source - https://hub.packtpub.com/200-bitcoins-stolen-from-electrum-wallet-in-an-ongoing-phishing-attack/
The Electrum wallet is one of the oldest and once the most popular bitcoin wallets. Wallet was created in November 2011 by Thomas Voegtlin and then expanded by many developers.
Electrum - what is it?
Electrum is a desktop wallet, which means that we install it as software on the computer's hard drive. What distinguished Electrum from competing wallets is the fact that the software is a so-called light wallet. A characteristic feature of this type of jacks is little space they need on the hard drive. This is due to the fact that they do not need copies of all blockchain nodes to function as in the case of so-called heavy wallets.
As for the interface itself, it is basic and sufficient. The person using the computer should have no problems with using the wallet. It has windows and tabs very similar to those that can be seen on the screen of the most popular operating systems. Electrum's capabilities are limited at present. First of all, the wallet allows you to store only Bitcoins, which means that if you have any altcoins, you have to think about an alternative.
Considering how complex the cryptocurrency market is currently and what opportunities are offered by direct competitors, using Electrum may be burdensome for some. However, if someone wants to store only the oldest cryptocurrency or is looking for a separate wallet only for BTC, this may be the most appropriate choice.
Electrum - what does the wallet allow?
The wallet allows you to receive and send funds. It has an address book where you can save contacts, which in some way can speed up and facilitate the transaction. In the windows you can also find a tab with the history of operations. The wallet will treat you to more advanced options with two possibilities of use, online and offline. Additionally, it allows you to sign transactions. In terms of security, the Electrum password requires two-step verification, which is undoubtedly an additional security.
However, taking into account the opinions of users, it can be concluded that the security of the wallet leaves a lot to be desired. However, when looking at the case in more detail, most of the thefts that were carried out on Electrum resulted mainly from the wrong storage of keys or simply from the lack of appropriate knowledge of Blockchain technology. Keep in mind that the wallet has its origins in 2011, when Blockchain and cryptocurrencies were taking their first steps, and the values of stolen BTC from 2011, and their value now also greatly inflates the results.
In summary, the Electrum wallet is a good, stable wallet that has been operating on the market for a long time, which is definitely worth recommending, but not for everyone. Due to its limited functions and the ability to store only Bitcoins, Electrum will be a better solution for people who cultivate BTC or do not need sophisticated options, but who value simplicity and transparency.
Thanks to these functions and the intuitive interface, wallet can also be recommended to beginners who want to store their digital assets in a safer way. However, it should be remembered that Electrum is a desktop wallet, so by using it in the online version, the user exposes himself to hackers. However, it is definitely a much safer place to keep Bitcoin than any other exchange.
Posted Using LeoFinance Beta