Electrum wallets are among the oldest which hold Bitcoin. There are other better wallets. But you will find a majority of Bitcoin owners using Electrum Wallets. Electrum wallets are easy to download and install across devices.
Electrums are software wallets meaning they are more secure than online ones. Also, they have a layer of protection known as the passphrase. And it helps you secure BTC even if you lose the hardware you installed the wallet in.
Is an electrum a good wallet?
An Electrum is a relatively good wallet. First, it runs on the software you download and install on your local device, for instance, on your PC.
It’s relatively easy to maneuver around the interface. But you will not be able to update transactions on your electrum wallet via common browsers. Examples are Chrome and Firefox. It requires connectivity across tor browsers for security reasons.
You will not enjoy multi-currency storage or transactions with your wallet. Given that BTC is among the many digital assets around, electrum may not be the best choice. It’ll not help you as would a multi-currency wallet. But, forks of Bitcoin like the Bitcoin Cash (BCH) can transact with electrum wallet)
Electrum has a straightforward user interface. You can view the history of your transactions. And, as well as initiate receipts and send BTC transactions.
If you are using a mobile device, you may have to use the QR code instead of available addresses.
Is electrum safe to use?
If you observe all bare minimum safety measures, there’s no reason to worry about the safety of your BTC. The safety measures include:
- a credible antivirus software
- limited access to the operating system
- Keeping your seed phrase and passwords safe.
Whenever you are not transacting, it’s best always to keep your device working offline. The online connectivity for Hot wallets contributes to their downsides. Inadequate monitoring of connectivity may end with unauthorized access, both wallet and digital assets.
With an electrum wallet, all your BTC transaction data only resides on your PC. There is no information retained in servers that might help compromisers out there. And it adds up as one other layer of security. Being open-source facilitates critical updates without the need to incur any costs on the side of the user.
By default, an electrum wallet works with a two-factor authentication mechanism. With it comes excellent convenience transacting, but it may have vulnerable security issues. And that comprises the dangers posed by malware or keyloggers.
Conclusion: The Goodness of an Electrum Wallet
An Electrum wallet is among the oldest wallets, and it’s easy to install and transact with Bitcoin and BTC forks.
Part of the security features making an electrum wallet a good choice are:
- The seed-phrases
- Two-factor authentication
- Storage of data away from servers – including private BTC keys
It’s also great when a user is aware of the security issues to bolster the same for their digital assets.