Elecȶrum Wall𝖊t - Feaȶures & S𝖊curity
Electrum, our top pick among Bitcoin wallets, is an open-source wallet that has been enabling investors to securely store digital currency for over a decade. This Bitcoin-only wallet also allows users to send and receive near-instant payments over the Bitcoin Lightning Network.
The Electrum wallet offers a range of advanced functionalities, including compatibility with hardware wallets for highly secure cold storage, the creation of multi-signature wallets, and the ability to set custom Bitcoin transaction fees.
It also lets you use replace-by-fee (RBF) and batch RBF transactions. During times when the network is congested, replace-by-fee allows users to send a second Bitcoin transaction that’s similar to the original one but with higher fees to ensure that the original transaction is processed in a timely manner.
Moreover, Electrum users can open Lightning Network channels to send and receive low-cost, near-instant Bitcoin payments over the Lightning Network.
Electrum is an open-source wallet created in 2011, which means the security of its code has been thoroughly vetted. Numerous developers have contributed over 14,000 commits to the wallet’s open-source code.
Moreover, Electrum is a non-custodial wallet so users have complete control over their private keys.
Users can also choose to set up two-factor authentication and Electrum requires you to set an encryption password for enhanced security.
While leading cryptocurrency wallets may provide a high level of security for safekeeping your crypto assets, improper security practices on behalf of the user can lead to a complete loss of funds. Never share your wallet’s login details, recovery phrase, or private keys with anyone.
Privacy and Anonymity
Electrum is a non-custodial Bitcoin wallet, which means that Electrum users have complete control over their funds as only they hold their private keys.
Moreover, Electrum enables users to create multiple Bitcoin addresses and discard old wallet addresses to enhance user privacy.
Since the Electrum wallet does not require users to complete a Know Your Customer (KYC) process, nor does it store any user data on company servers, Electrum provides privacy and a high level of anonymity for Bitcoin users.