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Author Topic: Question about Electrum wallet  (Read 289 times)
zigglr6
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November 02, 2017, 12:00:28 PM
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I am considering transfering my bitcoins from coinbase to electrum wallet. My question is, what happens if Electrum suddenly shuts down and their servers go offline? Will I be able to access my coins using another wallet or will they be lost?
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Creepings
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November 02, 2017, 12:03:30 PM
 #2

I am considering transfering my bitcoins from coinbase to electrum wallet. My question is, what happens if Electrum suddenly shuts down and their servers go offline? Will I be able to access my coins using another wallet or will they be lost?

I think they will not just shut down their servers just like that. They are one of the popular bitcoin wallet that is used by the people. I am also using Electrum to save some of my bitcoins. But, if they will be shutting down, I think they will give some time for people to remove or send their bitcoins into another bitcoin wallet.
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November 02, 2017, 12:14:55 PM
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Electrum is a wallet not an exchange. So, it is unlikely to get shut down. Your coins are safe with them. Also, most of the well knows wallets are still doing well and not known any case of closing.

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November 02, 2017, 12:16:27 PM
 #4

I am considering transfering my bitcoins from coinbase to electrum wallet. My question is, what happens if Electrum suddenly shuts down and their servers go offline? Will I be able to access my coins using another wallet or will they be lost?

You can export your private keys anytime very easily even while offline.

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November 02, 2017, 12:18:44 PM
 #5

Whatever happens to Electrum, as long as you have access and you saved your backup phrases then you should be fine.

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November 02, 2017, 12:30:07 PM
 #6

I am considering transfering my bitcoins from coinbase to electrum wallet. My question is, what happens if Electrum suddenly shuts down and their servers go offline? Will I be able to access my coins using another wallet or will they be lost?

That's why you need to save the backup of the private keys of the electrum wallet. Whatever happens to electrum as long as you have the private keys and no one knows it besides you then you're safe just save it offline.

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November 02, 2017, 12:32:27 PM
 #7

I am considering transfering my bitcoins from coinbase to electrum wallet. My question is, what happens if Electrum suddenly shuts down and their servers go offline? Will I be able to access my coins using another wallet or will they be lost?
I use electrum myself,  and as a user of it I can tell you that your coins are safe there.  If and only if it went down your bitcoin can easily be recovered as long as you've taken the precaution of writing down your recovery key which is generated when you make your wallet.  The development team behind electrum is also pretty awesome,  so I doubt they would shut down without notice.
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November 02, 2017, 12:33:03 PM
 #8

I am considering transfering my bitcoins from coinbase to electrum wallet. My question is, what happens if Electrum suddenly shuts down and their servers go offline? Will I be able to access my coins using another wallet or will they be lost?
Your bitcoins are safe regardless of if the electrum servers go down.
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November 02, 2017, 12:36:16 PM
 #9

I am considering transfering my bitcoins from coinbase to electrum wallet. My question is, what happens if Electrum suddenly shuts down and their servers go offline? Will I be able to access my coins using another wallet or will they be lost?
I use electrum myself,  and as a user of it I can tell you that your coins are safe there.  If and only if it went down your bitcoin can easily be recovered as long as you've taken the precaution of writing down your recovery key which is generated when you make your wallet.  The development team behind electrum is also pretty awesome,  so I doubt they would shut down without notice.
It looks like only expectations and believes. Each one should save keys on your offline storage.

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thesmallgod
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November 02, 2017, 12:43:11 PM
 #10

I dont think electrum will just shut down like that without notification. Electrum is actually one of few most trusted and used bitcoin wallet by people. It is a wallet and not an exchange platform i am also using the wallet but what I will advise you is to backup your wallet and make sure you dont expose your private key in any way. doing this will really help keep your wallet safe and secure.

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h0lybyte
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November 02, 2017, 12:44:18 PM
 #11

I am considering transfering my bitcoins from coinbase to electrum wallet. My question is, what happens if Electrum suddenly shuts down and their servers go offline? Will I be able to access my coins using another wallet or will they be lost?
Electrum is not an ordinary wallet that will shut down their servers suddenly. They serve their users better 24/7 than other wallers.
In whatever way, you need to have access to your electrum wallet sensitive credentials like pass  phrase, private key.
You will be able to access your bitcoins using other wallet that supports import of private key in case you face issues with electrum.
eann014
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November 02, 2017, 12:47:09 PM
 #12

I am considering transfering my bitcoins from coinbase to electrum wallet. My question is, what happens if Electrum suddenly shuts down and their servers go offline? Will I be able to access my coins using another wallet or will they be lost?
Once Electrum wallet shut down, you will not able to access your account and you will not able to get back your coins permanently, but do you really think Electrum wallet will totally shut down in the future? Well, if you don't have trust with your wallet, try to en cash it and deposit it into the bank.
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November 02, 2017, 12:48:40 PM
 #13

I am considering transfering my bitcoins from coinbase to electrum wallet. My question is, what happens if Electrum suddenly shuts down and their servers go offline? Will I be able to access my coins using another wallet or will they be lost?

The servers are managed by multiple people, even you can create one so having them all shutdown is not possible. They also don't store any sensitive information's so no worries, continue to use it. If things goes wrong (unlikely), export the private keys or import your seed to another BIP39 compatible wallet.

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November 03, 2017, 05:51:08 PM
 #14

I am considering transfering my bitcoins from coinbase to electrum wallet. My question is, what happens if Electrum suddenly shuts down and their servers go offline? Will I be able to access my coins using another wallet or will they be lost?
Thinking off that Electrum would shut down then its nearly impossible to happen if it does then theres nothing to worry because we can anytime export our keys even on offline just like what being said above.This is what i like on electrum compared on other wallet because you do really have the power on knowing your private keys.This is why its important anytime to have back ups on your wallet so that if incase theres a possible problem you wont really worry too much because you can still able to access that address.
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