. This method will keep your currency stored at the same address. You can use the sweeping method to transfer BTC to a new address using a private key.
How to create a new Bitcoin address in Electrum?
To create a new Bitcoin address, select “Wallet” and click “New/Restore.” Name the new wallet and select the wallet type.
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