Have you just acquired ethers and are you looking to place them safely in a safe and secure location? You’re right, because you probably know that Ethereum (ETH) is the 2e cryptocurrency market capitalization the most important to the world behind Bitcoin (BTC), making it a popular digital currency for investors. It is then a question of choosing a wallet where you can store and keep preciously your ethers as well as other cryptocurrencies.
What is a cryptocurrency wallet like Ethereum?
In order to concretely visualize what an Ethereum wallet (ETH) is, it will first be necessary to understand precisely what a cryptocurrency wallet is, what it is for and why it should be used.
Definition of a wallet
The wallet, portfolio in French, is a storage system in the field of cryptocurrencies which allows its holder to place digital assets supposedly secure. Far from looking “physically” like the traditional wallet that we all know, it is available here under several forms as well as under different names.
But don’t get me wrong, its purpose is simple: keep your assets warm and protect them from any possible danger. Discover the different types of wallets that you can use to store your ethers.
The advantages of using a wallet
Once your cryptocurrency in your pocket, don’t just leave it “in your pocket”. Place it judiciously in a portfolio in order toavoid losing it on a insecure online platform, or to make you fly it through a hack. It’s exactly the same principle as for traditional currencies: you put your bank card or your cash in a wallet.
This method applies to Ethers (ETH) but, having a digital form, they will have to be stored digitally. It’s up to you, once your cryptocurrency has been acquired, whether you want to use a wallet or not, knowing that we recommend it. Here are, among others, the advantages of using a wallet to place your Ethers (ETH):
- Reinforced and consistent security : It will be difficult for a hacker to hack large amounts of cryptocurrency or to obtain passwords and keys;
- Using an ETH wallet, you have complete control over your money ;
- Often, using a wallet will helpisolate his computer and his money Internet, which can easily be reached by malware, phishing, ransomware …;
- The price of some portfolios is more or less affordable : we can find good ones for less than 100 €.
The different types of wallets
With a large and varied panel of portfolios wallet, websites and other independent brands offer products or services to store your ever more innovative and easy to access Ethers (ETH). You would have understood it, keeping cryptocurrency safe is not an option, but a duty, whether you have large or small amounts.
The method of selecting your wallet
It will be a question of choosing carefully the ETH portfolio which will suit you best, in particular by answering questions such as:
- Do I want to store my Ethers (ETH) short or long term?
- Do I want to have access to it anywhere and whenever I want or only in a specific place?
- What are its price and level of security?
- What do users think?
Discover below the different types of existing wallets, specially designed for cryptocurrency.
Hardware wallet, or cold wallet
Effective because completely disconnected from the network, the wallet acts as “?cold room? ” for investments of large amounts of long-term cryptocurrency. Yes you don’t use your Ethers (ETH) everyday for example, or have invested in the hope of being able to derive some added value in a few years, the hardware wallet can be a good option.
Often presented in the form of a key (USB), this wallet is considered one of the most secure, becauseit completely isolates the information (and therefore your cryptocurrency) present on it when it is no longer connected to an Internet network. It is accessed only through a password, that it’s essential not to lose.
You access it via your web browser. Also called ” web portfolios », They generally propose to leave the cryptocurrency directly on the trading site where exchanges and purchases normally take place. Security is not guaranteed, while his use is not recommended.
Software wallet or desktop wallet
Also called ” hot wallet “, As opposed to the cold wallet, it is about portfolios partially connected to the Internet. In reality, the desktop wallet is a software to download locally on your computer or laptop, which can accommodate a fairly large size of cryptocurrency. More secure than an online wallet, we will however pay attention to use a unaffected computer by any virus.
It is a paper wallet. On this simple sheet of paper you will find a public key in order to receive funds as well as a private key to get there. This leaf is not to be lostbecause it would be like losing your cryptocurrency. More convenient for storing large amounts in the long term, some even put it in their bank vault to avoid the risk of loss.
The 3 best wallets for Ethereum (ETH)
Ledger Nano S
Definitely established in the cryptocurrency landscape, the Ledger wallet offers a significant storage of the latter. Specially designed to support several digital currencies, the Ledger Nano S stands out among others wallets available on the market thanks to its ease of use and at the highly enhanced security that he offers. The Ledger is a hardware portfolio that comes in the form of a USB key : you can handle it and take it anywhere.
