The cryptocurrency market has been a common discussion, gradually skyrocketing its popularity and acceptance in the worldwide trading system. Both experienced and newbies are trying their luck staking their crypto assets in the crypto platforms. And if you also want to try your luck to earn big in this volatile platform, you must opt for a crypto wallet.
The crypto world runs by specific rules, and having a crypto wallet is one of them. However, there are several types of crypto wallets available. Although you can opt for any of them as per your requirement and preference, a desktop wallet is one of the most preferred ones by crypto users.
A desktop crypto wallet has several features and functions, and you can avail of them depending on your transaction necessity and trading capacity. To avoid confusion while using the desktop wallet, we have provided complete details regarding a desktop crypto wallet and how a desktop wallet for cryptocurrency can help you easily handle crypto assets below. Let’s get started.
What Do You Mean By Desktop Wallet?
The desktop wallet definition can be said as a program just like a software app that one can download and install on their laptop or personal computer device. That is why it is also addressed as a “software wallet” by many. Once installed on the laptop or pc, this crypto wallet starts preserving users’ passwords, private keys, and necessary files in its hard drive.
The desktop wallet for cryptocurrency falls under the “hot wallet” category because every time a crypto user makes transactions through it, they will need an active internet connection. And for this reason, before using a desktop wallet, users must ensure their laptop or pc is secured with strong security protection.
How Does Desktop Wallet Work?
Like other crypto wallets, a desktop wallet also offers similar facilities and features. It offers a private and public key for making transactions smooth for crypto users. It also has a robust security system and allows users to set up the “two-factor” security verification feature.
Users can perform transactions through a desktop wallet. For getting paid, the user should have the receiver’s address and vice versa; that is, if the user accepts cryptocurrencies, he must provide his “public key” to the other person sending the cryptocurrency to him.
The wallet address looks like a long number set with many characters. Generally, if someone opts for a bitcoin desktop address, they will have an address of 26 to 35 characters (it can be both numbers and letters) long. Here is a crypto wallet address example of bitcoin – 1Kbcfa7sBHGD9CgdQo3HTMTkV8LK4ZnX71. After opening the desktop wallet, users can choose their preferred cryptocurrency for transactions under their preferred blockchain platform.
Pros Of Desktop Wallet?
The pros of using a desktop wallet are as follows.
- A desktop wallet is a blockchain wallet app for PC. So it is ideal for anyone who prefers to deal with cryptos from their computer devices or laptops.
- With a desktop wallet, you can have a trustworthy server rather than storing your confidential “private keys” in a server maintained by third parties.
- One can access a desktop wallet at any time of the day all around the year.
- Once and as long as your private key is stored in the desktop wallet, there is no need for an internet connection on your device.
Cons Of Desktop Wallet?
The cons of using a desktop wallet are as follows.
- With a desktop wallet, putting your crypto assets into use via an “on-the-go” facility is somehow challenging.
- The mandatory active internet connection turns the security of a desktop wallet into a vulnerable one, making it nearly similar to that of hot wallets.
- One must have a complete backup routinely so that the crypto assets remain secure even if the device gets damaged or stops working. Or else there is a high possibility of losing all your crypto assets.
- The device must have strong anti-virus and anti-malware protectors and firewall protection to ensure the safety of the desktop wallet and reduce the chances of online theft or hacking.
What You Can Do With A Desktop Wallet?
With a crypto desktop wallet, you can have more features and options than that with a mobile crypto wallet. A desktop wallet will provide more security protection and space to keep your keys private and store them on your device’s hard drives. The computer or laptop will have more space and power in terms of hardware and often gives access to more functional keys than a mobile one.
Users can put their crypto assets into use in several ways through a desktop wallet. They can –
a) Evaluate the price fluctuations of cryptocurrencies to buy or sell them to get the best match
b) Receive or send cryptos to other persons
c) Check their remaining balances and more.
One can also opt for cashing out the digital money with traditional fiat currencies and purchasing “gift cards.” Simply put, through a desktop wallet, one can maintain and make transactions securely from their laptop or pc.
Which Crypto Desktop Wallet Is Best?
There are more than a few crypto platforms that support digital wallets, and choosing the best crypto desktop wallet among them would be difficult as each one of them comes with different and useful features. However, for instance, here are some of the best desktop crypto wallets that you can choose from–
a) Armory: This “single asset” wallet has features like “multi-signature” verification, and users can store bitcoin by accessing its cold storage facility.
b) Coinomi: The oldest in the field of “multi-asset” desktop wallets. It offers services in around 20 languages and supports a wide section of fiat currency.
c) Ledger: This desktop wallet is also famous by the name of “Ledger Live” and comes in three different models.
d) Exodus: One of the top wallets and ideal for beginners who want to play safe with crypto at their initial stage.
e) Trezor: With a support system for almost any crypto token available, this desktop wallet secures a top-notch position.
Apart from those mentioned above, other desktop wallets that provide excellent service are Atomic wallet, Electrum bitcoin wallet, Guarda, etc. Nonetheless, Ledger Nano S is the best desktop wallet for ripple.
Are Desktop Crypto Wallets Safe?
Crypto desktop wallets can provide more security than a website-based wallet and can be considered safe as long as your computer or laptop is safe. If you want a desktop wallet for making crypto transactions quite often and storing all your crypt assets, then it is best to keep your device (computer or laptop) always up-to-date with firewall protection.
Installing the latest antivirus or anti-malware protection on your device can effectively help you eliminate the slightest chance of hacking or fraud on your desktop wallet. Apart from this, one can also opt for the “VPN” (virtual private network) application that allows users to make a transaction by signing digitally. However, it is advisable to read and follow all the standard regulations and measures of crypto wallets to avoid any unpleasant safety compromises.
What's The Difference Between A Desktop Wallet And A Hardware Wallet?
As the name suggests, a desktop wallet is a program that needs to be handled digitally through devices like laptops or computers. Some of the popular desktop wallets are Exodus, MetaMask, etc. The desktop wallet offers biometric scanning, balance checking, seed phrases for easy recovery, a multi-signature verification system, etc. The wallet provides the users with addresses in numbers (sometimes also includes letters, too); an ideal digital wallet address example looks like this- 0Ltdfa8sBHGD7CgdQo2HTMTkV5LK4ZnX69.
A hardware wallet, also called a cold storage wallet, is an offline wallet system. It is a “physical device,” more like a USB drive that stores the “private keys.” And because it is operated without any active internet connection, it remains risk-free from hacking and fraud up to a great level. Hence, the main difference between a desktop wallet and a hardware wallet is its efficient functionality with and without an internet connection.
Now that you know what a desktop wallet is and how it can help you securely store your crypto assets, you can make a better choice regarding your wallet choices. Several trust wallet app for pc are available and come with a wide range of cryptocurrency support. However, before finally opting for one, ensure it has all the features that will come in handy for making your crypto transaction smooth and a robust security system for providing you the best possible safety from any fraudulent activity online.