If there’s anything you ask of your wallet or pouch, it is to keep your money safe and away from prying eyes. Apart from security and privacy, you would also expect the best ETH wallet to be easy to use. A few other utilities like being able to buy, sell, and exchange ETH for other cryptocurrencies like Bitcoin mining would predictably sweeten the deal.
This article will examine:
An ETH wallet is less of a wallet or purse and more of a bank account for virtual currency. It keeps your cryptocurrency secure. However, unlike a bank where your money is kept in a physical vault, the ETH wallet stores the keys you can use to access your ETH. Think of the keys in two levels: Public and private keys. With the public key, it acts as the address where users can send ether.
Your public key is akin to your account number or PayPal main email in use. On the other hand, your private key allows you access to your ETH. If you lose your private key, it is almost like losing your pin—you may have money in your account, but you can't access it. Loss of your private key will mean you can't access your ETH.The types of ETH wallets you'll find are online wallets, desktop wallets, mobile wallets,
On the other hand, your private key allows you access to your ETH. If you lose your private key, it is almost like losing your pin—you may have money in your account, but you can't access it. Loss of your private key will mean you can't access your ETH.The types of ETH wallets you'll find are online wallets, desktop wallets, mobile wallets, hardware wallets and paper wallets.
Online wallets such as Bitcoin wallet online are also known as exchanges. This is because some online wallets are hosted at exchanges. They are the simplest to use but offer the lowest level of security. Online wallets allow you to trade in ETH and store it in a single place.
Storing your cryptocurrency such as when you buy Bitcoin at an exchange is not a bad idea since many consider them safe. The contention is you aren’t in charge of the security of your ETH if the exchange is breached, you'll lose everything—all your Bitcoin trading will be a waste and you will lose out.
Rather than being hosted by exchange, a desktop wallet is an application stored on your computer.It shares some similarities with online wallets. Its peculiarity is that you keep your own private and public keys. Consequently, you are responsible for the safety of your ETH. To avoid loss protect your PC and choose the right passwords.
It is a slight variation of a desktop wallet, unique because it is adapted for mobile devices. You can download mobile wallet apps from your app store. They are usually available for Android, Windows, and iOS.Jaxx Wallet is a good example of a mobile wallet. Mobile wallets have different capabilities depending on the creators.
Hardware wallets like a secure Bitcoin wallet, you will hear being described as “cold storage”. They are usually packaged in USB sticks, smart cards, or to resemble external hard drives. They can be accessed via USB or QR code and vary in design and functionality, with some going as far as to sport miniature screens.
There is a belief that cold storage offers the best security. Some hardware wallets have advanced security measures programmed into them. Since a computer can be hacked and data were stolen, hardware wallets store your ETH keys offline.
A paper that has your keys is a paper wallet. The key can be a QR code or literal characters (letters or numerals).A deviation from paper wallets is metal wallets; your keys are stored on a solid metal sheet. To access your ETH, you need to enter the keys physically or scan the code.
It is a hardware wallet offering a high level of security for cryptocurrencies. It supports ETH, Bitcoin, Litecoins, Dogecoin, and dash. To use it you need to set a pin. It gives you a seed which will form your keys. Store the seed somewhere safe and secret as they provide access to your ETH.
It has a user-friendly interface; its app adds as an extension to Chrome browser. The Ledger Nano S can also use other installed wallets.Its features include sending and receiving of ETH as well as trading for other cryptocurrencies.
The Ledger Nano S costs $58, click here to buy. While it is not the most advanced or secure with the Cold Storage option, its features compete with other wallets at a fraction of the price.
It is an online wallet that you'll find easy to use. As you would expect you do not hold your private key, Coinbase does. Another key point of note is that it supports ETH but not Ethereum Classic. Coinbase has a mobile app as well, but it is not available to all countries.
While Coinbase is known for its efficient and reasonably secure service, it has irked many in the cryptocurrencies world. It has looked like a part the establishment, liaising with authorities to freeze some accounts.
Offers another simple user interface.You'll do okay in your transactions even if you're new to ETH. Another perk you will notice is that you can buy and sell ETH and Bitcoin. You can also convert your ETH to bitcoin and vice versa.
To buy or trade you can link your wallet to your bank account. You can also fund transactions straight from your credit card.CEX.io has robust security measures, but its main undoing is the high charge you'll pay for buying Bitcoin or ETH.
If you want a simple wallet, this should interest you. Its greatest plus is that it works both online and offline. It has a feature that lets you store ETH on an offline computer.MyEtherWallet allows you control over the safety of your ETH your data is not stored on the company's servers it is stored on your computer.
The best ETH wallet for you will depend on your knowledge and interests in cryptocurrencies other than ether. The safer and more expensive wallets make sense only when you are keeping massive amounts of ETH or other cryptocurrencies.
A look at the more secure ETH wallets shows that they integrate features of other wallets. For instance, the Ledger Nano S has an element of an online wallet yet it is a cold wallet.