The use of ether as a currency has grown and grown in recent times, and with this growth, there has been a demand for a place to store it. That’s where ethereum wallets have come into play- they provide a safe place to store your funds, check your balance and make transactions at any time and in any place. Although they don’t work exactly like ordinary wallets, they still perform the same basic functions. But how do they work, and what are the best ones? Don’t worry, we’re here to answer all your questions about the best ethereum wallets in 2019.
So how does ether work as a currency? Well, it’s not a physical form of money, so likewise the wallet you use to store it isn’t in a physical form either. All that exists are records on the “Blockchain”, which in turn interacts with your funds to store them and provide you with information. Wallets have addresses which people need to send you any money, and the inside of your wallet has a private key which you are required to use to send any money to others or to unlock any money others have sent to you. It’s not rocket science that your private key is more or less like a password, so if you want privacy then keep it private.
In general, most online currencies require you to use a third-party wallet to store your currency. While these are, in general, pretty secure, they do require you to hand over a lot of personal details. That’s why the ether currency has become so popular, and in particular ethereum wallets. They allow you to have your own personal wallet with your own personal key code, so only you can access this. This provides a lot of benefits for your privacy. There are two types of ethereum wallets, as explained by cointelegraph.com;
“There are two major categories of Ethereum wallets: hot and cold. A hot wallet stores your keys online so that they can be easily accessible from virtually anywhere in the world, as long as you have Internet access. But, they are definitely not the best option, as they can be hacked and your funds can be stolen from them. On the other hand, cold wallets store your keys offline and only connect online when you want them to. Obviously, this makes them more secure and less prone to hacker attacks.”
Setting up an ether wallet is pretty easy. It more or less requires you to go through some terms, conditions and safety warnings before allowing you to set up your private key. It’s simple enough.
So what should you be looking for in a good ethereum wallet? It goes without saying that you should be looking for yours to be pretty secure. There’s no point in working hard for a long period of time to build up your currency and profits just to have it all stolen from you by a hacker. Choosing a good, secure wallet will ensure your hard work doesn’t go to waste and you’ll be able to sleep safe and night knowing your funds are safe and secure. Your wallet should also be pretty easy to use. Although there may be a few complications, to begin with in any wallet, in general, you should be able to use it pretty easily. No one wants to have to waste time with getting used to the wallet, and you might even make mistakes leading to you losing money or having it stolen. Making sure you choose a wallet you’ll be able to use efficiently is vital. Try to find a wallet which is easy to download as well- this is a big step. You don’t want to be waiting around for a long time waiting on lengthy download times when you have funds waiting to go into your wallet. Try and find a wallet which has a backup, as well. This may mean you have to go for a hardware version of a wallet, but it would be worth it if all of your funds go missing and you need a way of getting them back. Similarly to getting hacked, you don’t want to have the risk of losing all your hard earned money over a silly reason.
What what are the best ethereum wallets this year? Here’s our list.
- For us, the ultimate portable Ethereum wallet is one created by Edge. They pride themselves on providing innovative ways for you to have secure data, and place this at the top of their list of priorities. Their company inspirations and goals are quoted below. “Data security has historically been left to large organizations which act as trusted custodians of valuable information. This model of security has created large “honey pots” of data that make these organizations very attractive targets for hackers and attackers. By exploiting just one vulnerability, malicious actors can gain access to massive amounts of valuable data. Due to the many failures of trusted custodians, the explosion of sensitive data, and the advent of blockchain technology, data security must happen at the edges of our networks. We are ready to meet this challenge head-on. Once widely deployed, our Edge Security platform will make large scale data breaches a relic of the past and will help propel everyone safely and easily into the emerging networks of the future.” Their company has produced a few ethereum wallets over the past few years, so they really know what they’re talking about and what they’re doing. The fact that providing you with reliable privacy is at the top of their agenda should be a defining factor when you are deciding which wallet to purchase, as at the end of the day privacy and avoiding hacking is the prime objective in this dog-eat-dog world.
- Second, on our list is the Atomic Wallet. Suitable for all operating systems, you can sign up on their website to find out a bit more about them and their wallet before you actually purchase it. Their latest version of the wallet is the 2.1.0, and you can download it on the App Store, Google Play or Windows. Their website states they have created a wallet which provides “a powerful, in-demand service that allows users to reduce effort spent on managing crypto assets and makes it transparent and reliable”. Just like the Edge wallet before it, they once again pride themselves on ensuring your privacy, declaring this is what the most important thing is at the end of the day. With their wallet, you avoid any third-party risks, and they have services to help you if you have coins which aren’t yet supported by Atomic Swap. It supports over 500 different online currencies, and should definitely be one you look into if you need a way to store your online assets.
- Up next is the Uphold Digital Money Platform. This website’s slogan is based around the fact they can transfer real money into online currency in mere seconds, and this is a bonus for anyone wishing to trade in ether. You can link your online wallet to your real bank account easily, as well as numerous other benefits. You can have conversations with different users of the wallet, you get blockchain access (so can interact with wallets of 7 different networks), and can access a 3-10% return on some of your earnings. Coming soon, they’ll provide you with the ability to borrow currency and pay it back. You’ll also be able to spend your online balances with physical debit cards in the near future. They also publish what they do with your money on a regular basis and in real time, so you can see what they’re doing with your currency as you go.
- The Trezor One Wallet is next on our list. “The safe place for your coins” according to their website, they offer you an offline way to store your coins. This greatly reduces the chances of your account getting hacked or your money being stolen, as it’ll all be stored in a hardware device. Their devices have been verified by security researchers, and they also offer five-star customer support should you experience any troubles. Even if you lose your wallet, they allow you to recover it via a security process you’ll first set up when you sign up for their wallet, to begin with. They’re a great option to look into.
- Last on our list is the Coinbase Wallet. They offer a secure wallet with a lot of different benefits. You can manage your own portfolio, use mobile apps and even store your funds in an online vault to keep them especially safe. This is the pinnacle of online protection, so if you’re looking for that little bit of extra security then this is the wallet for you.