Armory wallet for bitcoin – April 2021 review
Armory is an open source bitcoin wallet providing cold storage and multi-signature support for the slightly more advanced cryptocurrency community.
If you’ve ever heard of cold storage, then you probably know a thing or two about Armory. Before the Armory wallet, cold storage was mostly a theoretical subject that had very few real-world applications.
The development of cold storage capability has made Armory an instant hit in the cryptocurrency community. High-end security features and an open source protocol have also made the wallet popular among developers.
What is Armory?
Armory is widely regarded as one of the most secure bitcoin wallets available. Through a combination of robust security features and a user-friendly interface, it’s designed to help individuals and businesses safeguard and manage their bitcoin tokens.
Amory allows you to set up multiple wallet addresses so that you can easily separate your personal bitcoin account from your business holdings. The function of sending bitcoin can also be password-protected, giving you an added layer of security.
If you’re really concerned about someone hacking your account, Armory provides cold storage support, which essentially allows you to store your private keys offline.
- Microsoft Windows, Apple Mac OSX, Linux Ubuntu and Raspberry Pi.
How much does it cost?
Armory is free to install and use. Sending bitcoin over the blockchain network is subject to a transaction fee, which is set by the network itself. As a general rule, the network discourages sending less than 0.01 BTC by requiring a fee.
Which currencies can I store?
Armory supports bitcoin only.
How do I add currency to my wallet?
After setting up your bitcoin wallet, you are now ready to receive the coins directly. You can do so by sharing your bitcoin address with customers, family, friends or anyone else with a bitcoin wallet.
How do I make or receive payments with Armory?
Adding and receiving bitcoins is straightforward with Armory. To receive payments, you must first have a bitcoin wallet. To send payments, you’ll need to have bitcoin in one of your wallets. The “Balance” column lets you know how much bitcoin is available.
To receive bitcoin, simply click “Receive Bitcoin” and select which wallet you want to use for the deposit. This wallet will now generate an address to receive the coins. This is the address you need to share with the sender to receive bitcoin. You can copy the address to a clipboard and send it via email or create a QR code that can be sent via text.
To send funds, simply click “Send Bitcoin” and select which wallet you want to send from. Paste the address into the recipient box and specify the amount. You are now ready to send funds.
You can also send bitcoin from your offline wallet by clicking “Offline Transactions,” followed by “Create New Offline Transactions.” You can also just select “Send Bitcoins” and select the watching-only/offline-only feature. The prompts will then take you through the steps.
How secure is Armory?
When it comes to security, few bitcoin wallets can compete with Armory. The wallet provides multi-signature support and decentralised lockboxes, which gives users full control over the creation and storage of cryptographic keys.
By enabling cold storage, the only way to lose your bitcoin is if someone physically stole your offline system, such as your offline computer. But even then, they’d have to penetrate Armory’s sophisticated wallet encryption, which the company says could take centuries to achieve.
Armory is also popular because it works with something called the Glacier Protocol, which is one of the most well-known cold storage systems for bitcoin.
Where can I get Armory?
The latest version of Armory can be downloaded directly from the company’s website.
Armory pros and cons
- Top-end security features, such as hierarchical deterministic (HD) and multi-signature support
- Cold storage support, allowing you to manage bitcoin without the Internet
- Established brand
- Open source
- Lack of two-factor authentication
- Depth of security features may put it out of reach for beginners
- No mobile support offered
To get started with the Amory bitcoin wallet, simply head over to their website and download the app. After downloading the wallet and creating an account, you should get up to speed with the platform’s advanced security features and learn about all your options.
Because Armory is so committed to security, it has developed a 5-minute video that shows you how to verify your download. If you’re downloading Armory for the first time, the video will show you how the secure downloader will make sure you are running a version of the wallet that hasn’t been tampered with.
Frequently asked questions
Image source: Armory Wallet