is electrum safe?

[puradak]

I am 19 years old man living in South Korea.
I want to invest in bitcoin for rest of my life, and I have 0.002 btc now. I want to keep it safe forever.
Someone told me that exchange is not safe because exchange can be hacked by hackers.
I am using software wallet called 'electrum'. I downloaded it from the official website 'electrum.org'
Is this safe wallet?
Sorry, I am not fluent in english. Please understand me.

[1714672679]

1714672679

[Rikafip]

Someone told me that exchange is not safe because exchange can be hacked by hackers.

When leaving coins on exchange, you are not only in danger of hackers, but also exchange itself as the moment you send your coins to exchange, they bascially own it.

I am using software wallet called 'electrum'. I downloaded it from the official website 'electrum.org'
Is this safe wallet?

It is definitely one of the best software wallets but it is as safe as you make it to be, so be careful not to download any malware on your computer as you may loose everything. When you have more bitcoin (or even better, if you can afford it now as there are Black Friday deals), get yourself one of the hardware wallets that are much safer.

[hosseinimr93]

Someone told me that exchange is not safe because exchange can be hacked by hackers.

That's right. You should avoid any custodial service for holding your bitcoin.
In addition to the possibility of getting hacked, custodial services like exchanges can freeze your fund for any reason. You should use non-custodial wallet, so that you have full control over your fund.

I am using software wallet called 'electrum'. I downloaded it from the official website 'electrum.org'

Electrum is a trust worthy open-source wallet. The code has been reviewed by many people and no vulnerability has been reported.
But take note that any online device is prone to hacking. Even if you use a secure wallet like electrum, it's still possible that your device is infected with a malware and your wallet is hacked.

If you want to be completely secure, you should run electrum on an air-gapped device or go for a good hardware wallet.

If you are going to use electrum, keep multiple copies of your seed phrase in different locations and avoid keeping it on an online device.
Also take note that the seed phrase is all you need to recover your fund and anyone who has access to your seed phrase can steal all your fund.

[Wapfika]

Someone told me that exchange is not safe because exchange can be hacked by hackers.
I am using software wallet called 'electrum'. I downloaded it from the official website 'electrum.org'
Is this safe wallet?
Sorry, I am not fluent in english. Please understand me.

Electrum itself is safe because it’s open source which means many experts eyes already review their code for safety purposes. The safety problems rely on your side including but not limited to safe keeping of your private key/recovery seed phrase, protecting your device from malware and other form of attack that will exposed your key to hacker.

It’s better to invest on hardware wallet to guarantee that your asset will be safe forever since it’s airtight. Just use a quality brand that offers security and transparency.

[Charles-Tim]

That amount is still small, but if it is getting bigger, you need a better secure means.

If you have 2 devices, like a phone and a laptop. Why not go for 2-of-2 multisig? It is safer than a single signature wallet.

If you have just one device, why not generate a seed phrase with passphrase, or seed phrase alone after your format and reinstall the OS. But having passphrase makes offline backup secure. Get some addresses to fund, backup your seed phrase and passphrase and have a watch-only wallet instead.

I like 3 devices and with 2-of-3 multisig

Electrum wallet on airgapped device is also very safe.

Or you can get a hardware wallet like Passport.

Or you can get a hardware wallet and multisig it with a wallet on your device. One seed phrase will be completely offline.

If you lose your seed phrase backup you lose your coins. Also if you lose your passphrase backup, you will lose your coins. Backup both differently in like two different locations and not together.

Online wallets are not safe.

[BitMaxz]

Like others said Electrum itself is safe so it depends on how you protect your wallet from hackers.
If this is for long-term HODL then I suggest making an offline Electrum wallet(cold storage wallet) because it is way safer than using Electrum online.
Offline Electrum wallet is far from any online attacks, malware, and hackers so if you want to hold a big amount of BTC then an offline/cold storage wallet is the best option.

[JunaidAzizi]

I am 19 years old man living in South Korea.
I want to invest in bitcoin for rest of my life, and I have 0.002 btc now. I want to keep it safe forever.
Someone told me that exchange is not safe because exchange can be hacked by hackers.
I am using software wallet called 'electrum'. I downloaded it from the official website 'electrum.org'
Is this safe wallet?
Sorry, I am not fluent in English. Please understand me.

