Electrum or Exodus: Battle of the Wallets
Cryptocurrency is about empowering users to take full control of their funds and use them in a wide variety of ways.
When comparing different cryptocurrency wallets, two names that frequently come up are Exodus and Electrum. This is because they are some of the most popular crypto wallets on the market today.
It might not be possible to “beef up” a comparison of wallets, but there are some things that might make it more interesting.
In this article, we’ll compare Electrum and Exodus to determine which cryptocurrency wallet is best for you. They are both popular choices among crypto enthusiasts, but only one can be the winner. We’ll take a look at some key points to help you in your decision.
What is Exodus?
Exodus is a cryptocurrency wallet for desktops and mobile devices that allows users to track their entire crypto portfolio in one easy-to-understand interface. There’s also an exchange integration, allowing you to buy or sell any of the available cryptocurrencies from within the app itself! If you’d like more information on Exodus, head over here.
- The app lets you track and manage your entire crypto portfolio in one place, which is useful for both desktop users and mobile devices.
- It can work with major hardware wallets as well!
- Exchange between crypto assets in a way you can track everything from just one wallet app.
- S custom fees for your Bitcoin and Ethereum transactions.
- Has 24/7 customer support.
- Crypto wallet software is only partly open source.
- Customer support is not available via telephone.
What is Electrum?
Electrum is one of the best software wallets for Bitcoin. It was released in 2011, two years after the initial release of the Bitcoin network. Its Swiss Army knife-like features make it different from other wallets, and its support for advanced functionality makes it among the most popular option.
- The wallet software code is open source and supports multi-signature addresses.
- There is also support for several hardware wallets.
- It also has two-factor authentication mechanisms, albeit with an additional fee.
- Ability to set custom transaction fees.
- The security of the Electrum wallet has been compromised in the past.
- Only Bitcoin is currently supported by this software wallet.
- There is no customer support because it is open-source software, not a company.
When choosing a crypto wallet, it is crucial to consider security first and foremost since you are looking for a secure way of storing your cryptocurrencies.
Wallet security and trustworthiness are at the top of many crypto users’ priority lists, so Electrum definitely takes precedence over Exodus for those who prioritize safety.
In addition, many experts view closed source elements in critical software as unacceptable, but many still choose to use it due to its ease-of-use features like seed phrase recovery.
While not perfect, Electrum’s servers have an interesting history. In the past, they have been tricked into serving up malicious software to clients, which led to user funds being lost. This has since been remedied in their newer version.
Nevertheless, it shows how trust can be lost when outsourcing a bit of it and why we need decentralization now than ever before!
Electrum has many advanced features that set it apart from other Bitcoin wallets. For example, it supports two-factor authentication and multi-signature addresses, which could benefit those who wish to use these security measures.
Additionally, Electrum is extremely popular due to its long existence (2011), meaning the software must have become increasingly secure over time as a result of being tried by countless users in various scenarios. Thus, this software’s long history makes it extremely hardened against attack vectors.
Exodus and Electrum are both, by default, hot wallets, which means they’re connected to the Internet. Unfortunately, this is a security risk because of viruses or malware that can steal your cryptocurrency.
Exodus and Electrum are two software wallets that work with hardware wallets to increase your security. Hardware wallets are devices that store your private keys on the device itself so they physically cannot leave it (i.e., you don’t have to worry about hackers stealing them).
This is significantly safer than storing your crypto on a non-hardware wallet. So safe, in fact, that you can technically use the hardware wallet with an infected computer! (Of course, it would be better not to do this).
Exodus is compatible with Trezor. In addition, Electrum allows you to use both Trezor and Ledger or KeepKey hardware wallets as well.
Exodus Trezor integration gives users increased access and control over their cryptos by giving them exchange options straight through their hardware wallets.
Whether you’re a seasoned cryptocurrency investor or just starting out, one of the most important security factors to consider is two-factor authentication.
2FA protects against malicious parties gaining access and stealing your wallet funds by requiring another verification step in addition to login credentials every time there’s an attempted transaction on your account.
This means that with every transaction you make from your wallet, there needs a second verification step – like via text message or an authentication application code (e.g., Authy), in order for the transaction to go through successfully.
For example: If someone gains access to my wallet and tries to send all my coins away (e.g., through a phishing scam), they won’t be able to complete this transaction because there’s an additional confirmation needed for the transfer.
Exodus and Electrum both support additional protection of your crypto funds with a hardware wallet. This is different from traditional 2FA as you retain full control without relying on third-party approval. A hardware wallet is a physical device that you must confirm transactions on before they go through.
Furthermore, Electrum provides support for an authentication application-based service.
Setting Up Exodus & Electrum
These two software wallets are easy to set up. To start using a cryptocurrency wallet, first, you’ll need to download the software from their website. Then, when you open up your new software for the first time, follow along with any step-by-step instructions they provide in case there’s something about this process that is unclear or confusing.
