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Maybe that update I got the error
Usually, that problem can be fixed after installing VC_redist x86, but I got the same error after installing it. But no problem, it's just my experiment on my old PC.
2. An old laptop i use since 2019 as a cold storage. The device has windows 7 installed but never updated and an old version of electrum (can't remember the version). Should i upgrade Electrum if i want to keep using the same laptop without upgrading the OS version?
If I were you I will upgrade electrum before 4.2.0, which means the 4.1.5 version.
Or If you have more hard disk space, make a Linux beside windows 7 (dual boots). then move all wallets to the new OS, and you will also be available to upgrade all versions of electrum 4.2.0 and 4.2.1 without worry.
Tails OS is the solution also.