How to Choose Ethereum Wallet

An Overview on Ethereum Cryptocurrency

If you are used to the concept of cryptocurrency and if you are using one of the many available, in this case, Ethereum, then we have something in store for you which might strike your interest. Have you ever thought of transferring or storing your ethereums? If you are interested in this concept, then this is the place you should probably be in. but, firstly, what do you mean by ethers? Obviously, if you are using Ethereum, you will be aware of that, but still; it is the currency of Ethereum. Now, to transfer or store your ethereums, you need a certain aid to do it. This aid is provided by the Ethereum wallets. So, now let us get into the entire concept of Ethereum concept and how you can choose one for your need.

What is An Ethereum Wallet?

Basically, Ethereum wallet is an aid provider who can help you in transferring your ethers or to hold and store your ethers. These wallets of Ethereum are based on a specific software working for you or any other working principal used by a hardware or other sources. About security, are these wallets safe and secure? Definitely they are! These wallets come with something called a private key, which acts as a security whenever you are transferring Ethereums from one terminal to another terminal.

After having a brief idea about what Ethereum wallets are, how to choose an Ethereum wallet? Now, to choose one wallet, you have the option of four different types of wallet which are available having certain functionality. This is the choice you have to make, which type you want to go for.

Further, which wallet to use, under a specific type, that will be mentioned, though, it is not compulsory that you have to use that wallet. These wallets are just only recommendations and no kind of promotional content in any way to the developers of the wallets. You do have the choice to choose any other wallet of a specific type.
These four different types of wallets which are available for your use are:

  • Online wallet
  • Paper wallet
  • Hardware wallet
  • Software wallet

Online Wallet for Ethereum

Online wallets for Ethereum come in basically two big forms. One is the extensions for your internet browser (irrespective of which internet browser you are using) and the other is websites which will help you in serving as online wallets for Ethereum. Now, we all know, through times, how secure online methods have become, thereby, leading you to no kind of doubts regarding security issues.

You can also read the security policies of the online wallets before using them. One of the most renowned online wallets is “Coinbase”. Please note that yes, coinbase initially was known for bitcoins but now it also supports Ethereum, thus leading you to no problems. It has a very easy and user friendly interface but do remember, since it is an online wallet, it doesn’t serve to become an independent wallet.

Paper Wallet for Ethereum

Highly known as one of the most secure wallets for cryptocurrency use, paper wallets are the ones which are seriously highly recommended for people to use. Amongst the paper wallets available, “MyEtherWallet” serves to be an amazing paper wallet, working on the principal of Javascript encryption, thereby, securing your funds transfers to a higher level.

Also, the use of private keys also plays a very important role in the security system of paper wallets for Ethereum. Another factor where MyEtherWallet excels is the part where is asks for no kind of any information, which are personal to a user.

Thus, high levels of security along with a promising user interface and no absorption of personal data, this paper wallet really pull off a great deal. About the storage of paper wallets, yes, the ones offering extensions may have online storage data in the form of clouds, but, others use offline storage thus giving the user all access to security and to keep an eye on everything that is happening inside the paper wallet.

Hardware Wallet for Ethereum

Another step to high level security systems are the hardware wallets for Ethereum. It is just like any other wallet for Ethereum, but one point where it catches the limelight is the part of the security. This is one type of wallets for Ethereum, which, if finds any kind of bugs in the security section, will immediately shut down and keep all your data safe to you. This has also happened with many hardware wallets before.

Thus, one point where they actually keep up to the spirit of using Ethereum wallets compared to other types of Ethereum wallets is the security policies. One of the best hardware wallets available for Ethereum is the Ledger Blue. It uses a cold storage to store all your data and also requires a pin in order to access the wallet. So, security is definitely of prior importance for hardware wallets for Ethereum and so is looked upon to by Ledger Blue.

Software Wallet for Ethereum

Software wallets for Ethereum are same as any other software which we keep using in our daily life in our personal computer and smart phones. Thus, there is basically no need of a special introduction to “software” wallets. It’s just that, these are certain software or applications developed by the corresponding developers to serve as an Ethereum wallet and is widely used as an offline process.

Thus, you need to download these applications or software wallets for Ethereum and then use it online or offline. Amongst the available wallets of this kind, “Jaxx” plays a major role, the only part being, it is not an independent wallet. It can be used with Microsoft or Mac Personal computers and Android or iOS based smart phones and other electronic devices.

Hopefully, this entire information was useful to you and now you can sit, calmly think and decide which kind of Ethereum wallet you need for yourself. Then, you can further decide which specific wallet you need of a specific kind. Obviously, you can use the internet to have a greater scope of the specific categorised wallet available for Ethereum.