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Local wallets for cryptocurrency: types and features

A local wallet is created on your PC. When downloading a wallet from the developer’s official website, you enter information about the keys in it and adjust the security settings independently. PC-wallets are more convenient and functional than the online storages. They are divided into two broad categories:

  • Thick or full. Synchronizing with blockchain database, they download the full chain of network information. You will be able to backup data to insure yourself against force majeure.
  • Thin or partial. They do not download all blocks onto the device, and thus they occupy considerably less space on the device and perform operations faster.

For free operation of a “thick” wallet, we will need a powerful machine with a large amount of free HDD space. A local wallet must be permanently connected to the Internet, which refers it to the “hot” storages.

Download the software only from the official websites of the developer companies. Thus you will protect yourself from fraud, and your cryptocoins from theft. MyEtherWallet has proved itself rather well. Although it is suitable only for Ethereum and it does not provide a possibility to store another cryptocurrency.

Installation and operation

It is not difficult to install local wallets on PC, and the process is maximally automatized. The greatest complexity lies in the fact that you need to initialize and synchronize with the blockchain. In some cases, the operation takes a couple of days.

The program interface is standardized. Its general appearance can be divided into the following blocks:

  • The main menu, where you can find the basic functions and tools. Located at the top of the screen.
  • A panel with tabs that allows you to review data, and also receive and send information.
  • A workspace that contains basic transaction information and also the fields that are required to complete.
  • A status indicator that shows the synchronization process dynamics. You can also change the unit to display balance there.
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