What Are Desktop Wallets

Are you trying to learn what desktop wallet is? Look no further. This is a program that can be downloaded to a desktop computer or laptop. Access to the wallet is only from the device where it is installed. They can be used to store bitcoins and other types of cryptocurrency and depending on your level of activity and how safe your bitcoins are. You can also use a specific wallet, depending on how often you access your funds and how much money you want to keep in your wallet.

What Are Desktop Wallets

The wallet is needed to store, exchange and conduct transactions with digital currencies. The sender gives you the ownership of the coins. To access them, the private key that is stored in your wallet must match the public key to which the digital currency is attached. After this happens, a record appears in the blockchain that the transaction has been completed.

Are desktop wallets secure?

Using a desktop wallet helps users to get rid of third parties and are considered more secure than online wallets, mobile or hardware wallets. Meaning that user can receive and send money, exchange directly in the wallet for other currencies. If, when using an online wallet, there is a high probability that coins can be stolen by service owners, then this is not possible with a software wallet, because it has only one owner. The client has the right to create a backup copy, or several, to protect themselves from loss of funds.

Let’s imagine for a moment that another unpleasant situation has occurred. Maybe an operating system crashed on your computer or someone stole your laptop … In other words, the wallet has disappeared! Thanks to two-factor authentication and multi-signatures, neither hackers nor thieves will be able to regain access to your bitcoins – just like you! Unless, of course, you have no backup (safety net).

What are public and private keys?

The private key (also known as private) is a 256-bit digit encoded in various formats. Visually, it looks like a set of letters and numbers. The type of private key depends on the format. At the same time, a public (public) key is a unique address used in the blockchain, accessible to all network participants. A public key consists of a set of letters and numbers generated from a private key. It is used to identify the user. To receive a cryptocurrency transfer, the public key is provided to the sender.

Each wallet is managed by a piece of code that allows you to receive or send coins, as well as store them with varying degrees of reliability. The public and private keys that your wallet generates and stores are necessary for you to “sign” (approve) each new transaction of money to another wallet. A user without a digital signature can not transfer coins from one wallet to another. It must be remembered that the public key can be extracted from the private key. It turns out that if someone knows your private key and extracts a public key from it, he can also “sign” a transaction – and you will lose money. Do not confuse the public key with the public address. Public address is given to anyone who wants to transfer money to you. Since your private key is a string consisting of letters and numbers, you can print it, copy it to a USB flash drive and send it to your wallet in your phone or computer.

Frederik Nielsen
Frederik Nielsen

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.

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