1st thing I learned is to hold on to my XP & win7 VMs -- tried monitoring this simple app in 10 Pro 64 [Insider build 14267], & it seems FAR from ideal... Before & after snapshots of the registry took longer, there were many more [mostly irrelevant] changes in the registry, & searching in Regedit either stalled, or took so long that I thought it stalled.
I've been looking for a win10 compatible replacement for an old GOTD, GiliSoft USB Stick Encryption, so I was interested & motivated to check out Privacy Drive. The GiliSoft app creates & opens a encrypted VHD [Virtual Hard Disk]. It opens the VHD when you start the app & enter the correct name & password, installing 32 or 64 bit drivers if needed at the same time, so I can use it on any PC [as long as it isn't running 10] without having to install the app there 1st. I can & do use Veracrypt instead with 10 [the new version of GiliSoft USB Stick Encryption is $40], but compared to the ease of double clicking one file it's a PITA. Veracrypt is undoubtedly more secure, but for what I use the GiliSoft app for it's overkill.
Unfortunately Privacy Drive isn't the replacement I've been searching for. For one thing, the only way to install its drivers is to install the app -- installing the drivers is part of the setup routine, with no .inf files etc. in the program's folder where both 32 & 64 bit driver versions are stored. Yes, the trick of installing the trial, then copying the GOTD version files on top if it seems to work, but that's not the more portable solution I'm after. That said, Privacy Drive is light weight, using only the program's folder along with a new folder added to Users\ [UserName]\ AppData\ Roaming\ , with only an uninstall key & a [HKCU]\ Software\ Cybertron\ key besides those entries for the driver. I didn't like that Privacy Drive has a service always running.
FWIW I use an encrypted VHD on a USB Stick mainly because it *may* be impossible to completely & securely delete a sensitive file on a USB stick -- if the USB stick breaks & I toss it out, hopefully the most that can ever be retrieved is fragments of the encrypted VHD file, which also hopefully won't do anyone any good. Perhaps the biggest weakness using an encrypted VHD, is that as long as the VHD is opened [decrypted] in Windows, it's just like any other drive/partition, with contents available & free for the taking. Forgetting or not realizing that is where some people get into trouble with ransomware -- the drive with their backup's attached to their PC/laptop, so the ransomeware encrypts that too. If you want whatever kept safe, keep it offline as much as possible.