Are you looking for best Ethereum wallets? If yes, then you are in the perfect place. Today here at blockchainBiome we are going to share some of the best wallets for Ethereum with you.
Ethereum is a cryptocurrency that has been on the rise since its inception. It is one of the highest valued currencies in the market and is a great investment to make. The potential is enormous.
There are several wallets for storing Ethereum. If you are wondering which wallet to use for Ethereum, you are in the right place.
Here at BlockchainBiome, we discuss the need for cryptocurrency wallets, the cryptocurrency wallets that are available for Ethereum, the best Ethereum wallets available, their features and everything you will need to know about Ethereum wallets.
This comprehensive guide will answer all your questions about Ethereum wallets.
A Bit About Ethereum
Ethereum is one of the hottest cryptocurrencies in the market. It is currently the second highest valued cryptocurrency in the market, behind Bitcoin. There are plenty of wallets available for storing Ethereum.
Ethereum was built around the principles of decentralization, simplicity, and universality. The focus with Ethereum has always been to provide a protocol that enables the creation of decentralized applications. It is also built in such a way that any needless complexity is excluded from its design. Everything is kept simple. Ethereum also provides a foundation for programmers to create and develop smart contracts and decentralized applications. It is universal and can be used as the backbone for creating several applications in various fields.
Info: How to buy Ethereum with PayPal – Step By Step Guide
Ethereum runs on the gas model. Every transaction or action requires a certain amount of gas. If the gas runs out during the execution of the transaction, the transaction is rolled back to a point in time before the execution of the transaction began.
Recently Bull issues stark Ethereum warning, you can read the full story here.
Miners in the Ethereum chain are paid with a certain amount of gas for validating the transactions in the network. The miner, in turn, would need to download and verify a transaction in order for it to get published.
There is no question over the potential that Ethereum possesses. Smart contracts are built on top of Ethereum and these have several uses in today’s world. The value of the Ethereum currency has always been high when compared to most cryptocurrencies in the market.
As of 23rd June 2019, Ethereum has the following value:
|Ethereum Market Value (ETH)||$302.48 USD|
|Ethereum Market Cap||$32,460,908,110 USD|
|Ethereum Circulating Supply||106,598,487 ETH|
Ethereum is easily one of the most investible cryptocurrencies in the market. Therefore, it is necessary to find the best Ethereum wallets. Continue reading to learn more about wallets and the different wallets available for Ethereum.
Why use cryptocurrency wallets?
Cryptocurrency wallets are imperative to ensure your cryptocurrency is safe. Unlike traditional wallets, cryptocurrency wallets do not store your cryptocurrency. Rather, they store private and public keys. Not only do they secure your cryptocurrency but also enable transactions to take place.
A crypto wallet is a software program or a hardware device that stores private and public keys, enables transactions of cryptocurrencies over the blockchain network, and monitors the balance in your account.
Private keys function similar to access codes and bank PINs that enable users to access the funds in their account. Private keys are what you would need to access your wallet and check your balance.
On the other hand, the public key is the address to which you would send the currency. The public key can be shared. This is the key used for transacting.
Private keys should be saved carefully. Losing your private key could result in loss of access and control to your wallet.
Protecting your Private Keys
- Private keys cannot be recovered once lost. It is imperative to store them very securely.
- These keys must be constantly backed up. This can be done by writing it down on a piece of paper and storing it securely, or, by storing it on a USB drive.
- Hardware wallets like Ledger Nano S can be used to store these keys. These wallets provide additional security.
- Do not share your private keys with anyone. Store the keys out of reach from anyone malicious.
- Try not to save private keys on the cloud or on any online platform. These platforms can be compromised, and keys can be lost.
Types of Ethereum Wallets
There are three different kinds of wallets:
- Desktop wallets
- Online wallets
- Hardware wallets
Desktop wallets are software that is stored and run on the desktop. A desktop wallet needs to be downloaded onto the desktop. These wallets are fairly secure. However, a desktop wallet is a single point of failure. If the software is lost, everything in the wallet is lost.
Online wallets exist in the cloud. Information is generally stored on the servers. An internet connection is required to access the wallet. However, these wallets do pose security risks. These are owned by third parties and are susceptible to attacks.
Hardware wallets store all the keys on a hardware device. These wallets are not susceptible to online attacks as they are completely offline. These hardware wallets are generally devices such as USB. There is the option to interface these wallets to the web. These cannot be hacked since they are offline.
What are the Best Ethereum Wallets for Desktop?
Ledger Nano S
Ledger Nano S is the preferred as best Ethereum wallets for desktop for most cryptocurrency. It is also the most popular hardware wallet. Ledger is a company that started off in alliance with Bitcoin for building hardware for Bitcoin. The Ledger Nano S is a physical entity and is priced at $59.
Using the Ledger Nano S:
- First, plug the Ledger Nano S to the computer using a micro USB cable. This will turn the Ledger Nano S on. This micro USB cable comes with the Ledger Nano S when you buy it.
- The next step is to create a 4-digit pin that would be used to access the wallet subsequently. To set the PIN, select each digit one by one. After choosing each digit, press both buttons on the Ledger Nano S to confirm the digit.
- Next, you will obtain a 24-word recovery phrase on the screen. The words appear one at a time. You will have to write this number down.
- The Ledger Nano S will then ask for any two words from the phrase. Make sure you have written them down correctly.
- The Ledger Manager application is used to manage the hardware wallet. Download this on the computer from which you choose to access the wallet.
