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When you click on a .html file, the browser that opens it is the one that has registered the .html extension.
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When you open a http:// link (e.g. by typing it into the “Start->Run” box), the browser that opens is the one that has registered the HTTP protocol (although it’s usually the same browser in both cases).
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Whatever is displayed in Start Menu is not related to this.
HKEY_CURRENT_USER\Software\Classes\http\shell\open\command\(Default)
is the current user’s handler for the HTTP protocol (which means “default browser”; NOTE: this is NOT the same thing as the .html
default handler!).
However, it is possible to have a different browser at the top of Start Menu without changing the default. FYI, the browser executable name in Start menu is stored in HKEY_CURRENT_USER\Software\Clients\StartMenuInternet\(Default)
.