Ethereum, also called “Ether” for short and for its coin value, is another form of decentralized cryptocurrency similar to Bitcoin. It can be bought and sold just like Bitcoin. Both Ethereum and Bitcoin use blockchain technology, but Ethereum is currently seen as a better version of Bitcoin. Ethereum is also referred to as Bitcoin 2.0. Ethereum is also predicted to overtake Bitcoin in the future in the cyrptocurrency market. While Bitcoin is just a digital form of currency, Ethereum is used as a platform for building new technology by companies. Since Bitcoin Depot has recently started accepting Ethereum transactions, we wanted to educate our customers on the Ethereum wallet software. Here are the top 5 Digital Ethereum Wallets:
- MyEtherWallet – This wallet is a web wallet that uses a free, open-source, and client-side interface. This wallet allows user to have full control of their ETH private keys and funds. It also allows users to directly interact with the blockchain data. The wallet server does not use any third party servers or have any access to the user’s account information. The wallet also makes use of smart contracts for all transactions. The wallet does not charge a transaction fee. If you share your public address to someone, they can send you ETH or tokens. However, if you share your private address to someone, they have access to all your funds.
- Exodus – Exodus is a multi-cryptocurrency desktop wallet that has ShapeShift built in for exchanging cryptocurrencies. The wallet supports Ethereum, Bitcoin, Litecoin, Dash, and others. You can use Exodus immediately as there is no sign up required to use the wallet. The server encrypts private keys and keeps your transactions private. The wallet includes features such as live charts that track the user’s live asset values and market condition changes.The wallet also includes customization for users to personalize their wallet by allowing changes to backgrounds, patterns, and themes. The wallet features beautiful designs and is user interface friendly for crypto beginners and experts. Users can also use backup seed keys to restore their wallet or use the one-click email to recover their funds.
- Jaxx – Jaxx is a multi-coin mobile wallet that supports 13 cryptocurrencies. Jaxx was found by the Ethereum co-founder, Anthony Diiorio. The wallet runs on Android, iPhone, Windows, Mac, Linux, and other platforms. Jaxx is simple to use and allows users to hold, control, and trade Ethereum, Bitcoin, Litecoin, Dash, and other cryptocurrencies. You can use Jaxx immediately, without having to sign up for any service. Users are allowed to completely in control of their private keys. Jaxx also includes ShapeShift integration to swap cyprocurrencies. Users can also freely use other platforms that Jaxx supports.
- Mist – Mist is a desktop wallet and is known as the “Official Ethereum Wallet.” Setting up on this wallet can take a while. Once the user is setup, the user chooses a secure password that the user must remember. They can never change their password once the account is created. If the user forgets the password, the user has no way to access to Mist. Like many other wallets, it has public and private keys to make transactions. Mist also includes ShapeShift to exchange with other currencies. It is currently supported on Mac, Windows, and Linux.
- MetaMask – MetaMask is a desktop wallet and one of the most popular Ethereum wallets. The wallet allows the uses a browser-like structure to access the Ethereum network. It is easy to set up by going to MetaMask website and getting the extension. Then the user will set up a strong password to send Ether to MetaMask. The user will go the site they want to use to sign in. Once the user’s transaction on the blockchain is recorded, the user’s transaction is completed for the token the user brought. The server also a secure identity vault that allows users to manage their identities on other sites and sign blockchain transactions. The server has a user-friendly design that makes it easy to navigate through the wallet. MetaMask can be operated on Chrome, Firefox, Opera, and other browsers.
Conclusion: There are multiple characteristics that many crypto users seek for their wallets. These characteristics include cost, security, mobility, user-friendliness, convenience, and style. With all these characteristics in mind, desktop wallets are risky for users if their desktop or laptops get hacked. Additionally, it is not convenient to walk around everywhere with a laptop. Paper wallets are also not advised because they are a hassle to set up and require a lot of knowledge. Mobile wallets are ideally the best forms of digital wallets. They are free, safe, and mobile. Depending on the wallet, they can be visually appealing for tech-savvy users. Thus, our advice for all Ethereum users would to be start using an wallet that is intuitive, convenient, and provides multiple platforms and advantages over other mobile wallets.