Adjust the fee using the slider. Switch to the “Receive” tab · Enter a description in the “Description” field. · Enter an amount, if you like, in the “Requested Amount”. · Set request expires to. Click the “Send” tab at the top of the main Electrum wallet screen. SIR RONALD COHEN IMPACT INVESTING
Description: You can enter a description here for your own reference. The description is stored in your wallet file only and is not shared with anyone. It is optional. Amount: The exact amount the recipient should get. This is required too. Then you click pay and electrum displays this window: Bitcoin transactions require a fee that is paid to miners.
The fee slider lets you set a fee based on fee market conditions. You can move the fee slider to the left to reduce the fee and to the right to increase the fee. The higher the fee you pay the quicker your transaction will confirm. However, cryptocurrency users have forked the Electrum software to offer support to different BTC forks.
One example of this is Electron Cash. This wallet has nothing to do with the original Electrum wallet but it does use most of the same coding. Note: A fork in cryptocurrency is a split in the network. They occur when a group wants to make a change to the rules of the network. Hard forks result in a new version of the original cryptocurrency. Bitcoin Cash is a fork from Bitcoin and is the most successful example of a hard fork. Did you know? As I explained above, Electrum is a software wallet.
This means it offers more security than an online wallet and less than either a well-made paper wallet or a hardware wallet. Although it is not the most secure cryptocurrency storage solution around, the Electrum wallet offers users a very user-friendly solution for sending and receiving Bitcoin payments regularly.
If you like to use cryptocurrency for online payments, then Electrum is perfect for keeping a small amount ready for use. Advantages and Disadvantages Let's quickly cover some of the main advantages and disadvantages frequently mentioned in user Electrum wallet reviews, shall we?
Advantages Perfect for those who want to use Bitcoin to make regular payments. Password protection makes it harder for hackers to get into Electrum wallet. The Electrum wallet gets blockchain information from a server. This means there are no delays and it is always up-to-date.
Private keys are never shared with the server. No user information is stored with the server. Users control their own private keys and, therefore, their own Bitcoin. Open-source software. Anyone can check the code for glitches, bugs, or security breaches. Completely free to download. Electrum calculates the number of fees you will need to include with a transaction.
It has a helpful slider that lets users select how urgent the transaction is. They can choose how many blocks how long it will take to be processed by the network. Electrum can be used as a multi-signature wallet. This increases the security of the wallet by quite a bit. Users can use two-factor authentication with an Electrum wallet.
This also adds extra security to the wallet. Disadvantages Although it features lots of extra security features, Electrum is still a hot wallet. This means that all of the issues that affect hot wallets are applied to it. It is possible for hackers to get into individual Electrum wallets. It only supports Bitcoin. This is fine if you only want to use Bitcoin with it.
However, when hard forks happen on the Bitcoin blockchain, you will need to use a different wallet to claim the coin created by the fork I had to do this with my own Electrum wallet when Bitcoin Cash forked off from the main chain in August There was a recent security breach see below.
It took the Electrum team a long time to fix it. This is something of a concern. Security Overview The Electrum wallet has lots of added security features to keep your Bitcoins safe. This makes it one of the most secure software wallets around. That said, it is not as safe as a wallet that rarely comes near an active internet connection read: cold wallet. Security Features of Electrum Wallet The encrypted wallet file that contains your private keys is protected with a password.
Electrum wallet uses a seed phrase as a backup measure.
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