Best Ethereum wallet of 2023
Whenever you think of a cryptocurrency the first cryptocurrency that might cross your mind would be Bitcoin but hey wait a minute...Did you know that “Ethereum” is the second biggest cryptocurrency after Bitcoin? Surprised? Well, it’s true. While Bitcoin has a total market cap of over $550 billion, Ethereum has a market cap of over $220 billion. Investors who are aware of the potential of Ethereum, do buy this cryptocurrency and if you are among those investors congratulations you are holding onto one of the best cryptocurrencies out there.
Now that you have Ethereum, have you ever thought of keeping that crypto in a safe place, you might have but the question is which wallet is the best for keeping those precious cryptocurrencies of yours.
Well, you need not worry because in this article we are going to explore a few of the best Ethereum wallets of 2023 that you can use to store your Ethereum.
Before we dive into the best Ethereum wallet, we need to understand what cryptocurrency is.
So, cryptocurrency is a digital currency, based on blockchain technology used by various people who trade these currencies online or in a digital world. These currencies are non-tangible which means you can not touch them like your regular currency such as the dollar or euro but they have their value in the digital world.
This runs on a rather unconventional system called a decentralised system as no government regulates these currencies. Many cryptocurrencies exist in the market, Bitcoin is the world’s #1 cryptocurrency and Ethereum holds the second position.
Now that we know about cryptocurrency, Let's understand what Ethereum is and how it works. So, Ethereum is also a type of cryptocurrency, launched in July 2015, it also works on blockchain technology. Although Ethereum is a cryptocurrency, Many people make the mistake of comparing Bitcoin with Ethereum but in reality, both of them, designed to achieve different results and are dependent on each other in many ways.
For instance, Bitcoin, used for transactions that do not involve any central authority whereas if we talk about Ethereum, depends upon Bitcoin technology while dealing with smart contracts(a technology that helps in building decentralized apps).
Now that we have an idea about the cryptocurrency- Ethereum, let’s dive into the meaning of the Ethereum wallet.
So, the Ethereum wallet is nothing but an e-wallet that helps you store your Ethereum and manage your Ethereum transactions. It also allows users to perform transactions and allow users to view their account balance. Every user, provided with a specific private key for coins they hold on their Ethereum wallet. The “private key”, provided is proof of ownership that you hold on these coins in your wallet.
Best Ethereum wallet
There are many crypto wallets that now exist in the market, but not each of them might be suitable for you. That's why I have come up with a few Ethereum wallets that you can consider, to store your Ethereum.
If you are new to the world of cryptocurrency and Ethereum, then you should give Metamask a chance. It’s a Ethereum wallet that is available on both desktop as well as mobile. There’s a variety of stuff you can do with Metamask, for instance, you can access decentralized Ethereum apps with Metamask, and you can store your private keys on your PC so that you can export them whenever you feel like.
2. Trezor One
Built for bitcoin, Trezor One is a crypto wallet, developed by SatoshiLabs is one of the earliest wallets. Its new version can be used to store your Ethereum with the help of an electronic chip.
Trezor One offers high security with the help of a unique PIN, used to activate the electronic chip helping your private keys from getting hacked or even compromised.
One of the cool features of Trezor One is its pin system itself, If someone, for instance, enters an incorrect pin, then the waiting time for entering the pin again gets increased by the power of two and so one, making it almost impossible to get hacked.
If you are a beginner then this exodus- crypto wallet, made for you. It’s a multi-cryptocurrency wallet which means you can store Ethereum as well as other cryptocurrencies. This wallet is free and has an attractive user interface. It has an exchange feature and can support up to seven cryptocurrencies.
4. Ledger Nano S
Ledger Nano S is a crypto wallet that is great for beginners as it’s easy to use. This wallet allows users to store their Ethereum offline. You are also provided with a recovery sheet so that you do not forget your PIN. Since your cryptocurrencies, stored offline there’s almost no risk of hacking, it works on the BOLOS operating system and provides the highest level of security.
Coinbase promises a "user-friendly" user base that allows its users to buy, sell, store, and manage their cryptocurrencies. The coin-based wallet works on the open financial system wherein the users can convert their local currencies into digital ones.
All the five wallets mentioned above are the best Ethereum wallets of 2023, you can choose any of them depending on your needs. Make sure you choose the right wallet for your Ethereum as it not only helps in the security of your Ethereum but also makes sure you trade your cryptocurrency with ease and without any hindrance.