If you are interested in working with cryptocurrencies, especially the Bitcoin, you must first make the decision as to where you are going to store your virtual money. Bitcoin storage comes in the form of a virtual wallet, and there are many to choose from.
Picking the right wallet for you can be tricky, especially because each one with its own specifications and features. One of the best wallets currently available for Bitcoins is the Electrum Wallet.
One of the main benefits of Electrum is that it not only allows the user to store the private key on the computer, but also on a hard drive or pen drive. This adds another level of security. However, on the off chance that the wallet is deleted from the computer, the user can retrieve it though using a ‘word’ process that they previously set up.
The wallet does not download the whole chain of blocks, instead it downloads only part of it. This process makes the whole thing faster to use, instantly improving the customer experience. However, due to this speed and ease of use, Electrum is not considered one of the most secure wallets on the market.
The first step of the cryptocurrency wallet creation process is to define an address, also known as IBAN. This could be something similar to the number of the bank account.
It is advisable not to store large amounts of Bitcoins in an Electrum wallet. In general, it should only be used for receiving payments or to make a smaller payment. For some people, this is all they would need a cryptocurrency wallet for, while others would need to find something a little more long term. A physical wallet is a much more common and acceptable way to store a larger Bitcoin sum for a longer period of time.
How can I get this wallet?
To download Electrum, you must visit its official website and download the version that adapts to your operating system. You can also choose either a PC or mobile version. The first time that you use the wallet you must first make a ‘seed’. This is composed of 12 to 13 random words. These words can then be used to regenerate the wallet if necessary.
It is essential that you keep the seed words hidden and safe. They can be used by anyone to regenerate the wallet and move all the funds that are inside.
Safety: your private keys are always encrypted.
Multisig: You’re able to split the permission to spend your Bitcoins between other wallets.
No Downtimes: The servers from Electrum are decentralized meaning you can use it at any time.
Supports other plugins: Electrum is able to support third party plugins such as hardware wallets or Miltisig services.
Double check: With SPV, Electrum verifies and keeps track of all the transactions in your history.
If you want to do download Electrum, you can visit their official website by clicking here.