Guide To Desktop Wallets

Guide To Desktop Wallets

When you sign up on a Blockchain platform, you will be assigned with two keys; private and public keys. A Public key is what your peers will use to identify you when transacting with you. You can consider them as a distributed ledger identity. Secondly, a private key is what you need to initiate transactions from your end such as tokens transfer.  Since Blockchain platforms are decentralized as there is no third party to secure your private keys, you need a Crypto wallet.

Crypto wallets are like virtual accounts that you need to store your private keys. The most important considerations should be convenience, security, and efficiency. You can get Crypto wallets from various sources such as Cryptocurrency exchange platforms, Blockchain platforms, or independent developers.

There are several types of Crypto wallets- paper, hardware, desktop, online, and mobile wallets. These wallets can be classified as hot or cold where cold wallets are stored offline in contrast to hot wallets that are accessed via the internet.

A desktop wallet qualifies as both. This means that it can be convenient than the hardware wallet and be more secure than online and mobile wallets.

A Desktop Wallet Is Installed On A Computer Hard Drive

Files for desktop wallets can be downloaded from the provider’s website on a browser and installed on a hard drive of a PC or a laptop. It then becomes like any other application on the computer. When a computer is connected to the internet, the wallet is deemed to be online. On the other hand, a disconnected internet would render the wallet as offline.

It Is Safer

You can back up your wallet to protect it from access during hacks by creating several copies and storing them at different locations on your desktop. Additionally, it can be smart to use a new email address when signing up for the wallet since using your ‘known’ email can pose a risk if hackers manage to hack it.

It is crucial to note that you have an updated and powerful anti-virus such as Kaspersky to protect your computer from malware that may infect the system and prevent your wallet from functioning.

You should also update your software on a timely basis or allow an automatic update to self-execute so that security loopholes can be corrected on time.

Remember to not disclose your real identity or your email in social media forums where you discuss Cryptocurrencies and Digital investments. This could make your desktop a hot target.

Further, install an anti-keystroke logger. Common examples include; SpyShelter, Zemana AntiLogger, Ghostpress, SecureEncrypt’s SE-OPS, KL-Detector etc. They are critical in preventing keyloggers from being used by hackers to remotely access your desktop wallet.

Guide To Desktop Wallets

Desktop Wallets Are Convenient

If you are a Crypto investor, this type of wallet can be instrumental to your success. Besides from being safer, it also allows you to eliminate latency when depositing currency to a Crypto exchange or another wallet as they are already connected to the internet. This is crucial for real-time trading.

Other Factors To Consider

Remember to consider factors such as; SegWit capability, the cost of the file, fees, supported operating systems, the number of Tokens supported, and even the user interface (UI) properties.

Exodus, Jaxx, Electrum, Armory, mSIGNA, MultiBit HD, Green Address, Etherwall,  Mist, Copay, Bitcoin Core, Coinomi, etc.  are some of the best-rated desktop wallets to explore.

November 18, 2018

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Samantha Mitchell

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