Are you about to adopt a crypto wallet? Or do you think desktop wallets are the right choice for you? If so, you are in the correct review section. Here, this article will explore the basics of desktop wallets, compare them to other wallet classes, and introduce you to some of the general factors that can help you choose the right one. Below theydiscussed list of the best desktop wallets, with detailed information on how cryptolinks has compiled it.
What Are Crypto Desktop Wallets?
When it comes to the world of cryptocurrencies, wallets are devices or software that allow cryptocurrency holders to store, transfer, and receive cryptocurrencies. From this simple definition, you can see that wallets operate like personal banks, which fits nicely with the decentralization narrative that crypto technology drives.
However, you can see the emergence of third-party platforms that provide wallet and custody services to crypto holders, which is slightly similar to banking. Surprisingly, desktop wallets fall in between these two crypto wallet service models, which has made it all too necessary to understand the basics of every desktop wallet provider you are considering.
The basic definition of desktop wallets, regardless of how they operate, is that they are downloadable wallet applications designed strictly for computers. And it is not possible to access a desktop wallet on any system other than the one it was initially installed on.
Types of Desktop Wallets
There are many types of Desktop Wallets. Some of them are discussed below:
Full Node Wallet
To use a full node wallet, you have to download the entire blockchain of the coin that you want to store in the wallet. Depending on the blockchain’s size, this can take a while and require a lot of space. However, if you complete this process somehow without any problem, your computer would function as a full node of the blockchain network. As such, you can verify transactions and quickly access all activity generated on the blockchain.
Simple Payment Verification Wallet
Simple Payment Verification (SPV) wallets are the exact opposite of full node wallets. They do not force users to download the entire blockchain of their favourite coins. Instead, they allow users to transact without having to assume network verification responsibilities. They are lightweight applications that take on verification responsibilities on behalf of their clients.
Ranges of Crypto That Desktop Wallets Support
Single Crypto Desktop Wallet
There are desktop wallets that are designed to store just one piece. For example, a desktop bitcoin wallet would only provide the necessary infrastructure to store bitcoin. The obvious downside to this wallet is its decision to optimize its services to a particular cryptocurrency, which could frustrate multi-coin holders. In addition to this limitation, this class of desktop wallets offers top-notch security and support features, as they only need to worry about adapting their services to a single blockchain protocol.
Multi Crypto Desktop Wallet
Multi-currency desktop wallets allow users to store more than one type of cryptocurrency. Therefore, users do not have to download more than one desktop wallet, especially if they have a diverse crypto wallet. The downside to multi-currency wallets is the recurring issue that limits multi-currency wallets’ ability to support quality systems for all the cryptocurrencies they claim to support.
How Does a Desktop Wallet Compete with Other Classes of Wallets?
Desktop wallets are online platforms that make them hot wallets. There are other kinds of hot wallets. And while they offer a more flexible way of operating, they are not as secure as desktop wallets. For one thing, mobile wallets can be accessed on smartphones, an invaluable criterion for roaming crypto holders.
These statements also apply to web wallets, primarily third-party cloud websites that provide wallet and custody functions to users. While these wallet classes offer unlimited accessibility, they still expose users to attack.
Also, keep in mind that a desktop wallet’s security does not come close to the level of security available in offline wallets, especially hardware wallets. Hardware wallets are devices that ensure that users’ private keys are hidden from online entities, even when connecting them to the Internet to facilitate transactions.
Ironically, some desktop wallets offer offline wallets or are compatible with hardware wallets. The combination of these two forms of service improves the security of desktop wallets. However, they recommend that their readers store a large portion of their hardware wallets’ funds and only place cryptocurrencies that they can afford to lose in hot wallets.
Features You Should Know About Desktop Wallet Before Choosing
Each has unique characteristics that distinguish it from the others. Regardless of the type of desktop wallet, you are considering, here are some likely features that it would provide.
Two-Factor Authentication – Most desktop wallets have started offering two-factor authentication to ensure that only authorized users have access to the wallet’s content.
Offline Storage – Another security trend in the desktop wallet market is the offline storage feature, which provides additional security benefits.
Direct Currency Exchange: Desktop wallets are now adopting various instant exchange solutions such as Atonic Swap and Shape Shift, allowing users to exchange currencies without involving third-party crypto exchanges.
