Introducing Electrum Wallet

If you find that questions like “Is Electrum Safe?” Or is Electrum legal? ”  You have come to the right place. We will answer them and many other questions before we finish.

In this article, we will look at the different types of wallets and their advantages and disadvantages. Then, we move to the electrode itself. We will review the pros and cons of Electrum and an overview of security. Finally,  we will talk about setting up an Electrum wallet for the first time, as well as sending and receiving  Bitcoin using Electrum.

At the end of this Electrum wallet review, you need to know exactly what Electrum is suitable for, what it is not good for, how secure Electrum is, and how Electrum is used in general.

As usual, there are many things to review. So, let’s get started!

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Advantages

• One of the oldest bitcoin wallets
• It is very easy to use
• Software based
• No information is stored on the server
• open source
• Uses two-factor authentication

Disadvantages

• Has security issues
• Only supports bitcoin

What is a Cryptocurrency Wallet?

Before we get into our Electrum wallet, we first need to explain what an encrypted currency wallet is.

Cryptocurrency wallet is software that creates a completely random pair of cryptographic keys. These keys are used to send and receive bitcoins  (and other cryptocurrencies)  from one person to another.

The term  “wallet” is a  bit misleading though. Unlike your real wallet, nothing is stored in the cryptocurrency wallet. This software simply works to communicate with the cryptocurrency blockchain for which the wallet is designed.

There are several types of cryptocurrencies. Some have only one digital asset. Meanwhile, there are many other stores available. Some of them have high security and others do not. Before we get started on this e-wallet review, let’s take a look at some of the available wallets.

Cool wallet

The most secure encryption wallets available are known as cold wallets. They are great for storing cryptocurrencies for a long time. There are two main types of cool wallets: paper wallets and hardware wallets:

Paper wallet

If you set up paper wallets properly, they provide the maximum level of security. However, this is not easy to do in a completely safe way. They are free, but because they are difficult to set up, cryptocurrencies are not recommended for new users.

Paper wallets allow you to print and save your encrypted currency wallet keys offline. All you have to do is keep the piece of paper secure. If someone has access to your wallet keys, they can access your wallet.

Hardware wallet

Hardware wallets are great if you want a very secure wallet for long-term storage of cryptocurrencies and you are not sure how to set up a paper wallet properly. Examples of hardware wallets include the Ledger Nano S  and  Trezor devices   .

They strike a very good balance between security and comfort. However, they are not free. You need to decide if the value of the cryptocurrency you want to protect is worth a hardware wallet.

Hot wallet

The security of a hot wallet is much less than that of a cold wallet. However, they still have a useful purpose. A hot wallet is ideal for the daily expenses of cryptocurrencies.

You need to think of warm wallets more like your real wallet. It is foolish to walk in the city and put all your money in your wallet in your back pocket. This is not an accurate way to safely store your cash – though you probably did not need to be reminded of this by the Electrum Wallet article!

It has been said that having some money in a real wallet is much easier when you need to buy something. This is the purpose of hot cryptocurrency wallets!

There are two types of hot wallets: online wallet and software wallet.

Online wallet

Online wallets are generally harmful for storing cryptocurrencies. It is said that these wallets are usually found in exchange offices or other online services that use cryptocurrencies. You can deposit your money in a hot wallet to use the related service. Obviously, you should not try to store cryptocurrency in a hot wallet for a long time.

This last point is very important – hot wallets are usually out of your control. One of the most important lessons to be learned in all cryptocurrency topics is that if someone else can see your private key, they will also control your cryptography.

For example, if you had encryption stored on  Bittrex  Exchange  and Bittrex disappears tomorrow, would you still be able to access your encryption? Probably not…

With any other wallet, no matter what happens to a particular company, if you back up your keys properly, you will control your coins. Online wallets can be hacked or disappear overnight. So, do not use them for storage!

Software wallet

Finally, we come to the part where we talk about the middle ground! Bitcoin Electrum Wallet is a software wallet. Like hardware wallets, software wallets provide users with a balance of security and convenience.

They are not as secure as hardware wallets, but they are easier to use. This makes them suitable for everyday expenses, but they are not ideal for saving a lot of money for a long time.

Software wallets run on a computer or mobile system. They allow you to send and receive cryptocurrencies quickly and easily. However, they are vulnerable to malware and keyloggers.

