In previous blogs, we talked about the features of the Ethereum platform, described what Gas is and how to calculate transaction fees. To continue working with bitcoins, you need to identify the features of wallets and learn how to add tokens to them. Let’s dwell on wallets for storing ETH blockchain tokens.
You can buy ETH in exchanges or on exchanges. Before buying, you should think about where to safely store the acquired tokens. Ethereum, like other cryptocurrencies, can be done in several different ways:
On cold, hot or multi currency wallets;
On cryptocurrency exchange wallets;
On hardware wallets.
The most reliable options are to keep coins on cold or hardware wallets.
A cold wallet is a cryptocurrency repository that does not require a permanent connection to the Internet and does not provide third-party access to user keys. Therefore, it is almost impossible to crack. Such wallets are used exclusively for reliable storage and restricting access to funds – making frequent payments with them is rather inconvenient, so in practice, they often use a bunch of cold ones. Hot – a wallet for regular settlements that stores the blockchain in the cloud.
A cold wallet can be an address printed on paper, a private key and a wallet’s mnemonic phrase, or a backup of a hot wallet stored on a flashcard.
Hardware wallets are outwardly reminiscent of a USB flash drive device in which funds are protected using additional levels of cryptographic encryption. The most popular devices from Trezor, Ledger, Keep Key. By reliability, they can be safely put in the first place. But the second side of the coin is that you have to pay for reliability. For example, the initial version of the Ledger Nano S wallet will cost you at least 79.00 €.
If you actively use ETH for exchanges or purchases, then, in this case, multi currency wallets, for example, Exodus or Jaxx, are more suitable for you. You can hold several different types of cryptocurrencies on them at once, and in Exodus, you can even exchange one coin for another using the built-in exchange (the exchange rate there often just does not please).
MyEtherWallet Official Wallet
MyEtherWallet is one of the most popular Ethereum storage options. The wallet is created on the site and then downloaded by the user. MEW supports working with all ERC20 tokens.
Go to the MyEtherWallet website page and create a new wallet. To receive and send any Ethereum tokens, we perform the following procedures.