Electrum: Everything you need to know
The use of cryptocurrency as a means of payment has become commonplace these days. Although relatively recently, few people believed that Bitcoin would become something innovative. However, it is not surprising that all progressive changes are perceived with skepticism by the townsfolk. Once they did not believe that it was possible to pay for purchases with credit cards and preferred cash. It’s good that Thomas Voitlen is not that conservative. Otherwise, Bitcoin holders would not be able to use the Electrum wallet. So what, you say, there are a lot of cryptocurrency wallets already created. One more, one less what’s the difference?
Yes, in our time, the market is saturated with software for working with electronic money, but in 2011, when Thomas Voitlen presented Electrum, a wallet for storing and transactions of Bitcoin, the situation was radically opposite. The program, in general, had no competitors. Probably thanks to this, Electrum purse has become very popular. The development team made every effort to improve the program and the result was not long in coming. It turned out to be an excellent cryptoservice. Let’s take a closer look at what the crypto-purse is, the specifics of its use, the strengths and weaknesses of the project.
Electrum wallet features
Electrum is an easy-to-use Bitcoin client. It protects you from losing coins as a result of a backup error or computer crash, because you can restore your Electrum wallet with a passphrase, which must be written down on paper and stored in a safe. No waiting time is required when launching the program, since the crypto wallet does not download the entire block-chain, but synchronizes with the remote server.
The purse is secure, your private keys are encrypted and stored locally. There are practically no failures in work. If for some reason, Electrum does not synchronize with one of the servers, the program automatically switches to the backup one.
The application is compatible with different OS, install the same Electrum Windows or Linux wallet on multiple devices, all instances remain in sync. The utility is very easy to use due to its multilingualism. The e-purse is available in 40+ interface languages. And most importantly, this project has a very good reputation.
In addition to the Electrum bitcoin wallet, there are versions for BCH, LTC, DASH and Verge. Each cryptocurrency requires a separate wallet:
- Electrum Litecoin Wallet https://electrum-ltc.org;
- Electrum Dash Wallet https://electrum.dash.org;
- Electron Cash (electrum bch) https://electroncash.org;
- Verge Electrum (XVG) https://vergecurrency.com/wallets.
Registration is not required, download the version you need and install it on your computer or mobile gadget. After starting, you will need to select one of the installation options:
- Standard wallet;
- Utility with 2FA binding;
- Multi signature wallet;
- Importing Bitcoin addresses or private keys.
Installation and security settings
If you are new to the digital money business and do not handle large volumes of virtual coins, choose the standard installation option. Using two-factor will undoubtedly increase security, but this is a paid option and you will be charged with coins for using it. A regular Electrum wallet is fairly secure, but for absolute security, buy yourself a LEDGER or TREZOR.
The next step is to generate Electrum Seed. Select Create a new Seed, write 12 words on paper, and then repeat them in the next window in the same order. Once the mnemonic phrase is set, you need to create a strong password. It must be at least 8 characters long, include numbers and English letters of different case, as well as special characters (@ _ + /). After that, the creation of the wallet is complete. Do not lose your password and Seed and take care that they do not fall into the hands of intruders.