Electrum Crypto Wallet Review in 2020
Electrum Bitcoin wallet, designed by T Voegtlin and founded in 2011, is among the oldest and renowned crypto wallets. The crypto wallet is open-source and consistently being upgraded. Approximately 10% or more bitcoin transactions happen through the Electrum crypto wallet. The Electrum crypto wallet possesses many advanced features from security and compatibility perspectives. The wallet provides the facility of anonymous crypto wallets creations.
Unlike its counterparts online and hardware crypto wallets ( Trezor one, Trezor T, Ledger Nano S, and Coinbase Wallets, etc.) the Electrum supports bitcoin only. In the future, there is a possibility that Electrum will support the forks of bitcoin e.g., Bitcoin Cash (BCH) and Bitcoin SV.
Multi-Sig: Users can use different Electrum wallets through recovery seed or recovery phrase. In such cases, users have to assign the multi-sig option to enhance bitcoin wallet security and prevent bitcoin transfer.
Password Protection: Users set the password of the Electrum bitcoin wallet during its software installation process.
Offline Recovery Seed: Like crypto hardware wallets, the Electrum offers offline creation of the recovery seed or recovery words to protect the accounts from malware and related cyber-attacks.
The Electrum company offers free of cost download of the wallet software. However, they charge in between 0.1mBTC to 0.2mBTC per transaction, where mBTC stands for milliBitcoin.
Electrum wallet can be set up in the following few steps.
(1) Users should download the Electrum wallet software from its official website “www.electrum.org” only. The wallet software should be based on users’ desktop operating system e.g., Linux, etc.
(2) On the installation page, we are trying to demonstrate the process of ” new standard wallet” and the user will proceed with “create a new Seed”.
(3) In the next step a recovery seed of 12 words will pop up, the user will write it down. This recovery seed will be required for accessing the wallet and also in the process of restoring the wallet.
(4)In the next step, the user has to insert the recovery seed to confirm whether it is rightly noted or not. In case of success, the user will proceed with the creation of a wallet password. The users are strongly encouraged to keep the recovery seed words in the safest place. In case of losing password and recovery seed, the account will be lost forever.