Overview
Electrum has been around since 2011, which makes it one of the oldest Bitcoin wallets still in active use. It is a lightweight, open-source, Bitcoin-only wallet for desktop (and Android) that does not download the whole blockchain — it connects to public Electrum servers instead, so it starts fast.
How it works
You create a wallet with an Electrum seed phrase (12 words), set a password, and choose the wallet type: standard, two-factor (with a co-signing service), multi-signature, or watch-only.
Features
- Multisig wallets (for example 2-of-3), a favourite for securing larger amounts.
- Hardware wallet support for Ledger, Trezor, Coldcard, BitBox02, Keystone and others.
- Lightning Network payments.
- Coin control, Replace-by-Fee and custom fees for precise control over transactions.
- Connect to your own node (Electrum server) for better privacy.
Security
Electrum’s code has been public and reviewed for more than a decade. Its main incident was not a flaw in key storage but a phishing attack in 2018–2019: attackers ran malicious servers that showed users fake “update” messages linking to malware, and millions of dollars’ worth of Bitcoin were stolen. Electrum later changed how server messages are displayed.
Lesson: download Electrum only from electrum.org, verify the signature if you can, and never install an “update” offered by a pop-up.
Pros and cons
Pros
- Proven, open source and Bitcoin-focused.
- Advanced features: multisig, coin control, Lightning.
- Excellent hardware wallet support.
- Light and fast.
Cons
- Dated interface, not beginner-friendly.
- Bitcoin only.
- Public servers can see your addresses unless you run your own.
- Past phishing attacks via fake updates.
Who it’s for
Electrum is for Bitcoin users who want control and advanced features — especially multisig and hardware wallet setups. Beginners will find it intimidating.
Verdict
Electrum is a veteran tool that still does Bitcoin very well. It is not pretty, but it is powerful, transparent and trusted by experienced users.