Do you want to upgrade your Bitcoin Wallet with Bitcoin Knots Wallet? – If yes, then you have come to the right place. Here, I will answer all your questions related to Bitcoin Knots Wallet & why you install it on your system.
Well before starting, I want to you know that Bitcoin Knots Wallet is an upgraded version of Bitcoin Core Wallet.
This article will guide you on why you should install the Bitcoin Knots wallet or not. What are the features, drawbacks, and alternatives to Bitcoinknots?
And lastly, the step-by-step method for the Bitcoin Knots installation setup on your computer.
So, let’s begin with what is Bitcoin Knots wallet.
What is Bitcoin Knots Wallet?
Bitcoin Knots Wallet is an addon and upgraded version for the Bitcoin Core Client, with additional Security features. It is an open-source bitcoin wallet project forked from the official bitcoin core’s Github repository.
The app is implemented with extra security features & is combined with the Bitcoin node. To give you full control over bitcoins & access to the Bitcoin Peer Network.
Now, let us know some of its features below.
Features of Bitcoin Knots Wallet.
The features of the Bitcoin Knots wallet are as follows.
- Complete Control over your Bitcoins.
- Access to the Bitcoin Peer Networks.
- Verify, Validate your transactions on the fly.
- Capable of downloading full Blockchain & manage efficiently.
- Provides a Simple Interface dashboard for Sending & Receiving Bitcoins.
- Built-in Backup options for safeguarding your wallet files.
- Tweaked & Expert Control settings for Advanced users.
- Lastly, you can pair it with your phone’s wallet for additional security.
Next, you can read some of its drawbacks.
Drawbacks of Bitcoin Knots Wallet.
The drawbacks of the Bitcoin Knots Wallet are listed below.
- Bitcoin Knots wallet is resource intensive.
- Requires full Blockchain Data to view updated balances.
- Some Features are not very well tested.
- Not so popular among the Bitcoin community.
Next, read whether you should use it or not.
Why should you use Bitcoin Knots Wallet? or Not?
First of all, you should know that Bitcoin Knots is an add-on for Bitcoin Core clients with some additional features. It has the same interface dashboard and features as Bitcoin Core.
Secondly, adding an extra layer of protection and keeping your Bitcoins safe is a challenge. But in the case of Bitcoin Knots, some features are not very well tested.
Thirdly, If you compare “Bitcoin Knots vs Bitcoin Core” – Then the “Bitcoin knots wallet” may show you the same options & settings as the Bitcoin Core Client. The upgraded features come pre-installed internally and the dashboard overview is almost the same.
Fourthly, Bitcoin Knots is like a modded version of the official Bitcoin Core Client. So, it may be vulnerable to attacks & may contain bugs.
Fifth, The most reputed & trusted website “Bitcoin.org” has listed Bitcoin Knots Wallet on their webpage. So, it means you can rely on it.
Now, considering all points above you can decide whether Bitcoin Knots is suitable for your work needs or not.
As a precaution, if you want to use a Bitcoin Knots Wallet then do test it out with a few Bitcoins before you trust any wallet that claims to give extra features & protection.
In the next section, you will learn How to install and set up Bitcoin Knots on your PC the right way.
How to Install Bitcoin Knots Wallet on your Computer?
To install Bitcoin Knots Wallet on your computer, follow the steps below.
- Go to the Bitcoin Knots website & download the Installer setup file for your system.
- Run the Installer setup file & proceed next with the default settings.
- Lastly, click on the finish button to run it for the first time.
You may notice that the dashboard interface is similar to the Bitcoin Core’s Dashboard. This is because Bitcoin Knots was built using the same open source files which Bitcoin Core Client software uses.
Now, let’s see how you can create a new wallet on Bitcoin Knots App.
How to Create a New Wallet on Bitcoin Knots?
To create a new wallet on the Bitcoin knots client, follow the steps below.
- From the Bitcoin knots dashboard, Click on the File menu > Create Wallet option.
- Type a Name for your Wallet & make sure to tick the encrypt wallet option.
- Type a strong PassPhrase twice & click ok.
- On the next screen, Click ok to confirm the wallet encryption.
If you have followed the above steps correctly, then you can see the wallet’s name on its dashboard.
Now that you know how to set up BitcoinKnots on your computer, Let’s find out an alternative Bitcoin wallet better than the Bitcoin Knots client.
Next read, best alternatives wallets to Bitcoin Knots.
Best Alternatives Wallets to Bitcoin Knots.
The Best Alternatives to Bitcoin Knots Wallet are listed below.
- Electrum Bitcoin Wallet – Lightweight, Fastest & offline BTC wallet, No Blockchain Download required.
- Bitcoin Core Client – Official Trusted Wallet, Requires full Blockchain download.
- Armory Bitcoin Wallet – Offline Wallet, Complicated for New Users, Relies on Bitcoin Core’s Blockchain data.
I recommended Electrum Bitcoin Wallet to all friends & colleagues. As it is lightweight, fast & so easy to manage. You too should give it a try once.
Lastly, coming to the end. Take a step further to read the Conclusion below.
In short, the Bitcoin Knots Wallet is a replica of the Bitcoin Core client with some additional security features & settings. It functions the same & supports Windows, Linux & macOS versions.
If you already have Bitcoin Core Client on your system, then there is no need to install BitcoinKnots. Also, make sure to note down the PassPhrase & Backup the Wallet files regularly.
I suggest you use Electrum Wallet for all your personal, and business work than the Bitcoin Knots wallet as it’s not so popular. If you still doubt the Bitcoin Knots wallet, then do try to use it in Virtual Sandbox.