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In our daily life, you should have money firstly before buying a wallet. But in the crypto world, or “cryptocurrency era”, you should create a wallet in advance to store the cryptocurrencies that you invested. Various kinds of crypto wallets out there in the market. Because most ICO tokens/altcoins are issued on Ethereum blockchain, investors tend to buy ethereum and have ethereum wallet which is compatible with ERC20 tokens. That is one of the reasons why ethereum/ether wallet is so popular among crypto investors.
What is Ethereum Wallet?
Essentially, ethereum wallet is a piece of software helping you hold and secure ether as well as other altcoins built on Ethereum blockchain. Similar to a bank card, an ETH wallet consists of a public key and a private key. Public key also known as the public address of the ethereum wallet, which is a line of randomly generated strings including numbers and case-sensitive letters, allowing people to transfer tokens into the wallet, while private key is the password, which is used to secured the wallet ans assess to the token spending.
Note: You should secure your private key and keep it a secret, or you will loss your crypto assets.
Five Types of Ethereum Wallets
In general, there are five types of Ethereum wallets, including ethereum paper wallet, ether mobile wallet, eth desktop wallet, web wallet and hardware wallet.
Ethereum paper wallet, also called physical wallet, is a piece of paper with a QR code, both private and public keys that being printed out onto the paper. Since it's an offline wallet, it's also considered as the most secure way to keep ETH or other cryptocurrencies safe from malware, cyber-attack ,etc.
Ether mobile wallet enables you to send or receive ethereum and more directly on your Android or iOS devices on the go as long as you have cellular or Wi-Fi connection. This kind of ethereum wallet is less secure and also easier to be hacked.
Eth desktop wallet is a piece of software that you can download and run on your computer or laptop, which is compatible with Windows, macOS and Linux. It allows you to either download the entire Ethereum blockchain or a light client in the computer. Light client relies on miners or nodes to send them accurate information about the current state of the network.
Web wallet is an ethereum wallet online, which powered with cloud storage allowing you to access your cryptocurrencies anywhere anytime. Equipped with cloud technology, it often runs faster than other kinds of wallets. However, it stores private keys online in a 3rd-party server which may be more likely to be hacked.
Hardware wallet, known as cold wallet as well, is portable hard disk/flash disk. You should plug it into the computer to generate keys and make cryptocurrencies transactions. In addition, you can also set password to encrypt it.
Best Ethereum Wallets
To choose an ethereum wallet, here are some tips for you.
1. If you want to store the Ethereum ERC20 tokens, you should choose those compatible with it. These wallets are verified to support ERC20 tokens, MyEtherWallet, MetaMask, Mist, Parity and imToken.
2. Dig into the development community of the wallet. For example, whether they are working on and enhancing the wallet regularly.
3. Check the security technologies that built-in the wallet, such as multi-signature encryption technology.
4. See what kind of device or os system is compatible with the wallet, Android, iOS, Windows, macOS or Linux.
Now you can choose the best ethereum wallet that meets you need, start investing in ETH and store the ether you hold in it.