Electrum is one of the oldest crypto wallets for bitcoin, first released in 2011. The first version featured a minimalistic design and limited functionality. Little has changed in this regard since then. Electrum is currently available in two versions: as a PC client and a smartphone application, and the mobile application can only be installed on devices with the Android operating system.

The functionality of the Electrum crypto wallet is very limited. It is designed exclusively for storing bitcoin and performing transactions with it. The application and desktop client support more than 15 languages, including Ukrainian and Russian, which makes the use of the wallet convenient for a wide range of users. Our review focuses on the Electrum mobile app, but it can also be installed on Windows, macOS and Linux. There are no significant differences between the mobile and desktop versions, as the interface is almost identical.

The functionality and technical characteristics of the crypto wallet

Electrum Bitcoin Wallet offers three main functions:

• Storing Bitcoin in an account:

Electrum allows you to safely store your bitcoins in your account. The keys to access your funds are stored encrypted on your device, which ensures a high level of security. The user can be sure that his bitcoins are protected, since the keys are not transferred to the company's servers.

• Sending Cryptocurrencies:

Electrum makes it easy to send bitcoins to other wallets. To do this, specify the recipient's address and the amount you want to send. The process of sending transactions to Electrum is simple and intuitive, which makes it convenient even for users with minimal experience working with cryptocurrencies.

• Getting Bitcoin:

The Electrum wallet also supports receiving bitcoins. Users can generate unique addresses to receive funds that can be provided to the sender. These addresses can be used multiple times, which simplifies the process of receiving bitcoins from different senders.

Limitations of the Electrum wallet

• Lack of a built-in Web3 browser:

Electrum does not have a built-in Web3 browser, which limits the ability to interact with decentralized applications (dApps). Users cannot use the wallet to access various decentralized services directly through the Electrum interface.

• Lack of connection to centralized sites:

Electrum cannot be connected to centralized cryptocurrency exchanges and other centralized platforms. This means that users cannot directly trade or exchange their bitcoins through the wallet interface.

• Does not support NFT storage:

Electrum is not designed to store non-interchangeable tokens (NFT). Users who are interested in managing NFT should use other wallets that support this feature.

• Does not support swaps and staking:

Unlike some modern cryptocurrencies, Electrum does not support the functions of swaps (exchanging one cryptocurrency for another) and staking (earning rewards for storing cryptocurrency in a wallet). Users who want to take advantage of these features should look for alternative solutions.

Interface and usability of the Electrum cryptocurrency wallet

Electrum Wallet actually offers a minimalistic interface both on its official website and in the application. Although it may look outdated from a design point of view, this approach may also be appreciated by some users as simpler and more intuitive.

A limited number of function buttons and a simple settings menu can simplify the use of the wallet for basic operations such as sending and receiving bitcoins. However, limited translation into Russian and Ukrainian, as well as the lack of a complete translation, may cause inconvenience for some users.

In general, Electrum Wallet remains one of the oldest and most reliable crypto wallets for bitcoin, but its simplified interface may not be suitable for everyone, especially those who are used to more modern and functional applications.

Supported Cryptocurrencies on Electrum 

The Electrum crypto wallet focuses exclusively on bitcoin support and offers users a choice of balance display format. There are four options available in the wallet settings:

• BTC: This format displays the balance in whole bitcoins, which allows users to see the number of bitcoins without a fractional part.

• sat: Displaying the balance in Satoshi, the smallest unit of bitcoin, equivalent to 0.00000001 BTC. This format is useful for those who want to see smaller fractions of bitcoin.

• mBTC: Milibitcoin, where 1 mBTC is equal to 100,000 Satoshi. This format provides larger units than Satoshi, but smaller ones than BTC, which may be convenient for some users.

• bits: Display the balance in "bits", where 1 bit is equal to 100 Satoshi or 0.000001 BTC. This format also allows users to see smaller fractions of bitcoin, but in larger units than the sat.

By selecting the appropriate format in the settings, users can customize the balance display in the Electrum wallet so that it best suits their preferences and usability.

Fees and commissions

In the Electrum wallet, the commission is charged only for transactions. Its size is constantly changing and depends on several factors, including the amount of cryptocurrency sent to the network and the workload of the Bitcoin network itself. The average commission amount on the Bitcoin network may fluctuate, but at the moment it is about $0.825.

This means that when sending bitcoins from an Electrum wallet, the user will be asked to choose the amount of the commission, taking into account the current market situation and the requirements for confirming the transaction. Users can adjust the commission amount depending on their preferences and the level of desired transaction confirmation speed.

Integration with other services

You can integrate a cold wallet with Electrum for secure cryptocurrency transfer. To do this, simply connect a hardware wallet such as Trezor, Ledger, or Keep Key to your computer and select the connection option in the Electrum settings. Once the connection is established, both wallets will be ready to work together, allowing you to safely transfer cryptocurrency between them. This process increases the security of your cryptocurrency storage by transferring key operations to a physical device disconnected from the Internet.

Safety

Electrum Wallet is one of the first noncustodial open source wallets. As in other applications of this type, the main element of security here is the seed phrase - a unique personal key that is used to access cryptocurrency in the Electrum wallet. These keys are stored encrypted directly on the user's device and are not transmitted to the company's servers, which increases the level of security.

Access to the application is protected by a PIN code or two-factor authentication (2FA) using the Google Authenticator application, depending on the user's preferences. However, if you forget the PIN code, you will have to reinstall the wallet to restore access, since it is impossible to restore the PIN code. Fingerprint login to Electrum is not supported.

Electrum is not a cold wallet, which means that it is inferior in reliability to hardware devices for storing cryptocurrency. However, in terms of security, it is superior to many popular software wallets, as it supports two-factor authentication.

Analog non-custodial wallets: Exodus, Atomic.

Support Service

Unfortunately, the lack of a form of communication with the support service on the Electrum Wallet website and in the application can create inconvenience for users, especially in case of problems or questions. User reviews mentioning the lack of support confirm this problem. 

The lack of support service may be a disadvantage for users who need help with setup, security, or solving problems that arise during the use of the wallet. It can also create uncertainty about how quickly and effectively developers respond to emerging issues.

In such situations, users can seek help from communities on forums or social networks, hoping for assistance from other experienced users. However, the lack of an official support channel can reduce the level of confidence in the product and create uncertainty about its reliability and usability.

Reviews

Based on the reviews of the Electrum Wallet application, which can be found on Google Play, both positive and negative points are highlighted.

Among the negative reviews, the mention of problems with entering the keyword prevails, which leads to the inability to access the account after reinstalling the application. There is also a lack of support service, which makes it difficult to get help on issues related to using the wallet. Some users also mention that it is impossible to view the amount of the commission before conducting a transaction, which can create inconveniences when managing funds.

At the same time, positive reviews note the simple interface of the application and the availability of additional protection in the form of two-factor authentication. These factors may attract users who value usability and additional security measures.

So, installing the Electrum Wallet application may be advisable for users who value ease of use and additional security measures, but it is worth considering possible problems with account access and the lack of an official support service.

Conclusion

Electrum, indeed, has its limitations and may seem outdated compared to modern cryptocurrencies such as MetaMask, Trust Wallet or Exodus, which offer a wider range of functions and a user-friendly interface.

For those who just want to store and periodically send or receive bitcoins, Electrum may be a good choice due to its simplicity and reliability. However, for users who are actively involved in trading, staking, or holding various coins, more modern and functional cryptocurrencies may offer a more appropriate set of tools and capabilities.

It is important to choose a crypto wallet that suits your needs and preferences. If Electrum does not meet your requirements, then explore alternative options that may better suit your cryptocurrency management needs.