Review on Electrum Wallet by Aman Arora
Electrum wallet safest way to Store and send bitcoins
Electrum wallet is one of the safest non custodial crypto wallet available. Being a stand alone BTC wallet electrum still is the safest way to store your bitcoins safely. Electrum use segwit and legacy technology to use wallet features and create multiple addresses to receive bitcoins which for me is the safest technology wallets can adapt.
Electrum wallet is easy to use with both Android and Iphone versions. User must back wallets as you cannot continue without backing up or you simple can restore your existing wallet with seed phrase. Users can change the amount in wallet with Fiat currency of their choice and value will displayed in Fiat and all the rates shown in wallet is taken from Coingecko real time feed. One best feature I like about using electrum wallet is replacable transactions which means in case if your transactions is not mined by miner and it is unconfirmed you can change the higher gas fees and replace the transaction with another one. You can change the settings in case you dont require that feature.
Electrum also use the feature of sending unspend bitcoins to another address saved in the wallet to avoid thefts and hacks. All the addresses stored in wallet are encrypted and a private key is stored which can be accessed anytime. Electrum can also display the amount in mbtc and you can create multiple wallets inside one electrum wallet and for additional security your wallets are secured with password and also with a PINCODE for safe transactions. For me it has been a relatively good experience using electrum wallet as most of the features are not availble in other crypto wallets and for Bitcoin users it is the best encrypted non custodial wallet for safe and secure way to store bitcoins.
Pros
- Easy to use lightweight non custodial wallet for safely store bitcoins
- Secured with password and PINCODE to safely send and store Btc
- Facility to inter wallet transfers of receive bitcoins to protect from hacks and thefts
- Electrum wallet can replace unconfirmed btc transactions with higher fees untill they are confirmed
Cons
- limited to store only bitcoins and complicated for new users
- No facility to buy bitcoin with card
