A Beginner’s Guide to Ethereum Wallets
Last updated: 9/26/2019
Aside from the fact that ERC-20 tokens are useful, their open-source nature facilitates for easy storage of these tokens. Through the different protocols written, these wallets are optimized for security and storage in mind.
What Is An Ethereum Wallet?
An Ethereum wallet is a piece of software protocol that facilitates the storage of ether, easy transaction point, and avenue to check your ether balance as you please. On your Ethereum wallet is your private key which is used to sign off transactions.
An Ethereum address is a long combination string consists of letters and numbers that starts with 0x.
The address is closest thing bitcoin wallets and ethereum have in common.
READ: What is Ethereum
Top / Best Ethereum Wallets Reviews
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The absolute BEST Ethereum hardwallet to keep your ERC-20 based tokens off the blockchain or online where hackers can have access to it is Ledger Nano X. We highly recommend this wallet if you’re trading with $1k+. Anything lower, Exodus wallet will do just fine.
Different Ethereum wallets are well-known for the storage of Ethereum. Some of these include:
1. Ledger Nano X
This is one of the most trusted hardware-based wallets. This is an offline hardware device that provides an extra layer of security by adding overlaying encryption and not being connected to the internet.
Ledger wallets are well-known for their use in the storage of Ethereum and other cryptocurrencies. Essentially, it stores the private keys of these cryptocurrencies offline. It boasts of its high security and storage capacities.
MyEther is a well-known open-source Ethereum wallet created on the Ethereum platform to securely hold ETH. This wallet supports ETH, ETC, EOS and other ERC-20 protocol cryptocurrencies. MyEtherWallet is a software solution that is easily implemented for use. It boasts of its flexibilities in storing Ethereum based tokens.
This is another useful Ethereum based software wallet that facilitates users to store and exchange blockchain-based assets. This is a multi-asset cryptocurrency wallet that is well known for its Ethereum based token support. Aside from the fact that it is useful for storage, it also provides security for your Ethereum tokens.
Another very powerful cryptocurrency wallet that is useful to users to control their private keys. The control of your fund is the ultimate characteristic of the Edge wallet.
Using Edge wallet provides you access to your Ethereum funds and transaction data. Edge platform is also used as a cryptocurrency exchange.
5. Lumi Wallet
Lumi Wallet is a multi-currency crypto wallet that focuses on security and anonymity. It doesn’t ask for any personal information and all data is stored only on the users’ devices.
Lumi Wallet is convenient for both cryptocurrency professionals and beginners, considering its intuitive design and wide functionality. It has options to buy crypto with a credit card, exchange it and browse dapps without leaving the wallet.
Lumi supports Bitcoin, Bitcoin Cash, Ethereum, EOS, ERC20 and EOS tokens. It continues to add new currencies and will soon become open-source. Lumi comes in the form of Android and iOS apps. It also has a web wallet version.
Types Of Ethereum Accounts And Addresses
Typically, there are two main types of addresses in Ethereum. These are external and internal address types. When a user creates an Ethereum address, this address type is called an external address type.
When the user deploys a smart contract to the Ethereum blockchain, an internal address is created as a director to a running blockchain program.
Types Of Ethereum Wallets
Different Ethereum wallets exist for the storage and security of Ethereum funds. The different types of Ethereum wallets that allow you to store your Ethereum include:
What Is Ethereum Gas
This is a fraction of an Ethereum token required to pay the miners securing the transaction by the contract. This earmarked transaction fee is used to pay miners for their role in securing transactions on the blockchain.
How Do I Get Ethereum Gas?
The only way to get Ethereum gas is to become a miner yourself. The price of the Ethereum gas is specified by the miners and paid in ethers.
Who Collects The Ethereum Gas?
The miners that work on securing the blockchain for the different Ethereum-based transactions collect these Ethereum gas fees at the end of successful transactions.
How Is Gas Calculated?
The gas price is calculated per unit price of a line of code ran. This is calculated on the operation involving Ethereum. The Gas calculations are predefined on the Ethereum platform smart contract. Each ETH transaction needs Gas in order to be executed on the blockchain.
How much Ether does 1 Gas cost?
Gas cost a fractional amount of ether as specified on the Ethereum contract. It all depends on the mining time for the transaction and the stipulated price on the contract.
The use of the Ethereum wallet cannot be overemphasized. For the security and usage of your wallets, it is important to understand the different types of wallets you can choose from. This is because some are useful for quick transactions while others are optimized for storage. Ethereum is programmed by using a super computer that processes pieces of codes called a ‘Smart Contract.”