ElectrumA desktop wallet which was released on November 5, 2011, this wallet was created over years by developers with the utmost efficiency to ensure Electrum is a robust and a highly efficient wallet in the market. Electrum uses open source code and allows users to have a complete control over their private keys. It is considered to be one of the best desktop wallets as it gives an option to replace the fee for a transaction that has already been broadcasted. The fee for every transaction is set based on the number of bytes required to encode a transaction but this fee is higher when the bitcoin network is crowded. To receive a payment, a receiving address or a QR code is required. Electrum desktop wallet allows monitoring of all the transactions. Electrum offers various features such as fee adjustments, address tagging, wallet encrypting, and advanced technique of signing or verifying messages. Some of the pros of Electrum bitcoin wallet:
- It is a widely used wallet- suggesting popularity,
- It has improvised privacy features - vulnerability to malicious code is zero due to an open source code,
- It is easy to setup and is robust.
- It is available to use on Linux, Mac, and Windows operating systems.
ExodusOne of the best desktop wallets is Exodus. It is considered to be a very ambitious wallet which can store a variety of cryptocurrencies such as Ethereum, ETH Classic, Litecoin, SALT, Civic, Dash, and many more. Exodus was launched in July 2016. With an elegant design and sleek personalization features, it is said to be the best desktop wallet for beginners. It is an SPV wallet, which means that there isn’t a need to install the whole blockchain in the system. This multi-wallet asset has ShapeShift built-in functionality which gives the user an intuitive and user-friendly platform for sending and receiving bitcoins. A transaction fee from Exodus is applied for every bitcoin payment. Exodus, rather than keeping the fees for itself, pays out to each blockchain network (Ethereum, ETH Classic, Litecoin, etc.) instead. As Exodus gives precedence to speed and reliability over minimal fees, it adjusts fees based on the changes in blockchain network. As a result, it is preferred by many. Exodus has a backup system and never stores any private keys on its server. In case a computer breaks down, an email is sent to the user to reactivate the bitcoin wallet using a secure link. This link is made safe with a 12-word passphrase and Exodus key. Exodus offers several advantages:
- User-friendly interface
- Ideal for beginners
- Stores over 50 cryptocurrencies
- Step-by-step assistance using tutorials and videos, etc.
Bitcoin CoreBitcoin Core is a full bitcoin node wallet and is not an SPV wallet. Bitcoin Core wallet is available for free download. To make it functional, the entire bitcoin network must be downloaded with the wallet. Adequate bandwidth and space in the hardware are required to download the bitcoin software. Compared to other wallets, Bitcoin Core offers better security and powerful privacy features. With Bitcoin Core, every transaction made is recorded on the public blockchain. Bitcoin Core is extremely compatible with a service name Tor, which hides the IP address and eliminates third parties in linking identities with digital currency transactions. Bitcoin Core has a larger density of users compared to other wallets due to its decentralization process. It stores only bitcoins and can be used on Mac, Linux, and Windows operating systems. Bitcoin Core provides various advantages such as:
- Users can validate bitcoin transactions
- Protect anonymity
- Complete control over transactions and wallet
- Sending and receiving bitcoin is highly secured