If you are going to start your first crypto transaction sign up here., you must know about some safety measures that will keep your crypto holdings safe. Cryptocurrencies are currencies that you can’t hold physically. They remain in the Blockchain system and circulate whenever you make a transaction.
However, when you need to access your traded assets, you need a key which is called the private key. Now, these keys need to be stored in a safe and secured place. Thus, the need for wallets comes. Crypto wallets are those secure places where you store your private key to keep it protected.
Overview of Desktop Wallets
A desktop wallet is one kind of crypto wallet that is downloaded and installed on the desktop or laptop of the user. The private key, which is a password for access to the cryptos, is kept stored in the desktop wallet. Desktop wallets help users buy,sell, or make crypto transactions.
The crypto world provides us not only one form of wallet but also many more kinds of this. There are online wallets, phone wallets, paper wallets, and hot and cold wallets. However, they are related or not related to each other but work for the same purpose- they store your private key protected. The key is the link between you and your crypto holdings or the Blockchain.
Advantages And Disadvantages of Desktop Wallets
Like all other crypto wallets desktop wallets have their pros and cons. Let’s know about some of them.
- Desktop wallets can be accessed 24/7 using desktop, laptop of smartphones.
- A desktop wallet is safer than any other wallet. It does not need any internet connection when the private key is remained stored in it. This, as a result, reduces the chances of fraud.
- Desktop wallets don’t need any third-party interference, unlike an online wallet.
- A desktop wallet can be harder sometimes to use due to its technical functionalities.
- When you connect your computer to the internet your wallet becomes vulnerable and there is a chance to get stolen by internet scammers.
- In case there is no backup, you completely lose your wallet forever.
Functioning of Desktop Wallets- What You Need To Know
Desktop wallets are easy to use for beginners and the most convenient for those who prefer desktops and laptops to mobile phones for crypto transactions. Some of the most common desktop wallets are Bitcoin-core, Electrum, Hive OS X, and Armory which you can find on cryptocurrency websites. The functionality of a desktop wallet consists of some easy simple steps.
- Choose wallet: The first thing you have to do is to go to the cryptocurrency website. There you can find options for downloading any kind of wallet. You have to click on the desktop wallet icon to open up the options for different desktop wallets.
- Download: After choosing you will be provided many desktop wallets and you have to choose one that you want to download. Click on it and you will reach its website. After that click on the download tab. You can also secure it by a code, this facility is given there.
- Install: Once the wallet is downloaded to your computer you have to install it. Open the installation file and make sure all the given security measures are taken into consideration while installing and saving it.
- Save private key: You now have to save the private that has been already generated. There is another option to secure your wallet with a password so that no one can open it.
- Make transaction: Whenever you want to make any transaction you have to first choose the type of transaction. Click on the buy or sell icon in your wallet. There you can find an address. Copy that address and go to your online trading account. There you have to copy that address and choose the amount of crypto you want to buy or sell. Click to confirm and your transaction will be done in no time.
So, these were some points you needed to note when using desktop wallets. Whenever planning to use one, noting down these points will be of helpful use to you.