, 3 years ago
Desktop wallets are the most common applications using cryptocurrencies. They enable you to send, receive and store crypto. What are the advantages using a desktop wallet and what are its limitations?
A thin client is a desktop wallet that will not load the whole blockchain onto your computer. Therefore, it will save you a lot of disk space when using such a client. The downside is trust. Most thin clients do not connect themselves directly to the network, but to a specific server. While those servers are considered to be secure, there remains always a little bit of doubt, because they act as single point of failure.
A full client is the classical wallet application. It loads the complete blockchain and takes a lot of space on your hard drive. In return you get the full control over your crypto, since the client will connect directly to the network.
No matter if you are using a thin or a full client you always need to protect your funds. You can do that by saving multiple copies of your “wallet.dat” (don’t forget to encrypt it with password protection first).
The second option makes use of so-called “Seed Phrases”. Such a phrase is a more or less easy to memorize and usually consists between 12 and 25 random words. With this phrase you’ll be able to restore your access on any computer using the same or similar software that supports the same standard.
That being said, you should keep your phrase in a secure place or even consider to store parts of it in different places.
There is not THE killer app when it comes down to wallets. Its always a compromise between security, use case and convenience. With a desktop wallet you unleash the full power of a crypto.
On the other hand, you have to make plans in case you get hacked, your computer crashes or you loose access to your device. This comes with a lot of responsibilities and you need to make sure that you cover all angles.
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Phishing exists in many forms of contact, with the goal of extracting confidential information. This is done via phone, social media, emails, and counterfeit websites. Fraudsters ‘fish’ for information from potential victims by sending emails, sending messages on social media, sending text messages to your cellphone, or calling you claiming some form of urgency. The goal is to gain access to digital or physical property. When you click on a link to a fake website, you are asked to submit your login credentials. When you provide them with your login credentials, the criminals can use these to access your account without you even knowing.
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If you are considering investing in Bitcoin, you undoubtedly have questions about the soundness of the system. And rightly so. You will soon learn that the security and risks depend not only on the technology but also on the user: you. Together, you and Bitcoin are the bank. If Bitcoin is the vault, you are the one who keeps the keys. How secure are you, as a team?
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Bitcoin is absolutely secure. That is a sentence that is perfectly true at the time of writing. But this is not only due to the fact that its technology has been proven in the past but also because of its network and its constant growth in the last couple of years. That being said, one should never take the transaction security of a network for granted. Bitcoin allows every user to check and verify literally everything in its network, including, but not limited to its monetary supply and if a transaction is valid or not.' But there is also the possibility of fraud, meaning that an entity could try and overtake the Bitcoin network. In this article we will discuss how this is theoretically possible and how likely this is to succeed.
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