We should now discuss wallets. No, not that imitation leather item that you can fold up and store in your back pocket. Of course, today everything is already digital, so why not wallets?
But, the electronic wallet we're discussing serves a specific purpose. We're talking specifically about the realm of cryptocurrencies. For this reason, today's discussion will focus on Ethereum wallets - what they are, how to use them, and which ones are the best available in 2023.
What Exactly Is Ethereum?
Ethereum is described by Investopedia as "...a blockchain-based platform best known for its native cryptocurrency, ether, sometimes known by the initials ETH or just as ethereum. The Ethereum network is safe because of the distributed nature of blockchain technology, and this security enables ETH to gain value."
In 2015, Ethereum was launched. It supports ether and a network of decentralized applications known as dApps. Smart Contracts, self executing contracts with their terms of agreements written directly into the code, were created on the Ethereum platform. Ethereum seeks to be more than the Bitcoin blockchain. While it is limited to supporting the Bitcoin cryptocurrency , the Ethereum blockchain has many other purposes. Ethereum wants to become an electronic, programmable network that supports multiple applications beyond cryptocurrency.
In January 2022, Ethereum's market capitalization was second only to Bitcoin. It's a great position to be in, when it comes down to cryptocurrency.
What is an Ethereum Wallet?
The short answer is that Ethereum wallets allow users to interact directly with their Ethereum accounts. The longer answer is that many banks and financial institutions offer apps that allow customers to make banking transactions using their mobile devices. As the cryptocurrency equivalent of these banking apps, consider Ethereum wallets.
Mobile banking apps are not mandatory. While you can live without them, you can still access your account via more conventional methods. But why would anyone want to? A wallet is required by Ethereum because you can move funds and manage your ETH.
There are four types of wallets:
- Physical Hardware: These wallets are extremely secure and allow you to keep your cryptocurrency offline.
- Mobile Apps: You can access your funds anywhere with these resources.
- Web wallets: These web wallets let you access your crypto account via a web browser, as the name suggests.
- Desktop Applications - If you have a desktop computer, you can access your accounts to manage your funds.
You can switch wallet providers at any time, and many allow you to manage multiple Ethereum applications from one application.
Let's talk about Ethereum wallets. Here are the top offerings for 2018.
This wallet is one of the most popular Ethereum wallets for network novices. This extension allows you to access Ethereum's blockchain through Google Chrome, Brave and Vivaldi.
Dwallet is a decentralized crypto wallet. dwallet is a chrome browser extension. It provides you with a key vault and secure login, token wallet, token exchange and Fiat to Crypto and vice versa swap options. D-Wallet allows you to add N number of EVM based wallets into its system. It will be a gateway to all Decentralised Applications.
MyEtherWallet, another well-known Ethereum wallet, brings to a close our list of the top Ethereum wallets. Ledger and Trezor hardware wallets are supported by MyEtherWallet. Also, rather than being kept on a server, your money is kept on your computer.
This is another top Ethereum wallet that is excellent for new users. Although it's a relatively recent addition to the Ethereum wallet market, it boasts a number of features that assist in raising its profile there. This wallet is also simple to set up and utilize.
The official cryptocurrency wallet of Binance is Trust Wallet. With the Trust Wallet mobile app, you can transfer, receive, and store Bitcoin as well as many other cryptocurrencies and digital assets in a safe and secure manner. You may use Trust Wallet to access the newest DApps and DeFi platforms, play blockchain games, and earn interest on your cryptocurrency.