Desktop Wallet

[Amatista Sheeley]

Desktopwallets are programs which are run from your desktop or laptop computer. They provide a streamlined, easy-to-use interface for users to interact with their crypto holdings. Unlike web or exchange wallets which are always online, desktop wallets only connect to the internet when necessary for completing transactions. They are most often non-custodial, which means the wallet owner bears sole responsibility for safeguarding their private keys.

Desktop wallets work much the same way as other types of crypto wallets, providing users upon setup with both a public and private key to sign and execute transactions. To send cryptocurrency, a desktop wallet user will need the receiving address of the person on the other side of the transaction. Likewise when receiving crypto, the user will need to provide their public key to the sender.

Users typically access their desktop wallet with a simple username and password combination, though many employ additional security methods like 2-factor authentication (2FA). Like most other wallets, desktop wallets typically provide a seed phrase or recovery phrase to be used in the event you need to recover your crypto wallet.

The BitPay Wallet includes a mobile and desktop version. It lets users interact with their crypto holdings in a multitude of ways, from viewing account balances and monitoring prices to buying crypto, cash out, spending, receiving and more.

Ultimately, choosing which type of wallet you use comes down to understanding what will be most conducive to your crypto habits. If you are frequently using a PC or laptop to make transactions, desktop wallets can be a convenient option offering more security than web wallets. They can also be used in conjunction with other types of wallets to improve convenience and break up your crypto holdings across different devices.

It appears that you have not verified your wallet on Android. However, when you attempt to do so, you should see a message informing you that there is a 25BAT minimum balance (in Android wallet) to verify right now. Did you not see this message?

Either way, we are making some changes to that restriction in upcoming releases that will allow you to verify your android wallet even without the 25BAT minimum as long as you already have a verified Uphold account liked on desktop. More information on that when it becomes available.

In this screenshot of my mobile, you can see what happens when 1. I tap Verify Wallet, 2. Tap Settings, 3. Tap my BAT balance, and with 4. Uphold is mentioned at the bottom, but it is not a link.

image1184662 154 KB

Personal favorite multi currency wallet. Very useful Coin Swapping exchange, exchange any coin to other coin, I normally used it for swapping my high value coins against small value coins...

In most cases, you'll need to be connected to the internet to send and receive cryptocurrency using a desktop wallet. However, some wallets offer offline or \"cold storage\" options for added security.

When choosing a desktop wallet, consider factors such as security features, user interface, supported cryptocurrencies, and compatibility with your operating system. It's also a good idea to read reviews and do your research to ensure you're using a reputable wallet.

It depends on the specific wallet, but in most cases, desktop wallets are designed to be used on a single device for added security. However, some wallets may offer the ability to sync between multiple devices using cloud storage or other methods.

If you lose your desktop wallet or the device it's stored on, you may lose access to your digital assets. It's important to keep your recovery phrase (also known as a seed phrase) in a safe place and never share it with anyone. This phrase can be used to restore access to your wallet if you lose your device or forget your password

Cryptocurrency wallets can only be as safe as the devices they are installed on. I often compare wallet security to that of a car. Your car can have the most advanced security measures in the world, but if you park it in a bad neighbourhood overnight and leave the keys on the hood, someone will take advantage.

It is recommended to always use a good antivirus and malware protector, and avoid shady websites and downloads on any computer you use for cryptocurrency management. VPNs are a good extra layer of security as well. Many crypto users will have a dedicated laptop for crypto, different to the one they use for daily web surfing. Remember, the more your device is interacting online, the more it is open to risks. That is why many opt for hardware wallets like Ledger or Trezor, as these devices have no online access and are the most secure way to store crypto.

An exchange is where you can buy and store cryptocurrency, and is where many crypto users keep their funds, but this may not be the best idea and we definitely do not recommend keeping substantial amounts on any centralized platform.

