Name of the wallet: Electrum
Main currencies of the wallet: BTC
Price of the wallet: Free
Price of the wallet: Free to download.
Electrum is a desktop cryptocurrency wallet created in 2011 by Thomas Voegtlin, a computer scientist from Germany. Basically, this wallet has been in the cryptocurrency business almost from the very beginning. The main goal of the developer was to create lightweight, effective, and secure cryptocurrency wallet. It became very popular among people in a great number of countries. According to the statistics, 10% of all BTC cryptocurrency operations are conducted with the Electrum wallet. Nowadays, the company’s head office is based in Berlin, Germany.
Types of wallets
When a user decides to create a new Electrum wallet, he/she needs to pick the type of the product. Generally, the main difference of these wallets lies in their security measures. There are the following options:
- Standard wallet;
- Multi-signature wallet;
- Wallet with 2-factor authentication.
The wallet is compatible with the most popular desktop operating systems: Windows, Mac OS, and Linux. Apart from this, Electrum works on Android and OSX.
Electrum wallet cooperates with several major hard wallets. This list includes:
- Ledger Nano S.
The wallet uses access to remote databases, while downloading the entire history of the blockchain is not required.
- Encrypted private keys. The wallet doesn’t store private keys of the users, which is one of the security levels from hackers. However, it is users’ responsibility to keep private keys safe.
- Password. The passwords aren’t stored by the wallet, which makes it impossible to recover them. For this reason, the password should be complex and unique. A user also needs to use a password to send units of BTC cryptocurrency.
- Watch-only option. The wallet offers its users watch-only option, which allows to check the balance and receive the funds without full access to the wallet.
Developers paid special attention to the speed of transactions. Electrum is believed to be one of the fastest wallets because a user doesn’t need to download the blockchain.
The wallet is free to download.