Electrum Crypto Wallet Review: Is It a Viable Option?

Electrum is a lightweight Bitcoin wallet that was introduced by Thomas Voegtlin in November 2011. Since its launch, several programmers have improved its source code, adding new functionalities. 

What is Electrum?

Let’s get started with this Electrum wallet review. Electrum is a crypto wallet that only accepts Bitcoin. Being a free service, it has various forks that support certain altcoins. It focuses on transaction speed and does not consume too much power. 

How does Electrum work?

Electrum supports Mac, Windows, and Linux. After downloading the program, you need to install it using the proper installer for your OS. When you open the application for the first time, it will ask you whether you wish to open a new wallet or link an existing one. You will then get your wallet generation seed. 

To load coins on your wallet, open the main interface and go to the Receive tab. You will receive a key through which you can shift assets from your exchange. There is also the option of transferring funds using a QR code. 

Features of Electrum

Here are the main features of the platform:

• Simple Payment Verification (SPV)

This lets Electrum authenticate transactions. To conclude the procedure, there is no need to download the blockchains. It can finish the job simply by downloading the block headers. The SPV clients use the Merkle branch for proof of inclusion.

• Multisig

Thanks to the multisig feature, you can split permission between multiple wallets. This allows for the seamless division of assets.

• LabelSync

This is a plugin that lets you save your wallet label on a remote server. Thus, you can synchronize them across various devices where you use the wallet. Prior to sending addresses, transaction IDs, and labels to the remote server, the system encrypts all sensitive information.

What kind of wallet is Electrum?

Electrum is a hot wallet, but it has a cold storage feature. You can create an offline wallet on an offline machine following the usual procedure by navigating to File and selecting New. After that, you can get the master public key.

How to send cryptocurrencies using Electrum?

Here are the steps you need to follow to send crypto coins through this wallet:

1. Navigate to the Send tab 
2. Enter the recipient’s address in the “Pay To” section
3. Ensure you have entered the correct address
4. Increase or decrease the fee by adjusting the slider
5. The transaction processing time is directly proportional to the fees

What currencies does Electrum accept?

At this moment, this crypto wallet only accepts Bitcoin.

Is Electrum wallet safe?

The system shields your wallet using two-factor authentication. This means at least two keys are required for someone looking to spend funds from the wallet. Your wallet file only holds a single key, while the other one is stored in TrustedCoin’s remote server. Since it does not download the entire blockchains, you won’t lose your assets in the event of a cyber attack.

Does Electrum wallet charge fees?

The flat fee for Electrum is 0.2 mBTC which amounts to $11.41. If you do not care about fast transaction speed, you can decrease the fee. Urgent deals require higher fees. Relative to other services, the fees are not too high.

Customer support & reviews

If you are in need of support, you can post your questions on bitcointalk.org. The platform has a Reddit handle as well. However, there is no on-call or live-chat support available.

Electrum has an average rating of 3.5 on Trustpilot. The majority of the reviews are positive and the users have praised the fast transaction time.

Electrum pricing

You don’t need to pay any subscription fee for using this wallet. It only charges transaction fees. 

Electrum vs competitors

When it comes to safety, Electrum is at par with the top crypto wallets. It boasts a fast transaction speed, but the anonymity level is not that great. Also, other systems give you greater control over your wallet.