What is an Ethereum (eth) wallet

Ethereum is a digital currency that needs to be stored somewhere. For this purpose, crypto wallets were created, which are used to send and receive cryptocurrency, trade, and pay for goods and services online.

Any storage for ether has a set of private keys. A private key is a secret code of letters and numbers that designates certain coins as the personal property of the user. Their complexity certainly doesn’t make it easy for users to remember. ERC20 token generator is exactly what crypto wallets are for. When you send Ethereum coins to your wallet, it stores all the keys associated with them, allowing you to access them without having to enter your private key each time.

Types of Ethereum wallets

Cryptocurrency storage can be divided into two main categories: cold and hot.

Cold:

• Hardware crypto wallets. Such devices look like flash drives and are considered the safest storage for ETH coins. This is because they store private keys in such a way that even when connected to a virus-infected device, they remain safe. Because they operate offline, hackers cannot hack into them and steal Ethereum.

• Paper crypto wallets. Such repositories are nothing more than a public and private keys generated from a website. Their advantages are that they work offline are free, and are very easy to create. The disadvantages include the fact that, unfortunately, they are susceptible to physical damage and cannot be used to pay for goods on the spot.

Hot:

• Desktop crypto wallets. Such applications are installed on a computer and work with operating systems such as Windows, Mac and Linux. Because they have access to the Internet, they are less secure than cold wallets, but their advantage is that they are functional and free.

• Browser crypto wallets. Such storage facilities are simply sites where you can register a personal account and transfer Ethereum to it. The advantage of such crypto wallets is the convenience and speed of logging into the system: only the login and password for the account are required. However, this is not the most secure solution if you plan to store a large amount of Ethereum.

• Mobile wallets. This includes storage in the form of an application for a smartphone or tablet. Among the advantages, of course, are convenience, ease of use and the fact that they can be installed simply from Google Play or the Apple Store for free.

In each category, there are virtual wallets for Ethereum, which are considered the most reliable and convenient — we will look at them in more detail.

Hardware wallets

The market for hardware storage for cryptocurrencies is dominated by two brands — Trezor and Ledger, which also offer models for storing Ethereum. Popular options:

• Trezor One — supports more than 1,000 cryptocurrencies, including ether, has a monochrome display with two buttons, costs about $65;

• Trezor T — supports more than 1000 cryptocurrencies, including ETH, has a color touch screen, and costs $170;

• Ledger Nano S — PIN-protected, can install from 3 to 20 applications depending on their size, supports several cryptocurrencies, including ether and ERC-20 tokens, comes in six color options: black, yellow, pink, green, blue and metallic, costs about $70;

• Ledger Nano — supports up to 100 applications simultaneously, is equipped with Bluetooth, which allows you to connect it to the Ledger Live Mobile application to access ETH coins from a computer or smartphone, costs about $130;

• KeepKey — performs the same functions as devices from Ledger or Trezor: stores keys offline, allows you to make backups and generate 12-character keys to restore access to the crypto on another device, costs about $140.

Mobile wallets

There are not many mobile Ether storage products on the market developed or approved by the Ethereum team. The proven and most popular mobile wallet is Jaxx, which works on all devices and gives the owner complete freedom and flexibility in trading Ethereum. The application has an intuitive interface and a wide range of functions. Its feature is a new data encryption system using the AES-256 algorithm, enhanced by 5000 password hashing cycles according to the PBKDF2 standard.

Desktop wallets

Current crypto wallets for storing ether with installation on a computer:

• Guarda — supports more than 40 blockchains and thousands of their tokens, a coin exchange function and the ability to purchase any cryptocurrency using a bank card;

• Exodus — supports about 100 cryptocurrencies, including Ethereum, does not store any personal data belonging to clients, and requires an Internet connection to access assets;

• Atomic Wallet — supports more than 300 cryptocurrencies, allows you to manage ETH and other than create ERC20 tokens, buy and exchange ether for other cryptocurrencies inside the wallet.

Browser wallets

Among the popular and proven browser-based crypto wallets for storing Ethereum:

• MetaMask — designed for both Ethereum and other tokens based on it, has a simple and intuitive interface, stores keys on the user’s computer, is available for browsers Chrome, Opera, Mozilla and others;

• MyEtherWallet — suitable for Ethereum and all ERC20-based tokens, offers the user a client interface with the ability to connect a cold wallet.

The disadvantage of browser versions is the lack of Russian language in the interface, which makes their use somewhat difficult for Russian-speaking users, but not critical.

How to create an Ethereum (eth) wallet

Each type of storage requires its own registration, but if hardware storage needs to be purchased, and paper storage needs to be simply printed, then mobile, desktop and browser applications have approximately the same creation procedure. Therefore, let’s look at the process of creating a wallet for Ethereum using the example of the browser version of MyEtherWallet.

To register a crypto wallet you need to follow a few simple steps:

• Visit the official MyEtherWallet website — enter a strong password of at least 9 characters and generate a wallet by clicking “By Keystore File”.

• Download the keystore file. You have two ways to do this. You can upload a . JSON file with an encrypted version of the private key, compatible with myetherwallet. You can also store an unencrypted version of your private key by downloading it as a . JSON file or copying it from a website. Try to save this file in the safest place possible, preferably on a USB drive or mobile phone.

• Open a crypto wallet. To do this, you need to use the keystore file by selecting the appropriate item in the menu, and then pressing “Enter”.

• Get the wallet number. Once the vault is unlocked, you will be able to select ETH coins or other ERC-20 tokens to use, as well as copy the wallet number to send and receive crypto.

You can now send and receive Ethereum coins and other tokens from your crypto wallet. Simply click “Send Ether and Tokens”, select the type of private key you want to use (keystore/JSON file) and select your wallet file.

How to send ETH coins and ERC-20 tokens from a wallet

To send crypto, you need to specify the address of the wallet to which the ether will be sent and the amount, then click “Generate transaction” and then “Send”. Managing ERC20 token development in MyEtherWallet is as easy as managing ETH. After logging into your wallet, click the orange “Show all tokens” button to see the entire list of supported tokens in their abbreviated form. Now click on any token to download it and include it in MyEtherWallet. If the token is not yet supported by MEW, you can add it yourself by entering the required information.

How to top up your Ethereum wallet

There are several ways to transfer coins to your MyEtherWallet wallet:

• through payment services;

• through cryptocurrency exchangers;

• through other official Ethereum wallets.

No matter what wallet you use, keep your private key in a safe place. We recommend downloading applications for storing ETH coins only from official developer sites and purchasing hardware wallets from manufacturers.