Armory wallet is one of the first wallets to provide users with a cold-storage facility. If you are looking to save your bitcoins in a paper format then Armory could be the right choice for you. Armory wallet also supports multi-Signature this helps in further securing your cryptocurrencies.
As the name suggests Bitcoin Armory wallet supports only bitcoin transactions. The wallet is a desktop wallet and supports all popular OS like Windows, Linux, Apple, and more. Armory is a completely open-source wallet and developers can use its code in their crypto projects.
Armory also provides consultancy services for big hedge fund companies, exchanges, trusts, and large bitcoin holders.
The wallet uses Glacier protocol which gives a high level of security to bitcoin storage. The armory also has a complete list of tutorials for beginner users and the tutorial page can be found here: https://www.bitcoinarmory.com/tutorials/.
How to Use Armory
Armory’s interface looks clean and gives an old software look, but it is built-in with many extra features. Although the wallet looks a lot complicated than other contemporary wallets, it provides a high level of security for your funds.
Before using the wallet users are required to download the bitcoin core and full blockchain on their device. Users can create their wallets even in offline mode, where the user has to click the Create New Wallet button.
Users can give a wallet name and description and can create the wallet by clicking on Accept. The new wallet gets created after giving the passphrase and clicking on accept. This passphrase can be used to unlock the wallet. Users can use this wallet to store their bitcoins.
Users can send bitcoins using the send option and by giving the receiving address. For faster transfer, you can use the “create unsigned transaction” option.
- Users can take back up both digitally and through paper and individual keys can also be backed up.
- Using the “Watching Only Copy” feature users can track their bitcoin balance.
- There is also an advanced encryption option through which users can change the computing time required for their device.
- Users can also import their own private keys to the existing Armory wallet.
- To calculate the fees armory uses two factors, it depends on the number of bitcoins transacted and the speed at which the traction is required to complete.
- The wallet uses a “hierarchical deterministic” feature for its process, this gives an extra layer of security for your bitcoins.
- The wallet has been existing for a long time, this has built a community of users around it. So for any support users can reach out to this community through forums and can solve their issues.
The setting up of Armory wallet is highly complex and it does not offer the latest features offered by other wallets like 2-factor authentication. But still, if you want to go old-style and if you are interested in having a higher level of security for your bitcoins then you can choose Armory wallet.
In short Armory Wallet gives total control to the users and gives the highest priority to the security of user’s funds.