Electrum Wallet

A Review of the Electrum Wallet for BTC and LTC

Your iCE3X account is also a Bitcoin and Litecoin wallet. We practice a 100% multi-signature cold-storage policy.

As a result, you can store your Bitcoins and Litecoins in you iCE3X account and it acts a secure wallet.

If you prefer a local wallet on your hard drive, then you may want to consider the Electrum wallet.

It offers some very unique features that make it one of the most respected and most widely used wallets on the market.

Electrum wallet’s most unique and appealing features are:

1. Instant Download and Quick Setup

It is an instant download and setup. The wallet gets the blockchain from a server. This means that there are no delays in waiting for the blockchain to download. As the blockchain continues to grow rapidly in size, this is an important feature. Especially for users with limited hard disk space, limited processing power or weak/expensive Internet connections.

splash_electrum_gui

2. Easy to Use Backup

Electrum is known as a ‘Type 2’ HD brain wallet. Basically, that means a convenient back-up capability. Secure back-up of Bitcoins can be a challenge. With Electrum users simply have to write down 12 English words, from the beginning of the setup, and keep them secure. These 12 words represent the secret access to the users funds.

If a user wants to access their coins anywhere, for any reason, they simply have to know these 12 words. They then download Electrum wherever they are, put in the 12 words and, like magic, there funds are there. This also works in the event of any computer failure. Obviously then, these 12 words are extremely important and users must take special care to keep them safe and private.

This convenient standard is now being implemented by all other desktop wallets in the Bitcoin ecosystem.

3. Litecoin Version

There is a Litecoin version of the Electrum wallet in Beta testing, due for release this year. So you will have the same convenience of storage for your Litecoins also.

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