and the distribution of digital products.
Best Ethereum Wallets : Secure your ETH in a Hardware Wallet
Ethereum has been in the market for far too long and has a massive adoption among developers and investors. Further, to build on top of the Ethereum blockchain it is essential for developers to own ETH, and for that, they’ll need some of the industry-leading Ethereum wallets.
Crypto WalletsA crypto wallet is nothing but hardware or software programmed to store your private and public keys for cryptocurrency transactions. This essentially means that you can either make an account on the wallet-providing website/app or buy a device that does this work.
How do crypto wallets work?
Crypto wallets work the same way as public-key encryption.
- The protocol has two keys- private and public.
- The private key is generated at random, which has a respective public key.
- A public key is generated from the private key, and this public key undergoes hashing to create an address.
- This address can be shared to transfer crypto to wallet(s).
- The private key(s) should only be accessible by the user. Never share this with anyone else.
Points to keep in Mind
There are several factors to consider while selecting a wallet.
- Type of Wallet: There are several types of crypto wallets. Wallets with desktop and mobile versions primarily provide complete access to the keys. Hardware wallets are the safest ones.
- Classification: Apart from the above type, wallets are categorized as hot wallets or cold wallets based on the connectivity to the internet. Web, mobile and desktop fall under the hot category and hardware wallets fall under the cold ethereum wallet. One should go for a non-custodial crypto wallet.
- Multi-currency crypto wallet: A wallet must extend support to multiple currencies.This would allow you to transact different currencies with ease.
- Link crypto wallet to bank account: Make sure you check whether your crypto wallet allows you to transact to and fro from your bank.
Types of Ethereum Wallets
Here it is, our top picks for Ethereum Wallets in 2021.
Trezor Model OneTrezor One is a hardware wallet developed at SatoshiLabs.
Trezor Wallet
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Recommended For: Since Trezor crypto wallet is a cold wallet, anyone who prioritises security and likes HODL assets should go for this. There are newer models to come in the market with advanced updates but they fall on the pricer end. You can know about trezor model t vs trezor one in our comparisions articles.
Ledger Nano S vs Trezor one vs Trezor T vs Ledger Nano X
Coinbase WalletCoinbase is an exchange platform as well as a wallet platform. Both are exclusive to each other. Coinbase Wallet is a digital wallet that not only stores crypto-like Altcoins but also digital art or NFTs on the user’s device itself. Read our Coinbase wallet review to know more.
Coinbase wallet
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Metamask
What is metamask wallet? Well, Metamask is a community of individuals who work on blockchain technology so as to create a space where people have access to the decentralized web in an autonomous manner. It is a wallet as well as a browser.
Trust Wallet vs MetaMask – Which is the Best Crypto Wallet?
MetaMask
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Fortmatic
Formatic is an ethereum wallet. The fortmatic wallet app is specifically designed to make the wallet experience user-friendly. Fortmatic is now known as Magic. To know more, read our Fortmatic wallet review.
VISIT FORTMATIC
Ledger Nano S
Ledger Nano S wallet is one of the most in-demand hardware wallets in the market. It has a more advanced version known as Ledger Nano X. Nano S is a beginner-friendly hardware wallet with the following specifications. Below are the features of Ledger Nano S ethereum Wallet and multicurrency wallet. You can also earn free crypto on Ledger Nano S through staking,
Ledger Wallet
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Exodus
Exodus is a well-liked mobile and desktop wallet. Now the question is “Is exodus wallet safe?” and in their own words the answer is “Exodus is only as secure as the computer it’s installed”. For this very reason, they have 4 Tiers of suggested security guides to prevent external attacks.
Exodus
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Best Ethereum Wallets: Conclusion
The rule of thumb in the cryptocurrency world is that one should always HODL their crypto assets on the hardware wallets. However, it is also a rule of thumb that you DYOR (Do Your Research). Always make sure that the wallet you go for also supports multiple cryptos since the crypto market is volatile and doesn’t hurt to keep your options open. Therefore, our best choice for the Ethereum wallets is Ledger, Trezor, and Coinbase wallet.
LEDGER TREZOR COINBASE Frequently Asked Questions What is a multi-currency crypto wallet?A multi-currency crypto wallet is a wallet that supports the storage of more than one cryptocurrency. These wallets also support their transaction and all their activities. Suppose you have Ethereum coins but you might want to invest in something other than ETH, for storage you might want to look at a multi-currency wallet.
What are cold Ethereum wallets?Cold wallets are offline wallets that have minimal to no connectivity to the internet. Hardware wallets are categorized as cold Ethereum wallets. For example, Ledger Nano S. These wallets are the most secure wallets with extensive security protocols and strong backup and recovery.
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