Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Electrum Wallet – The Best Bitcoin-only Cryptocurrency Wallet
As one of the first Bitcoin wallet clients ever released, Electrum has always been a pioneer in the market. This Bitcoin-only wallet established a reputation as a simplistic yet security-rich option for crypto users. Notably, Electrum utilizes different platforms for different cryptocurrencies. Its Bitcoin wallet is the first and most popular platform the company offers.
Today, the Electrum Wallet is one of the most-used mobile Bitcoin wallets globally. This open-source project has well over 100,000 installs. The popularity of this platform comes from a variety of factors. For one, Electrum features a clean and simple interface that allows anyone to send and receive Bitcoin when desired.
Notably, Electrum isn’t bogged down with a bunch of new features. The wallet retains its original feel and functionality all these years later. For example, users can not buy, sell, or trade their Bitcoin from within the wallet. Its primary purpose is to keep your Bitcoin safe. This straight-forward approach makes Electrum ideal for Bitcoin users who have experience in the market. Ideally, this platform’s users are a little technical savvy and understand what Bitcoin is and how it works.
Benefits of the Electrum Wallet
There are tons of benefits to using the Electrum Wallet. For one, it’s one of the most recognizable names in the market. Investors respect the platform for its fast, safe, and private transactions.
Electrum is a very user-friendly solution that gives Bitcoin investors access to the critical functions they need to remain profitable. For example, the platform allows you to create various wallet types, including a standard wallet in either Segwit or Legacy formats. Users also enjoy access to a multi-signature wallet and two-factor security. Best of all, the platform’s design allows you to manage multiple Bitcoin wallets at once from its interface.
Every aspect of Electrum is straight forward. This strategy helped developers create a simplistic design with few frills. This desire to offer an elegant option in the market is evident. Even the platform’s two-tone blue and black color schemes are meant not to distract from the core functionalities.
You don’t become one of the most popular Bitcoin wallets in the world by accident. Electrum employs some excellent security features to keep your Bitcoins safe. These advanced security protocols helped Electrum gain a reputation as one of the most secure Bitcoin Wallets available today. Additionally, the platform supports 12-word mnemonic recovery phrases to ensure you never lose access to your Bitcoins.
How Does the Electrum Wallet Work
The Electrum Wallet is a web-Based hot wallet. The Electrum wallet comes in two forms currently. There are the original Desktop format and a Bitcoin-only mobile wallet. The mobile wallet includes some added features to cater to experienced users.
Lightweight Bitcoin client
The mobile Dapp utilizes a Simplified Payment Verification protocol to retain its Blockchain sync. This system doesn’t need to download the entire Bitcoin blockchain to remain updated. Instead, the Dapp connects to servers that index the blockchain constantly. This strategy ensures that Electrum can run on even low-end mobile devices properly.
Electrum supports multi-signature wallets. A multi-signature wallet is a Bitcoin address that requires multiple private keys to send payments. Requiring more than one person to authorize a transaction before it is broadcast is one of the best ways to ensure that hackers don’t get easy access to your satoshis.
Cold Storage Options
Notably, the desktop version of Electrum features support for hardware wallets. Specifically, the platform is compatible with the Ledger Nano X. Hardware wallets are the most secure way to keep your crypto safe because they are not directly connected to the internet. Instead, these wallets introduce an “air gap” to ensure no hackers have access to your holdings.
Another major advantage of Electrum is the high level of interoperability the platform possesses. The wallet is compatible with both Bech32 (Segwit) and legacy address formats. You can import Pay-to-ScriptHash (P2SH) Bitcoin addresses into the interface in seconds. The platform also supports Tor to protect its user’s privacy further.
History of the Electrum Wallet
The Electrum Wallet has been in development since 2011. As one of the first wallet options in the market, Electrum has remained a driving force for further adoption. Keenly, multiple developers have contributed to this open-source alternative. In 2016, developers introduced a mobile version of the Dapp. Notably, this version is only available on Android devices at this time.
How to Get the Electrum Wallet
The Electrum Wallet is free to download and only takes around 5-minutes to setup. You can download the Dapp for free from the Electrum website for desktop computers. Mobile users can find this version on the Google Play Store for Android mobile devices.
How to Use the Electrum Wallet
Once Electrum is downloaded and installed on your device, the sign up is simple. You will need to provide an email address and passcode. You will also need to write down your recovery phrase. Always keep this phrase safe as it’s the only way to recover your wallet. Lastly, you will need to set up a pin code to enter the wallet.
Electrum features three main tabs located across the top of the application. Here you will see functions for sending, receiving, and checking your balance. When you send your Bitcoin, you will need to choose a transaction fee. The higher the fee, the quicker the transaction sends. Notably, the platform gives you a recommendation on the amount your fee will need to complete your transaction in the time you seek.
Electrum Wallet – A Classic that’s still is a Top Option for Users
Electrum’s Bitcoin-only approach and reputation make it an ideal choice for serious Bitcoin investors. The platform allows you to safely store your Bitcoin stored in a hardware wallet and make trades directly from this shelter. Additionally, Electrum has one of the best security records in the market. For these reasons, you can expect the Electrum Wallet to remain a top wallet choice for investors moving forward.