Choosing what digital wallet you are going to use can be a lot more complicated than choosing a simple wallet at a shopping centre. There are a huge range of digital wallets available, and each come with their own set of benefits and characteristics that set them apart from each other.
One of the first questions you should ask yourself when looking to buy a Bitcoin wallet is what it is that you want to do with your funds. This should help you through the decision-making process.
A common type of wallet used is a desktop wallet. They are platforms that are installed through a software on the user’s computers by downloading them from the internet.
One of the main benefits is they are a fairly secure wallet. They store the private key of the wallet on the computer itself away from the prying eyes of internet hackers. The private key is also usually encrypted to give an extra degree of security in case the privacy of the computer is compromised.
As a desktop wallet is software based, their security is strengthened even further as they are not managed by third parties. Despite its security, there are also many disadvantages that come with using a digital wallet, some of which can be found below.
- If your computer is linked up to an internet connection there are security and privacy cracks in which some hackers could potentially get through.
- A computer is open to malware, keyloggers, and viruses, therefore if you forget to make a back up of your information and your computer breaks down, you’ll lose all your funds.
- Some desktop wallets may ask for unusual privacy permissions or security certificates.
If you decide that you want a Desktop wallet, you can download them directly from the provider’s website after choosing the operating system of your computer.
As part of the downloading process, you will need several additional GBs on your computer to download the transaction history in the Blockchain. Depending on the download speed of the internet connection you have, this may take several days to be completed.
Once the installation process has been completed, transactions can take place like they would in any other digital wallet, through the BTC or the QR address.
One of the best-known wallets comes from the same foundation of the Bitcoin, and can be downloaded here: https://bitcoin.org/en/download, available for all operating systems. By using this wallet, you can rest assured you will have the developer team’s support through each update.
Other Desktop wallets available in the market are the following:
- Bitcoin Core