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185 Karma

Review on Electrum LTC Wallet by Alex Martakov

Revainrating 5 out of 5

HD wallet technology allows you to "grow" all the information from the sid…

HD wallet technology allows you to "grow" all the information from the sid only in the program where it was created. That is, if you have created an Electrum Litecoin wallet and generated a passphrase for it, then you can restore all the addresses and keys to fully perform any transactions only here.

I recommend this wallet



Pros
  • This project is one of the easiest to use among analogues. It may not offer a huge list of features, but you will have enough of those that are embedded in it. After installation, you will see the working field of the wallet. It has a modest and user-friendly interface. You can view your transaction history, transfer money and receive it. There are 3 special tabs for this. It is known that with the help of the program you can perform several important operations with your savings. To replenish your own wallet, you can use exchangers or online exchanges. You will need the address of your wallet, which can be found on the "receive"tab. It is possible to transfer funds using a special recipient address. Going to the "sending" tab, you need to specify the recipient's address, the number of coins, the Commission, as well as a description of the payment for yourself. To date, the Electrum wallet supports only 3 cryptocurrencies: - Bitcoin; - DASH; - Vertcoin. The above wallets are separated from each other, downloaded from different sites and are not combined into one program. But soon the number of supported currencies may change, the creators are working on it. A special feature of the wallet is a special phrase "seed", consisting of 12 words. It gives you the opportunity to create a personal account and restore it if necessary. With this key, you can not worry about equipment failures, breakdowns and loss of passwords. It is recommended to keep this code out of reach of strangers. Write it down on paper or on a flash drive and hide it away from the computer. During installation, Electrum prompts you to encrypt the wallet file. In addition, you can use the "cold storage" mode to use the account purely for "viewing". That is, you use it only to receive funds and no more. Advantages of the application: - You keep your private keys under control. - Ability to use the client, using VPN, Tor, etc. - Keep in touch with the creators of the wallet and other users. - Use open source modification. With this, the wallet can be created in Russian and in other variations. - The application saves your disk space. - The program guarantees the security and privacy of customers. - Electrum is included in the list of recommended Bitcoin clients on the official Bitcoin website. - Ability to send payments to multiple recipients. - You choose your own server to work with cryptocurrency.
Cons
  • The app does not support most currencies. As you already know, electrum works only with 3 cryptocurrencies, but the developers plan to eliminate this drawback. When the network is loaded, users do not always have the ability to make transactions. Therefore, information about the blockchain can not be updated and be relevant around the clock. Using the Electrum wallet with two-factor authentication is paid. For a certain amount, the user receives a package of one-time passwords, which will eventually run out and will need to buy new ones. This disadvantage is justified only by the fact that it is not necessary to use this service.