Electrum Bitcoin Wallet Review | How to use Electrum

There are many reasons why Electrum Bitcoin wallet is considered as one of the best of choice for many cryptocurrencies. Over the years, there have been various developers who have contributed to the source code, making it what many people believe to be one of the most trusted wallets available. Not only that, Electrum equally integrates with major premium hardware wallets, such as TREZOR, KeepKey and Ledger Nano S, making it possible for users of these wallets to still gain access to Electrum.

Electrum is a Bitcoin wallet that is compatible with different platforms like Windows, Mac, and Linux. Although given the fact that there are many cryptocurrencies on the financial market, Electrum depends on Bitcoin. Currently, about 10% rate fee on Bitcoin transactions now occurs on Electrum. What you need to know about the Electrum Bitcoin wallet has been provided for you on the site.

How to Use Electrum Bitcoin Wallet

For you to get started with Electrum Bitcoin wallet there are steps involved which are listed below. You can then install the wallet on Windows, Mac, Linux, or even Android.

  1. You have to visit electrum.org.
  2. After that, click “Download.”
  3. Then choose your installation method.
  4. After that, you’ll then be ready to start using Electrum.

More about Electrum

There is also the possibility of you Bitcoin to your electrum wallet to another wallet. All you need to do is to locate your Bitcoin receiving address in the Receive tab on Electum. Then after that, the next thing to do is to start transferring funds from the service which you’re currently using into your unfunded Electrum wallet.

The transfer fees being charged by Electrum via sending Bitcoin is within a rate of 0.2% which can probably be reduced to 0.1% below. You have to also bear in mind that the transaction fee is included in the sum of the amount you want to send. Although, Electrum platform will issue a warning if the total transaction amount exceeds your wallet balance.

If you want to talk about security, Electrum performs at a higher level because it uses encryption techniques to secure your private keys. To generate your private keys, Electrum makes use of a random phrase. Your security seed is very important, as it is the only way you can recover your password if you forget it. The password you used when you open the Electrum wallet is needed in order to send any Bitcoin payments been made.

  1. In terms of making payment on Electrum, you have to tap on “Send” tab.
  2. After that, you’ll then type the Bitcoin address from the “Pay To” field.
  3. After that, you’ll then be prompted to type in the password you created when you open the wallet.
  4. If you then want to receive Bitcoin payments on your Electrum, you’ll then open the “Receive” tab.

Now, you have to take look at the Pros and Cons been highlighted below for the Electrum Bitcoin wallet.

Pros

  1. Electrum has good privacy features.
  2. The platform is widely used by users currently.
  3. It has Integration with other hardware wallets for added security.
  4. It is very fast and easy to set up.

Cons

  1. One default of Electrum is that it only supports Bitcoin.
  2. And also, it is not ideal for beginners.