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There are times when security comes first, and nothing could be more important for your Bitcoin profits than finding a Bitcoin app that can deliver on it’s promises. Electrum is one such example of an efficient wallet that presents users with excellent control over their usage. With multipurpose functionality, Electrum app users will have access a variety of functions that other Bitcoin apps are unable to provide. It is available on popular operating systems such as Windows, OSX and Android.
What are Bitcoin Wallets All About?
Bitcoin wallets themselves don’t actually store Bitcoins. They instead hold two important pieces of information known as a public and a private key that are used in order for the network to determine Bitcoins that are associated with your account. In other words, if someone manages to access your Bitcoin inventory, such as by obtaining your private key, you will easily lose everything that you managed to earn. Bitcoins must be either mined or obtained through transactions, so it is essential that you pick a good Bitcoin app to ensure that your efforts do not go to waste.
What Makes Electrum a Good Selection?
Electrum is built primarily for speed and convenience and is designed for both Bitcoin beginners and experts alike. If you’re just starting out with Bitcoin, the user interface is simple to understand, and transactions are completed by sending and receiving to a certain Bitcoin address. This is primarily how Bitcoin works in the app, so think of addresses as the destinations and Electrum as the transaction hub of your Bitcoin storage.
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Special Features of the App
The specializations of Electrum as a Bitcoin app revolve primarily around it’s advanced features and promises. This include no downtimes, transaction verification, fast indexing through servers, and the ability to spend coins between several Bitcoin wallets. You will also be able to monitor your activity in real-time.
The app also allows for people to obtain Bitcoin through the use of paper wallets. The paper wallet’s private key will be decrypted, the funds transferred to the Bitcoin wallet address, then the paper wallet deleted.
Electrum also features a concept called “wallet generation seed” that allows you to pay for a service, and then split the Bitcoin change between several addreses (wallets). In the world of Bitcoin, transactions can be conducted similar to paper notes. Should you overpay for a service, you can receive change in return, and this is the case for Bitcoins. However, it is not recommended to return Bitcoin to the sending address in the case the transaction history is replicated by another Bitcoin user. . Electrum solves this problem by sending Bitcoins through a “wallet generation seed” to template addresses and send them to other user-owned Bitcoin wallets.
How does Electrum Compare to Other Bitcoin Apps
The original wallet app was invented by Satoshi Nakamoto and is known as Bitcoin Core. Many would consider this to be the standard of Bitcoin wallets, since it is continually updated by the core Bitcoin development team. The drawback is that it doesn’t have the advanced social features that Bitcoin apps such as Electrum are able to offer. It is also a fully fledged node of the Bitcoin network, meaning that it requires the entire blockchain to be available to run, whereas other wallet apps do not require the entire blockchain to access, send and receive funds. The difference here is that most alternative wallets download only a small section of the entire blockchain, taking up a lot less space and speeding up the process. All these features are available on the app and thus makes it, at the core, a very viable Bitcoin wallet.
What is Electrum Available on?
The full list of Electrum app comprises of Linux, Windows, OSX and Android. Installing on Android is by far the simplest, since you can simply install the entire app from a QR code. This means the installation can be completed in an Android device with a few quick-and-easy steps through a barcode scanner.
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