Note: Malware means malware. Malware usually loads randomly and runs imperceptibly on your computer or phone. Different types of malware can reduce the security of your software wallet.

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Electrum Wallet Review: What is an Electrum Bitcoin Wallet?

Electrum Wallet is an easy-to-use bitcoin wallet. It was released in November 2011. This makes Electrum one of the oldest bitcoin wallets available. This bag is also one of the most trusted bags.

Bitcoin Electrum Wallet only stores bitcoins. It does not support any other cryptocurrency. This includes any bitcoin forks  (such as Bitcoin Cash)  . However, cryptocurrency users have forged Electrum software to support various BTC forks   .

An example of this is cash electrons. This wallet has nothing to do with the original Electrum wallet, but uses more of the same coding. This software has been modified to allow users to connect to the Bitcoin Cash (BCH) blockchain.

Note: A fork in cryptocurrency is a network crack. This happens when a group wants to change network rules. Hard fork leads to new version of original cryptocurrency. Bitcoin Cache is a fork of Bitcoin and is the most successful example of a hard fork.

While there is no clear data on the number of Electrum wallet users, some sources estimate that by 2018, 10% of all bitcoin transactions will use Electrum.

How good is an Electrum wallet?

As explained above, Electrum is a software wallet. This means more security than an online wallet and less security than a well-made paper wallet or hardware wallet.

Although this is not the safest way to store cryptocurrency, Electrum Wallet offers a very user-friendly solution for sending and receiving Bitcoin payments on a regular basis. If you like to use the currency code for online payments, Electrum is suitable for keeping a small amount of currency ready for daily use.

Advantages and Disadvantages

Let’s quickly review some of the main advantages and disadvantages mentioned in reviewing the user’s Electrum wallet.

Advantages

• Suitable for those who want to use Bitcoin for regular payments.
• Password protection makes it harder for hackers to access your e-wallet.
• Instantly on – Users do not need to load the entire blockchain. Electrum Wallet receives blockchain information from a server. This means that there is no delay and it is always up to date.
• Private keys are never shared with the server. This means that you do not need to trust the server itself!
• No user information is stored on the server. Users control their own keys and therefore their Bitcoin.
• The software is open source, which means that anyone can check the code for bugs, bugs or security breaches.
• Completely free to download.
• Electrum calculates the number of commissions you must consider in the transaction. This feature has a handy slider that allows users to choose how fast the transaction is. With this tool they can choose how long the processing by multi-block network will take.
• Electrum can be used as a multi-signature wallet. This will greatly increase the security of your wallet.
• Users can use two-factor authentication with the Electrum Wallet. This also adds more security to the wallet.

Disadvantages

Although this wallet has many security features, Electrum is still a hot wallet. This means that everything that affects the hot wallet also applies to this wallet. It is possible for hackers to access individual e-wallets.

This wallet only supports bitcoin. This is good if you just want to use bitcoin with it. However, when a hard fork happens in a bitcoin blockchain, you have to use another wallet to claim the coin generated by the fork  (when the bitcoin cache left the main chain in August 2017, we had to do so with the wallet Make electrum money)

Security Overview

The Electrum wallet has additional security features to secure your bitcoin. This makes it one of the most secure software wallets available. Of course, as mentioned, it is not as secure as a wallet that rarely gets close to an active internet connection.

Security features of electronic wallet

An encrypted wallet file containing your private keys is protected by a password.

Electrum Wallet uses a grain phrase as a backup metric. It protects you if you lose your private key or the device on which Electrum is installed is lost or stolen.

Electrum does not download any scripts. This means that even if a server is hacked,   you will not lose your Bitcoins .

Because the server code is open source, anyone can run a server. This decentralized model protects users because there is no breakdown point.

Electrum programming language  written in  Python . This language is old and well known, so the code can be checked by many members of the community.

Despite the many security features of the Electrum wallet, there have been security issues with it in the past. In November 2017, a security issue was identified for the Electrum team.

According to Mustafa al-Bassam, a graduate student at University College London, this  has been affecting software since February 2016  (version 2.6 Electrum) . He explains how bugs in Bitcoins software   put users at risk:

“[These bugs] allow any malicious website to control your’s wallet, including stealing all your Bitcoin if the wallet is not encrypted, even if it has a password on the wallet.” “A hacker can still transfer Bitcoins from his wallet to his address.”

