If bitcoin is the first of the cryptocurrencies, then Ethereum is the second, and it also requires a wallet. It should be chosen taking into account several circumstances: how often you will use it, for what purposes, what combination of usability and security you consider optimal. Things can change, so it is probably a good idea to have different types of cryptocurrency safes. And don't forget to take the key precautions.
Types of Ethereum Wallets
You can use different types of wallets for Ethereum. Decide how intensively and for what you will operate the balance to decide what type of wallet is better to use:
- hardware;
- browser-based;
- paper;
- desktop;
- mobile.
An exchange deposit opened by a trader can also be classified as a wallet. Compared to the above-mentioned varieties, it significantly loses in terms of anonymity and confidentiality.
Cryptoexchange does not allow to use private keys. It is subject to the rules in force in the financial sphere. Therefore, it is possible that suddenly, for the owner:
- block access to the account
- provide confidential information on transactions, personal data to third parties - state or interstate bodies, financial institutions.
Important reasons why users do not keep significant amounts on exchanges: attacks, malfunctions.
The main choice is among hot, warm and cold storage. Although this division is somewhat arbitrary, going online (the main source of danger!) is still necessary.
Hot Ethereum Wallets.
When you have to work with Ethereum frequently, the hot wallet option is the one to choose. Browser-based versions have dramatically increased in reliability in recent years. What makes them attractive:
- user's sole access to private keys;
- advanced and convenient service;
- they keep the incoming cryptocurrency on a third-party resource. This removes the risk that funds could go missing due to various causes of malfunction on the service. Even if it ceases to exist, the owner will be able to access the addresses where the coins are stored on another service.
Wallets opened at cryptocurrency exchanges are gaining popularity. It is worth taking a closer look at them to choose one that:
- has been providing services for more than a year;
- has gained a reputation for reliability;
- provides real technical support;
- supports dozens of cryptocurrencies.
An important circumstance, when choosing, is to look at the multilevel affiliate program in action. Multilevel "affiliate" - a chance to pick up a solid group of referrals. The result: you will have a source of passive income. It is supported by regular deductions from the transactions of referrals.
Heavy (with blockchain loading) and light (operating with remote servers) desktop and mobile versions should be classified as warm storage. Although it's only worth classifying by this metric based on how the wallet is actually used by its owner.
Ethereum Cold Wallets
The most reliable coin safes are generally considered to be those for cold storage. What are the good things about hardware devices:
- are encased in a miniature case;
- not connected to the network;
- with a well-designed interface;
- with two-factor authentication. If you lose it, you can't hack it to use it.
The paper version is even more reliable, but impractical. However, there have been reports of individual hardware wallets being hacked. The cost of such an operation noticeably exceeds the amount the hacker manages to extract.
Best wallets for Ethereum
Which wallet should be considered the most suitable for Ethereum? Too much in the answer to this question is determined by:
- individual preferences;
- the circumstances in which the decision is made;
- time. Preference leaders change quickly.
Put security at the forefront, use hardware devices. Don't see the point of spending money on this kind of toys when there are plenty of services offering cryptocurrency wallets for free, choose one of them.
Matbea Multi-currency Wallet
In favor of Matbea service there are several good reasons:
- It started operating back in 2014. Over the years, there are no bad smelling stories associated with it;
- The exchange service is complemented by the functionality of a multicurrency wallet. You get "2 in 1" when both do not lose from combining their merits;
- Technical support really helps, and it is fast and smart;
- Affiliate program (multilevel) works;
- it is convenient to carry out transactions;
- Security - at the proper level, there have been no attacks or failures over the years.
Create an Ethereum wallet here - enter your mobile number and desired password. The procedure of getting a wallet will not take much time.
working since 2014
Security Factors of Crypto Wallets
What attracts Matbea is its concern for security, because very few sites protect access to the wallet with three-factor authentication. To hack, it will take three powerful barriers in turn, entering:
- the password contained in the text message sent to your phone;
- pin code;
- a code from the message sent to the email indicated at registration.
Exchanges and banking systems have not yet gone beyond two-factor identification.
The owner of cryptocurrency savings should be prepared for other dangers:
- the spread of malware;
- attacks;
- exchange rate fluctuations;
- the financial collapse of the services, the exchanges, the companies behind the coin;
- the emergence of new technologies that will make cryptocurrencies obsolete;
- radical changes in legislation, etc.
