Armory Wallet Review 2021

Anisa Batabyal
| 30 December, 2020 | 2 min

Over the years, digital money is has gained immense popularity. And, Bitcoin being the oldest digital wallet or cryptocurrency, is also the most trusted of the cryptocurrencies. It is also attributed to the fact that there is Bitcoin, and the others (many) are typically addressed as Altcoins. 

While Bitcoin, as a cryptocurrency, is reigning the digital currency market, Armory is what makes it secure. So, here’s an Armory Wallet Review

Table of Contents

What is Armory Wallet?

As an open-source Bitcoin wallet, Armory provides both cold storage and multi-signature support for a rather advanced and secure cryptocurrency community. 

Cold storage in reference to Bitcoin involves offline storing of Bitcoins, where one can spend without the private keys, which typically control spends when done online. And multi-signature is when one requires multiple keys to authorize a transaction making it secure. 

While cold storage is a salient feature of Armory Bitcoin Wallet Offline, it also offers high-end security with an open-source protocol. Moreover, cold storage enables one to store private keys offline as well. Thus, the Armory Wallet Application has quickly risen on popularity. 

Why Armory Bitcoin Wallet?

Apart from the easy human-friendly User Interface (UI), it is the safest means of managing and safeguarding your Bitcoin tokens. 

Unlike other Bitcoin wallets, Armory enables you to set up and use multiple wallet addresses. And, despite multiple addresses, you can still send Bitcoin tokens where the final SEND requires you to enter your password. Thus, making your transaction secure. 

Reviewing Armory Bitcoin Wallet

Is there an Armory Wallet Fees involved? While Armory is free to install, the transaction charges still apply sometimes, which are determined by the Bitcoin network itself. While this may be true, one may have to pay the Armory Wallet Fees for certain transactions only. 

Although transaction charges may apply to Armory Wallet Application sometimes (online scenario), the same may not be true for Armory Bitcoin Wallet Offline. Needless to say, the fee oftentimes, when applies, is not more than 0.0001 BTC. 

Now, continuing with the Armory Wallet Review, let’s have a look at how it works.

Making or Receiving Payments With Armory

It is imperative to have a Bitcoin wallet to receive payments and to send payments, and you must have Bitcoin in your digital wallet. And, to know the amount of Bitcoin available, you can always refer to the Balance Column. 

Contrary to popular beliefs, it is not a complex process. You have the Receive Bitcoin and Send Bitcoin options, which ease the transaction process. Nevertheless, unlike other wallets, when you click on the Receive Bitcoin option, the wallet that you have selected will generate an address. 

You must share this address to receive tokens. In fact, you can also create a QR code that can be easily shared via text or email. The sender can then scan it and make the payment. 

Sending funds is also easy with Armory Bitcoin Wallet, where you just need to click on the Send Bitcoin option. You will then be prompted to feed in the address of the receiver and the amount to be sent. 

As cold storage is the core of Armory, you can also send Bitcoin from the offline wallet by selecting Offline Transactions.

Is Armory Bitcoin Wallet Truly Secure?

The advantage of Armory Bitcoin Wallet is that apart from the multi-signature support, it also offers decentralized lockboxes. Thus, users are often in complete control of their cryptographic keys and also in terms of storing them. 

The security of cold storage will prevent you from losing your Bitcoin. And, even though there are chances for your device to be stolen, penetrating the wallet’s encryption is definitely impossible.

Another key feature is that Armory works on the Glacier Protocol, which undeniably is popular cold storage systems apt for Bitcoin. 

Armory Bitcoin Wallet is GPU-Resistant 

The in-built GPU-resistant encryption protects your wallet’s encryption passwords. Thus, it disallows hacker attacks. With Armory’s key-stretching feature, it influences GPU’s action, which typically has a very small memory. Hence, making it a secure option for your digital money wallet by preventing the GPU from attacking your encryption passwords. 

Moreover, as an open-source project, even if the Armory code gets wiped out per se, users can still convert the backups to any other Bitcoin wallet applications. 

Also, creating an offline backup is very easy, where you can have a digital backup on a USB storage device. But it is imperative to ensure that the device is never connected to the internet for safety protocols. 

The bottom line is while there are many kinds of Bitcoin wallets, the primary advantage of Armory is that it features cold storage. And, while cryptocurrencies are a form of digital currencies, they are most often limited to online transactions. However, with the convenience of cold storage security, one may transact offline as well. And, this is a key salient feature. 

About CoinSwitch is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!