There are many Bitcoin wallets available for Bitcoin investors to use. Some of them are multi currency wallets like Exodus while some are for Bitcoin only, one example being Electrum wallet.
Some people only use Bitcoin and wouldn;t want anything to do with altcoins, so they go for Bitcoin-only wallets, while others invest in both Bitcoin and altcoins, necessitating the use of multi currency wallets.
Whichever you are, you need a Bitcoin wallet, and these two are wallets you can use to hold and transact with your Bitcoin. However, one wallet is always better than another, and in this article, we highlight four reasons why Electrum Wallet is better than Exodus wallet when it comes to using Bitcoin.
Higher Security
Electrum is one of the first bitcoin wallets ever created. It was launched in 2011, just two years after the launch of Bitcoin. As a result, it has all the ancient technologies of Bitcoin’s security built into it. Unlike Exodus, Electrum never stores users’ private keys. Instead, the keys are stored on the user’s device, making it impossible for anyone to steal it.
The wallet also encrypts both the private keys and seed phrase, making them unreadable without entering the user’s password for the wallet. This further protects the user’s privacy to a greater extent than most wallets, including Exodus.
Replace by Fee Feature
Bitcoin transactions can take long to complete sometimes when the network is congested. A single Bitcoin transaction has taken six hours to complete before, and that can happen again, and there’s nothing you can do than to sit down and wait.
Such delays are usually caused by miners prioritizing transactions with higher fees over those with lower fees. If you initiate the transaction with a low fee, chances are you’ll wait for a long time for your transaction to go through.
Electrum however has a way to effectively take care of that. It has a feature called the Replace by Fee (RBF) feature. This allows you to increase the transaction fee on a transaction that is already processing. As you do that, your transaction will immediately be prioritized over those with lower fees than yours.
This feature is underrated until you’re stuck with a transaction on a congested Bitcoin network. Many won’t understand this until it happens to them, but with an Electrum wallet, you’ll be ready if it does happen.
Simple User Interface
Multi currency wallets are usually complicated and cumbersome to use, well, because they are multi currency. They carry a long list of crypto assets, making them look bulky and messy. This makes them difficult to navigate, especially for a newbie. Exodus is a multicurrency wallet, so it presents the same set of challenges.
Electrum on the other hand is a simple and plain wallet that even a complete newbie can easily figure out. It doesn’t have too many features, because it is customized to be used for Bitcoin only. The text is plain and without any unnecessary graphics that can distract you.
You can also easily navigate it and find what you’re looking for without wasting time. Anyone who has used Exodus can confirm that this is not the case with Exodus as navigation can be quite difficult.
Fast
Electrum wallet is also faster than most wallets because it uses servers that index the Bitcoin blockchain. In crypto transactions, speed is of essence and having a wallet that offers you this – especially for a Bitcoin transaction – can be a life saver.
Conclusion
Electrum is a simple wallet that is well secured and with no downtime since its creation. When it comes to securing your Bitcoin investment, it is a wise choice to make and filter out the noise and distractions that other wallets such as Exodus bring. If you’re not keen on altcoins, NFTs, or any of the other aspects of crypto, an Electrum wallet may be all that you need.
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