Try to google “the best crypto wallet for Bitcoin”, and you will definitely see this specific name among the top results. Since this product has been marketed for more than a decade already, it is widely popular among traders. Yet, there are also other advantages and drawbacks to learn about before making a final decision.
Electrum is an electronic wallet with an exclusive focus on BTC — as of today, it does not accept any other crypto coins. Nevertheless, traders will still find lots of advantageous features in it:
· its record of market presence exceeds 10 years;
· it offers cold storage, which means your coins are kept offline;
· support of Lightning Network for instant transfers in BTC;
· integration with reliable hardware wallets;
· two-factor authentication plus end-to-end encryption;
· all messages and operations are processed offline;
· private keys are kept by users themselves;
· total confidentiality — no personal data is demanded;
· multiple Bitcoin IPs;
· a flat fee — 0.2 mBTC;
· if you are ready to reduce the speed of transaction, you will get a discount on the commission;
· an extremely user-friendly and easy-to-understand interface;
· an open-source format — independent developers are welcome to contribute to it;
· compatibility with all desktop operating systems (Windows, Mac, Linux), as well as Android.
Sure, to make our Electrum wallet review exhaustive, we must also point to the drawbacks of this product. So, the key inconvenience is that it can be used for a single cryptocurrency only. Besides, some users are dissatisfied with the quality of client support. And, there is one more point to mention, there was a security event in the past, but there is no exact evidence of whether there were any financial losses on the side of any users.
Next, let us give short instructions to beginners:
1. Go to the website of the wallet.
2. Scroll down the page to find the button for downloading the program/app.
3. After installing the software, start it by clicking on the icon on your device.
4. Make a new account.
5. You will see your seed phrase — write it down and keep it in a safe place.
6. Then, you must enter it into the form.
7. Create a complicated password.
8. That’s it, your wallet is ready for use, so go to the “Send” or “Receive” tab to make your first transaction.
In sum, we would like to confirm that this wallet is secure and comfortable to use, thus, we can freely recommend it to both experienced and novice users.