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Make sure you copy this down and store it in a safe place. On the next screen, you’ll see your recovery seed. If you decide to create a brand new seed, you’ll be prompted to select between a standard wallet address or Segwit. If you select multisig or 2FA, you’ll have a few additional steps before getting to this point. The next screen will ask you to select your seed phrase. Once you make your choice, you’re ready to start setting up your wallet. I’d recommend selecting either 2FA or multisig when making your selection for better wallet security. The wizard will pop up and give you four choices:
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To get started, just download the desktop Electrum Bitcoin wallet, or choose the appropriate installation option. If you need something beginner-friendly, you might try another cryptocurrency wallet like Exodus or Coinbase. However, if you’re new to crypto, this might not be the best wallet for you. When compared to some other wallets on the market, Electrum is pretty easy to set up and start using.
ELECTRUM WALLET REVIEW UPDATE
Multisig – Like 2FA, multi-signature wallets provide another level of security, keeping your Bitcoin safe from hackers.Įlectrum offers all of these features, however, it’s up to you to ensure that your wallet is secure and your funds are safe.īe sure you regularly update the wallet’s software, use complex passwords, and enable security features, so your Bitcoin remains protected. Encrypted passwords – Your private keys and passwords are kept in an encrypted wallet file, so you know your wallet info is always secure. As a result, you have total control of your funds. 2FA – Two-factor authentication adds an additional layer of security and protection to your wallet. ELECTRUM WALLET REVIEW CODE
Open-Source – We’ll talk more about this in a moment, but Electrum is open-source, so its source code is always available to anyone who wants access to it. In the event that you lose your wallet and need to restore it, you’ll need your seed phrase. Backup Seeds – The wallet gives users the option to back up their seed phrase. Here are a few of the security features the wallet has implemented: Since that time, Electrum has provided patches and updates to address vulnerabilities that hackers took advantage of in the past through the use of malware.Įlectrum has also done its due diligence to prevent future attacks from happening as well. The wallet is known as being one of the more secure in the industry, even though it has suffered breaches in the past. Plus, there’s a very active user community on the platform, which lets you get all your wallet questions answered if you run into trouble. There’s no chat or email option, but Electrum does offer plenty of documentation on the site. There’s also a mode called “Watch Only” for users who prefer to use the crypto wallet’s online version. If you want to keep your Bitcoin in cold storage, Electrum offers a way to store your private keys offline. If for some reason, you lose your password, Electrum gives you a way to recover your BTC with your seed phrase. Not only does the wallet use two-factor authentication to protect user funds, but it also uses encrypted passwords and private keys that you can store on your hard drive. At the top of the interface, users will see three tabs that let you select between “Receive,” “Send,” and “Transaction History.” Really, what else do you need from a wallet? Security Let’s take a closer look at what this unique wallet has to offer: Simple interfaceĮlectrum’s user interface is easy and straightforward to use. There is no shortage of features available with the Electrum wallet. It is very popular among users who have plenty of experience in the crypto world and is considered one of the more secure wallets on the market. Today, Electrum boasts an active developer community that is heavily involved with the wallet. Now, both the Ledger Nano S and Trezor hardware devices fully integrate with Electrum. In addition to developing and launching both mobile and desktop wallets, Electrum decided to join the hardware wallet game as well. 
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However, in 2016, the wallet jumped on the mobile bandwagon and launched a wallet for Android smartphones and tablets.Īs a result, users have quick access to the wallet’s features since the only crypto it supports is BTC.
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Up until this point, users had to download the whole Bitcoin blockchain to get to their crypto.įor a while, Electrum only offered software wallets. Just a few years after Bitcoin’s introduction to the world, Thomas Voegtlin developed and launched his Electrum wallet.ĭesigned to be efficient and lightweight, this BTC client wallet lets users connect to external servers to access their assets.
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