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What is Electrum?
Electrum is a wallet that gives you full control over your bitcoins. You can administer all your wallets in a single place and prevent losing coins due to various events, such as system crashes. Electrum offers several powerful and intuitive features.
Electrum features multisig to split the permission to spend your coins between several wallets, keep your private keys offline, and go online with a watching-only wallet, you can export your private keys and use them in other Bitcoin clients, funds can be recovered from a secret phrase. Moreover, Electrum Wallet verifies all the transactions in your history using SPV and uses servers that index the Bitcoin blockchain.
Electrum’s focus is speed, with low resource usage and simplifying Bitcoin. Startup times are instant because it operates in conjunction with high-performance servers that handle the most complicated parts of the Bitcoin system. The seed phrase created by Electrum has 132 bits of entropy. This means that it provides the same level of security as a Bitcoin private key (of length 256 bits). Indeed, an elliptic curve key of length n provides n/2 bits of security.
Your seed and private keys are encrypted using AES-256-CBC. The private keys are decrypted only briefly, when you need to sign a transaction; for this you need to enter your password. This is done in order to minimize the amount of time during which sensitive information is unencrypted in your computer’s memory. Also, your wallet file may be encrypted on disk. If a wallet is encrypted, then its password will be required in order to open it