Electrum Review | Crypto Wallet Guide For Casino Players

What Is Electrum Wallet?

Electrum is a Bitcoin-only hot wallet created way back in 2011. Despite having numerous updates and security features, the wallet has always been (and will probably always be) a Bitcoin-only wallet. While this is a bit disappointing, most of the time, casino players won’t need more than that to play at their favorite crypto casino.

Electrum Wallet differs from most other hot wallets because of its open-source nature. Electrums software code is available to the public and since its inception, more than 15,000 software developers have verified its security features.

With that said, back in 2018, a phishing scam did cause Electrum users to lose more than $750,000 worth of Bitcoins.

Electrum is a wallet for Bitcoin storage only, meaning that users have to buy their Bitcoins elsewhere and then transfer them to their Electrum wallet.

Today, Electrum is still widely used. Even though its features are outdated and the fact that it only supports Bitcoin, many still like having Electrum as their main way of keeping Bitcoin safe.

Electrum Company Overview

Electrum was made in 2011 by a single person in Berlin (Germany), Thomas Voegtlin. The idea was to create a publicly available simple Bitcoin where users are able to look “under the hood” and see exactly what is keeping their Bitcoin safe. Today, the Electrum company has more than 300 people who are actively working on its development.

The Electrum cryptocurrency wallet is still relevant today because it works well with other crypto-related applications and devices (including online casinos). For example, many users like to connect their Electrum wallet to other hardware wallets for an added layer of security.

Pros and Cons of Electrum Wallet

How to Create an Electrum Account?

Creating an Electrum account is a very simple process. Follow these steps to create an Electrum wallet on PC or Mac:

1. Download the Electrum wallet PC app from the official website.
2. Install the app.
3. During installation state that you wish to enable Auto-connect and choose which type of wallet you wish to create (we recommend a two-factor authentication wallet).
4. Pick which type of backup seed /seed phrase you want to use or if you wish to connect Electrum to a hardware wallet.
5. Create a backup seed and keep it safe on a physical piece of paper (do not show this backup seed phrase to anyone).
6. Confirm your backup seed.
7. Create a username and password for your wallet.

Follow these instructions to create an Electrum wallet on Android (not available on iOS devices).

1. Download the Electrum android app from the official website or Google Play Store.
2. Open the app and select the type of wallet you want to create.
3. Pick which type of backup seed /seed phrase you want to use or if you wish to connect Electrum to a hardware wallet.
4. Create and confirm your backup seed phrase (Again, don’t show this to anyone, and don’t save it on your phone as a screenshot).
5. Create a username and password for your wallet.

Using Electrum in Online Casinos

Ever since the very first Bitcoin Casino appeared on the Market, players have been happily using their Electrum Bitcoin Wallet to deposit and withdraw funds. Given the simple nature of the wallet itself, casino players really like using Electrum for storing their winnings.

Most PC casino players say that they always have Electrum running in the background while they are playing casino games, while mobile casino players also have mostly positive things to say about the android app. Casino players also like how Electrum is open source because, as they put it, it has nothing to hide.

Players who want to add another layer of protection to their Bitcoin Blockchain address can also use the handy hardware wallet integration.

PC App

As one of the oldest Bitcoin Wallets on the market, Electrum started out as a PC application. The PC app is still the most popular and preferred way to use this wallet even though the mobile app works just fine.

As for the app itself, it looks very outdated (it did originate back in the early 2010s after all). Despite the outdated look, the app runs fast and never tries to overwhelm you with too many options. It’s as simple as it gets when accessing the entire Bitcoin blockchain and we wouldn’t have it any other way.

Mobile App

The Electrum mobile app also runs fine. During this Electrum cryptocurrency wallet review, we mostly focused on the PC app, but we still gave the mobile app a fair chance.

The mobile app does everything that the PC version can do. Users can download Electrum from the official website or from the PlayStore. Unfortunately, the mobile app is not available on iOS devices.

Security

As far as hot wallets go, Electrum is as secure as it gets. Electrum does not store private keys. Instead, the keys are stored on the PC or Mobile phone as an encrypted wallet file. Electrum also encrypts all locally stored keys. Users are also able to enable other security features such as two-factor authentication.

Those who wish to keep their private keys offline can also connect their Electrum wallet to a hardware wallet. The wallets cannot be massively hacked.

An Electrum Server can be run by anyone and therefore the only types of wallet attacks would be phishing attacks. Simply be wary of scams and phishing emails and you can rest easy with this mobile/desktop wallet.

Fees

Other than the sending fee of 0,2 miliBTC, there are no additional fees when using Electrum. The software and the services it provides are all free. The only way how users could potentially pay for Electrum is if they donate money toward its future development.

Electrum Customer Support

Unfortunately, Electrum Customer Support is non-existent. If users have trouble with funds arriving or leaving the electrum wallet, there really is nothing that Electrum Support can do for you.

The only time users can contact and expect a reply from the support team is if they have an issue with the app itself. The only way to contact support would be through Electrum’s official Twitter, Reddit, or Discord server.

User Reviews

What users like

Users really like how easy and simple it is to set up and use this wallet. This is especially true for Casino players who are new to the crypto casino scene and just need a quick wallet for storing Bitcoins.

Even though it looks dated by today’s standards, Electrum isn’t as confusing as many other modern wallets. Users are also happy with the additional security features as well as how easy it is to connect Electrum to a hardware wallet.

What users dislike

The number one issue that most users don’t like about this wallet is how it can only support Bitcoin. Even more than 10 years later, this wallet does not even support Ethereum, Litecoin, Bitcoin Cash, or any other stablecoin.

Users also don’t like how the wallet doesn’t have a customer support option as well as how primitive the user interface looks when compared to other wallets.

Electrum Review Summary

If you need a great hot wallet for connecting to the Bitcoin Network, you can’t go wrong with Electrum. While it is primitive by design, there is a reason why this is still one of the best hot wallets for storing Bitcoin – reliability.

Electrum is reliable, easy to use, has no fees and, most importantly, it works amazingly at any online casino that accepts Bitcoin. Thank you for reading our Electrum Wallet review! We hope that we’ve helped you make your decision about this wallet.