Etherium is the second most important cryptocurrency in the industry for 2024. Thanks to this project, smart contracts and decentralized applications appeared. According to monitoring services, as of July 26, 2024, the ecosystem in the Ethereum network is valued at $440.5 billion. The demand for ETH coin among market participants is high. But many beginners do not know how to create an Ethereum wallet. It is required to work with almost any platform in the ecosystem.
Types of storage for Etherium
A cryptocurrency wallet is a program or device that allows you to send requests to the blockchain and access digital assets using private keys. Without it, it is impossible to interact with coins. At the same time, wallets for cryptocurrencies are different. More details – in the table.
| Type | Brief description | Examples |
|---|---|---|
There are also paper cryptocurrency wallets. Their peculiarity is storing the private key on a physical medium. More often market participants use a sheet of paper or cardboard.
Before you create a wallet for the cryptocurrency Efirium, you need to choose one. To do this, it is often enough to read reviews on the Internet and user feedback. But during the search for storage, it is recommended to additionally consider a number of factors. Among them:
- Available functionality
- Security measures
Features
Cryptocurrency wallets are tools for managing digital assets. They offer users various features. Their main functions are storing, receiving and transferring coins. But developers add different options to cryptocurrency wallets, among them:
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- Real-time balance monitoring.
- Integration with decentralized applications.
- Instant exchange of cryptocurrencies without using third-party exchanges.
- Interface for connecting to hardware vaults.
- Support for multi-signature technology.
- Stacking of digital currencies.
This is only a small part of the available cryptocurrency wallet features. There are many other tools and features available.
Storage security
The reliability of the wallet is the most important selection criterion. Hardware vaults are considered the most secure. They contain passwords to access user assets in their memory. These devices are not connected to the Internet most of the time, which minimizes the possibility of a hacker attack. To hack them, an attacker would have to gain physical access.
Hardware cryptocurrency wallets are considered the least convenient. Often you have to connect the devices to a computer or smartphone to work with them.
Desktop and mobile cryptocurrencies can also be safe. The main thing is to follow precautions and use additional features for protection. For example, two-factor authentication (2FA). It is also advisable to create a backup of the vault. This will allow you to restore access to assets in case of computer or smartphone failure.
Best wallets for ETH
There are many vaults available for working with Ethereum. Users can start any of them, if it meets their personal requirements. But there are crypto wallets that are often referred to as the best ones for ETH:
- MetaMask. A browser-based and mobile cryptocurrency wallet developed in 2016 to store Ethereum and ERC-20 standard tokens. MetaMask is available on iOS, Android and in Chrome, Firefox, Edge web browsers in extension format.
- MyEtherWallet. A popular online wallet for Ethereum and ERC-20 tokens. It was released in 2015. The wallet is more commonly used in the browser, but there are downloadable mobile versions of MyEtherWallet.
- Trust Wallet. A multi-currency cryptocurrency wallet that supports more than 100 thousand digital assets. In 2017, it was launched as a mobile app, but later acquired a browser version for Chrome.
Instructions for creating an Ethereum wallet
Many cryptocurrencies are similar in the principle of operation. Any newcomer to the community will be able to create an ETH wallet. It usually takes no more than 5 minutes. Instructions for creating an Ethereum wallet in Russian on the example of Trust Wallet:
- Download the application to your smartphone. A secure download link is available on the official website of the developers.
- Open Trust Wallet.
- Select the item “Create a new wallet”.
- Read the information about the security of storing the seed phrase.
- Click on the “Continue” key.
- Write down the mnemonic phrase. It should be stored on an offline medium in a place safe from unauthorized people.
- Click on the “Continue” key.
- Arrange the 12 words from the mnemonic phrase in the correct order.
- Finalize the creation of the ETH vault.
Sending and receiving cryptocurrency to the wallet
Once the vault is created, the user is given the details to deposit Efirium. To see the address in Trust Wallet, it is required to select the ETH coin, and then click on the “Get” button. It is presented in the form of an identifier of 42 characters.
The transfer of coins is carried out strictly by the address. Before sending assets, it must be double-checked. If you make a mistake in writing the wallet address and perform a transaction, the cryptocurrency will be permanently lost.
Frequently Asked Questions
π€·ββοΈ How do ERC-20 tokens differ from each other?
They are tied to the Ethereum blockchain. Otherwise, the tokens have significant differences.
π€ Why do some desktop storages weigh less than 1 GB and others weigh more than 100 GB?
In the first case, the user works with “thin” wallets. They store part of the data on the computer, the rest of the information comes after connecting to the network. The second is a “thick” service that installs a full version of the blockchain on the PC. It provides its maximum protection.
π Why are ETH software wallets free?
They make money from transaction fees rather than providing software. So to attract a large number of users, the apps are distributed for free.
π Can I store etherium on different services?
Yes. You can make an analogy with banks. They don’t prohibit opening accounts with their competitors or partners. The crypto community does the same.
π΅ How to deposit Ethereum?
Through payment services, cryptocurrency exchanges, exchanges and other services for storing ETH.
β How to understand if the vault is safe?
You can get information on the website of audit companies (CertiK, Kudelski Security). They post the data of security audits in the public domain. You can also find user reviews.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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