This review is devoted to the electronic wallet Electrum, which every day is gaining popularity among users of cryptocurrency. The main currency is DASH or Darkcoin, which is characterized by a high degree of anonymity and the speed of operations.
Introduction to Electrum
The Electrum cryptocurrency wallet is a type of thin purses – this resource doesn’t require a complete jump in the history of the Blockchain, which takes up a significant amount of memory. At the same time, the characteristic feature of thin clients is the storage of personal information of users on remote servers of third-party companiesю This nuance assumes constant security control in order to avoid hacking and data theft. However, this disadvantage is compensated by a lot of opportunities that are provided by the resource.
Electrum is not only a store for DASH’s cryptocurrency, but also a place for the accumulation of its Bitcoins. On the official website, you can download the program and use it for operations with DASH or BTC. The website is accessible by the reference https://electrum.org/.
This electronic wallet provides users with ample opportunities, like storage of cryptocurrency – implementation of all kinds of operations with it becomes simple and fast.
The main, and at the same time significant, feature of the purse is the use of a special phrase “seed”, which consists of 12 words – it allows you to create a purse Electrum online and restore it without much difficulty. This feature allows users not to worry about possible hardware failures, breakdowns, and hard disk failure, loss of passwords and other force majeure circumstances. This phrase is recommended to be stored in a safe place without access by strangers.
Advantages of Electrum electronic wallet
The multi-currency wallet Electrum offers its users a number of advantages, including:
- The ability to control private keys;
- Contact with the development team and other users;
- Use open source code modification, which allows you to create a purse Electrum in Russian and other variations;
- A wide choice of versions of the application for various devices and platforms;
- The ability to use the client with VPN, Tor and other virtual tunnels.
Disadvantages of Electrum electronic wallet
Despite the fact that this purse for cryptocurrency offers users wide opportunities, it is also necessary to mention its disadvantages:
- The creation of the Electrum purse and its use requires the presence of a third party without fail – this is due to a fairly simple verification system, which makes it necessary to store personal and confidential data on third-party server servers;
- The servers of the Electrum network don’t always provide the optimal speed for the transaction, and can also provide the latest information with delay.
Instructions for downloading and installing Electrum electronic wallet
Installing the Electrum wallet is a standard procedure for downloading an application from the site and passing through all the stages until the moment when you can use all the functionality of the resource.
For Bitcoin owners, downloading from the official site https://electrum.org/ is recommended, and for holders of DASH currency – with https://www.dash.org/. By simply clicking the “Download” button, we save and run the installer on your device.
After opening the installation wizard, the application offers the user various options:
- Standart wallet;
- With the possibility of two-factor authentication;
- With the use of multi-signature – the best option for using the application by several persons;
- With the ability to manage through a hardware purse – this option is supported by programs such as Trezor and Ledger.
At this stage of installing the Electrum wallet, you must select the first option, namely Standart Wallet, and then click “Next” button to continue the procedure.
The system will ask you to make a choice in favor of one of the options:
- Creating a new seed;
- Note the presence of seed;
- Use of public or private keys;
- Use of a hardware device.
Registering the Electrum purse and creating an account means choosing the first item from the suggested ones. In this case, the system displays a phrase seed of 12 words, which is recommended to be written on a piece of paper and stored in a place inaccessible to outsiders. Do not save this data in text notebooks, digital media and do not use on sites to avoid hacking your personal cabinet and stealing funds from your account.
Continue the installation by clicking the “Next” button and enter the “seed” for verification. In the displayed window, the system prompts you to come up with and enter a password. When choosing, give preference to a combination of letters and numbers – increased complexity gives more protection against burglary.
It is with the help of this password that the file is encrypted – the online wallet is securely protected.
Functionality of the wallet – handling of cryptocurrency
The description of the main menu items will help even a novice user to easily navigate in the functionality offered by the application for performing operations with cryptocurrency.
- Recently open – opening one of the previously used wallets;
- Open – opening any file in the client;
- New/Restore – creating or restoring a wallet using a syd-phrase;
- Quit – exit the account.
- New Contact – creating a new address for conducting cash transactions;
- Password – change the password;
- Seed – view the seed-phrase with the preliminary input of the password from the account;
- Master Public Keys – a public key that enables you to view transactions without the possibility of their implementation;
- Labels – the ability to manage labels, exporting and importing them;
- Private Keys – operating private keys;
- Export History – the ability to export the history of transactions;
- Search – the operation of searching by labels.
- Preferences – managing the settings of the application, with which you can make changes to the interface, monitor commission fees, manage the scanner for QR codes, and much more;
- Network – the ability to choose the server through which to connect to the network;
- Plugins – management of built-in plug-ins, which allows you to choose exchanges, watch the course cryptocurrency;
- Pay to Many – the ability to poison payments to multiple recipients at the same time. In this case, the amounts can be different;
- Load Transaction – the ability to download operations conducted using a multi-signature or offline mode.
This section allows you to use the following options:
- History – viewing the history of currency transactions;
- Send – send payment to the recipient;
- Receive – receiving funds from the sender;
- Addresses – address book with the ability to set labels;
- Contacts – a list of users who regularly appear in your transactions;
- Console – the ability to execute commands.
- Lite Mode
Easy mode is designed to switch the resource into a mode with a minimum number of functions, namely one – “Send”.
Electrum electronic wallet is one of the best programs – it has been tested by time and experience. An excellent option for storing cryptocurrency and conducting all the key transactions. Additional levels of security ensure the safety of the tools, a simple and intuitive interface will easily guide even the novice, the lack of unnecessary options, the full package of necessary functions – all that is needed for virtual transactions.