Factors You Should Consider While Choosing Desktop Wallet
After defining the essential functions or features of desktop wallets, the next section explores some of the comprehensive factors that should guide your search for the best cryptocurrency desktop wallet. The factors are as follows:
Number of Crypto That Wallet Support
Crypto desktop wallets stick to a cryptocurrency or provide storage functionality for a wide range of currencies. The first is suitable for participants who do not intend to have more than one coin. On the other hand, the latter attracts cryptocurrency holders who have various cryptocurrency wallets.
When choosing a multi-currency desktop wallet, be sure to check that the range of supported currencies includes the cryptocurrencies you plan to own. Also, keep in mind that desktop wallet providers that claim to have products that support most of the coins in the crypto market are not as efficient as those that target a handful of cryptocurrencies.
Types of Wallet
There are two main types of desktop wallets. Some involve full download from blockchain networks, while others do not. You can opt for the latter if you are sure you have the patience to go through the complex process of setting up a full node portfolio. Also, choosing full node wallets can help you discover the blockchain’s actual workings, as you are an integral part of the verification system that contributes to the credibility of transactions recorded in the ledger.
Contrary to that, if all you want is access to crypto wallet facilities and a quick way to execute trades, the Simple Payment Verification SPV wallet is the obvious choice for you. With this, you can get rid of the hassle of setting up full node systems and the responsibility of verifying other people’s transactions.
Customer Services of The Desktop Wallet
Since using some of the features of some desktop wallets may require expertise in programming or cryptographic terminologies, it is essential to opt for service providers with quality customer support systems. Ensure your desktop wallet offers transparent communication channels where users can access their representatives 24 hours a day, seven days a week.
There are cases where cryptocurrency holders have problems with transactions or money recovery. Your wallets and the propensity of wallet providers to provide top-notch feedback mechanisms significantly impact how quickly users resolve these issues.
Crypto Links compiled the list of some best desktop wallet providers with quality products. However, before opting for any of the platforms listed below, they recommend that you review their accessible weaknesses and strengths in their respective reviews.
- Trezor Wallet
- Ledger Wallet
- Exodus Multi-Currency Wallet
- Stellar Wallets
Trezor is a hardware device that allows users to keep their cryptocurrencies in a cold room. It is considered one of the safest wallets for everyday cryptocurrency users, and its main competitors are Ledger Nano S and Keep Key. Satoshi Labs developed Trezor. Users’ private keys are stored on the device itself, and users can be recovered in the event of loss or theft of the hardware device. Transactions are signed by connecting the device to the computer via a USB key. Trezor provides step-by-step instructions on how to configure and use the device and how to configure and protect the recovery seed safely.
The wallet is not hierarchical deterministic and does not have multiple signature technologies. The wallet supports most large-cap cryptocurrencies but not as big as Ledger Nano S. There are two models with different specifications, and the cheapest model costs € 89. It is more expensive than its competition, but Trezor also has one of the Greater reputations in the portfolio industry.
Ledger Nano S is one of the most popular and used hardware wallets with Trezor. They keep their cryptocurrencies stored on the hardware device offline. Ledger is a cheap alternative to the Nano S Treasurer and supports a variety of cryptocurrencies. One of the supported cryptocurrencies is Ripple, which is not supported by a wide variety of wallets.
To send transactions, users connect the device to a PC via a USB key. Even if the PC is compromised, the device will remain safe due to the strong encryption and private key stored on the device.
The portfolio is hierarchical deterministic. The wallet can also be linked to other wallets like Mycelium and Coin Kite. If the hardware device is lost or stolen, there will be a recovery seed that users can apply to a new device to get their funds back.
Exodus Multi-Currency Wallet
Exodus is a desktop wallet that supports a wide variety of cryptocurrencies. The list of cryptocurrencies it supports is much broader than most, making it a popular wallet with users. It also allows users to control their private keys, which is another advantage of this wallet. There is also a built-in exchange that allows users to trade between supported cryptocurrencies.
The portfolio is hierarchical deterministic. There is no option to enable two-factor authentication. There is also no multiple signature feature.
Stellar.org lists five desktop wallets that work with it on its website. These include Block EQ, Fox let, Ledger Nano S, Stargazer, and Stellar Term. Ledger Nano S is the only hardware wallet on the list above. Hardware wallets are considered the most secure of the various types of wallets. Hardware wallets have a private key on the device and have a recovery phrase for users if the wallet is lost or stolen. The rating is five stars.
Block EQ also allows the user to control their private key and have a recovery seed to regain access to their account. One of Block EQ’s main advantages is that it allows users to integrate with Steller’s decentralized exchange to send, receive, and exchange the Stellar XLM token and other assets. The rating is four stars.