Treats an encrypted file as a virtual disk, can also encrypt a partition or drive.
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This project is free and users are encouraged to donate something to keep the project going.
Pro On-the-fly encryption
Veracrypt is an on-the-fly encryption tool. Meaning that it decrypts files only when they are needed and that the files are otherwise kept encrypted the rest of the time.
Pro Several encryption cyphers supported
Supports AES, TwoFish and Serpent encryption cyphers.
Pro Regular updates
Veracrypt is in active development with constant and regular updates and several external audits in the planning stages.
Veracrypt is supported on MacOS, Linux and Windows.
Pro Open source code
The source code is open to review. It has already had a security audit and it did well, with small problems fixed by authors within days of being reported. Its predecessor source, Truecrypt, had a detailed audit that found its capabilities sound, completed (ironically) shortly before the TC folks decided to call it quits. Anyone skeptical or curious about what it does can see how it works, at the gut level.
Pro Built on top of TrueCrypt
Pro Support for AES code in CPU
Most Intel and AMD (and possibly other) CPUs have AES specific instruction sets, so you needn't task the CPU during the en/de/crypt process when using AES, VC throughput is as if the code were in 'firmware'; you can see the effect if you choose anything but AES as your cipher.
Pro Easy to use
It's easy to understand and use.
Con Can't create volumes on the Mac.
The password used to create the volume doesn't open the volume one minute later. VeraCrypt 1.21/FUSE 3.82/macOS 10.12.6. Recreated on 3 Macs now. Unusable.
Con Not plug and play
Requires some tech savvy, so some skill is required, particularly if things go wrong. In the Windows world different UEFI implementations can cause problems in one, not in others, and the solutions are not uniform between issues. For Bitlocker, Microsoft worked out issues with vendors before hand, so if Windows installs and works without bitlocker, it will likely work with it.
Con The UI is not compliant with the Mac
This program does not use Mac UI standards. Nevertheless, it is acceptable.