Electrum Review

(Last Updated On: April 27, 2019)

Electrum is a client-side open source desktop wallet and probably the oldest wallet available, Electrum was launched in 2011, Electrum is available on Windows, Mac, Linux and Android Apk is also available.

The biggest advantage of Electrum is that it is fast and reliable as being a client-side wallet there is no need to download blockchain the software is always up to date and works with Bitcoin and Ethereum mostly.

This wallet is an HD wallet and gives a backup phrase and allows users to back up their seed phrases for later on use in any case of emergencies. Electrum does not store private keys and is always stored on your computer or device.

Installing Electrum

Installing electrum is easy I will provide you will all steps necessary for installing electrum on windows. The first step is choosing a wallet for newbies I prefer selecting default.

After clicking Next it will ask you about wallet type providing users with four options  Standard, Wallet with two-factor authentication, Multi Signature Wallet and Import Bitcoin addresses or private keys. For best security, you can select 2FA authentication.

Then electrum will ask whether to create a new seed or import from a previous seed.

Then the foremost important step is the backup seed a 12 letter phrase that is always adviced to store offline or write down on a paper, this phrase will be later used to recover wallet in case of theft or loss of password.

There would be another confirmation dialog box that will ask to retype the seed phrase. After that screen, you would be asked to type in your password and you will be pretty much done it will then display the wallet location and you can start using Electrum.

Conclusion

Electrum is one of the most legitimate online wallets available and has got huge reputation due to its persistence in the market.

Electrum also works with Ledger Nano S and Trezor T for better security and allows users to store large amounts of coins.


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