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deepaksharma
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September 08, 2016, 01:23:38 PM
 #1

Is Electeum safe to store coins?

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September 08, 2016, 01:31:52 PM
 #2

It's safe only if you make it safe. Electrum (and any other wallets) won't remember the password and the seed for you.

                                                                       
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mocacinno
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September 08, 2016, 01:35:16 PM
 #3

It might be a good idear to move this topic to the electrum subforum.

This being said, i haven't read any horror stories about vulnerabilities within electrum that caused the user to lose his coins... However, i did read stories about users that didn't write down their seedphrase, or started playing with 2FA with insufficient knowledge...

From time to time, electrum does hang or act strange, but a restart or an upgrade usually solves the problem, ThomasV is usually fast and happy to help if something goes wrong (which is also a big plus).

I'm a happy user since a long time Smiley

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September 08, 2016, 01:44:10 PM
 #4

Electrum actually work on client side and not store client credentials in their server, they only use their remote bitcoin client to broadcast the transactions. They are also online wallets so there may be chance of some vulnerabilities but i haven't heard about any of such incident till now. I am also using electrum for daily transaction, however i suggest not to store large no. of bitcoins there.

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September 08, 2016, 01:51:22 PM
 #5

Have been using Electrum for almost a year now and haven't had any problems with sending or receiving coins. No issues with using it from me and haven't heard anything out of the ordinary happen to anyone's coins either.
Only thing I would like is not having to pay tx fees but that is normal for a client based bitcoin wallet.
Atleast they allow to pick what you want to set the priority level (economical*very slow*-top priority*fast*) of the coins right before you confirm you want to send them.

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September 08, 2016, 01:56:45 PM
 #6

Have been using Electrum for almost a year now and haven't had any problems with sending or receiving coins. No issues with using it from me and haven't heard anything out of the ordinary happen to anyone's coins either.
Only thing I would like is not having to pay tx fees but that is normal for a client based bitcoin wallet.
Atleast they allow to pick what you want to set the priority level (economical*very slow*-top priority*fast*) of the coins right before you confirm you want to send them.

open electrum => tools => preferences => set transaction fees manually

Once you start to create a transaction, you can chose your own fee, and i'm pretty sure 0 fee is an option (untested)... HOWEVER: use with extreme caution!!! not paying a fee might cause your transaction to be unconfirmed for a very long time (if not forever, or untill the network forgets about it). You do not pay the fee to the electrum developer, the fee is to give the miners an incentive to add your transaction to the block they're mining, cheaping out on the fee (or not paying a fee altogether), takes away their incentive to add your tx to a block, and might cause you a major headache (altough, there's a small chance you might be just fine).

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September 08, 2016, 10:21:46 PM
 #7

OP,

Please make sure to encrypt your wallet with a significantly "tough" passphrase if you are going to have your online computer holding your wallet's private keys/seed.  Your original question was whether or not Electrum is safe.  In short it IS.  But if you allow your computer to get compromised and your Electrum wallet is sitting there wide open its not really Electrum's fault now is it?  I have used Electrum for quite some time now.  Because of how good the "bad guys" are getting, I would recommend using two computers with one offline holding the ability to sign Electrum transactions.  The online computer can be watching only where the private keys are not on it making it much safer.

Electrum is great software and Thomas is "on top of" watching the front door!

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September 09, 2016, 04:50:29 PM
 #8

OP,

Please make sure to encrypt your wallet with a significantly "tough" passphrase if you are going to have your online computer holding your wallet's private keys/seed.  Your original question was whether or not Electrum is safe.  In short it IS.  But if you allow your computer to get compromised and your Electrum wallet is sitting there wide open its not really Electrum's fault now is it?  I have used Electrum for quite some time now.  Because of how good the "bad guys" are getting, I would recommend using two computers with one offline holding the ability to sign Electrum transactions.  The online computer can be watching only where the private keys are not on it making it much safer.

Electrum is great software and Thomas is "on top of" watching the front door!

The cool thing about the way that Crypto wallets inherently work is that you can have software issues and the money is still there. 
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September 09, 2016, 06:36:04 PM
 #9

OP,

Please make sure to encrypt your wallet with a significantly "tough" passphrase if you are going to have your online computer holding your wallet's private keys/seed.  Your original question was whether or not Electrum is safe.  In short it IS.  But if you allow your computer to get compromised and your Electrum wallet is sitting there wide open its not really Electrum's fault now is it?  I have used Electrum for quite some time now.  Because of how good the "bad guys" are getting, I would recommend using two computers with one offline holding the ability to sign Electrum transactions.  The online computer can be watching only where the private keys are not on it making it much safer.

Electrum is great software and Thomas is "on top of" watching the front door!

The cool thing about the way that Crypto wallets inherently work is that you can have software issues and the money is still there. 


If you somehow completely jacked up the installation of Electrum, but the wallet file was in tact or even backed up, then as long as you have the passphrase the wallet is still usable to you.

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September 10, 2016, 04:53:56 AM
 #10

You may have to download and reinstall the software and that can even be on another computer and then you simply bring the old wallet into the new software, use your passphrase and there you go.  The same BTC that you left behind is still there.

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July 23, 2017, 05:12:05 AM
 #11

Thank u all ,I gone afk in past months.now I m going to lock this topic Smiley

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