Bitcoin is Digital Gold because of its scarcity and rock-solid model.
Ethereum offers something very different. Flexibility and features in smart contracts. But every flexibility comes with a trade-off.
The trade-off between a sound monetary policy for a feature rich token economy.
That is why Ethereum is the breeding ground for entrepreneurs, business people and startups.
Venture Capitalists, Entrepreneurs, Wall Street traders and CEOs are keen on Ethereum’s protocol which allows applications to be built on top of its blockchain.
Its foundation is similar to protocols such as the internet’s TCP/IP. Ether is the cryptocurrency or incentive that fuels the whole ecosystem.
In 2017, Ethereum was responsible for around $5.5 billion raised in initial Coin Offerings, also known as ICOs. In the first three months of 2018, that figure has now surpassed at $6.3 billion, more than the whole of 2017.
Ethereum utilizes cryptography, economics & distributed systems to get participants to interact within the network..
ICOs have now become the fastest way to raise money for a venture. By issuing a new token on top of the Ethereum blockchain, startups can now offer retail investors their own tokens as an incentive that it’ll appreciate in value in the near future for their money.
Hence, if you want to buy any ICOs that runs on the Ethereum protocol, you need to pay transaction fees, and that fee is in Ether.
Ether is now the fuel for new tokens and ICOs, a multi-billion dollar venture fund for new startups and even get rich quick schemes. That is why Ethereum has the second largest market cap in the world.
Ether = Tx Fees =
Gas Limit * Gas Price
Buy Ether Instantly with Changelly:
If you for one believe that crypto is the “People’s Revolution”, and you believe that digital assets presents a great once in a lifetime opportunity, Ethereum is a pretty good bet.
It’s easy to buy Ether and Hodle for 3 – 5 years, unless you’ve got an appetite to trade from the volatility, you can also use Ether to trade many of these tokens on Binance. (Never make a bet you cannot afford to lose!)
No matter what you do with Ether in the cryptocurrency space, you will first need a reliable and secure wallet. There’s no such thing as ‘the Ultimate Ethereum wallet.” Each wallet should be used depending on your requirements. Only you can ensure your own digital assets’ security by adopting good practices. (You are the weakest link when it comes to your own digital asset management.)
Highly Rated Ethereum Wallets
The Most Popular Hardware Wallet with over 1,326,201 Sold Worldwide as off August 2018.
Why? Because it is the Most Affordable Hardware Wallet € 79 (~$98). A cold wallet like this stores your Ether offline giving you peace of mind.
You can also store Ethereum based ERC20 Tokens on your Ledger and securely manage it using MyEtherWallet (MEW). Your tokens won’t be visible on your Ledger Application, you have to use MEW to check your token balance.
If you plan to hodl, this is as good as it gets for most people. Even security information experts recommend the use of hardware wallets rather than paper wallets.
Both are hardware wallets designed to support various cryptocurrencies including Ethereum. Trezor One cost €89 for a single device and you canSave € 22 with a 3-pack for Trezor One on Trezor’s Website
Even if you lose this device, you won’t lose your Ether. You can buy a new device and restore using your own 24-word seed phrase.
Keepkey is another hardware wallet that gives you peace of mind and can store your Ether free from virtual and physical hacks. It costs $129, and is the most expensive HD wallet in the market.
Aside from the bigger screen and more premium look, its features and functions are similar to those of its competitors.
4. Trust Wallet
This Mobile Wallet was recently acquired by Binance. They are trying to become a universal token wallet.
It supports coins like Bitcoin, Ethereum, Ethereum Classic, Litecoin, EOS and Neo and all tokens (ERC20, ERC223, ERC721)
You sacrifice security for features that give a digital wallet flexibility. If you have a sizable investment, don’t store it all in your mobile wallet.
Trust wallet utilizes public APIs so you can also directly purchase ETH from exchange sites like Coinbase, Changelly and Indacoin without ever having to leave Trust. Your ETH will also be instantly inside your Trust wallet address without needing to leave the app. This only works in certain countries.
The app also includes a Marketplace with a DApps browser in-built to allow you to search and exchange one token for another. With the Bancor network, you can also exchange ERC20 tokens for ERC223 tokens without ever leaving Trust.
Having a dedicated app means that Trust can minimize a user’s exposure to phishing attacks. Did you know phishing attacks soared to over 500% in 2017 with web applications & social media?
Ease of Use: 9/10
Clear and concise information. No unnecessary excess of information to overload users. It was built with new users in mind.
Trust do not collect any personal information. Does not store your details such as private keys and password on their servers.
Download Trust Wallet and try it our for yourself!
With 125 blockchains and 382 Tokens, Coinomi Mobile wallet supports a wide range of coins in the market. Flawless interface with straight-forward taps to get you where you want to be.
Installation takes less than 5 minutes and you start off creating a new wallet on the app that gives you 18 or 24 recovery seed passphrase (HD wallet).