Not all threats can be prevented. But it is possible to take elementary measures to keep private keys, mnemonic phrases, backup files. The safety of digital assets depends on it to a large extent.
Matbea mobile app for cryptocurrency transactions
To operate with coins without being tethered to a computer, it's convenient to use the Matbea mobile app. Even an advanced user won't find the limitations in functionality to be too significant. But it opens up the chance to quickly take advantage of favorable circumstances. Or quickly react to an unfavorable trend without incurring damage.
How to set up a local (cold) Ethereum wallet
To set up a smart (allows you to enter into smart contracts), convenient ETH wallet, register at https://www.myetherwallet.com/create-wallet. It is a good idea to read the warnings before proceeding to creation. There is a choice: keys or a mnemonic phrase as a password. After you have downloaded and saved this file, you will see a congratulations on the creation of the wallet.
Similarly, it is possible to create an Ethereum classic ETC wallet. Or make it standalone, which requires going to https://ethereumclassic.org/.
How to deposit a wallet
If your wallet is equipped with an exchange service, like the one on Matbea, it's easier to add funds to it. You can do this with a bank card, payment systems. If you intend to recharge through a third-party service, you'll need to specify an open wallet address. Things that need attention:
- If your wallet is equipped with an exchange service, like the one on Matbea, it's easier to add funds to it. You can do this with a bank card, payment systems. If you intend to recharge through a third-party service, you'll need to specify an open wallet address. Things that need attention:
- Level of commission. It can be noticeably different for different services, due to the use of a bank card, etc.
How to send coins to another person
The replenishment procedure is not fundamentally different if the crypto is not transferred to your address, but to someone else's. It must be specified. Also enter the amount, the name of the coin. Take into account how quickly transfer must be delivered. You must pay for efficiency with higher commissions. Sending Ethereum - with a large amount of gas.
Why to use ERC20-compliant Ethereum wallets?
Choosing to use ERC20-compliant wallets is a sensible decision, as they will be useful for all sorts of crypto that have been created using the ETH blockchain. You can operate the entire ERC20 group.
How to recover a wallet
The need to reanimate the wallet arises for various reasons. You need to act depending on the specific circumstances. Technical support service can not recover passwords, private keys, because they do not have access to them. Things you can do on your own:
- search for files on your computer that you need or can give some hint to;
- try to go through the process of creating a wallet all over again. It is possible that in repeating it you will remember.
Such situations are easier to prevent than to get out of them. Sometimes it helps to contact the technical support.
In order to prevent loss, it is enough to carefully perform the necessary simple actions:
- Keep private keys, passwords, mnemonic phrases where they are safe;
- Make backup copies.
It is important not to be overly enthusiastic, to stick to the order and avoid excessive haste. If you gain a few minutes of time, you may lose a lot more later.
If you forgot your Ethereum Wallet password
if you lost your ethereum wallet password, which was stored on your computer:
- conduct a trivial search of the most commonly used password combinations;
- perform system recovery;
- use special utilities.
If you deleted a wallet folder from your computer (for desktop wallets)
If the owner of a desktop wallet accidentally sent the appropriate folder to the trash, it should not be immediately considered hopelessly lost:
- it will survive for a while;
- utilities or system, hard disk recovery can be applied;
- backup copies were created, placed on another device.
What is gas in Ethereum and what is its limit?
The movement of Ethereum without gas is impossible, and with its speed it is necessary to define correctly. The unit of Ethereum Gas is used in the relevant network to determine how much computational effort it would take to conduct a transaction. Gas performs a role similar to the commission (reward) level in transactions of other coins.
The Ethereum whitepaper gives a detailed breakdown of how much gas should be spent on a particular transaction.
Anyone who has decided to conduct an Ethereum transaction must decide what gas limit to specify. In doing so, take in to account that:
- miners are willing to perform a transaction with a higher limit;
- if the volume is exhausted, the transaction will stop;
- the unused balance will be returned
If you set a high limit, the transaction will cost more, but it will go faster. Standard speed - less than 5 minutes per operation, high - up to 2, low - up to half an hour. The price range is 13-20 gwei..
You need to decide what is more important in your case. You can' t put a knowingly inflated limit to lure miners. The rules stipulate that you cannot get back more than half of what you had to spend on computing.
