Do you know that Ethereum holds the second largest market capital among cryptocurrencies after Bitcoin? It seems quite a promising platform with potential for scalability, reliability, and growth.
The Ethereum cryptocurrency token ETH is well known and numerous people across the globe trade it daily. Ethereum wallets are used to keep the cryptocurrencies well secured. The wallet allows you to keep your ETH tokens safely.
In December 2015, a single Bitcoin was worth around $440, and we saw it rising in value by July 2017 to $2600. By November the very same year, its value was $9,482. But currently, Bitcoin value has declined to US$ 3,663.19.
For beginners, it is crucial to remember the price of a single Ethereum is quite volatile. It can quickly go on to lose 25% of its value in just one day. The most recent example being that only 150 days ago, Ether was a bit under $100 however; now its current value is $117.84.
For those of you, who have yet not used this wallet, it’s time for you to give it a try. Ethereum is evolving the market share rapidly. However, before that, some insight about Ethereum, keep reading to get a clear idea.
What is Ethereum?
According to ethereum.org, “Ethereum is a decentralized platform. It runs on the program without any possibility of downtime, censorship, fraud or third-party interference.”
These applications run on a custom built blockchain, which is a compelling shared global infrastructure. This will allow you to move particular ‘value’ around, and at the same time, represent the ownership of the property.
The application enables the developers to:
- Create markets
- Store registries of debts or promises
- Move funds as per the instructions and
- Many such things, which earlier was not possible without the involvement of a middleman
This particular project is developed by the Ethereum Foundation, a Swiss non – profit organization.
What is Ethereum Wallet?
The Ethereum Wallet allows you to decentralize applications on the Ethereum blockchain. It helps you to securely hold on to ether and other crypto assets that have been built on Ethereum. It also allows you to write, deploy and use smart contracts.
To use the Ethereum Wallet, you would require a fuel that is ‘Ether.’ It is a form in which payment is conducted by the clients of the platform to the machines that are executing the operations requested.
The Top 5 Ethereum Wallets To Start Trading Safely
Now that you have an idea about Ethereum let’s find out the best Ethereum Wallets that will allow you to store your cryptocurrency tokens safely.
Wallet Type: Hardware
Trezor is the first ever cryptocurrencies hardware wallet, and it started with support for Bitcoin, but now it supports Ethereum too.
It is simple and easy to use, which is the reason for it popular among the masses. It is also, light and portable, and comes with an OLED display, which allows you to check your balance, and also verify any transactions before it takes place. It also comes with a web interface.
However, there is a small disadvantage of using Trezor, which is there is no way in which you will be able to change the fee. Other wallet allows you to change the fee, i.e., increase or decrease the value as desired. There have been reports on Reddit about people having to pay 20 cents for a transaction while using Trezor.
2. Ledger Nano S
Wallet Type: Hardware
Ledger Nano S is also a hardware wallet quite similar to Trezor. This multi-currency wallet allows you to store your Ethereum offline safely. It does not require to be connected to the internet while receiving any transaction.
It will sync the transaction, and new data, once it connected. The Nano S can store both ETH, ETC cryptocurrencies. It is highly secure and comes with an OLED screen, making it easier for you to use it, for receiving or sending any transaction.
A particular disadvantage that Ledger Nano S has is that it does not come with an advanced recovery and also it comes with no passphrase support.
Wallet Type: Web
MyEtherWallet is the safest web wallet for Ethereum, and it is best for those who prefer using web wallets.
The reason that it is called the most reliable web wallet is that unlike the other available web wallets, which stores your key on their server or the third party servers.
MyEtherWallet allows you to save your private key on your device itself, hence making it more safe and secure.
This is also perfect for all those who use hardware wallet such as Trezo or Ledger Nano S wallets, as it goes on to allow you to access your hardware wallet funds from the web.
The best part about it is that there is no involvement of third-party servers while using the wallet. It allows you to create smart contracts.
It also ensures user privacy; hence, you do not need to register, ensuring that your personal information remains safe and secure.
Wallet Type: Desktop
Mist is the official wallet from Ethereum. It is an entirely secure platform that can be located on your PC, and the best part is that the private keys remain with only you.
However, it is essential for you to remember the security password that you create during the setup, as this is the only way you can ever log into your wallet.
Additionally, Mist also allows you to trade other cryptocurrencies with the help of Shapeshift. Setting up and using this wallet is easy, and it runs on Linux, Mac and Windows platforms.
Wallet Type: Paper
Paper Wallet is basic but it is highly safe and secure, as the public and private key remain with you as a physical possession, on paper, and the private keys can go on to be encrypted for extra privacy.
This wallet is perfect for those you who are looking for an Ethereum Wallet which offers you with minimum functionality but is completely safe, secure and high on privacy.
Read the article here and create your Ethereum Paper Wallet.
In front of you are the top Ethereum Wallets of 2019, you can now easily choose the one which you like the best and which suits your requirements.
However, while selecting an Ethereum Wallet, it is at first best to consider the platform that you are comfortable with, along with that you need to also keep in mind, how comfortable you are in sharing your private information with the wallet. Think wisely before making any decision.
We hope you find this post useful. Do let us know your experience with the Ethereum Wallets that you use. We would love to hear from you in the comment section below.
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