If you’re just beginning your experience with Bitcoin and you’re still trying to wrap your mind around everything that’s going on here, Exodus has got your back. Exodus launched on July 2016 and since then the company has gained some legitimate attention. Again, we should start with the cons – the software is not open source. This means that the developers can probably insert malicious code into the software without you ever knowing about it. And of course, when it comes to cash, owning a closed source program can raise some concerns. But, since it is suggested that you use desktop wallets for small amounts of Bitcoin in any case whether it be a closed or open source, then this is not a big issue to begin with. Don’t ever put an amount you’re not willing to risk in any hot wallet on desktop, mobile or on the web. Exodus also enables you to obtain a plethora of altcoins such as Ethereum, Litecoin, Dash and more. The interface is really simple to comprehend and even complete newbies will get the hang of it. If you find electrum too frightening, this is the ideal substitute.. Exodus can be used for Mac, Windows and Linux.
2.) Bitcoin Core
Every single one of the wallets that have been brought up in conversation are SPV wallets or lite wallets. This essentially means that they don’t contain an entire replica of the block chain in order to verify any transactions – they rely on other computers on the network to allow them transaction details. Bitcoin Core is a full node Bitcoin wallet. This basically means that once you download this wallet you will also have download the whole block chain to your own computer. This can become really messy because the block chain’s size happens to be over 130GB and can that take some serious time to download. But,, once the Block chain is finally downloaded and ready to use, you can then personally verify transactions on the network and don’t ever have to trust anyone else in the system again.
It takes many people a while to begin to use Electrum, but once they do, they never look back. It is again best to start with the cons – Electrum is messy. The interface looks like a 90’s rendition of Windows. Also, if you’re completely a newbie to Bitcoin then you will get lost pretty quickly solely because of the unconditional interface. But, once you get through all the interface conflicts, Electrum is one of the most compact, successful and secure desktop wallets out there. Also it’s open source, meaning many people have taken part in reviewing and inserting the code. This lowers the chance of malicious code inside the software to basically zero. There will be times when the Bitcoin network can be crowded and transaction fees can grow, Electrum is one of the only wallets out there that enables you to replace the fee you’ve set to an already open transaction. This feature can be very convenient when you’re unable to get your transaction to confirm.
To learn more, watch the video below!