The everywhere version is where you upload them to an account that you can access them from any computer. I don't trust them being out there on the net somewhere.
The Desktop version is the one I use and it stores it all on my system. I have the passwords directory set to my backup D: drive so I don't have to worry about saving them as they are not on the windows drive.
The best version to have, in my opinion is the desktop version. The portable version is nice if you are constantly accessing the net from different computers away from home, but I only access the net from home, so no biggie for me.
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