Electron Cash is a Bitcoin Cash (BCH) cryptocurrency wallet that was created to protect users’ funds. This Bitcoin Cash wallet offers support only to Bitcoin Cash and it has some of the best security standards for a BCH wallet.
In the coming sections, we will review some of the features of this wallet. Additionally, we will go through some other general topics such as Bitcoin Cash, cryptocurrency wallets and more.
- What is Electron Cash?
- What is Bitcoin Cash (BCH)?
- What is a Cryptocurrency Wallet?
- Main Characteristics of Electron Cash
- Is Electron Cash Safe to Use?
- Advantages and Disadvantages of Electron Cash
What is Electron Cash?
Electron Cash is one of the most used Bitcoin Cash wallets. This open-source project released two different wallets: one for desktop users and another one for smartphone crypto holders. The main characteristic of this wallet is that it only offers support to Bitcoin Cash.
While most of the wallets in the market are now supporting different digital assets, Electron Cash preferred to focus on Bitcoin Cash. In this way, the wallet became one of the favourites of the Bitcoin Cash community.
The wallet was created by Jonald Fyookball, a recognized Bitcoin Cash supporter. At the same time, it was funded by the Bitcoin Cash community. This was one of the first BCH wallets created. Thus, Electron Cash played a very important role in helping the BCH community expand during the first months after the hard fork.
In order to create the wallet, Fyookball took the code of Electrum wallet and created Electron Cash. If you are an Ethereum (ETH) Electrum user you will realize that there are some features shared by these two wallets.
What is Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) is among the largest cryptocurrencies in the world. It was created as a hard fork of Bitcoin (BTC) in mid-2017. Thus, it was created in the same was as Electron Cash wallet, which is a “fork” of the Electrum wallet.
This was one of the most discussed and conflictive hard forks for the crypto ecosystem. Indeed, it divided the entire community into two different sides: those that wanted on-chain scaling solutions and the ones that preferred off-chain scaling solutions for Bitcoin.
The Electron Bitcoin Cash community preferred a digital asset with on-chain scaling solutions. The proposal made by BCH supporters was one that would have increased the block size on the Bitcoin network.
Instead, Bitcoin supported preferred to focus on the Lightning Network (LN), an off-chain scaling solution that could process thousands of transactions per second at a very low fee. These main differences pushed the community away.
As Bitcoin Cash expanded as an independent digital asset, Electron Cash wallet became a key part of the ecosystem. Nowadays, Bitcoin Cash and its ecosystem expanded but didn’t replace Bitcoin.
It is certainly important to understand that there is a big difference between Bitcoin (BTC) and Bitcoin Cash (BCH) supporters. These two communities work trying to achieve the same goal in two different ways.
What is a Cryptocurrency Wallet?
A cryptocurrency wallet is a device or computer program that help users store their coins. A crypto wallet works like a bank account we can have in a traditional financial institution. With it, our cryptocurrency funds are safe.
We can send and receive transfers with a crypto wallet and hold our funds for long periods of time without being worried about hackers. There are different types of crypto wallets. Each of these wallets would offer different solutions and functionalities.
Hardware wallets are usually the most secure because they store our private keys offline. Instead, software wallets are easier to use but they store our private keys on devices that could be compromised by viruses.
The Electron Cash wallet is a software wallet for the Bitcoin Cash community that supports BCH.
Main Characteristics of Electron Cash
Electron Cash has many interesting characteristics. The first thing to take into account is related to the fact that it offers support only to Bitcoin Cash.
Most of the wallets in the market do not only support just one digital asset but also many other tokens. This could be inconvenient for many users that want to hold different virtual currencies.
Nevertheless, it also has some very useful features that we analyse in the next sections. For example, it does not have commissions for users, it is free to download and it protects users privacy.
When you send or receive funds, you should know that there are fees you should pay. No matter if you transact 100 BCH or just 0.10 BCH, you have to pay the fees of the network. These fees are not linked to the wallet in a direct way.
The fees are usually calculated by the wallet according to the network fees available a the time of a transaction. The fees depend on the congestion of the network. As you can imagine, the larger the congestion the larger the fees.
Nevertheless, BCH has usually fees below $1. Thus, you should not expect to pay very high fees for a BCH transfer. The wallet does not charge any transaction fee. That means that you are only paying for the BCH network fees rather than an additional commission.
Issues and Errors
You should take into consideration that one of the main issues faced by Electron Cash Reddit users is related to the “Electron Cash not connected” error. This information usually appears when you do not have an internet connection or when there is an issue with the wallet getting access to the internet.
Another thing you could experience with your Electron Cash wallet is how to store your private keys. Many users report their private keys got lost. This is definitely one of the key aspects of the cryptocurrency market.
You need to protect your private key and remember where you store them. They should usually be stored offline in a very safe place. Any person with access to your Electron Cash wallet keys could get your BCH.
