Open Source
Cold Storage Support
You Need to Have Bitcoin Core Installed and Have the Whole Blockchain Downloaded in Order to Use Armory
You Need At Least 200GB Of Free Space on Your Hard Drive in Order to Use It
Hierarchal Deterministic (HD)
Private Key Ownership
Two-Factor Authentication
Only Available for Desktop
Armory Wallet Review: Features and How-to-Use Guide
Armory is one of the first Bitcoin wallets. Created back in 2012, this open source wallet offers a high level of security and it is a popular choice among the slightly more advanced cryptocurrency community. Prior to 2012 cold storage was a theoretical subject with very few real-world applications. In this review of Armory wallet you will see that it not only provides cold storage, but also multi-signature support.
01.Armory Features & Fees
Bear in mind, that using Armory requires the installation of Bitcoin Core and the full blockchain. Both representatives sync and work through each other. With this wallet, you have both security and ease of use on the same plate. The slick and intuitive interface gain users’ respect and makes this BTC desktop tool desired. In addition, the number of features outshine the other BTC clients. This includes multi-signature transactions, one-time printable backups, multiple wallets interface and more.
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Web Page Interface
Pros & Cons
In this section you will get familiar with the advantages and disadvantages of Armory wallet. Get to know the product and make an educated decision when choosing the tool for managing your Bitcoins. The explanations are short and straight to the point.
- Open SourceThis allows every user to be part of the software by analyzing, suggesting improvements and adding features
- Full NodeHigh level of security, always up to date with which block is in line
- Hierarchical Deterministic (HD)A tree of keys is generated automatically. You can reach it through a phrase. High anonymity and security levels
- Support DeskThe active community provides informed answers
- Single Factor Authentication (SFA) Lack of extra layer of protection
- Higher System Requirements You need Bitcoin Core and the full blockchain on your machine (minimum 200GB)
- Time for SynchronizationBTC network is huge and it takes time to fully sync before usage
Operating System Compatibility
In order your Armory wallet to work properly and be useful, download and install the BTC Core client and download the full blockchain through it. Both programs have several defined requirements. The compatible OSs are listed in the table. Furthermore, if the used hardware is weak, most of the time you will be dealing with issues. There is a way to avoid all that, just get at least 2 GB RAM and internet connection providing minimum 400 kbit/second.
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WindowsWindows
Windows 7 or later (64-bit only)
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LinuxLinux
Preferably Ubuntu 64-bit
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Mac OSMac OS
Mac X Yosemite 10 or later (64-bit only)
Is Armory Safe?
Security
In the world of crypto, security is a vital advantage for every wallet. The Armory wallet, as a Bitcoin representative, has a lot to offer in that direction. It leaves the possession of the key pairs to you and it encrypts that information for an extra layer of protection. It also keeps track of your coins even offline. Here are all the aspects regarding the security of Armory:
Watch-Only Support
Every offline stored BTC is tracked and you know what is going on.
Private Keys Encryption
You are the only one with a decrypting password.
Software Updates
Manually done just with few clicks.
Key Possession
This wallet leaves the full key control in your hands.
Privacy and Anonymity
Staying anonymous and executing transactions with privacy of the vital data is needed and looked for in a wallet. Armory can give you such protection and even make it easy to control and manipulate.
Hierarchal Deterministic (HD)
This BTC wallet has a private Type-2 deterministic format. It is based on a chain code and a root key. Those of you familiar with the old version know that backing up both was a must. Now, the chain code is extracted from the private key. This action can’t be reversed.
TOR Network Compatibility
This privacy feature helps with cloaking your ID as a sender. This way it will be almost impossible to trace the transaction back to you.
VPN Compatibility
The Virtual Private Network plays a role of encrypted tunnel in the network. Basically, every transaction is executed through several servers. Exit points are on different positions, which masks you IP effectively.
Coin Control
You can combine several transactions, pick which coins to use and where to send them. The end sum of BTC will be available just to a single Core address.
Is Armory the Wallet For You?
Download HereTransaction Fees
With Armory desktop wallet you have full control over the transaction fees. You can choose from an auto fee with a slider, based on how fast you want your transaction to go through or setting your fees manually. Your third option is to use Flat fee, which means you choose a standard fee that is used for every transaction from that point on.
Conclusion
As evident from this review, Armory is one of the safest and convenient Bitcoin wallets. It is flexible and user-oriented. Its cold storage option combined with key possession, encryption and TOR involvement helps a lot of crypto users sleep at night. It ensures your wealth’s safety and anonymity. With this wallet, the IP address you are using stays hidden from the rest of the network users and harmful intentions.
The Armory wallet has several disadvantages, like running in Beta. The CEO Alan Reiner quit the project in 2016 and left it to other developers. Its open source nature leads to constant updates. An alternative to the wallet is the Bitcoin Core wallet. It’s no brainer, because you have it in order to operate with your Armory desktop tool. It offers high-security services, it is easy to operate, and transactions are done through SegWit – faster and cheaper.
02.Armory Wallet Guide: How to Setup and Use
Now before we just to the part where you will see how to use Armory, let`s first get familiar with the installation procedures. The guide is simple and made step by step for faster interaction. There are also some features explained, the interface as well and possible issues you might run into during the process.