You are not a man bro you are just 19 years old which means you are still a teenager   and yeah you are from South Korea so you have some difficulties in English for that, I am recommending using a Grammer checker so it will check and correct your post.
Talking about the wallet, my suggestion is to use the Electrum wallet, many other members also mentioned the Electrum wallet to you because they all know that for saving your hard-earned bitcoin electrum wallet is best in a sense of security. I have been working since 2011 and still has very powerful security features. Many of the experienced people also recommended Electrum wallet. Above there are many other replies to you read them and then take the decision.

[kryptqnick]

I like Electrum, it's a reputable wallet. It's non-custodial, so nobody has access to your funds but you. I'd say it's very safe, but there are still things to watch out for. #1 is that you need to make sure that you don't lose your passphrase because you can lock yourself out of the wallet this way and no customer support would be able to help you. Another thing is that, if you don't have a password on your wallet (so it opens without any obstacles on your PC), you need to make sure that your PC is safe from prying eyes. Using a password can be annoying, but it also protects against that.

[hosseinimr93]

#1 is that you need to make sure that you don't lose your passphrase because you can lock yourself out of the wallet this way and no customer support would be able to help you.

If you are referring to the series of 12 words electrum gives you when creating a standard wallet, that's called seed phrase.
Passphrase is the combination of words or characters added to the seed phrase for extra security. Passphrase is also called custom extension word or 13th/25th word.

[Mate2237]

Your age is not matter here and your English is okay. And Electrum wallet is one of the best wallet to save bitcoin in the bitcoin network, and since you want to keep it for a long period of time use Electrum wallet. But the disadvantage is that when the blockchain is congested, the transaction fee is very high and many people can pay that high fee to transfer just a token of bitcoin.

I am using Electrum for business (partial trading) and also for investment but these because of the transaction fee I am not making transactions to avoid huge loss.

[Charles-Tim]

But the disadvantage is that when the blockchain is congested, the transaction fee is very high and many people can pay that high fee to transfer just a token of bitcoin.

It is worth saying that this is not Electrum disadvantage, Electrum do not charge anything for transaction. The fee is paid to miner. Mempool congestion makes the fee go high.

[sokani]

I am 19 years old man living in South Korea.
I want to invest in bitcoin for rest of my life, and I have 0.002 btc now. I want to keep it safe forever.
Someone told me that exchange is not safe because exchange can be hacked by hackers.
I am using software wallet called 'electrum'. I downloaded it from the official website 'electrum.org'
Is this safe wallet?
Sorry, I am not fluent in english. Please understand me.

Like most users have correctly said, Electrum wallet comes highly recommended, it open source and it has many eyes looking through the codes. However, you have a big part to play in keeping your Bitcoin safe. Write you seed phrase on a piece of paper and keep it safe. Don't take a screenshot of your seed phrase, and don't save it on your phone, mail or cloud storage. I could go on with more "don'ts", but if you can set up the electrum wallet in an airgapped device, that would be perfect.

[Samlucky O]

I am 19 years old man living in South Korea.
I want to invest in bitcoin for rest of my life, and I have 0.002 btc now. I want to keep it safe forever.
Someone told me that exchange is not safe because exchange can be hacked by hackers.
I am using software wallet called 'electrum'. I downloaded it from the official website 'electrum.org'
Is this safe wallet?
Sorry, I am not fluent in english. Please understand me.

I don't think you really mean what you Said. That you want to keep your bitcoin safe forever,  meaning you really don't have plans for your bitcoin. And perhaps you dont have an investment plan or Target, like how long your investment will last or whether you will still be accumulating. It's seems you just want to be stocked with what you have. Very funny of you.

For the electron wallet I see no wrong about it. It's a person choice to choose any type of wallet of your choice but when choosing be security concious. For the Cex you said I think it's  better you save your coin in DEX rather CEX.

[_act_]

For the electron wallet I see no wrong about it. It's a person choice to choose any type of wallet of your choice but when choosing be security concious. For the Cex you said I think it's  better you save your coin in DEX rather CEX.

You can use noncustodial wallet for the savings, not decentralized exchanges. Decentralized exchanges works in a way to be used also for the exchange of coins and finally the coin will be sent to an address on your noncustodial wallet. If you want what you are talking about to be correct, it is that custodial wallets and decentralized exchanges should not be used for savings, that noncustodial wallet which people have the private key should be used.