Apart from Ethereum, Ledger Nano S supports storing Bitcoin, Ripple, Litecoin, Dash, etc. To complete transactions using the Ledger Nano S, you will have to press down on both the buttons present on the device simultaneously.
The Ledger Nano S is an excellent wallet and is worth the investment. Use this for Ethereum if you are willing to spend some money on making sure your cryptocurrency is secure.
Best Ethereum Wallets Online
Info: Etherscan Review – Ethereum Block Explorer
MyEtherWallet is the most popular online wallet for Ethereum. MyEtherWallet provides a public key for sending and receiving Ethereum and a private key for accessing the wallet.
MyEtherWallet does not store any information from the user. It does not charge any transaction fee or commission for any transaction carried out. It is a highly secure wallet that is largely trusted in the cryptocurrency community.
MyEtherWallet also interfaces to a hardware wallet like Ledger Nano S. It can store most ERC20 compliant currencies. It performs well and is a highly suggested wallet for Ethereum.
Creating a MyEtherWallet wallet
- Go to https://www.myetherwallet.com/
- Set a password for your wallet. This password is important, but, this password alone will not grant you access to the currency in your wallet. However, this password does encrypt the private key.
- Choose the ‘Create New Wallet’ button to start the process of creating the wallet.
- Next, you will get to download the private key for your wallet. Do not lose this password. Save it securely. It is advisable to save it to a USB or print it out. The downloaded file will be a Keystore file. To access the private key in this file, you will have to decrypt it with the password you chose.
- Read through the warnings, terms, and conditions on MyEtherWallet and select ‘I Understand. Continue’.
- Furthermore, you can bookmark the page obtained after entering your address on https://etherscan.io/. Doing so enables you to view your wallet balance easily.
Accessing and sending tokens from the wallet
- Navigate to the Send page.
- Choose your keystore file. You will then see a text box asking you to enter a password. Use the password you chose, to decrypt the private key.
- Select the ‘Unlock Wallet’ option.
- Once done, you will have successfully unlocked the wallet. All information can be accessed then.
- Next, to the colorful circular icon on the wallet, you will find the public address of your wallet. This is the address that you give out. This is the address to which you can send yourself Ethereum, or, have others send you Ethereum.
- To send Ethereum from your MyEtherWallet, look for the ‘To Address:’ field and enter the recipient address.
- Select ‘Ethereum’. If it is not listed, choose ‘Add Custom Token’ and enter ‘Ethereum’ to be able to send Ethereum.
- Finally, enter the amount that you wish to send.
- You can send the entire balance in your wallet to the recipient. To do so, choose ‘Send Enter Balance’.
- Next, select ‘Generate Transaction’. This will generate the transaction on the browser.
- Select the ‘Send Transaction’ button to send the transaction through.
- Carefully check all the details of the transactions and click on ‘Yes, I am sure! Make the transaction’ button.
- The TX ID will then be visible. Use this ID to view the transaction on the blockchain.
Receiving tokens on MyEtherWallet
To receive tokens with this wallet, all you would need to do is provide your public address to the sender. With your public address, the sender can send you tokens through any exchange platform or wallet.
Best Ethereum Wallets for Desktop
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MetaMask is a browser-based wallet for Ethereum. If you are familiar with the development of decentralized applications on Ethereum, chances are, you are aware of MetaMask.
MetaMask has a great user interface. There are two networks available. One is the test network where you can test your decentralized application and the other is the main Ethereum network.
The wallet is easy to use. Similar to MyEtherWallet, a password is used to decrypt the private keys on MetaMask.
Downloading MetaMask and using it:
- The first step is to download the browser extension. Visit https://metamask.io or search for the MetaMask extension to download it.
- If you are using the Chrome browser, choose the ‘Chrome’ option on the MetaMask website. Click on ‘Add to Chrome’. Next step is to click on ‘Add Extension’.
- The extension will be visible on the top right corner of your browser. Click on the icon to open MetaMask.
- You will then have to create an account. Choose a strong password and save it securely.
- Once the password is chosen, click on ‘Next’ and agree to the terms.
- You will then see a 12-word phrase. Store this phrase and confirm the phrase in the next step to verify your account. Click on ‘Confirm’ once done.
- Click on ‘View Account’ to see your public address. You can also monitor your cryptocurrencies in this section.
Exodus is one of the best Ethereum wallets that can be used to store over 100 different types of cryptocurrency. It has a pleasant user interface and is a very popular desktop wallet.
Additionally, Exodus has ShapeShift built into it. ShapeShift is a trading platform that allows you to exchange cryptocurrency. This feature makes Exodus an excellent choice for an Ethereum wallet.
Exodus can be interfaced with smart contracts and email is not mandatory. The wallet is highly secure and provides certain analytics as well.
Info: GateHub Review 2019 – Is it worth trying?
Jaxx is one of the best wallets for Ethereum that stores your key on an application on your phone. Jaxx allows the user to trade and manage over 80 cryptocurrencies.
It is convenient since it is available on a mobile phone. The application can be downloaded from the Play Store on Android or the App Store on iOS.
Wrapping up Best Ethereum Wallets
Ethereum is a very promising cryptocurrency. Best Ethereum wallets are needed to store your private keys securely. There are different kinds of wallets available. The above guide covers the various options available to store Ethereum and how to use some of these popular wallets.
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If you have any questions regarding best Ethereum wallets then do comment below, we’ll try to help as soon as possible.
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