Ethereum for Beginners: A Guide to the Different Types of Ethereum Wallet

Ethereum Wallet

Ethereum (ETH) is a cryptocurrency that is second only to bitcoin in terms of capitalization and is the second most popular after it. It is interesting to buy ETH and profit from the growth of the rate, so let’s look at how to choose and create a wallet. There are many wallets for Ethereum cryptocurrency, in this review we will look at all possible options for storing ETH coins as well as their transfer between accounts. Let’s start with Ethereum for Beginners: A Guide to the Different Types of Ethereum Wallet.

Different Types of Ethereum Wallet

Each wallet, regardless of where you register it, is assigned its own unique number. This address will consist of 40-44 arbitrarily formed letters of the Latin alphabet and numbers. This address is used as payment details. That is, this is the number you will need to specify in order to receive ETH coins. Don’t confuse it with Ethereum Classic (ETC) – it’s a separate blockchain and their addresses are not connected in any way. There are many other coins and tokens based on Vitalik Buterin’s cryptocurrency blockchain, so all ETH storages are classified as ERC20 wallets. Let’s list their types.

  • Ledger and Trezor hardware safes, provide not only software, but also physical protection, in the form of a flash drive with a chip. They synchronize with the cryptosystem via a computer for outgoing transactions, and otherwise store access keys offline.
  • Desktop wallets are installed on a PC. They are divided into heavy (requiring a blockchain download) and light (working with a remote server). In terms of security, desktop wallets are fairly reliable, but only as long as the computer is not hacked or infected with malware. Such wallets will become more in demand after the final transition of Ethereum to POS-mining.
  • MyEtherWallet web interfaces is a browser-based version of the client interface that helps you work with the Ethereum blockchain. A good alternative to MEW is Metamask, a browser-based application, or Jaxx, a multicurrency wallet.
  • The MEW mobile wallet app for smartphones integrates with the MyEtherWallet web interface, ensuring secure transactions. In addition, third-party multicurrency applications support the Ethereum coin.
  • You can print a web wallet for MEW ether and receive transactions to a public address. The rest of the paper vaults are provided by third-party teams, and it is not known how trustworthy they are. Although their developers claim that nothing ever leaves your computer or even your browser tab. No database, no server code. Everything disappears when the tab is closed. 

Cryptoexchange deposits are in principle also online wallets, but unlike other client interfaces, they do not provide the client with a private key. As long as the funds are on the platform, they are under the control of the administration, and you can get your access frozen at any time. Therefore, be very careful when reviewing the reputation of the exchanger.

Leave a Reply

Your email address will not be published. Required fields are marked *