Electrum, a popular Bitcoin wallet, recently launched a new version of its software and has also rolled out its Android version, Bitcoin Magazine reported. The iOS version will be launched soon.

Bitcoin Magazine noted that the mobile version is similar to the desktop version and are fully compatible, meaning that if the seed from one wallet is imported onto the other, all funds and transactions are synchronized.

“Compared to the desktop version, the mobile wallet is generally easier to use, and built around payment requests in particular – both incoming and outgoing. I've also added some extra tricks, like the option to use a second phone to create a completely safe cold storage device to sign transactions. And users will be able to buy and sell Bitcoin directly from the app later this year”, Electrum developer Thomas Voegtlin explained.

He further said that most mobile users at present rely on wallet applications that trust centralized servers, often hosted by companies. However, this offers very little security. If users do not have control over their private keys, the companies providing these apps can block transactions or even confiscate funds – either to comply with regulations, or when the server is hacked or compromised. Even if the user controls his private keys, he still trusts a server for his balance and status, meaning that whoever compromises the server can “poison” a user's wallet with fake transactions.

“Electrum offers a unique security model, that combines blockchain-indexing servers and Simple Payment Verification of transactions (SPV). Client-server communications are encrypted and authenticated with SSL. Your private keys are encrypted and never leave your device. Your wallet can be recovered from a secret phrase, in case you lose your device”, the product description page reads. “Cold storage and watching-only wallets are supported in the app, using QR codes to send and receive transactions.”

Voegtlin explained that Electrum is based on open source software, and users control their own money. The wallet is faster than other SPV-wallets and offers more privacy as the list of wallet addresses are not sent over the Bitcoin network.