Ethereum, the blockchain platform where smart contracts can run, is becoming more popular every day. The value of Ethereum rose throughout 2017 from more than 8 dollars to well over 1000 dollars. Despite this growth, Ethereum has already experienced a few (to say the least) good fallers . If you want to invest in crypto curries then there is a lot of choice of different digital payment units. One of these is Ether, the cryptomunt of Ethereum.
The right support
If you have made a choice for one or more cryptocurrency‘s, then the next step is to purchase a wallet. A wallet allows you to store and trade your crypto coins . The choice for a wallet is an important choice, because that determines to a large extent how securely you participate in cryptocurrency traffic. There are wallets that store the digital payment units online and there are wallets in the form of external storage. There is also another distinction between hardware wallets and software wallets. Not every wallet supports all cryptocurrency’s, so when choosing a wallet you have to be sure that the wallet supports your crypto coin.
In general, you could say that wallets that use external storage (offline wallets) are safer than online wallets , but this is by no means by definition. The most important factor for safe action in cryptocurrency’s is still you yourself. Of course, the right software and hardware is very important, but trading on the crypto market always comes down for the most part, using common sense with every action you take.
Ethereum wallet from Coinbase
If you want to trade with Ethereum, there are a number of wallets that you can choose from. A well-known Ethereum wallet is Coinbase . This wallet also supports Bitcoin and Litecoin. It is relatively easy to create an account for this Ethereum wallet. To use the wallet for trading on the crypto market, you need private keys. Coinbase manages these for you. This means that you do not have full control over your digital payment units. Coinbase can at any time decide to cancel your account. Of course, coinbase does not just do that. The times when Coinbase blocked an Ethereum wallet account, there were illegal activities. If you want to trade with Ethereum Classic you can better choose another wallet, because this crypto coin is not supported by Coinbase. Ethereum Classic can be recognized by the abbreviation ETC and Ethereum can be recognized by the abbreviation ETH .
With some providers it is also possible to create a paper wallet . With this you can save Ethereum offine. ETH Address is an Ethereum wallet where that is possible. ETH Address creates a private and a public key for you.You can then print this out and keep it in a safe place. It is very important that you keep the private key secret and that you never share that information with anyone. Everyone who knows your private key can use your crypto coins. ETH Address also does not support Ethereum Classic (ETC), so keep that in mind. For the storage of digital payment units this is a great wallet. If you really want to be active in the cryptocoins, you have to import an online wallet. Such online wallets are Exodus and Jaxx which I will describe below.
This wallet supports multiple cryptocurrency’s including Litecoin, Dogecoin, Dash and is a good Ethereum wallet. Again, Exodus does not offer any support for Ethereum Classic. Unlike many other wallets, Exodus is not completely open source and there is no mobile version at this time (July 2017). The private key is stored on your computer, instead of on a remote server. That means that you yourself have complete control over your digital payment units. Of course that also brings full responsibility.
This wallet does not exist that long. Jaxx is a great Ethereum wallet and suitable for desktop and mobile . This is also a good wallet for Bitcoin and Altcoin. Jaxx has a simple and user-friendly interface and that makes dealing in cryptocurrency’s for beginners a lot more attractive. Jaxx offers support for both Ethereum (ETH) and Ethererum Classic (ETC). Your private key is never shared with a third-party server and can be safely stored on your computer. It is of course important that your computer is free of malware. Although Jaxx is not open source, the code is available on the website.
On the website of MyEtherWallet you can create, send and receive Ether yourself. This is also a great Ethereum wallet. When you visit the site for the first time, you can immediately create a wallet. If you create a wallet MyEtherWallet creates two private keys that are secured with a password of your choice. With these keys you always have access to your Ethereum wallet. If you want to carry out a transaction then you can upload the key code on the site and enter the password you have chosen yourself. Sending Ether can be done via the website of MyEtherWallet itself. It is also possible to trade with other wallets. MyEtherWallet is open source and does not support Ethereum Classic (ETH).
Safe on the crypto market
There are more Ethereum wallets and it is important to orient yourself well on all possibilities before choosing a wallet. I have listed a number of wallets for different cryptocurrency’s here . Choosing the right wallet means that you can safely start trading in digital payment units!
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