Review on Electrum Wallet by David Olayide
Electrum Has The Age But Not The Expected Track Record.
The Electrum wallet is a popular bitcoin wallet that was created way back in 2011 making it one among the oldest Bitcoin wallets to date. The wallet was created in a simple and uncomplicated way but also with maximum security for its users in mind. When I happened to come across this wallet I also found out that it is not advisable for beginners to use the wallet to store their crypto. It is also risky to store very large amounts of bitcoin on it because it cannot fully be trusted.
The wallet has not really changed radically since when it was created. It offers users a lot of privacy. The people best suited for using the wallet, are people that having been trading bitcoin for a long time. People that understand how the network really works will have little problem using the wallet. When I tried to get the wallet, I had to download it directly from the Electrum website to avoid any fake apps.
One has to be careful because there are a lot of fake sites on the internet who claim to be the real thing so as to defraud investors of their cryptocurrency. The wallet makes use of the 2 factor authentication protocol to secure the wallet. You will be given a seed phrase which you need to write down on paper and save. You can also choose to encrypt your wallet but it is optional.
Electrum is compatible with Windows, Linux and MacOs devices. The Electrum wallet is old and has faced some fraud attacks in some years back so it will be wise to adhere to the instructions they give on their website. If you choose to use this wallet then be careful.
Pros
- Very old and reputable
- Compatible with multiple operating systems
- 2factor authentication provided
Cons
- Has experienced breaches in recent years
- Not recommended for beginners
- Supports only one currency, bitcoin
