You will be pleased to hear that there are many options to choose from when it comes to storing Ethereum currency, including:
- An Ethereum desktop wallet
- Ethereum web wallets
- Ethereum hardware wallets
- Ethereum paper wallets
The right wallet for you may not be the best wallet for anyone else, so it is important to find the option that meets your needs. There is often a trade-off between convenience and security, so work out which is most important to you and what balance best meets your needs.
An Ethereum desktop wallet
An Ethereum desktop wallet is downloaded onto your laptop and PC. This method is quite secure but bear in mind if an issue arises with your computer, whether it is lost, stolen, corrupted or hacked, you may lose access to your currency.
Ethereum web wallets
Ethereum web wallets are becoming increasingly popular and there are many mobile apps created to allow people to carry out Ethereum transactions. This is a highly convenient option, which can be used to pay in stores, but it is less secure than the desktop wallet option.
If you are satisfied with the increased convenience and lesser level of security on offer with mobile apps, this is likely to be a popular choice when it comes to spending Ethereum.
A hardware Ethereum wallet is likely to be the best wallet that combines convenience and security. The wallet is stored on a device like a USB stick, so it isn’t always connected to the internet and if anything happens to your PC or laptop, your wallet isn’t necessarily compromised. However, if something happens to the USB stick, such as losing it, you may lose access to your wallet.
A paper wallet quite simply sees you store your private key and Ethereum address on a piece of paper. If you don’t lose the sheet of paper, this is as safe as any other option but if you do lose the piece of paper, you may not be able to access your Ethereum.
How can I buy Ethereum?
There are many options for buying Ethereum but there is a need to find someone, be it online or in person, that has Ethereum and is willing to trade. If you are keen to buy Ethereum with cash or standard currency, the process can be simple but if you are looking to pay for Ethereum with another cryptocurrency, there may be other steps involved.
When it comes to spending Ethereum, the process is based on signing over your funds, which you do so with your private key. This is like the process of using a credit card with a PIN.
Date Published: Monday December 17, 2018
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