Electrum Bitcoin Wallet

Electrum is a Bitcoin only wallet meaning that is does not support other crypto currencies such as Stacks, Ethereum or NFTs. Like the other wallets discussed, the Electrum wallet is a non-custodial wallet, meaning that you hold your own private key (seed phrase). This gives you more control over its security and ultimately the security of your crypto assets. The Electrum wallet was released in 2011 and is, in comparison to other wallets, fairly basic. However, each update and additional feature can make software slightly less secure. The simplicity of the Electrum wallet and as a result the high level of security is what makes this early wallet a popular choice. As always, your individual need from a wallet is what will help decide the best wallet for you. Although the Electrum wallet may not be best for assets that are put to work or traded into other currencies regularly, it is an excellent choice for long term Bitcoin investment.

Electrum wallets are also compatible with several hardware (cold) storage options such as Ledger. As we know cold storage stored your private key (seed phrase) offline, meaning it is much less vulnerable to hacking and data breaches. Of course, this comes with its own risks such as losing the hardware device or the hardware device breaking.

It is important to note that there is a similar sounding Electra wallet which is very different to the Electrum wallet so make sure you are downloading and setting up the correct wallet.