What Is the Electrum Wallet?

Electrum is a lightweight Bitcoin wallet for macOS, Linux and Windows. Electrum was created in November 2011. Apart from desktop computers, it can be used on mobile devices as well. You can download it on your Android phone and enjoy the same features as you would on the desktop version.

The main features of Electrum are support for hardware wallets (such as TREZOR, Ledger Nano and KeepKey), and secure Bitcoin storage using an offline computer.

Electrum wallet requires you to have a little knowledge of Bitcoin and its working. It has some advanced functionality and a setup process where you need some technical knowledge to store and handle Bitcoin.

Electrum uses a simple interface to generate standard transactions that are fully compatible with other Bitcoin clients. It also supports third-party plugins including multisig services, hardware wallets, etc.

Electrum is focused on providing speed and simplicity, without burning excessive resources. It relies on remote servers to deal with such parts of the Bitcoin network that are complicated. When you install it on your computer, you’re given a secret recovery phrase. If anything happens to your computer, you can recover your funds using this phrase. However, it’s important you keep this phrase saved somewhere safe. 

Electrum is a hot wallet, which is considered less secure than a cold wallet. It can be hacked or compromised by a malicious actor. If a hacker gets access to your private keys (the code that lets you move your cryptocurrency), they can steal your crypto.

Electrum wallet offers excellent service as a Bitcoin storage solution, particularly to those who seek a combination of ease of use and security. Electrum desktop wallet has a strong reputation in the industry and many Bitcoin users rely on its reputation. The wallet is well-established and highly trusted among people in the cryptocurrency industry. It excels at both security and user privacy, which are typically the most important aspects to be considered in crypto wallets.