Ideal for storing your ethers (ETH), but also any other type of cryptocurrency, it is particularly optimized for long-term investment and not for a weekly transaction frequency, for example. At the cutting edge of technology, we find investors’ flagship product at the price of € 59. Paying, of course, but more secure than any other wallet, you must choose an 8 character password to use it. In case you forget your password, you will need to use a 24-word private key in order to reset the device. This private key must be kept in a safe place and only you must know it.
The Ledger Nano S works with a application : the Ledger Live. The latter allows to:
- Follow the progress of the procedures you have initiated;
- Manage your cryptocurrency anywhere and anytime;
- Supply the device by depositing the cryptocurrency, as well as withdrawing and extracting it.
Easy to use, the key has a mini-screen with controls that will be used to enter and save your pin code, your 24-word key and choose the different functions or operations you want to perform.
It is an open source online platform entirely dedicated to Ethereum transactions. Very easy to use thanks to an interface optimized to the maximum, free wallet offers the user a direct interaction with the Ethereum blockchain, allowing him to create his own ethereum account and therefore his wallet, in order to be able to:
- To send ;
- To receive ;
- Store its Ethers (ETH).
This is a normal, even basic, portfolio. However, his specialization in Ethereum data protection makes it particularly attractive and secure enough to place its corners. Not all cryptocurrencies are accepted, only those compatible with the Ethereum protocol:
- The Ethereum;
- The Ethereum Classic;
- The tokens ERC20.
Security level, recent interface MyEtherWallet learned from past mistakes and was therefore optimized so that everyone avoids using their private key as much as possible, since users have too often been victims of scams. MyEtherWallet is therefore a wallet accessible online, but it also supports certain other types of wallets such as:
- Ledger Nano S;
These combinations with some hardware wallets give him a additional level of security.
Exodus is a desktop wallet, that is to say a software portfolio to install directly on his computer and only on his computer. Ease of use and informative interface make Exodus a recommendable wallet for beginners and anyone learning about Ethereum storage (ETH) in relatively well-secured security.
The software is not not fully open source, its users cannot therefore have full access to the code. However, unlike an open source platform, your private key will be stored directly on your computer and not kept on the web.
What should you remember about choosing a wallet for Ethereum (ETH)?
Having a wallet to secure your Ethers (ETH), like any other cryptocurrency is not an option, but is essential. Sending, receiving and storing your ETH using a suitable wallet is essential if you wish avoid any risk of hack or loss. With regard to Ethereum (ETH), 2e The world’s largest market capitalization cryptocurrency, it goes without saying that it should be stored in a safe place when not in use. Besides, the choice of wallets made available to users and investors for this digital currency is wide and varied :
- Online wallets (hot wallets);
- Software portfolios (desktop wallets);
- Hardware portfolios (cold wallets)…
You have the choice, of course, but be sure to learn about the characteristics of each wallet in order to make your own opinion (price, functionality, security, reputation, etc.). The Ledger Nano S is, in our view, the most efficient wallet and most full to secure your Ethers (ETH) in 2019. If the price barrier bothers you, good software portfolios that are free to use are available to you like Exodus or Jaxx. However, pay attention to the possible costs incurred during transactions made through them.
In addition, regarding your wallet material or your paper wallet, do not forget that there are risks that are not obvious, but very present as with the Ledger Nano S:
- Damage if the key burns out, etc.
By choosing a good wallet and protecting it correctly, it’s your currency that you protect. You now know what a wallet and which ones are recommended in priority by The Coin Tribune to place your Ethers (ETH). Remember to gather as much information as possible before undertaking any wallet purchase or download operation, as well as to check whether the portfolios you are viewing are suitable for receiving Ethereum (ETH). Ultimately, if you have Ethers (ETH), do not hesitate to place them securely through a wallet wallet adapted. It’s a investment who will turn out useful for sure, because since cryptocurrencies in general are starting to find a place among the means of payment, your Ethers could be in danger with an unsuitable wallet.