Most Popular Cryptocurrency Wallets
Before we can provide you with a complete Electrum wallet review you need to know about the types of cryptocurrency wallets out there. These represent the best Bitcoin wallets in the UK.
The first types are known as cold wallets. Cold wallets are not connected to the Internet so they don’t run the risk of being hacked. The first is a paper wallet. This allows you to print out a key on a piece of paper. Without this key, nobody can get into your wallet. However, if you lose the piece of paper, you will not be able to get into it. Paper wallets can be hard to set up and are only recommended for people who understand tech.
The second type of cold wallet is a hardware wallet. This is essentially an external drive. You don’t keep it plugged into the Internet, and as a result, nobody can access it. Once again, you’ll have to keep the password somewhere, or else you won’t be able to get in.
Then, there are hot wallets. The first is a software wallet. It can run on your computer or cell phone. You simply need a password to send and receive money. While not as secure as a cold wallet, hot wallets make up for it in their user-friendliness.
Then, there is an online wallet. This wallet is controlled by whichever crypto exchanges you bought your cryptocurrency from. Online wallets are generally easy to use, however, if the company that is running the wallet goes out of business, there’s a risk that you’ll lose your crypto.
Pros & Cons Of Electrum
In our Electrum wallet review, you must understand the pros and cons of using the wallet. There are several issues on the pro side. It’s great if you buy and sell Bitcoin a lot, as transactions are quick and easy. Plus, as this is a software wallet your private key is never shared with the server so it’s fairly secure. It’s free to download and even has a slider where you can set your Electrum fees and see the amount of time a transaction will take. You can also use two-factor identification, which adds another useful layer of security.
On the contrary, our Electrum wallet review found that it is only accepting Bitcoin so you can’t use anything else. It also has all of the typical security issues that affect hot wallets. Also, there was a recent security breach that took Electrum a lot of time to fix. This has to be considered in our Electrum wallet review.
Cryptocurrencies & Technology
Electrum only accepts Bitcoin, so, if you are trying to use any other form of crypto you are out of luck. The wallet was written in Python, which is a well-recognised and secure programming language. The wallet itself is open source, so the community is constantly working hard to make it increasingly more secure. They have a seed phrase you can input, which can help if you happen to forget your password. If this happens, all you need to do is type in the seed phrase and you will be allowed to reset your password. The Electrum wallet doesn’t download any script, so you should mostly be safe from garden variety hackers.
All of this makes Electrum about as safe as you can get with a hot wallet. That plays into our Electrum wallet review. Our Electrum wallet review is mostly positive. It should be good enough for the average Bitcoin trader to use.
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Electrum is one of the easiest to use cryptocurrency wallets. That’s its great strength and is why in our Electrum wallet review we give it high marks. You don’t have to be a tech genius to figure it out. Just go to Electrum.org and select the “Download” option on the screen.
Once you’ve downloaded the program, you’ll have to click on it and allow Windows to run it. When it’s set up, you’ll have to choose between starting a new wallet or reactivating an old one. Click start new wallet to get the process going. Then you’ll be asked to create your seed phrase. This is the phrase you’ll need if you ever forget your password. It has to be 13 words long. Once you enter it write it down on a piece of paper and keep it somewhere. Otherwise, you could risk losing your way into Electrum forever.
You’ll then be asked to enter your seed phrase a second time to make sure you didn’t make any typos the first time. Then you’ll be asked to select a password. Once again, you’ll have to enter it twice to make sure you didn’t make a typo. Try to make your password as complex as you can reasonably remember. Finally, you’ll be asked how you want to connect. Unless you have a lot of technical skills simply click on “Auto Connect.” Once you do this your wallet will be set up. This is as easy as it gets, and we give a lot of credit in our Electrum wallet review for setting it up like this.
Now you’ll have to put money into your wallet. Click on ‘Receiving Money’ and type in the address you want to get the money from. When you want to pay for something with Bitcoin click on the ‘Send’ tab and once again type in the address of where you want to send the money. It’s that easy and is why our Electrum wallet review is so high.
Security And Support
Electrum is as secure as an open-source hot wallet can be. Anything that is running on the Internet can be hacked. But you have to be online if you want to buy or sell Bitcoin. If you use an obvious password like “password” your odds of getting hacked are higher than if you use a complex one.
Having a seed phrase to allow you to recover your password is much better than having them ask you questions about your first pet. As long as you can keep the seed phrase somewhere you can get it that makes it fairly secure. Your password will be as secure as you make it be. All transactions are covered by the highest level of security commercially available.
The company is reachable by email for any customer service questions you may have. This is about as secure as you can get for a hot cryptocurrency wallet. Our Electrum wallet review is positive exactly for this reason – they give a good balance between ease of use and security.
Electrum is one of the better hot crypto wallets. It allows you to buy stuff with Bitcoin and allows you to accept Bitcoin from others. It would be nice if it accepted other types of crypto, but it just doesn’t. There is no Electrum wallet promo code to look out for, as the software is free to download. Electrum withdrawal is easy to accomplish.
Electrum limits don’t apply. Instead, you get a simple, easy to use Bitcoin wallet that is designed to make it easy to make purchases and sell whatever you are selling. For that purpose, it’s not a bad deal. Our Electrum wallet review is positive. For non-tech people, it’s a good choice.
Try also these alternative wallet providers, which also functions as a full crypto exchange (which is why we prefer them).
Cryptocurrencies are highly volatile, be aware of the risks when trading them.