Users should write down a backup seed phrase before receiving their cryptocurrency transaction (the process of sending funds from one person’s wallet to another).
Consider using a steel cold storage wallet like the Billfodl to secure your seed phrase or private key.
After going through these initial steps of installation and setup, receiving incoming transactions should be as easy as entering an address.
The setup process is a bit more complicated with Electrum as there are many factors to consider, such as multi-signature addresses or two-factor authentication. However, it’s simple once set up because you only need to use one cryptocurrency (Bitcoin).
When considering which wallet to purchase, it is essential to consider its asset support.
When choosing a wallet, consider the assets that you use. For example, the original Electrum is only for Bitcoin.
If you need to manage multiple cryptocurrencies and want an easy-to-use option with excellent security features, then try out the Exodus multi-asset wallet.
There are a variety of unofficial, alternative clients that have been developed to support altcoins. Significantly, users need completely different software installed on their devices, and only a few altcoins provide an Electrum fork.
Compared to Exodus, most other crypto asset wallets only support a handful of cryptocurrencies. Currently, Exodus supports 114 different cryptocurrency assets and plans on adding more in the future.
According to Exodus, they consider supporting any coin that is ranked top 50 or has potentials for doing so by market cap and trading volume alone.
Desktop & Mobile Compatibility
Electrum and Exodus both work on desktop, mobile operating systems and support hardware wallets like the ones made by Ledger or Trezor.
To enhance the safety of their funds, advanced Bitcoin users could set up a multi-signature wallet with Electrum. This requires two or more different wallets to sign off transactions before they go through.
For instance, you may require an Electrum wallet on an offline computer and an Electrum wallet on an online computer to sign transactions prior to them being processed. It’s important that only advanced users should attempt this due to how complicated it can be for beginners.
Design & Ease of Use
Starting out in crypto can be difficult, which is why it’s important to consider ease of use and avoid mistakes when sending transactions.
Crypto can be complicated for new users – and even if not a beginner user, it’s probably best to have a simple wallet rather than one with lots of features as mistakes while sending are irreversible.
Comparing Electrum vs. Exodus in terms of ease-of-use, we can see that while both are accessible to those who already know how Bitcoin works, Exodus is the clear winner with its modern design and live charts/visualizations helping users understand where their money goes over time.
When it comes to ease of use, Exodus is definitely more beginner-friendly and modern in its design compared with Electrum’s “barebones” approach that is better suited to users who are already familiar with Bitcoin.
Exodus’s wallet interface looks more like a portfolio tracker than a traditional cryptocurrency wallet. The app also allows users to switch between cryptocurrencies from within the same platform.
Using Electrum is the best choice if you are an experienced user who wants to take advantage of all that Bitcoin has to offer. For example, not only does it support Segregated Witness transactions but also other features like multi-signature wallets and support for Bitcoin Lightning Network.
The Bitcoin Lightning Network allows for cheaper and faster Bitcoin transactions.
Exodus shares a feature that Electrum has, which is the ability to set custom fees when sending transactions. As a result, users on networks like Bitcoin and Ethereum are able to send transactions quickly (higher fee) or slowly when speed isn’t important (lower fee).
You can also use Exodus’s growing library of decentralized applications (Dapps) to earn interest on DAI stablecoins, which are crypto tokens that mirror the value of the US dollar.
If you are invested in crypto, the Exodus wallet is a great way to earn passive income by staking your cryptocurrencies.
How to Choose Between these Two Popular Bitcoin Wallets
Exodus vs. Electrum has been one of the most talked-about topics in cryptocurrency circles for a while now. In this article, we’ve shown you how to choose between these two popular wallets by considering what your needs are and which type of person you are.
If you are someone who only cares about Bitcoin, Electrum is a great option for storing your cryptocurrency. However, if you want to store other cryptocurrencies on the same device and have access to all of them from one place, then Exodus would be better suited for you.
In addition, closed source software may come with security risks, so it’s important that potential users consider this before making their final decision.
Or just download both! It can never hurt to have options when it comes to something like keeping your coins safe from hackers.
In order to be a serious investor in Bitcoin and other cryptocurrencies, you should avoid closed-source software as often as possible. This may sound like an obvious idea, but it bears repeating because many people who aren’t experienced with cryptocurrency investment still download closed-source wallets.
If this is the case for you, then now would be a good time to change your habits so that if something does happen – you don’t lose all of your money!
Closed-source software can make it difficult to recover lost funds when things do go wrong. It’s also worth noting that most of these types of programs have been targeted by hackers before, so using them could put both your coins and your personal information at risk.
Be sure to do some research before making any decisions so that you can come up with a plan that works well for your lifestyle and habits – whatever they may be.