How to Install
Such desktop wallets require OS compatibility in order to installed and launched. Armory is a desktop wallet and can be used on MacOS, Windows and Linux. Here is what you have to do for each in order to install your tool:
Choose an Operating System
- Download the set up executable package to your PC
- Double click it and follow the installation wizard
- Download the setup archive package to your PC
- Unzip it at any directory
- Double click the program’s icon or run it in the terminal
- Download the package and run it on your system
- Find the file in the list of apps and start it from there
Interface Overview
Armory hosts fairly plain and simple interface. The standard menus for sending, receiving coins, as well as menus for properties, offline and multi-signature transactions are active and easy to reach. Don’t let the Offline and Multi-Sig transactions worry you. Even if you are not familiar with them, the wallet is very helpful in this approach. When you press either of the buttons, a window with step-by-step instructions will pop up. Next thing is following them and ending up with properly executed actions.
Create an Address
Creating an Armory address is the first thing required. Once you install the tool, it will as for the generation of a public key (an address). Everything is explained step-by-step and you shouldn’t have any difficulties. While doing that, name your wallet and write a description for it if necessary. This is a way to remember and personalize it plus making it hard to guess. Then, encrypt it with a passphrase and create a backup file. I will get to these parts later in the guide.
Send and Receive Assets
The sending procedure is really simple, easy to follow and fast. Just go to Send Bitcoins/Choose the wallet you want to use/go to the right side of the screen. There, write the address of the receiver, the amount you wish to send, any comments (in case there is something you want the receiver to read and get familiar with), on the bottom of the screen you can manually change the transaction fee and press send.
Receiving BTC in your Armory desktop wallet is made simple too. Go to Receive Bitcoins and copy your receiving address or let the sender of the coins scan your personal QR code. It contains all the information needed to process the data.
Hint: Before sending your funds, check the receiving address very carefully. Once send to a wrong or not existing address, they are irreversibly lost.
Backup and Restore
Backup
Install and safe the private key
Armory doesn’t support seed phrases. This means only one thing – once your private key is generated, make sure you keep it safe. This is the only way to restore the access to your Bitcoins.
Create a strong password and save it
Backing up such info is done in 3 different ways – create a digital backup file, print a paper backup file or simply export the private keys. No matter which one you choose, make sure you store it away from harm’s way.
Restore
Install and restore wallet from the seed
Armory does not support seed phrases. In order to restore it though, go to Wallets/Import or Restore wallet/pick the backup file you want to restore. Everything is explained via pop-ups, so don’t worry about it.
Restore by importing private keys
This procedure for restoring your Armory is fast and simple. Go to Wallet Properties/ Import/Sweep Private Keys and use the ones you want to import.
Specific Functions
One of the main features making Armory in the leading positions as a top ranked BTC wallet is the multi-signature addresses option. Before a transaction is broadcasted, you can request up to 7 wallets to all sign it. Next in line is the cold storage aspect of the wallet. Keeping your private keys offline is the best way of protecting your assets. This way you can also execute and sign a transaction from an offline computer, then broadcast to the BTC network in a jiffy. Don’t worry, the advanced Armory encryption makes is almost impossible to hack the cold storage, even when stolen.
Possible Issues and How to Avoid Them
The main hiccup that the users recall is related to the loading phase of Armory. The wallet doesn’t load immediately after being installed. This is due to the lack of full node Bitcoin Core copy. Another bump is correlated to the connection. The wallet can fail to do that on a later stage. This is caused by the Beta character of the tool. When such issue appears, go to Start menu/Armory Bitcoin Client/Armory (offline). This will load lighter version of Armory, skipping most of the operations. Once that is open, go to Help/Revert All Settings. This is a kind of factory wallet reset.
03.FAQ
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What is a multi-signature transaction?
They are a bit different from the normal transactions, where the only signature required to execute a transaction is yours – the owner associated with the BTC address. Bitcoin being the first crypto ever created supports a bit more complicated procedure. They require the signatures of multiple people before the funds can be transferred.
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How will I access my assets if Armory goes out of business?
First of all, in order this wallet to disappear, the internet must be completely wiped out. Furthermore, the algorithm for converting your paper backup to your signing keys is publicly available. This can be implemented to other applications, without the need of Armory. This wallets source code is all over the internet, which makes your assets always reachable with the proper set of keys.
04.About Armory
Armory project had received about $2,660 by 26 funders on crowdfunding site RocketHub back in 2012. This was completed for about 3 months. In 2016 the CEO Alan Reiner left the wallet company. Other developers took over the product. One of them, Farhod, has posted a follow-up statement indicating that the development of the open source Armory wallet will continue and will remain open. Crowd-funding is one of the major steps towards the future growth of the project. Constant improvements and implementations are spotted at the beginning of 2019.
Armory on Social Media
Armory team has not been active on social media channels for the past 3 years. Their only official social media account is their Twitter page. The last post there is from 2015. Nevertheless, if you want to ask any wallet related question, you can do so in the general BTC topics discussed in BitcoinTalk.