This tutorial will present you with several wallets where you can stash bitcoins and Ethereum safely and will show you which Ethereum wallet to use. In a world filled with risks, it is important to choose the right stashing tools to better protect yourself from scams and cyber theft. So you can also read our quick guide which will tell you all about intricacies of the cryptocurrency market.
Summary: How to Use Ethereum Wallet
- Download the latest release of Ethereum Mist wallet.
- Choose Ethereum-Wallet-YourSystem (“YourSystem” – Android or iOS).
- Unzip “zip-file”, search Ethereum-Wallet app and launch it.
- Select “USE THE TEST NETWORK” option.
- Enter your password.
- Go to “MAIN ACCOUNT”. Look at your account address.
- To get the ETH, simply share your address.
If you are looking for a way to stash Ethereum and bitcoin simultaneously, you came to the right place. Having a cryptocurrency wallet, a safe stashing address is crucial for your investment efforts.
Bitcoins and Ethereum have established a vast infrastructure, with many people trading their funds to get ahead of fluctuating digital currencies.
Why Do You Need an Ethereum Wallet?
If you engage in online currency trading, an Ethereum wallet is a must-have for you. Scams and account hacking incidents have happened in the past and will continue to occur due to the sophisticated tools cyber criminals use. A secure stashing address would allow you to trade safely and without problems on many platforms, whether they are mobile (iOS or Android) or websites (exchanges and P2P marketplaces).
If you are mining Ethereum, you would need a secure place where your coins would be transferred to after the block is finalized.
Being one of the most profitable cryptocurrencies to purchase and/or mine in 2017, Ethereum has driven up its value greatly since its market entrance. The blockchain operates on smart contracts, which are exchange mechanisms used to direct transactions between various untrusted agents.
These contracts can be used to facilitate, verify, and enforce the negotiation or performance of transaction processes, keeping the ETH process secure at every step of the way.
So what are the issues? The largest one is the safe storage of the Ethereum since hackers would have less difficulty to break into the simple ETH and BTC addresses. Having a secure wallet where you can safely stash your cons is crucial since its safety measures would protect your investments and let you trade ETH and BTC without fears.
TOP-8 Most Popular Ethereum Wallets
This section will list out the Top 8 Ethereum wallets and present their features and usability on various online platforms.
Created by the Ethereum Foundation, the Mist wallet presents a simple online wallet that could be used to store ETH and create smart contracts.
This online wallet is still at its testing (beta) stage and should be expected to have few unattended system errors, making large ETH or BTC stashing unfavorable. The wallet should be installed on your HDD (hard disk drive) with blockchain being synced with your computer’s operating system for a long time. You would need basic coding skills as it would be impossible to use the wallet without syncing. Mist is available for Windows, Linux and Mac while mobile version is yet to be released.
Desktop Wallet – Exodus
If you wish for a classic desktop wallet, Exodus would be the right choice for you. It accepts a wide variety of coins and is an independent wallet that stores private key on your computer.
The app supports ETH only and the mobile version is not yet available. Additionally, the wallet has most of the features of open source wallets, though not all of them. The unique look of Exodus is done through complex API and GUI protocols, giving a bit of a style to the interface. XAPO offers a similar service, called Vault where you can stash your BTC securely.
Jaxx was initially a bitcoin wallet that has added Ethereum later on with full support featured for both currencies. It is compatible with most operating systems and is available for iPhone and Android users. The app also has an option of an exchange, which makes looking for peers easy.
The wallet supports both ETH and ETC, while the most useful safety feature is the fact that private keys are not shared with Jaxx server, enabling you to work in private network.
Cold Storage EthAddress
Should you wish to work with offline wallets, EthAddress offers a cold storage option for ETH and BTC traders. You can get the private keys (passwords and passphrases) through the online generator at the beginning of the process with no app download or login needed.
Keep the keys safe at all times and have a backup paper printed should you lose the paper wallet.
Web Interface for Ethereum – MyEtherWallet
An online wallet could be generated with the help of MyEtherWallet, though at the cost of the control of your private keys since you would be stuck with online (public) keystore. The file would be sent to you holding the code while the ETH should be imported into the online account, meaning that it is available for others to hack into the keystore and take all information about you.
The data is generated by the browser, making it less secure than other offline wallet variants.
You can create your wallet address and have public keys that are generated online. The development has been rather slow, halting at beta version, with an official warning issued by the KryptoKit that the wallet should be used at your own risk.
Geth is very popular amongst coders as it uses computer consoles to send, receive and stash your coins. Supported platforms are Linux, Mac OS and Windows and installation could be done through binary or scripted install processes.
Although more technically gifted users would give high reviews, the wallet is not as beginner-friendly as other wallets, since it requires coding skills from your part to successfully install and manage the Geth wallet.
Coinbase Ethereum Wallet
The Coinbase wallet is one of the simplest solutions for holding both Ethereum and BTC since all you have to do to have a wallet is to register your account with the exchange. The keys are owned by the broker but the stashing could be done from whichever location, no matter if you live in the India or USA.
The interface is user-friendly and you can always check balance by simply logging into your Coinbase account and you can always delete your account if you wish to stash your BTC and ETH elsewhere.
Ethereum BTC Wallet Hardware Alternatives
Other than having a wallet online, you can also get the best hardware wallets for between $50 and $100, depending on which you prefer.
Ledger Nano S
Similar to other hardware (HD) wallets, the Ledger offers secure storage capacity for your coins. The HD wallet could be used as a USB and it acts like a chip set with a screen where you can check your BTC balance.
Small in size, KeepKey is portable (as all other HD wallets) and offers the same features as other HD wallets, from passphrase to password recovery.
TREZOR HD wallet, which acts as a mini computer and is very light, due to the plastic materials it is built from. If you invite two more people to buy the wallet, you can get a presale discount and purchase it at $92 instead of $99 if you buy it by yourself.
If you have any other question concerning Ethereum wallets that has not been covered by this article, feel free to contact us at BitcoinBestBuy.