The team’s efforts to solve this problem took until early January 2018. They claimed that they did not know how serious it was until then. Vulnerability has since been eliminated. It is not clear how many Bitcoin users  have lost bitcoins in the event of a security bug  .

How to set up an Electrum wallet?

Setting up an Electrum wallet on your own is very easy. Here are the steps for Windows users:

1. Go to electrum.org and click “Download” at the top of the page.
2. Click “Windows Installer” to download the necessary files to your computer.
3. Open the download and follow the on-screen instructions as in the installation steps.
4. After installation, open the electrum.
5. You will now be asked if you want to create a new wallet or retrieve an existing wallet. We assume you want to create a new bag. Click “Create a new wallet”, “Standard wallet” and then “Next”.
6. You will then be presented with the password recovery phrase. It is very important to write this phrase and protect it with your life! This will be used if you need to recover your wallet without a private key. Please do not create a file on your computer that contains recovery statements, write the security statement on a piece of paper and save it in a safe place.
7. You will then be asked to re-enter your recovery phrase. This is to ensure that it is spelled correctly. Recovery phrases are one of the most important parts of your e-wallet – do not reduce their security.
8. Next, you will be asked to provide a password. Make it a solid one that you have never used anywhere else. This is another important security step. Don’t just trust a simple password – it’s easy to hack if you remember it easily! Once you have created your password and verified it, click “Next”.
9. You will then be asked which server you want to connect to. If this is your first e-wallet, we recommend clicking “Auto Connect”.
10. Finally, click “Next”. Your Electrum wallet is now ready to use. As we told you this was very easy!

How to use Electrum Wallet?

In the next step, we will show you how to send and receive currency and trade with Electrum. This way, you can use one of the simplest Bitcoin wallets immediately after studying this Electrum Wallet review   .

Receive bitcoins with an electronic wallet

The first thing you probably want to do with your new Electrum wallet is get some bitcoins. However, you can not send bitcoins unless you have some to send!

Getting bitcoins with Electrum is very simple. I have described the following steps:

1. Click on the “Receive” window in the main Electrum window.
2. Next to the “Receiving Address” tab, you’ll see a string of characters (below the red box above). Click on “Copy Icon” (two pieces of paper on a blue background). This will copy the public key (receiver) to your clipboard.
3. Paste the public key to the place where you are sending bitcoins. If you are sending it from an exchange office, place the public key in the sending address field in the withdrawal options at the exchange office. After clicking “Send”, it may take a while to get into your Electrum wallet.
4. If you send bitcoins from a mobile device, you can use a QR code instead. This option is below the large purple box at the top.

That’s what it’s! Now you have to have some bitcoins in your e-wallet to spend!

Send bitcoins with electrumatic wallets

Now that you have some bitcoin, you want to know how to spend it as well. This is also very easy to do – this is the next item that we will show you in this review of Electrum Wallet.

1. Click on the “Send” tab at the top of the Electrum Wallet homepage.
2. Copy the address to which you want to send the bitcoin. This might be for an online store, a friend, or an exchange.
3. Pay the address in the box that says “Pay to”. Always double check the address to make sure it is correct. You can do this by checking the first and last 3 digits.
4. Enter the amount of bitcoin you want to send in the box titled “Amount”.
5. Adjust the cost using the slider. The lower the commission, the longer your transaction. If the transaction is immediate, you can slide to the right. This will cost more, but it will speed up the transaction quickly.

6. Check all the correct information again. Then, when you are sure, click “Submit”.

And last but not least, the headline made you read this article. It wasn’t hard at all, right?

Result

So, you come to the part where you talk about the middle ground. We hope you find it useful. Together, we have reviewed almost everything you need to know about one of the most popular and enduring software wallets for Bitcoin.

After reading this Electrum Wallet review, you should now know the following:

• Differences between different types of wallets.
• Advantages and disadvantages of each.
• What exactly is an Electrum wallet?
• Programs for which Electrum is useful.
• Items for which a safer wallet is useful.
• Answer to the question – “Is Electrum safe? “
• The unfortunate security breach of 2017 that Electrum was able to fix.
• How to install Electrum Wallet.
• How to use Electrum Wallet to send and receive bitcoins.

So, with all the new knowledge you have gained from this Electrum Wallet review, what do you think? Will you use Electrum to store your Bitcoins in the future?

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