Electrum Wallet Review: Safe or a Scam & How to Use
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The Electrum wallet only supports the storage of Bitcoin (BTC)
The Electrum wallet is a desktop wallet that’s compatible with Windows, Mac, and Linux operating systems. In addition to the original desktop wallets, Electrum is now available on mobile Android devices.
What Is Electrum Wallet?
Electrum is a lightweight software-based cryptocurrency wallet that supports most major modern platforms: Windows, MacOS, Linux and Android. The wallet has been on the market since 2011 and accounts for approximately 10% of all bitcoin transactions. It is one of the most time-tested and reliable hot wallets for bitcoin storage.
Ease of Use
Advantages and disadvantages
About the wallet
Electrum Wallet is a software interface for Bitcoin cryptocurrency transactions. Electrum is a 'thin' wallet - there is no need to wait for the network blockchain to load. This means a quick and easy start-up after installation. Synchronisation and transactions take place online on remote, decentralised servers.
Electrum has a high degree of security: the owner retains full control over the private keys. They are generated locally on the device and are not available to third parties. Access to Electrum Wallet can be restored using a seed phrase, a password-protected wallet file or a private key.
Electrum Wallet is a free and open source program. Anyone can verify the code.
Electrum Wallet installation
To install Electrum Wallet go to the official website. Under "Downloads" select the required operating system and download the installation file. In this review we will consider the installation of Electrum version 4.1.5 on Windows 10.
Run the installation file (has an exe extension) and follow the commands of the installation wizard.
This completes the installation of the Electrum Wallet.
Login to Electrum Wallet
To enter Electrum Wallet you need to click on the icon of the installed wallet. Then you must enter the password to unlock, which was set at the last stage of installation.
Electrum Wallet Overview
Electrum wallet after launching has the following view:
Let's look at each menu item in detail.
In the bottom panel of the Electrum Wallet there are the following elements:
At the top of the Electrum Wallet there are the following elements:
Electrum Wallet basic settings
To change basic Electrum Wallet settings, click on "Tools" and select "Preferences"
The following settings are available:
The most important of these are:
How to get bitcoins to your Electrum wallet
To receive bitcoins to your Electrum wallet you need to click on "Receive".
You then need to click on the New Address button. A public bitcoin address for the cryptocurrency will appear. It looks like a random set of letters and numbers 33-34 characters long. It is also presented as a QR code. You need to copy the address and specify it when transferring.
How to withdraw Bitcoins from Electrum Wallet
To transfer bitcoins from Electrum Wallet, you need to go to the menu "Send", specify the recipient's wallet address, amount, description of the payment. Check the information and click on "Send".
Private keys in Electrum
Private keys are generated from the seed phrase. Public addresses (public keys) are generated from the private key.
Public addresses can be given when receiving the cryptocurrency. Private keys cannot be given or shown to anyone, as knowing them you can gain full access to the balance.
In Electrum the private keys can be viewed under Wallet - Private Keys - Export. The corresponding Private Key will be located next to the address. To save, select the format (csv or json), specify the folder and click "Export".
It is better to write the private key on paper, duplicate it and save it in several places. It can be imported into other cryptocurrencies (Exodus, Bitcoin Core and others) and not just used in Electrum.
If you need to import an existing Private Key into Electrum, select "Wallet" - "Private Keys" - "Export" and insert it.
Electrum Wallet Console
To go to the Electrum Console, select "View" - "Show Console" and it will appear on the top menu.
List of basic commands:
To see all commands, enter "help()" and press "Enter".
Electrum Wallet Social Media
Electrum is one of the safest ways to store bitcoin cryptocurrency. It is mandatory to save the seed phrase; the private key of the address where the funds are stored; the password of the wallet file. This information is best kept in a secure location, preferably in printed form. You should not store it on a computer because of possible vulnerabilities.
Electrum Review Summary
We have analyzed key features of Electrum based on 3 important criteria for choosing crypto wallet:
Based on researches and our own tests, we have made an independent rating.