[UmerIdrees]

I am 19 years old man living in South Korea.
I want to invest in bitcoin for rest of my life, and I have 0.002 btc now. I want to keep it safe forever.
Someone told me that exchange is not safe because exchange can be hacked by hackers.
I am using software wallet called 'electrum'. I downloaded it from the official website 'electrum.org'
Is this safe wallet?
Sorry, I am not fluent in english. Please understand me.

You currently do not have much amount, only 0.002 BTC so it is advisable for you to save this amount in Electrum wallet on your desktop. It is safer than storing it on any web wallet or exchange but less safe than any hardware wallet or cold storage.

I would not recommend you buy a hardware wallet now because your total bitcoins amount is quite low but still I will encourage you to get the know how on how to setup Electrum on an air gapped device or how to setup multi sig wallets on Electrum. These things won't cost you extra but it will help you prepare and secure your wallet as you continue to increase your Bitcoin savings.

[Mame89]

I am 19 years old man living in South Korea.
I want to invest in bitcoin for rest of my life, and I have 0.002 btc now. I want to keep it safe forever.
Someone told me that exchange is not safe because exchange can be hacked by hackers.
I am using software wallet called 'electrum'. I downloaded it from the official website 'electrum.org'
Is this safe wallet?
Sorry, I am not fluent in english. Please understand me.

I like your enthusiasm, even though the amount of BTC you have is still small, you have thought about wallet security. Because very many people don't think about the best wallet if they have a small amount of btc. In this case, even though you are only 19, you are already mature because you are already thinking about long-term security. This is a good start for investing in BTC.

Because for me the most important thing in investing in BTC is wallet security to avoid hackers and your choice is correct by using Electrum software because this is the safest wallet for storing BTC in the long term. The next step you need to do is buy BTC in stages using the DCA strategy.

[The Cryptovator]

For a software wallet, Electrum is safe if you can secure your wallet seed phrase. We can't say any online wallet is 100% safe because it is directly connected to the Internet. We have a history hack for Electrum through a pop-up update. So always make sure to update your software on the official Electrum website and verify signature. It will be better if you can buy a hardware wallet that won't cost you much but will give you the best security. You need to make sure any wallet you have been using seed phrase is secured in multiple safe places.

[$crypto$]

That's right we can see some time back there are some exchanges that have been hacked to the tune of hundreds of millions even though the exchange guarantees its customer's funds still it's a concern that your assets can't be withdrawn if the exchange has lost such a large amount of assets so it's best to keep it in a non-custodial wallet.

Electrum is a good wallet and I use it, in terms of security it depends on how you protect it from attacks including storing seed phrases in a safe place and your PC should not be allowed to pass unknown software which usually causes attacks on your PC and drains all bitcoins.

So if you want to be more secure use a hardware wallet, because it is not connected online so this will be for the long term.

[Nwada001]

From your now deleted thread, in which you claim to want to help some homeless kids, you posted a wallet, which holds exactly the amount you want to hold for long, same wallet you want to use for donation. Are you trying to use the means of donation to accumulate more BTC for your self to hold? If that's true, then it's a scam means, which won't really lead to anywhere. 

Where I live, there is a government shelter where children who live without their parents are gathered.
Of course, it's a government-run place, but I thought I wanted to give them a small gift.
As a bitcoin coiner, I'm going to take donations and use them for them. I'm a 19-year-old boy living in Korea, and I want to help them with all my heart without any malicious intent or fraud.
I think it will be a good experience for us to donate in Bitcoin. Donate even a small amount, please!
If the donation goes well, I'll post some pictures on the forum!

bitcoin address: bc1qrn90aw4uyx7t56puymdqm0qyae5q2jvga6h98n

source

[Catenaccio]

Someone told me that exchange is not safe because exchange can be hacked by hackers.

Reminder: do not keep your money in online accounts

I am using software wallet called 'electrum'. I downloaded it from the official website 'electrum.org'
Is this safe wallet?

It is safe if you use it safely. Download the wallet software from the official website is good but not enough. You must verify the wallet.
[GUIDE] How to Safely Download and Verify Electrum

You can use Electrum wallet with cold storage, multisig (multi signature with multi co-signers), airgap.
Creating a Cold Storage wallet in Electrum
Creating a multisig wallet

The paranoid user's security guide for using Electrum safely.
Old phone as cold storage?
WARNING when using mobile device wallets (Android, iOS)