Other issues that could arise can be discussed in the Electron Cash Reddit community. They are always open to help solve the main problems that affect the wallet.
Interface and Pricing
The Electrum Cash wallet has a very simple and straightforward interface. This is why it is one of the best BCH wallets for newcomers. Hardware wallets are usually difficult to use for newcomers, however, the Electron Cash wallet is very easy to use.
Additionally, it is free of charge. That means that you can download it for your desktop or your smartphone in just a few clicks. This is one of the main differences with a hardware wallet. If you want to store Bitcoin Cash in a hardware wallet you would have to purchase it and it usually costs above $40.
Privacy is one of the most discussed topics in the crypto community. It is very important for crypto users to protect their information. Having a wallet that provides users with anonymity and privacy-focused features is one of the most valuable things for users.
The wallet would not require any private information from users. You do not need to provide your name, address, or telephone number. This makes it easier for users to get access to their wallet and to avoid sharing private data with a third-party.
Moreover, you can use your wallet as soon as you download it and in few simple steps. If you want to protect your privacy, then this BCH wallet is the right way to go. Let’s not forget that a hardware wallet manufacturer has recently been affected by a data leak that unveiled people’s addresses and email accounts.
Is Electron Cash Safe to Use?
This is one of the main questions we receive. Electron Cash is safe to use as long as you comply with all the basic crypto safety standards. This applies to any single wallet you use. However, it is worth taking into consideration that the wallet does not require you to provide private information to use it.
This makes Electron Cash wallet one of the safest wallets to use. No data leak could affect users in a negative way considering they didn’t share any private information. Moreover, the wallet is open-source, meaning that the community is constantly controlling and checking for bugs or issues.
As a fork of Electrum, we can also be sure that the wallet is following some of the highest industry standards. Nevertheless, it is also necessary for users to protect their funds.
That means that you should never expose or share your private keys. They should indeed be kept in a safe place at all times. If you want to receive funds, you should only share your public address. That’s all you should do.
Finally, keeping your desktop and smartphone free from viruses is also a good thing to do. This would keep your Electron Cash wallet safe and reduce any hacks or attacks you could face.
Advantages and Disadvantages of Electron Cash
The next two sections will focus on the advantages and disadvantages of Electron Cash. As a Bitcoin Cash user, you should consider its positive and negative aspects before starting to use it on a regular basis.
Disadvantages of Electron Cash
It Supports Just BCH
The wallet is only offering BCH support. This is certainly inconvenient for many users that want to hold and handle their crypto portfolio in just a wallet. Furthermore, most of the crypto wallets currently available in the crypto market are already offering multi-asset support.
If you want to hold your crypto portfolio in a single wallet, then Electrum might not be the right choice. This wallet focuses on Bitcoin Cash users and investors that want to easily handle their BCH coins.
No Integration with Third-party Platforms
As decentralized applications (dApps) and crypto platforms expand around the world, it is very convenient to have a wallet that could be easily integrated with other platforms. Unfortunately, the Electron Cash wallet does not offer support for third-party integration.
Perhaps, it could be a feature to be added by Electron Cash app developers in the future. Nevertheless, if you want to get connected to dApps and other platforms, it might be useful to use another wallet.
Advantages of Electron Cash
Great for BCH Supporters
If you focus on Bitcoin Cash and you use this digital currency a lot, then Electron Cash is going to be the right wallet for you. This is the wallet that BCH users download to send, receive and hold BCH coins.
Rather than using other wallets with multi-asset support, BCH users have a dedicated wallet for their cryptocurrency. Moreover, the wallet is backed by the Bitcoin Cash community.
Free to Use
The wallet is free to use and to download. Users do not have to pay for it. Using other wallets such as Ledger or Trezor requires individuals to pay for the hardware device. As this wallet is free to use, users, to not need to be worried about spending money on securing their funds.
Moreover, the wallet does not charge commissions for the transfers. That means that you can transfer your funds and only pay the fees that the Bitcoin Cash network collects from each transaction.
The wallet is very secure to store your BCh digital assets. You are the owner of the private keys. In this way, you are in full control of the funds you have stored in the wallet. By keeping your private keys safe, you make sure that you have your Bitcoin Cash coins protected at all times.
Electron Cash wallet is also using a multi-sig feature that enables users to double-check transactions. You would not be required to sign your transaction with just one signature but with many signatures. In this way, the funds stay safe at all times, even if a hacker got access to one of the signatures.
As we mentioned before, privacy protection is a very important thing for crypto users. Electron Cash is not requesting any private data from users to start using the wallet. You do not need to share your name, address or any other private information that could be leaked or hacked.
Other wallets require users to share their private information claiming there are some KYC and AML regulations they have to comply with. Nevertheless, Electron Cash focuses on privacy for all its users.