Is Electrum Wallet Free?
There is no doubt that you will hear the name of Electrum Wallet whenever there is any discussion regarding the best Bitcoin wallets.
Electrum Wallet has amazing security features, compatibility and everything else are just in synch with what you want to see in any Bitcoin wallet you can trust your funds with. Electrum is the only one best wallet service which will offer you full control over your funds and transaction fee. You’d love to prefer this wallet for holding your funds.
There is many other wallet services available for the users but you will feel that Electrum is ideal wallet to use for your bitcoin transactions. It offers very less amount of transaction fee as compared to other wallets. However, some bitcoin wallets are taking 10 times higher fee than the normal fee. Let’s take a deep look at this wallet.
Electrum Wallet Review
It was created by Thomas Voegtlin back in November 2011. However, since then the various developers have contributed to the source code of Electrum Wallet. Additional developers having Github write access are Michael Wozniak, Maran Hidskes and EagleTM.
Electrum Wallet is a free Bitcoin wallet which can be install on your computer, latptop and mobile device.
It was developed and introduced in 2011 and it was the most popular Bitcoin wallet at that time. Roughly, it handles 10% of the world’s total Bitcoin transactions. However, being a Bitcoin wallet, it will allow you to store funds in a secure place as well as it will offer you the facilities to send and receive funds.
Now let’s take a closer look at what exactly this wallet has to offer you and if it is worth your time and Bitcoins.
These are few of the features that are offered by Electrum Bitcoin Wallet:
Electrum was designed by keeping the inexperienced users in mind. So there is no need to worry about prior experience with Electrum, or any other wallet that matter.
You just need to download the wallet from the official website and run the installer. You can name your wallet for easy recognition and then just select the “type” of wallet you want to create. If you are not sure about this then simply go with the Standard wallet and if you are an advanced user then you should go with other options as well.
After creating you wallet, you will be provided with a “Seed” on the next page. You can consider this as your master password. It is made up of 12 random words and it can be used for the recovery of your account. You can note that sequence of words on a paper for better security.
Don’t click the next button before writing down these words at a safer place. However, on the next page you will be asked to enter the “seed words” exactly as they appeared, So you just need to type them on the space and then click on next to proceed further.
After all of these, you will be asked to create a password for your Electrum wallet and you are done! You can now log in to your wallet by making use of the password you just created for your account.
Once you have successfully created your Electrum account, the dashboard will greet you pretty simple and straight-forward.
The top bar has various options like File/Tools etc just like any other software. It has three tabs by default which are named as History, Send and Receive. These are pretty simple also, History will give you access to all of your previous transactions, and you can make use of send and receive tabs for sending and receiving funds.
The bottom right screen has four icons, and they can be used as a one click access to:
·Change your password
The top bar will be divided into five options:
The Help and Files buttons do not hold anything mysterious or unique that you have never seen before, So you need to exclude them and we will tell you about other available buttons and explain them out to you.
The wallet option holds all the important things you may need for your Electrum Wallet. You can start with the password option which will simply let you change your account password.
The second option in the list is “Seed”, you need to keep in mind that is the master-phrase we were shown while installing the software. Just in case you lost your backup phrase, you can make use of the seed option again and write it down somewhere safe.
Then comes the private keys feature, it will let you sweep as well as it will export your private keys to a csv file which you will surely need for several reasons.
The view tab will simply let you customize your tabs according to your preferences. However, you can add or remove the tabs from the top bar by making use of view options.
The first option that you will see under the tools option will be preferences. You can also access them by clicking on the second icon available on the right bottom screen of Electrum Wallet.
This option will enable you to change the appearance of the wallet, fee-structure, SSL certificated and so on.
Then you will see the Network option, which isn’t helpful for you if you are not an advanced user, but it does convey very important information that is related to the conditions of your network and nodes.
The third option you will see on this list is Plugin and it will let you add third party plugin like E-mail, GreenAddress Instant etc. However, you can turn these on or off by just a simple click of your mouse. There is the sign/Verify message option you will see next. It is an advanced option which will let you Sign a message and this sign can be used for the verification of ownership of your wallet and your transaction.
