There are no results for this search query.
Why Is the Electrum Crypto Wallet so Popular?
Did you know that Electrum is on the list of the world’s oldest crypto wallets? Thomas Voegtlin created it in 2011, making it easier for investors to handle their Bitcoin (BTC). Back then, this wasn’t easy, even for the most tech-savvy Bitcoin enthusiasts.
Since Electrum is a desktop wallet, you have to download it whenever you want to use it. Fortunately, it is compatible with Linux, Windows, and Mac computers, making it ideal for everyone.
Convenience is not the only element that has contributed to Electrum’s unbelievable popularity. Here are more reasons why many crypto lovers prefer it.
Electrum Prioritizes Safety
Crypto hacks are not rare these days. Electrum guarantees the safety of BTC users by providing encrypted private keys, which are also hidden from the server. Thus, no one can guess or know them unless a user discloses their keys to other parties. Another thing that enhances Electrum’s security is the fact that it’s a multi-signature wallet with password protection.
Electrum Leverages Open-Source Software
Lots of users have confessed to liking Electrum because it is open-source software. This permits Bitcoin holders to give their views regarding the desktop wallet. They can also check its code for any bugs, glitches, or security issues.
Downloading Electrum is Free
Unlike the Bitcoin hardware wallets available on the market today, Electrum is free for download. This saves users any extra costs, making it easier for them to focus on investing in Bitcoin.
Electrum is Fast
Speed is one of the factors that users mull over when they’re on the hunt for reliable Bitcoin wallets. Well, Electrum doesn’t disappoints. It’s conveniently fast because it leverages servers that index the BTC network. This feature makes it ideal for users who transact using Bitcoin often.
Electrum is User-Friendly
Although Electrum is recommended for knowledgeable Bitcoin users, it is pretty easy to use. Furthermore, this wallet’s design is simple. Hence, starters can comfortably find their way around it and initiate safe BTC transactions at any time.
Electrum is “Forgiving”
On its website, Electrum self-describes itself as “forgiving.” This means that should anything happen to a user’s desktop, they can effortlessly recover their finances through a secret phrase. Of course, the latter is provided as soon as one downloads and sets up their wallet.
Electrum Doesn’t Have Downtimes
Downtimes are unheard of in the Electrum wallet. Its servers pride themselves on being redundant and decentralized. Consequently, users’ wallets can operate at all times with no downtimes. Besides, multiple experts in the industry have analyzed Electrum’s code and confirmed that it is failure-resistant.
Notably, Electrum isn’t for anyone; it can only store Bitcoin and this crypto’s forks such as Bitcoin Cash (BCH). You must also comprehend how these virtual currencies work to enjoy all the perks of this desktop wallet. If you’re an amateur, seek the guidance of an experienced user or professional.
Also, users ought to be cautious when handling their Electrum wallets at all times. Although this wallet is deemed incredibly safe, skilled hackers might be able to get into it.