A desktop wallet is a software-based storage solution for digital assets that resides on a computer, giving users full control over their cryptocurrency holdings. These wallets usually store private keys directly on the user’s computer, making private keys more accessible while offering added security and control. Though they offer users a simple method for storing crypto assets, digital currency holders are responsible for taking security precautions to safeguard them.

Features and Functionality

Desktop wallets’ main advantage is their capacity to hold a large number of different cryptocurrencies. As an example, Exodus comes equipped with support for hundreds of different cryptocurrencies, giving users a widely versatile platform to safely and securely manage their diverse portfolios. Atomic Wallet is another multi-currency wallet that works with all operating systems, including Linux, Mac OS, Windows, Android and iOS. Atomic Wallet worked with ShapeShift and Changelly to enable instant exchanges within the wallet. This wide-ranging compatibility allows for easy use by all users, regardless of the technology they are using.

These wallets offer integrations that go above and beyond and create exceptional user experiences. Exodus, the award-winning platform with an intuitive user experience, makes cryptocurrency easier to understand and people-friendly for beginners and experts alike. Electrum, a Simple Payment Verification (SPV) wallet, makes the process very simple by removing the requirement to download the entire blockchain.

Security Considerations

Security is paramount when using desktop wallets. Since private keys are stored on the local computer, it is important to keep a clean and virus-free computing environment. Users need to have robust firewalls and anti-malware systems to improve their overall defenses. Consistency when creating backups is extremely important to the protection of your information. Moreover, using PIN codes or passwords protects against theft and loss of money through someone else accessing their crypto.

This is all well and good, but there’s a significant drawback to desktop wallets. Their portability only extends to the computer they’re installed on. This arrangement is hardly conducive to users who require mobile access to their digital assets.

Notable Desktop Wallets

A few desktop wallets have stood out in the eyes of the cryptocurrency community. Exodus has been operating since 2011 and has gained respect. The Jaxx Wallet features a Canadian made wallet created by Decentral Inc., founded in 2014. It offers the most comprehensive suite of tools for smart management of digital currencies. Electrum, a third party wallet that has existed since 2011, is currently the most popular bitcoin wallet, processing around 10% of all bitcoin transactions. Bitcoin Core Wallet is the most secure option but requires a large amount of daily downloads in order to sync with the entire blockchain.