Electrum wallet review

Electrum
Complex Ease of use,  High Privacy,  User Private Keys Stored

Electrum is an open source wallet that is updated by multiple developers. Consequently, to the average user, it will seem disjointed and complex. It allows extensive security functionality which is appealing if you want to save your bitcoins. There are multiple ways that it is able to quickly verify a transaction making it also convenient.

Electrum is a secure wallet with no trading functionality or integration. It's integration with hardware wallets serves it's primary focus which is security. It's great for saving coins but doesn't allow any other functionality.

Company / organization behind the wallets

Electrum was created by Thomas Voegtlin in November 2011 and since then has been edited and upgraded by various developers through GitHub. It is completely open source, nobody owns it, nobody controls it. The user holds their own keys so are not reliant on any third party and the network verifies transactions with multiple servers to confirm all the information.

Crypto Currencies Support

Language Support

  • English

Supported Systems

  • Windows
  • OSX
  • Linux
  • Android

Electrum has levels of security based on the complexity of the user. For developers who can manage to create offline storage its very secure. All transactions are signed locally, validated using SPV, and private keys are never shared. For the average user it's not only difficult to implement the security options it is also difficult to understand which ones are best.

Summary:

Security
Average
2 Factor Authentication
Yes
Multi-Signature
Yes
Private Keys Stored On
User
Storage Type
The user may choose hot or cold storage and is responsible for the set up
Transactions Validation
SPV or Lightweight client
Hierarchical Deterministic
No

What happens in the event of a disaster/theft/loss?

The user has a 'root key', 'recovery phrase' or 'word seed' that can be used to regenerate private keys.

When the average user first navigates to electrum.org they will find little explanation as to what exactly it is. Except under "Documentations" which can be difficult to follow. Because Electrum is not really owned by anyone there is basically no customer support. It's a completely open source wallet that you probably best for a tech conscious user.

Summary:

Electrum is designed for security and has no extra functionality. It is a completely open source, community project used and maintained by developers. It's set up, maintenance, and functionality is not accessible to the average user technical skill is required.

Ease of use
Complex
Suitable For
Industry insiders
Account activation process
Comprehensive
Transaction fees
Dynamic Transaction fees
Setup fee
$0.00

Electrum is a secure wallet with no trading functionality or integration. It's integration with hardware wallets serves it's primary focus which is security. It's great for saving coins but doesn't allow any other functionality.

There are none

Help and
support:

  • FAQ section
  • Peer to Peer assistance

Most common
customer complaint:

No customers just developers