Anyone with phone or laptop can give Ethereum, a crypto currency a try. For buying and storing your Ethereum currency, which is called Ether, you would need an Ethereum wallet. We will help you find the best Ethereum wallet. There are two keys involved in a wallet – public key and private key. If you lose the private key, you loose your Ether – forever and there is no way you would be ever be able to recover it.
We will help you find the best wallet for Ethereum. There are four types of wallets – desktop, web, hardware and paper wallets.
Web wallets – these are the most popular and used by people who transact using Ethereum on a daily basis. Web Ethereum wallets http://ethereumfaq.org/best-ethereum-wallet-eth-0653/ are simple to use and easy to manage. However, the private keys are stored on the servers which can be hacked. While chances of this unfortunate happening are extremely slim, it has happened in the past with bitcoin. But the web wallets are still the most widely used wallets as they are simple to use and setup.
Desktop wallets – As the name suggests, the desktop wallets are designed to run on your laptops and desktops. You download the entire ethereum client on your computer and run it from there. It is a tedious process and takes 1-2 days to start functioning. This is because it needs to sync with the blockchain. One benefit is that both private and public key are stored on your computer.
Hardware wallets – These are the most secure as they can be disconnected from Internet but can still sign transactions without being online. They are not a good option for mobile users or those who do a lot of transactions.
Paper wallets – If you are planning to do store your Ethereum in cold storage, consider going for the paper wallet option. In this, you print the private key on a slip of paper and then store it in a secure location.
So basically, the main thing is to store your private key securely unless you are using web wallets for doing everyday transactions.