Resembling fiat currency bank accounts, Ether wallets are used for holding, storing, and transferring Ether.
The Ethereum platform allows you to create a wallet for yourself, but it is easier to use a third party Ether wallets to do this.
Third-party wallet providers are available through a software application, website, or another mechanism. Wallet providers give the user their “public key,” which is their Ether “address.” The wallet also utilizes the user’s private keys, which “unlock” the wallet and allow the user to spend the Ether that’s allocated to that address within the blockchain.
Also similar to a fiat bank account, these wallets hold a user’s balance and provide storage and transaction history. As a part of the Ethereum platform, entities can view your balance and transaction history – but not access it, and your identity is kept anonymous.
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Which Wallet Do I Use?
Ether wallets can come in different forms such as a mobile wallet, a desktop wallet, a wallet that is stored on the web, or even a tangible hardware wallet. These various wallets fall into two categories: Hot Storage Wallets and Cold Storage Wallets (there can be hybrids of hot and cold, as well).
A hot storage wallet refers to a wallet that’s kept online. Hot wallets are generally more vulnerable to hacking and theft due to internet access.
A cold storage wallet refers to an offline wallet (something that’s not connected to the internet, and can be in a tangible form). Cold wallets are intended to help protect the stored Ether against hacking and theft, due to the inaccessibility of the internet.
Read also: Best exchanges to purchase Ether with fiat currency
Exchanges may offer built-in wallets with their services or a user may select their own from a different provider.
There are many wallets available for virtual currency users. Listed below are a few of the more popular wallets used for storing just Ether.
EthAddress
Support | ETH |
User Interface | No |
Security | Offline storage |
Privacy | No personal information needed |
Independent Wallet | Yes |
Platform | Paper |
Ethereum’s Mist
Support | ETH |
User Interface | Yes |
Security | Multi-signature |
Privacy | No personal information needed |
Independent Wallet | Yes |
Platform | Full Node |
Support | ETC |
User Interface | Command Line |
Security | Up to the user’s design |
Privacy | Up to the user’s design |
Independent Wallet | Yes |
Platform | Full Node |
Geth – ETH
Support | ETH |
User Interface | Command Line |
Security | Up to the user’s design |
Privacy | Up to the user’s design |
Independent Wallet | Yes |
Platform | Full Node |
Classic Ether Wallet
Support | ETC |
User Interface | Yes |
Security | Offline storage |
Privacy | Yes. No personal information needed |
Independent Wallet | Yes. Open-source JavaScript client-side |
Platform | Paper, Offline, Extension (Chrome) |
Read also: Everything you need to know about Ethereum
MyEtherWallet
Support | ETC |
User Interface | Yes |
Security | Offline storage |
Privacy | Yes. No personal information needed |
Independent Wallet | Yes. Open source Javascript client-side |
Platform | Paper, Offline, Extension (Chrome) |
Coinbase
Support | ETH |
User Interface | Yes |
Security | 2FA, multi-signature |
Privacy | Encryption |
Independent Wallet | No |
Platform | Mobile, Desktop |
Ledger Nano S
Support | ETH, ETC |
User Interface | Yes |
Security | Offline Storage, Pin Number, Malware Proof |
Privacy | Encryption, Private keys never shared with third party |
Independent Wallet | Yes |
Platform | Hardware; Extension (Chrome) |
Ledger Blue
Support | ETH |
User Interface | Yes |
Security | 2FA, Pin Number |
Privacy | Encryption |
Independent Wallet | Yes |
Platform | Hardware |
Support | ETH |
User Interface | Yes |
Security | 2FA, Multi-signature |
Privacy | Low |
Independent Wallet | No. Private keys stored by third party that can be easily accessed |
Platform | Web |
Jaxx
Support | ETH, ETC |
User Interface | Yes |
Security | Low (No 2FA) |
Privacy | No personal information needed |
Independent Wallet | No |
Platform | Desktop (Windows, Mac OS, Linux), Extension (Chrome, Firefox), Mobile/Tablet (Apple, Android) |