Electrum wallet for Bitcoin
The Electrum wallet for Bitcoin is an SPV wallet.
This means that it does not verify everything, rather it relies on the connection of a trusted node to verify information.
It was created in 2011 by Thomas Voegtlin.
Electrum is distributed by Electrum Technologies, a company that is registered in Germany.
This wallet comes with the following features, including:
- Encrypted wallet.
- Deterministic key generation: Lost wallets can be recovered.
- Instant on: the blockchain is not downloaded by the client. Information is requested from the server.
- Updated regularly.
- Local transactions.
- User accounts are not stored on the server.
- No scripts.
- Open source.
- Firewall friendly:
- It's free.
- Written in Python.
- Support available.
The latest version (2.9) also comes with the following feature:
- MCV is also was known as Multiple Chan Validation.
How to send and receive payments using Electrum wallet?
- To send a payment, open your Electrum Wallet.
- Go to the send tab.
- Fill out the required information.
- Pay to: recipient's bitcoin address.
- Enter Description.
- Enter monetary amount.
- Click send and enter your password as prompted.
- Your transaction has now been sent.
- You can check for your transaction in your history tab.
How to receive a payment, open your Electrum Wallet?
- Go to the receive tab.
- Then enter a requested amount. (Optional)
- Give your bitcoin address to the sender.
- Alternatively, they can scan your QR code, if you have one.
- If not, give them your receiving address.
- If you have requested a certain amount, they will be prompted to send that amount. Otherwise, the sender will enter the amount manually.
- Wait for the sender to send funds.
- Check to see if you have received funds by going to the history tab.
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How secure is the Electrum wallet?
The Electrum wallet is fast, efficient and lightweight as well as safe to use. In fact, it's one of the safest wallets according to users.
Electrum Pros & Cons
- Great Reputation and used by everyone.
- Fast and easy to use.
- Proficient privacy features.
- Fitted with hardware wallets for added security.
- Not great for beginners.
- Bitcoin only.