Electrum

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Electrum Review

The Electrum Review not only gives an overview of the biggest advantages and disadvantages of the digital wallet. It also shows which cryptocurrencies can be managed, what fees can be expected and how the app compares to other wallets like our test winner Wallet eToro.

The history of Electrum Wallet goes back a long way: it was developed by German computer scientist Thomas Voegtlin back in 2011. The open source software has been constantly optimized by several developers and has therefore been considered trustworthy for a long time and is very popular among the community in general.

One of the aforementioned further developments, for example, could be observed in the compatibility: The wallet was designed as a desktop wallet, but since 2016 it can also be used on mobile. At the moment, it is suitable for Windows, Mac and Linux on the desktop and Android operating system on mobile. In addition, it can be integrated with major hardware wallet players.

Although the Light Wallet was designed solely for the Bitcoin blockchain, the wallet underwent a change here as well: it split from the Electrum Wallet coding base to support altcoins and one branch changed to be compatible with the Verge blockchain as well. Nevertheless, the original Electrum Wallet can still support only one currency.

Below, an Electrum Wallet Review discusses advantages and disadvantages of the digital wallet and, for example, which coins you can store in it. In addition, an overview of the download is given and questions about transactions are clarified.

Available Coins & Currencies

Although there is now a huge selection of crypto coins, the Electrum Wallet only supports the first and by far the most famous currency: Bitcoin. This also includes Bitcoin forks like Bitcoin Cash. Now you may wonder why the wallet does not offer other coins? The reason is that the wallet wants to perform fast transactions and remain efficient.

The more coins offered, the greater the risk of losing these two advantages. So, while other wallets allow you to store other cryptocurrencies and perform transactions with them, Electrum does not. Users cannot buy, sell, or trade bitcoin within the wallet. If the user wants to trade their Bitcoins, they must send their coins to a crypto exchange or wallet that supports trading.

However, what is entirely possible besides receiving bitcoin payments: transferring one’s coins from another wallet to the Electrum wallet. This is done by locating one’s receiving address in the “Receive” tab on Electrum. Then you can transfer funds from the service provider you are currently using to your Electrum Wallet.

One more note on this, though: although the Electrum Wallet doesn’t support Bitcoin forks either, users have split the Electrum software to support different BTC forks. One example is Bitcoin Cash: the wallet uses much of the same coding as Electrum, but has nothing to do with its original wallet.

Electrum Fees

While Electrum does not charge any fees for downloading, it does charge transaction fees. These are standardized fees when you want to send bitcoin from the wallet. The money (“network fee”) is calculated according to the amount of bitcoins you want to transfer and there is a minimum fee. With the service provider, there is a prime rate – which is also a flat rate – of 0.2 mBTC. (One mBTC is one thousandth of a bitcoin.) However, this rate can be reduced to 0.1 mBTC and even further in some cases.

Electrum transaction fees are automatically included in the total amount one wishes to send. If the total amount exceeds one’s balance, the platform will issue a warning to the user. If the user wants a faster transaction, higher fees are applied or users can raise the amount themselves. This puts the transfer ahead of others with lower Electrum transaction fees. This wallet stands out because there is no additional cost to the user per transaction.

As already noted, the wallet can also be used to accept BTC payments. To do so, click on the “Receive” tab, and the receiving address is more or less the Bitcoin address. Anyone who knows this address can transfer coins to you.

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