Electrum Wallet Review
Electrum Wallet at a glance
What is Electrum Wallet
Electrum is one of the most popular open source Bitcoin wallets, and it's available on multiple platforms. Electrum can be used as a desktop wallet, meaning that you can use it on your computer, or as a hardware wallet, meaning that you can store your Bitcoins offline on a hardware device.
Pros & Cons
Before we dive into the full review, lets get into the pros and cons of Electrum Wallet.
- Supports Bitcoin.
- Mobile applications for iOS, Android.
- Supports Desktop.
- Completely free to use/download.
- Open source.
- Does not support Ethereum or EVM chains, the Cosmos ecosystem, the Polkadot ecosystem, Tron, Algorand.
- Not Web3 enabled. Cannot be used to access dApps, DeFi, NFT marketplaces .etc.
- Cannot be used as a browser extension. Therefore does not support Chrome, Firefox, Edge, Opera.
Table of Contents
- What chains does Electrum Wallet support?
- Is Electrum Wallet Web3 enabled?
- Does Electrum Wallet support Mobile?
- Does Electrum Wallet support Desktop?
- Is Electrum Wallet free?
- Is Electrum Wallet open source?
- Does Electrum Wallet support in-wallet staking?
- Does Electrum Wallet support in-wallet swaps?
- Does Electrum Wallet require you to run a node?
What chains does Electrum Wallet support?
Electrum Wallet supports Bitcoin.
Electrum Wallet does not support Ethereum or EVM chains, the Cosmos ecosystem, the Polkadot ecosystem, Tron, Algorand. This limits the number of coins/tokens that you'll have access to.
Is Electrum Wallet Web3 enabled?
No, Electrum Wallet is not Web3 enabled. Therefore, you cannot use it to access dApps, DeFi, NFT marketplaces, etc. This is a hugely limiting factor. I would advise you to seek out a web3 enabled wallet if you want to access all the blockchain has to offer.
Does Electrum Wallet support mobile?
Yes, Electrum Wallet supports iOS, Android. Which is great if you own a mobile device with the relevant operating system.
Does Electrum Wallet support desktop?
Yes, Electrum Wallet is/has a standalone desktop application.The desktop application supports Windows, MacOS, Linux.
Is Electrum Wallet free?
Yes, Electrum Wallet is completely free. You don't have to pay a cent to get access to it. Although this is awesome, you have to bare in mind that free doesn't always mean it's the best option for your needs.
Is Electrum Wallet open source?
Yes, Electrum Wallet is open source. You can get access to the code, audit it, and fork it if you wish to. Despite the pros of being open source, it is also a security concern as the code is available for all to see, including hackers.
Does Electrum Wallet support in-wallet staking?
No, Electrum Wallet does not support in-wallet staking. This means you can't earn passive income from your coins/tokens by using the wallet alone. We suggest using another crypto wallet if you need this. Or, there's always exchanges if you're okay with sacrificing custody of your coins/tokens.
Does Electrum Wallet support in-wallet swaps?
No, Electrum Wallet does not support in-wallet swaps. This means that you will have to use an exchange to swap your tokens. Not a huge problem though, as crypto wallets often charge for this service.
Does Metamask require you to run a node?
No, Electrum Wallet does not require you to run a node. This is great because running a node is often expensive, and requires lots of bandwidth and harddrive space. Running a node means you must download the full blockchain!