Desktop wallets are a type of software stored on your computer desktop in which cryptocurrency can be stored. Taking Bitcoin as an example of one digital currency – there is a secure private key for every bitcoin that is stored in the desktop wallet. Owners of these wallets can access their private keys and send and receive bitcoins.
There are four types of wallets they are desktop, mobile, web, and hardware. Desktop wallets are considered the best as they are always connected to the internet, can be installed directly into any computer desktop and allow users complete control of the wallet.
With enhanced functionalities, desktop wallets help users to carry out transactions by creating a bitcoin address for sending and receiving bitcoins.
Below are some of the best desktop wallets that work on different operating systems – Mac OS, Linux, and Windows.
A desktop wallet which was released on November 5, 2011, this wallet was created over years by developers with the utmost efficiency to ensure Electrum is a robust and a highly efficient wallet in the market.
Electrum uses open source code and allows users to have a complete control over their private keys. It is considered to be one of the best desktop wallets as it gives an option to replace the fee for a transaction that has already been broadcasted.
The fee for every transaction is set based on the number of bytes required to encode a transaction but this fee is higher when the bitcoin network is crowded. To receive a payment, a receiving address or a QR code is required. Electrum desktop wallet allows monitoring of all the transactions.
Electrum offers various features such as fee adjustments, address tagging, wallet encrypting, and advanced technique of signing or verifying messages.
Some of the pros of Electrum bitcoin wallet:
- It is a widely used wallet- suggesting popularity,
- It has improvised privacy features – vulnerability to malicious code is zero due to an open source code,
- It is easy to setup and is robust.
- It is available to use on Linux, Mac, and Windows operating systems.
One of the best desktop wallets is Exodus. It is considered to be a very ambitious wallet which can store a variety of cryptocurrencies such as Ethereum, ETH Classic, Litecoin, SALT, Civic, Dash, and many more.
Exodus was launched in July 2016. With an elegant design and sleek personalization features, it is said to be the best desktop wallet for beginners.
It is an SPV wallet, which means that there isn’t a need to install the whole blockchain in the system. This multi-wallet asset has ShapeShift built-in functionality which gives the user an intuitive and user-friendly platform for sending and receiving bitcoins.
A transaction fee from Exodus is applied for every bitcoin payment. Exodus, rather than keeping the fees for itself, pays out to each blockchain network (Ethereum, ETH Classic, Litecoin, etc.) instead. As Exodus gives precedence to speed and reliability over minimal fees, it adjusts fees based on the changes in blockchain network. As a result, it is preferred by many.
Exodus has a backup system and never stores any private keys on its server. In case a computer breaks down, an email is sent to the user to reactivate the bitcoin wallet using a secure link. This link is made safe with a 12-word passphrase and Exodus key.
Exodus offers several advantages:
- User-friendly interface
- Ideal for beginners
- Stores over 50 cryptocurrencies
- Step-by-step assistance using tutorials and videos, etc.
Bitcoin Core is a full bitcoin node wallet and is not an SPV wallet. Bitcoin Core wallet is available for free download. To make it functional, the entire bitcoin network must be downloaded with the wallet. Adequate bandwidth and space in the hardware are required to download the bitcoin software.
Compared to other wallets, Bitcoin Core offers better security and powerful privacy features. With Bitcoin Core, every transaction made is recorded on the public blockchain. Bitcoin Core is extremely compatible with a service name Tor, which hides the IP address and eliminates third parties in linking identities with digital currency transactions.
Bitcoin Core has a larger density of users compared to other wallets due to its decentralization process. It stores only bitcoins and can be used on Mac, Linux, and Windows operating systems.
Bitcoin Core provides various advantages such as:
- Users can validate bitcoin transactions
- Protect anonymity
- Complete control over transactions and wallet
- Sending and receiving bitcoin is highly secured
Copay is developed by BitPay and is compatible with both mobile and desktop. Copay is one of the leading cryptocurrency wallets and is designed to secure BitPay’s funds. It is a “multisig” (multi-signature) desktop wallet, which means that more than one person can have access to these wallets. Funds can be released only when an agreed number of signatures are met. Though, Copay stores only bitcoins, it allows users to check prices against nearly 150 fiat currencies.
Armory is one of the most secure desktop wallets as it has added security features. It has a unique feature where the user can separate a personal account from a business account. Armory is an open source platform and stores only bitcoins.
To receive payments with Armory desktop wallets, users can click “Receive bitcoin” and an address key is generated. This address key is shared with a sender to receive bitcoins. While sending funds, select the wallet from which the funds are to be transferred after clicking “Send Bitcoin”. Include the address and amount in the receiver’s box to start sending funds.
Additionally, Armory is well-known for offering sophisticated encryption and cold storage support systems for bitcoins.
Some of the benefits provided by the Copay desktop wallets are – Robust security features, cold storage system, reputable brand, open source.
Desktop wallets are designed to be highly secured compared to any mobile wallets. For a lesser amount of bitcoins, use desktop wallets and for a larger volume of bitcoins, use a paper wallet, or hardware wallet.
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