Review on Electrum Wallet by Killer Bean
My Personal Encounter with Electrical Wallet
One of the best wallets for storing cryptocurrencies specifically bitcoins securely. Electrum encrypts users private keys and store them offline to reduce the risk of its exposure to phishing and hacking. It employs the use of the two step verification process to keep bitcoin safe and secure. It was launched in 2011, it's as old as bitcoin itself. I downloaded the app several months ago and I have been using it satisfactorily though I wouldn't recommend it for any trader apart from those that deal with bitcoin as Electrum was built to be Coin-selective wallet. It is an easy to use wallet, I got mine from playstore free of charge. It ensure that users security is assured by the use of password protection. It is an open source wallet so any users can detect security breaches and bugs and call for urgent development. It charges a very low transaction fees( I think about 0.001 BTC), Coupled with a fast transaction speed. While on a research i found out that Electrum could be linked to some hardware wallet like Trezor and I'm looking forward to trying that. If a user misplace his wallet he can make use of the recovery seed phrase to recover his wallet. Don't even bother trying to contact the support team as of now I still have a pending complaint that has not been attended to. I would personally suggest that they work on supporting more than just bitcoin to increase their users.
Pros
- It is a very reliable wallet in terms of speed
- It allows you to easily transfer yiur bitcoins to other wallets
- It uses the two factor Authentication to strengthen its security
- It is very effective for storing the most popular cryptocurrency, Bitcoin
- It is very easy to use
- Being the best for storing bitcoin, Electrum wallet is very secure as security happens to be their priority
Cons
- The customer support is not effective as it ought to be (I still have a pending complaint)
- It supports one kind of coin(bitcoin)
- The security cannot be fully assured as it has been reportedly hacked in the past
- It allows for linkage with hardware wallet to Increase it security
