Review on Electrum Wallet by Olugbenga Ajayi
A single currency wallet that is very reliable
It is an old timer among digital wallets. It was founded way back in 2011. It is not multicurrency in nature. It supports only Bitcoin.
It can be used on Android, windows, devices. It is also safe and convenient.
It is a hot wallet.
Hot wallets are much less secure than cold wallets. However, they still serve a useful purpose. Hot wallets are ideal for day to day spending of cryptocurrencies.
Pros
- Private keys are not kept on servers. That guarantee safety of users asset
- Transaction fees is fair
- It is secure
- Open source software. Anyone can check the code for glitches, bugs, or security breaches.
- Electrum calculates the number of fees you will need to include with a transaction. It has a helpful slider that lets users select how urgent the transaction is. They can choose how many blocks (how long) it will take to be processed by the network.
- Users can use two-factor authentication with an Electrum wallet. This also adds extra security to the wallet.
- No user information is stored with the server. Users control their own private keys and therefore their own Bitcoin
- Users don’t need to download the whole blockchain. The electrum wallet gets blockchain information from a server. This means there are no delays and it is always up-to-date.
Cons
- It has less adoption since it can only be used with bitcoin
