When you understand some wallet concepts in Cryptocurrencies like web wallets, Hot wallets, and Cold Wallets, we will continue to introduce you to Desktop wallets with its benefits, disadvantages, and some famous desktop wallets on the market now.
1. What is desktop wallet?
Desktop wallet is a kind of virtual currency management platform used on your PC (personal computer). Among the oldest wallets, the ones that are publicized by cryptocurrency programmers having this platform. Furthermore, desktop wallets are safer than Mobile wallet and Web Wallet either, simply because its storage method is based on cold wallets.
2. Pros and cons of desktop wallet
2.1. Advantages of Desktop wallet
- Can use the full node version:
The types of wallets are used for smartphones and hardware wallets,.. Because of reduction problems of application capacity, only a part of the scope in the Blockchain of virtual currency is referred.
The desktop wallet, of course, is mostly referencing only a part of the scope, but some of them are referencing the entire blockchain from the Genesis block to the latest block. Based on it, you can check all of the transaction records, this wallet is called “Full node”. And it is very heavy as it must download all of the information from the Blockchain. So the only advantage of Full Node is that you can conduct “mining” on each version when it comes to Bitcoins.
- Develop actively for you
Desktop wallets are developing more useful compared to others, because you can find any virtual currencies with different wallets that you see that suit you.
2.2. Disadvantages of Desktop wallet
- You cannot manage all of currencies at the same time
It distinguishes from Smartphone wallets and online wallets, Desktop wallets basically support one currency for each wallet. This is the reason why you cannot add other virtual currencies on, and you must use other wallet platforms to manage your assets.
- Inconvenient for carrying
Desktop wallets, to be honest, is a wallet in your PC, so you must rely on opening the PC to access, which means that you also carry it to anywhere. This is largely a disadvantage compared to Smartphone wallets that can connect anytime. To conclude, it is not common for people who travel a lot, or go out usually.
- Having risk management skills
Unlike exchange wallets that entrust most of security management to the website operator, desktop wallets are fully responsible for managing all of your risks.
Therefore, you must have risk management skills to prevent bad cases like PC broken, and unaccessed wallets, infection of viruses, and more. Or the private key is released, so some people will find it difficult at the beginning of using this wallet.
3. Highlights of using Desktop wallet
3.1. You should have a backup of your private key
In case, you get lost of your access to your wallets due to the PC, you also recover the Desktop wallet that just needs a private key and PC. Which means that you must take note of your password of private key and manage it carefully. Furthermore, you also have the ability to distinguish between the private key and main key.
3.2. Choosing the trustworthy wallet.
This is an important part of managing virtual currencies, because if your wallet gets any problems that make your asset can be lost or stolen. So when you have the intention to choose a wallet, you must read and search for information carefully to ensure that your asset will be safe.
This is the reason why you should test and identify whether or not it has any serious mistakes, and it is admired.
From our perspective, we expect you to find a safe wallet to store and use your cryptocurrencies, and you must be careful when going into the virtual wallet.
4. Desktop wallet recommendation
There are some Desktop wallets that you must pay attention when it comes to Bitcoins such as:
- Electrum: is the desktop wallet for Bitcoin emerged from the beginning, and still existed until now. Moreover, when you don’t use it, this wallet has the ability as a Cold Wallet to separate the wallet from the Internet and be managed with various secrets of keys. By the way, it is also easy-to-use for everyone who is just a starter.
- Copay: applied Multisignature function, you can install various secret keys into the same address. Based on this feature, you need to have various keys to access your address from wallets, and it will be safe even that one of your keys is released. In addition, it appears on Android and iOS that you can approach with ease.
In conclusion, Desktop wallets also have advantages and disadvantages, so when you want to use any wallets, you must search for the information to ensure low risk. Besides, if your business wants to build a wallet or a trading platform based on Bitcoin or Ethereum, BAP will give you a helping hand, because we have been successful in many trading applications like BAP Coin, BTC GIAO DICH, Crypto Management App, and more.