Coinomi partnered with Changelly and Shapeshift to allow its users to easily exchange their crypto for another crypto without ever leaving the app.
Ease of Use: 9/10
Download Coinomi Wallet and try it our for yourself!
This desktop wallet works on any operating systems; Linux, Windows and Mac. If you want to be in control of your private keys but need the versatility of a software based wallet that sits on your work computer, this is the wallet you want.
- supports Ethereum as well as hundreds of other tokens. And you will love the amazing User Interface.
- integrates Shapeshift within the app to allow you quick and instant crypto to crypto exchange.
When compared to a web wallet like Coinbase, the Exodus wallet offers a much safer way to secure your Ether. However, when you’re comparing with Hardware wallets like the Ledger or Trezor, it’s apparent that the exodus wallet is exposed to malwares and keyloggers on your computer.
Citowise is a mobile wallet that supports Ethereum and all 40,000+ tokens compatible with the ERC20 standard.
It is similar to Trust & Coinomi with an integrated exchange within the wallet itself. It gives Ether owners the flexibility of quickly purchasing and selling tokens in a highly liquid environment.
Download Citowise Wallet and try it our for yourself!
This minimalist hardware wallet is Swiss Made. Cost just €78 each (buy in bulk to save more money)
BitBox Comes with a micro SD card for backup and recovery and stores your ETH, ETC and ERC20 tokens safely offline. Your private keys stay buried within your hardware wallet and cannot be accessed without you physically pressing on the button.
What’s so interesting about this hardware wallet is its secondary wallet that allows you to open up a secondary account if someone else forces you to disclose your Cryptocurrencies inside. Buy BitBox on the official website.
Use plausible deniability. A secondary password can open a hidden wallet. Put some change there to add plausibility. Or, in case you are forced to recover a wallet from a backup, entering the wrong password will create a valid but different wallet.
MetaMask uses browsers like Chrome, Firefox, Opera and Brave to easily access your Ethereum. It stores your private keys on the Chrome extension which requires your password to access.
MetaMask gives Ethereum users access to DApps within their browsers without needing to run a full blockchain node. It gives you quick access on your computer to perform quick trades on the Ethereum network while providing a resolution against phishing attacks.
This wallet is not a great way to store large amounts of Ether, but it is certainly a great way to access DApps like Cryptokitties instantly and reliably.
Its a popular misconception calling MEW a “Web Wallet”. What it basically offers you is a way of generating your own Ethereum Wallet and send/receive various tokens.
All this is done within your computer and not on MEWs website servers. Although you should be warned that MEWs website has experienced many vulnerabilities/hijacks in the past especially with phishing and DNS hacks.
You should always bookmark the site and not click on any external links. But this is not a secure foolproof method.
One reddit user highlighted his experience with MEW, he noticed that the site had the insecure certificate, but proceeded to use it anyway. Each transaction he made was conveniently transferred out to the attacker.
The hack cost Ethereum users approximately $150,000 that day. Not a lot of money when you compare it to some of the biggest hacks, but many observers call it the largest attack of its kind citing the bad actor had to affect services from Amazon and Google.
It allows you to hold and secure ether and other crypto-assets built on Ethereum, as well as write, deploy and use smart contracts.
This wallet isn’t exactly built for end users in mind, its wallet users are constantly begging for help on its Github page. It also takes a substantial amount of time just to sync your node.
If you are interested to dabble in the Ethereum blockchain, the mist wallet is a good way to expose yourself to the development and community within the Ethereum network. Just don’t use it if you have limited hardware power and internet speed.
My 11 Safest Ethereum Wallet ‘Picks’
With Ethereum, everyone is fascinated by the intricacies of governing their own economic policies and programmable smart contracts.
Anyone who can master the language, Solidity; can ultimately design and issue their very own cryptocurrency. If you enjoy taking this path, then Mist if a great way to start.
ICOs is the lifeblood of the majority of Ethereum’s blockchain transactions, its obvious that startups can now easily raise money and fund their ventures without the need to go through vigorous restrictions and regulations.
So if you’re thinking that this is far too complicated and you’re planning to sit on the sidelines while this next evolution passes you by, think again. You can easily buy and Hodl Ether in your hardware wallets and wait for it to appreciate in value for the next five to ten years.
Or you could even trade the various tokens running on the Ethereum blockchain on exchanges like Binance and use the corresponding wallets to justify your needs. However, my take in trading crypto is negative, here’s why…
Its that simple.
Lastly, if you enjoyed my article, please share it with your friends and family.
Here are some other articles I’ve written that you might find useful:
- Ethereum Vs Bitcoin: What’s all the Fuss about?
- 3 Bitcoin Wallets That Are Iron-Clad, Unhackable and Time-Tested
- How I Chose My Bitcoin Wallet
- This is How We Can Ditch The Cycle of Being Broke and in Debt
- 11 Pieces of Bad Advice I Wish People Would Stop Spreading about Bitcoin
- Is it safe to invest in Bitcoin now?