Any crypto left on an exchange is not actually owned by the user, all they have is an IOU promising that they can withdraw when they choose. The 2022 bear market has shown us why this is not the safest idea as companies like Celsius, Voyager, BlockFi and FTX froze customer withdrawals, denying them access to their crypto, and countless exchange hacks have resulted in the loss of customer funds.

Crypto exchanges play a similar role to a bank and hold the funds on a customer's behalf, both banks and crypto exchanges can restrict access to user funds at any time and block account access. Crypto wallets allow users to truly hold, own, and manage their crypto, with no central authority that can dictate access. Crypto wallets can be compared to keeping cash at home in a safe, vs an exchange which is like keeping funds at a bank.

This can be a difficult choice and is up to the user's needs in balancing risks vs convenience. There are many types of wallets, hardware wallets and software wallets which can be used with PCs or mobile devices, PC-only wallets, mobile-only wallets, and paper wallets.

Leaving funds on an exchange/exchange wallet- Most convenient, least secure. The reason this is most convenient is that the funds are already where they need to be in order to be purchased, sold, traded, or put into platform products. Funds can often be moved around an exchange fee-free as well. This is very convenient but very unsafe as funds are at risk from hackers, and third-party centralization risks of the platform denying users access to their account or funds which we have seen happen in 2022 as Celsius, Voyager, and FTX denied all users access to their funds.

Though to play devil's advocate, exchanges can be the safer choice for users who do not trust themselves with the responsibility of self-custody. Taking true ownership of funds is a big responsibility. For users who are disorganized and irresponsible or users who simply have no options for secure storage, self-custody may not always be the best choice.

Desktop Software Wallets- The least secure self-custodial option unless the user is well-versed in PC and internet security, or has a dedicated computer for crypto. Desktops are the most vulnerable to viruses and malware, putting the PC-based software wallet at higher risk.

This option is most suitable for those with a good understanding of cybersecurity and who know how to keep their computers least vulnerable to cybersecurity risks. Also, a good choice for those who want to keep their crypto wallets securely at home, reducing the risk of mobile phone theft.

Mobile Software Wallets- This is a good balance between security and convenience. Mobile devices are less prone to virus and malware attacks, making them more secure than desktop wallets. Mobile phone access is convenient, making this the ideal way to use crypto day to day as funds can easily be sent or received, and mobile wallets are good for point-of-sale physical purchases.

Many users will keep the majority of their crypto assets in a hardware wallet, treating it like a safe, then the mobile wallet will be loaded with funds needed for day-to-day purchases. To compare this to fiat and traditional currency, a hardware wallet should be like a safe where you keep the majority of your funds, while a mobile wallet is more like a physical wallet holding cash you need for the day or week. The same as you do not keep your life savings in the wallet in your back pocket, large amount of funds shouldn't be kept in a mobile wallet.

Hardware Wallets- This is a highly secure way to store crypto, but less convenient as you cannot easily access your funds on the go, nor is it possible to make point of sale purchases with most hardware wallets. The reason why these are so secure is that they do not have direct access to the internet which is why hardware wallets are known as \"cold storage\" or \"air-gapped\" solutions, removing the possibility for remote hack attempts.

Paper Wallets- Last time I checked, it isn't possible to hack a piece of paper, which is why many hardcore Bitcoin cypherpunks still prefer paper wallets. While these are secure, these wallets are very inconvenient as you definitely cannot send crypto from paper or make POS purchases. The biggest risk here is that paper is fragile, so be sure to laminate the paper or metal wallets are also available.

This is the best option for highly security-minded individuals who do not want any electronic access to funds kept in long-term cold storage. This option is less popular and far less convenient than hardware wallets, paper wallets are no longer commonly used.

Believe it or not, there are still many out there not spooked by recent market conditions and are doubling down on their efforts, including me. I look at these prices and think: yay, Black Friday sale! After all, the foundation for fortunes comes from bearish times, with the riches reaped during bullish periods. Having bought a bunch of tokens, the next thing to do is hunt for a good wallet to store them in, with many choosing a crypto desktop wallet.

3a8082e126