Electrum is one of the most popular desktop wallets for Bitcoin. It only supports Bitcoin. The wallet is open source and was initially released in 2011 giving it a long history in cryptocurrency. Users of the wallet are in control of their own private keys. Users seed and passphrase are encrypted on their hard drive. In the case that they need to recover their device, they can use the passphrase provided to them. The node type is simplified payment verification and users do not have to download a full copy of the blockchain.
The wallet has multi-signature functionality. One of the key benefits of the Electrum wallet is that users can store their funds in cold storage which is a higher level of security. Users can also sign transactions while they are offline. Users can also export their private keys to other Bitcoin clients. There is also support for third-party plug-ins where users can connect hardware devices among others to their wallet.
The wallet is available on a wide variety of OS including Linux, Windows, OSX, and Android. It has also been noted to be relatively easy to use with clear instructions for set up and use. Overall, it is a wallet with strong security features and functionality but limited support for cryptocurrencies.
- Private key and passphrase is stored and encrypted on the users hard drive
- Multi-signature functionality
- Straightforward instructions for setup and use
- Plugins to increase functionality
- Only supports Bitcoin