The next option that you will see in this list is “Encrypt/Decrypt” message. It is simple as well as advanced feature which will let you Encrypt your message by making use of a Public key, and decrypts them by using a private key.
The next option that you will see in this list will be “Pay to Many” which is advanced feature that will let you pay Bulk Bitcoins to more than one account with a single click. However, you just enter the transaction in the following format: Address, amount.
And the last option that you will see under the tools button is simply a load transaction option which will be helpful for you to load transaction from a Blockchain, text file, QR code or file.
Now that you have understood the interface and the working of wallet, let’s have a look at some of the more advanced features that are offered by Electrum Wallet, particularly those that are related to its security.
·You can store the offline private keys for your wallets on your computer locally by eliminating any threat of them to being stolen or hacked.
·The 12 word recovery seed will be helpful for you just in case you will lose your primary account password. However, most other bitcoin wallets either do not provide a recovery feature at all; it is not as easy as in Electrum Bitcoin Wallet.
·It doesn’t need any load time or any other delay of any kind, that is only because it will use the same servers as the indexers of Bitcoin Blockchain use.
·As we have already mentiond that you will not be bound to be using Electrum wallet specifically in order to make use of your private key, it will support full export of your keys and they can also be used with other Bitcoins clients as well.
·You may have noticed this point during the installation process that Electrum Wallet supports Multisig wallets as well. However, basically multisig means that the spending rights of your funds are not centralized to only one system or person. However, it will split between different parties. In this way, even if there is a risk into one of the systems or accounts, the funds can’t be spent without all the signees being agreed for the transaction.
·One of the best features about Electrum Wallet is that it supports a Watch only wallet. It will helpful for you when you are making use of a public Wi-Fi or any unsecure connection to log in to your wallet. However, this wallet will allow you to check your transaction status, available balance and other data but these wallets will not allow you modification rights and no funds can be transferred. However, you can’t make any changes during this mode. So if these wallets are compromised, the hackers won’t be able to perform any action and they will just remain spectators and you funds will remain safe.
·Electrum wallet offers SPV verification which is the abbreviation of Simplified Payment Verification. It means that you each transaction using Electrum wallet will be verified by the SPV verification which will prevent double spending and other similar fraudulent activities. However, it will also minimize the trust that is needed in other third parties to perform a transaction.
·Electrum Wallet makes use of TrustedCoin’s remote servers to verify log-in attempts if you have chosen to make use of a 2-Factor authentication enabled wallet. In such case, 1 out of 3 keys will be kept on the remote server, and you will be able to login to your account by authenticating yourself with the help of Google Authenticator.
Portable Wallet Service
Another beset feature that you can get by making use of electrum wallet is that you can use this wallet as a standalone or portable wallet. However, if you want to run your wallet service independently and want to control the use of your wallet anytime anywhere then this is the ideal choice for you.
However, you just need to install the portable version in your portable device or encrypted device. You can access this wallet from anywhere.
This process can be dangerous for you, if you will access your Electrum Wallet from any malware affected computer. This is the reason why you should only use your wallet from trust computer or trust network.
Receiving A Payment With Electrum
You can transfer funds in you Electrum wallet by making use of your receiving addresses. In order to locate a receiving address, you will need to click on the Receive tab and then double click the first receiving address and copy this address to the clipboard. After that you can transfer you funds from the current wallet and then paste your Electrum receiving address into the field marked as receiving bitcoin address. You can choose the amount you want to transfer and then send it.
You can make use of Histroy tab to check the status of your pending transactions. In order to make a payment, you will have to repeat the process from the Electrum Wallet. You can click the Send tab for sending payment to other wallet.
Electrum wallet will automatically calculate the default transaction fee. However, it will ask you for your password upon sending a payment for confirmation.
So that’s all as far as this Electrum wallet review will serve the purpose. I have tried my best to point a clear picture of all the necessary points and features that are offered by Electrum Wallet.
However, Electrum Wallet is loved by many people due to its wonderful security features and there are several outstanding security features like watch only are offered by this wallet which makes it ideal choice for bitcoin users.
Do let me know if you have any question regarding Electrum Wallet. Drop a comment below in the comments section and I’ll always try to share my knowledge with you.