Topic: How safe is Electrum wallet? - page 2. (Read 564 times)

Electrum mobile app is not much friendlier to use and there are lot of complications will be faced by the new user but as far as safety its good app but we don't have to forget that malware on mobiles also can steal our money so people need to be careful while entering their seeds for the first time.

@bibonix Electrum wallet is safe and secured to use, but if you share your seed with others or download a hacked version then the wallet cannot protect you. There’re some tips I can share since I’m using Electrum wallet:

1) I would strongly suggest you to use Electrum mobile app, and not the desktop version as the recent hacks were targeted towards users who were using the desktop version.

2) Never update the wallet if a notification pops up inside it saying you need to update it, always go to their official site, or the play store and then update it.

3) Do not conduct any transactions on public wifi, those are unsecured and your wallet can be hacked.

Source: https://cointelegraph.com/news/electrum-faces-another-fake-wallet-attack-users-reported-to-lose-millions-of-dollars

As already said, Electrum is as safe as your computer is, and the private keys are at hand.
If you want safety, the best is cold storage, as said:


What I want to add is that nowadays simply a Tails USB stick that never goes online is already a pretty simple to use cold storage.
And if you transact often and want convenience, Electrum can work nicely with a hardware wallet too. That's how I use it. Just be warned, hardware wallets are not the ultimate security either, make sure you keep there only what you transact rather often, the rest can stay offline, the longer the better.

Electrum desktop / mobile wallet is safe, but only if user of such wallet knows what he's doing. Even the safest things in wrong hands can cause damage and bad consequences, and when it comes to crypto wallets in most cases there is no fix.

First thing before anyone is download Electrum or any similar wallet is is to allow a safe environment for such wallet, which means virus / malware free device, and despite the fact that some still claim that such software is easy to trick, in my 5+ crypto years I was never a victim of any virus / malware on which I can thank the excellent protection I use all the time.

Second thing is to learn what is Electrum and how it works, so for start take some time and read Electrum Documentation. Now when you get some basic basic knowledge it is important to visit only official Electrum site and best way to do that is to type this in your browser address tab www.electrum.org. After you choose files for your OS move to next step.

The third thing is verifying of downloaded Electrum files by using Gpg4win signature utility Kleopatra (for Windows), and this link with all others is available on Electrum download page.

If these rules are followed, Electrum is pretty safe wallet for daily use, but what is always emphasized is fact that if someone is have more then few hundred dollars worth of crypto, it is smart to keep them in hardware or paper wallet.

I think that you shouldn't do this at all. It is a great feature, no doubt , but you are compromising your safety when you see your privatekeys in your computer.

You should note down your seed in a piece of paper and forget about those Private keys forever.
The seed should be used only when you need to recover your funds because you can't access your wallet anymore (lost device for example)


Additionally, electrum is safe as long as you always download/update it from electrum.org website, there is no other.

Electrum is very reliable, especially since you own the priv keys. It is vulnerable to hacking attempts though. Whatever you do, just ignore the Electrum 4.0 update message that you might get. There is no 4.0v.

Based on my experienced Electrum wallet is safe but it depends on how you protect your wallet. Just like the above said 12 words seed phrase is enough as back up where you can retrieve your wallet back when your PC is broken or deleted the wallet accidentally.

Additional to the above posts always follow their twitter account from here https://twitter.com/electrumwallet?lang=en
To always get the latest updated news about this wallet because recently there are many Electrum users affected with a phishing attack.
Better read this https://bitcointalksearch.org/topic/warning-there-is-an-ongoing-phishing-attack-against-electrum-users-5095856

So that you are aware of how and what will you do if your wallet is under attack with phishing.

If you want to protect your wallet I suggest you try Electrum cold wallet or offline wallet where your PC never connected to the internet and make a watch-only wallet to other devices to monitor your balance and create unsign transaction.
This is the safest way to protect your wallet from many viruses and malware from the internet.

I've never really had problems with Electrum, and it can be a safe wallet if you don't go around clicking every link on the internet or downloading random files that could potentially be infected (just use common sense), but if you're just trying to keep coins there for a short to medium period of time, Electrum's good enough. Always ensure you're on the latest version of Electrum before using the wallet. If you're trying to store coins for longer periods of time, consider using a hardware wallet or potentially a paper wallet.

Generally, each desktop wallet can only be as secure as your computer is.
If your computer is infected with malware, your coins are at risk.

Regarding safety, if you have a backup of your mnemonic code (12 words), you are fine.
You don't need to save any private keys. All private keys can be derived from the mnemonic code. Just make sure to store it in a secure place. Be careful, anyone with access to the mnemonic code can recreate your wallet.

Additionally, make sure to download updates only from https://electrum.org. And always verify the signature before installing it. This takes less than 2 minutes and makes sure you are using the original electrum wallet. There are several guides available on the internet, as well as on electrum.org.

Users lost funds because they downloaded fake Electrum wallets from phishing sites. They downloaded and used them without verifying the signatures. Multiple mistakes had to be made for the funds to be stolen.

@OP
You will be OK as long as you follow the advice given to you by Pamoldar and if you have common sense not to use the computer where you have Electrum installed for anything unsafe.   

It is one of the safe wallet but not 100% because electrum faced vulnerability on it couple of time as far as I remember and many lost their funds due to it.

The best way to avoid this is keep your electrum upto date.

And to obtain private keys of all the address, one need to follow this:

Wallet -> Private keys -> Export
You will be seeing all private keys. You can copy them or export them.

OP,
The wallet you created using Electrum is a HD wallet. You have a seed (12 words or more) and this seed binds all your addresses however every address has it's own individual private key.

Talking about safety?
Do not share the seed with anyone.
Do not lose the seed
Do not share any of the private key with anyone.
Do not store the seed in your computer or in a device where hacker can have the chance to access your device and can steal the stored file.
Always use the Electrum client that was downloaded from their official website.
Always verify the Electrum clinet before installing it.

There are so many ways to keep your wallet safe but just use the common sense. You will be good.

Tools -> View Addresses -> Right-click an address -> Private Key; done. You have it.

And why would you lose your Bitcoins one day simply because your wallet is "managing" them for you? The seed is - in simple words - just a key that tells the software which addresses to generate for you (so it can regenerate them anytime if you need to restore your wallet).

I installed Electrum and created a wallet there. All I know is the seed generated. I don't know private keys from the Bitcoin addresses it manages for me. And I don't see an option to get them from there. So, the question is how safe this system is? Won't I lose my bitcoins one day?