Whoever has the keys can send your coins anywhere. If the private keys to your wallet fall into the wrong hands, it’s game over. From cold storage to multi-platform support to fast (and cheap) Lightning Network transfers, Electrum is up to the task. In this case, that one thing is Bitcoin storage and transfers, but Electrum anticipates nearly every need within this specialized use case. Like many open-source projects, Electrum does one thing and does it well. Fortunately, Electrum’s documentation is second to none, and in this case, the pros may outweigh the cons for most users. As a tradeoff, some of the features can be less than intuitive. The Lightning Network runs on top of the Bitcoin Network, processing transactions in an instant and at much lower costs.Įlectrum offers a powerful solution to the significant challenge of securing your Bitcoin stash. Support For The Bitcoin Lightning Network: Compared to some other blockchains, the Bitcoin network is slow and can be pricey if you need to send crypto from point A to point B.Electrum supports cold storage wallets, which are wallets in which the private keys are never exposed to the internet. Use Electrum To Build a Cold Storage Wallet: Crypto wallets use public keys and private keys, the latter of which allows you to send and spend Bitcoin.Multi-Wallet Support: Control multiple wallets from the mobile app or with Electrum installed on a computer.However, only Android is supported for mobile use so far. This structure makes Electrum useful as both a PC or Mac-based wallet as well as a mobile wallet. While some other Bitcoin wallets, such as Bitcoin Core, require you to sync the entire blockchain, Electrum instead syncs to a trusted army of servers. But one of the most attractive features is Electrum’s ability to build a cold storage wallet with private keys that never see the internet until you’re ready. You can also store multiple wallets within one installation of Electrum. The Electrum Wallet lets you start a new wallet or import an existing Bitcoin wallet. While Electrum won’t win any beauty pageants, its reliable security features make Electrum a common choice for serious Bitcoin investors. Think of Electrum as a discreet-yet-stable Bitcoin-only wallet with a full suite of features. Unlike other wallets, Electrum won’t connect to the latest decentralized applications or enable trading on decentralized exchanges. What makes this wallet a standout against the competition is that it focuses on making Bitcoin’s built-in security superpowers - such as multiple signatures (multisig) and cold storage - easy to access. That leaves users to wonder what’s happening under the hood, whether the wallet phones home, and whether there are yet-to-be-revealed security concerns.Įlectrum takes a different direction. A large number of those wallets also use closed-source code. Many of today’s crypto wallets either focus on Ethereum and ETH-based tokens or on supporting several types of crypto. It also means other projects can fork the Electrum code, as nearly 3,000 have already, to build a similar wallet for Bitcoin or other cryptocurrencies.īe sure to download Electrum from the official source. This means Electrum is free to use and the code is open to review. Founded when Bitcoin was still a twinkle in the eyes of investors back in 2011, Electrum is an open-source Bitcoin-only wallet that was released under the MIT License.
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