Electrum wallet pros and cons!?

[Athanasios]

Hello good people,

I'm not much in crypto but for a long time considering opening a wallet, just to buy and sell BTC!

I find those websites like Coinbase, Binance, etc, somehow unreliable and unattractive...

From Your experience, what are the pros and cons of Electrum wallet...?!

Thanks!

 

[Castamir]

It's fantastic! oh boy.

That's what I use. It requires technical knowledge but it gives full control of every single coin of yours. Give it a go.

 

[Psh]

Hardware wallet would probably be the best bet, like Ledger.

 

[Gogol]

Cons? None!

Pro? Everything! It's secure, and you don't need to sync every block on the network to be able to use it after installation. BTC core totally sucks for this reason.

Unless you are dealing with a very large sum, hardware wallets are kinda overkill imho.

 

[Athanasios]

It's fantastic! oh boy.

That's what I use. It requires technical knowledge but it gives full control of every single coin of yours. Give it a go.

I have installed it but never used it, it doesn't look complicated to me, ill try it for sure!

 

[Athanasios]

Hardware wallet would probably be the best bet, like Ledger.

Agree!

 

[Athanasios]

Cons? None!

Pro? Everything! It's secure, and you don't need to sync every block on the network to be able to use it after installation. BTC core totally sucks for this reason.

Unless you are dealing with a very large sum, hardware wallets are kinda overkill imho.

I'm glad to hear that!
Is it possible that doesn't have cons !?

 

[welshman]

I use it myself. Only con I can think of is it won’t connect if it needs a version update.

 

[Gogol]

I'm glad to hear that!
Is it possible that doesn't have cons !?

I don't know of any con to be honest. The only pro a hardware wallet has is the fact it doesn't let you see the private key of the wallet (i believe). Electrum lets you back the wallet up, and thereby lets you see the private key. If your computer doesn't have a virus or something, you should be perfectly safe.

 

[Athanasios]

I use it myself. Only con I can think of is it won’t connect if it needs a version update.

Thanks, ill have it on my mind!

 

[Athanasios]

I don't know of any con to be honest. The only pro a hardware wallet has is the fact it doesn't let you see the private key of the wallet (i believe). Electrum lets you back the wallet up, and thereby lets you see the private key. If your computer doesn't have a virus or something, you should be perfectly safe.

I'm on Linux, shouldn't have viruses, I'm very strict about security on my laptop!
Does Electrum calculates the number of fees you will need to include in the payment?!

 

[Mr Positive]

Super easy to use on mobile, allows you to set your own fees on desktop

cons:

it was hacked in the past.

always update and download from the official site only never within the wallet

 

[Gogol]

I'm on Linux, shouldn't have viruses, I'm very strict about security on my laptop!
Does Electrum calculates the number of fees you will need to include in the payment?!

It does, and it lets you change the fees as well. Since you are on linux, it should be perfectly safe to use. Just make sure to write the seeds down and save it somewhere you would keep money.

 

[Athanasios]

Super easy to use on mobile, allows you to set your own fees on desktop

cons:

it was hacked in the past.

always update and download from the official site only never within the wallet

Thanks!
Security first!

 

[Athanasios]

It does, and it lets you change the fees as well. Since you are on linux, it should be perfectly safe to use. Just make sure to write the seeds down and save it somewhere you would keep money.

Nice!
Electrum and Tor, good combination!?

 

[Gogol]

Nice!
Electrum and Tor, good combination!?

Don't use Tor for it!! Use normal clearnet man.

 

[Athanasios]

Don't use Tor for it!! Use normal clearnet man.

I get it!
Compared to other wallets is it faster or slower, if that depends on wallets in the first place...!?

 

[Gogol]

I get it!
Compared to other wallets is it faster or slower, if that depends on wallets in the first place...!?

It is about the same when it comes to transactions. It is a hell lot faster than e.g. btc core, because you have to sync all the blocks before you can start sending money (correct me if I am wrong..). Atleast this was the case when I tried btc core last time.

Electrum does this through servers, so you won't need to download several gbs of data.

 

[Athanasios]

It is about the same when it comes to transactions. It is a hell lot faster than e.g. btc core, because you have to sync all the blocks before you can start sending money (correct me if I am wrong..). Atleast this was the case when I tried btc core last time.

Electrum does this through servers, so you won't need to download several gbs of data.

Thanks a lot Gogol
Then, Electrum will be!

 

[Athanasios]

Thank you everyone for your helpful insights!!!