Which ETC wallet does Callisto Airdrop support

Ethereum Wallet: 5 different wallets presented

Summary

You only need a wallet if you use Ethereum (ETH) or actually want to own ETH.

If you want to buy Ethereum mainly because of a possible price increase, you don't necessarily need your own wallet. Providers like Binance or eToro take care of that for you.

For small and medium amounts (hot storage)

  • MetaMask - Ethereum Wallet as browser extension or mobile app (standard wallet for DeFI)
  • MyEtherwallet - Wallet app for smartphones and online wallets
  • Exodus wallet for the computer

For higher amounts (cold storage)

Ethereum wallet for professionals

  • Crap: Official Ethereum Full Node

Which wallet is the most suitable for me?

The decision for or against a wallet initially depends on your current needs. Owners of other cryptocurrencies usually hold them for investment purposes. To do this, it is recommended to have your own wallet. But it is by no means necessary. As a rule, providers where you can buy crypto currencies include an Ethereum wallet. Examples are eToro or the BISON app.

However, Ethereum is actually being used more and more. The more important is the quick availability of the coins and the ease of use of the crypto wallet. As with cryptocurrencies in general, there are basically two options for wallets:

Hot storage
Wallets of this type are connected to the internet all the time, or at least for part of the time. They are more prone to hacks, though. Nevertheless, you need such wallets in order to be able to instruct Ethereum transactions quickly and on the move. It is highly advisable to only move on secure websites (e.g. https) and on computers that are adequately protected against viruses and malware.

Cold storage
Wallets without a connection to the network are mainly suitable for long-term and secure storage of ether.

Depending on the retention period and usage goal, owners can choose between a browser extension, an online wallet, a mobile app, a hardware wallet, a desktop program and a paper wallet. The advantages and disadvantages are described below

1. MetaMask - Wallet as a browser extension or mobile phone app

When things have to be done quickly, MetaMask is the right choice. This is true in two ways. On the one hand, it can be set up conveniently within a few minutes, making it perfect for crypto newbies. MetaMask is available for Chrome, Firefox and in the meantime as a mobile phone app.

On the other hand, MetaMask opens the doors to the Ethereum world with all its DeFi applications and dApps. Whenever you need ether for a dApp, the application connects to the MetaMask wallet and lets you carry out the transaction. MetaMask is therefore ideal for users who frequently access applications in the DeFi area. A special feature is the HD property of MetaMask (hierarchical deterministic): It allows an unlimited number of addresses to be created with one access.

MetaMask

MetaMask is a browser extension that can be used to add an Ethereum wallet to Chrome or Firefox.

  • easy to install and use
  • is required for many Ethereum dApps
  • not intended for larger sums
  • Only recommended on secure websites because of the connection in the browser

2. MyEtherWallet (MEW) as a mobile phone app

MEW is probably the most popular Ethereum wallet after MetaMask. With the open source application, you can easily manage ETH and all tokens based on Ethereum. The setup is quick and easy and offers a comprehensive backup of the private key right from the start.

But that is far from being the end of it. Because MyEtherWallet is the all-rounder among wallets: The wallet gives you access to all Ethereum dApps, lets you write and manage smart contracts and optionally functions as a web interface for hardware wallets such as Trezor or Ledger Nano.

Despite all the advantages listed, MyEtherWallet is and remains an online wallet and as such should be used with caution. Storing the private key on the device does not release you from the obligation to make backups and only manage coins in the wallet with a moderate amount.

Conclusion: The MyEtherWallet app is an ideal wallet due to its universal application possibilities and ease of use. Whether for your own transfer of coins from wallet to wallet or as a connection to the Ethereum ecosystem - both users with investment goals and active participants in the Ethereum network get their money's worth.

MyEtherWallet

MyEtherWallet is an app and an online wallet for Ethereum. The extensive application gives access to Ethereum dApps, lets users manage smart contracts and serves as a web interface for hardware wallets.

  • extremely versatile
  • in combination with HArdware wallet also makes sense for larger amounts
  • The private key is saved on the device

3. Exodus - Light Wallet for the desktop computer

If you like it appealing on the desktop, Exodus is the place for you. The free Ethereum wallet runs on Windows as well as OSx and Linux. Installation is quick and easy in the user-friendly interface. At the moment, Exodus supports not only Ethereum, but also Bitcoin, Litecoin, Dash and a whole range of other cryptocurrencies. These include all ERC-20 Ethereum tokens. However, ETC is not supported. The list of all currencies can be found here.

With so many currencies in the portfolio, the ShapeShift integration comes in very handy for most users. The high-quality wallet is also financed through these fees. Exodus makes up for the shortcoming of not being open source with other attributes. In this way, the wallet can be easily transferred from one device to another. The great advantage of desktop wallets is the fact that private keys are always stored on the device. Exodus is no exception and guarantees - with proper backup - greater security than online wallets.

Conclusion: For beginners and design lovers, Exodus is the first choice among desktop wallets. The intuitive interface makes managing your own portfolio a real pleasure. However, if you are looking for a solution to use the wallet on multiple devices at the same time, Jaxx is better off.

Exodus

The desktop wallet manages a whole range of cryptocurrencies on an attractive user interface.

  • Integration of many cryptocurrencies and tokens
  • best desktop wallet
  • Wallet cannot be used on other devices at the same time
  • not open source

4. Hardware wallet: Ledger Nano S

At first glance, the Ledger Nano S looks like a USB stick. As a hardware wallet, it has a lot more in store. For one, it has a small screen. It ensures that the wallet can be used even when the computer is infected. On the other hand, the Ledger Nano S has two buttons on the side. If you want to make a transaction, you have to press the buttons at the same time. This prevents hackers from making withdrawals from the wallet. Anyone who wants to access the wallet inevitably has to have it in front of them.

In addition to Ethereum Bitcoin, the Ledger Nano S supports many Altcoins and Ethereum Classic and is compatible with Windows, Linux, Mac and Chrome OS. Tokens can be managed using software such as MyEtherWallet. You have the option to set a 4-digit PIN as well as to make a backup. This way you can restore your wallet to any other Ledger device.

Conclusion: The market for recommended hardware wallets is manageable with the competitors Digital Bitbox, Trezor and KeepKey. For security-oriented users, the Ethereum Wallet Ledger Nano S is so recommendable because it offers all protection and is inexpensive. The Ledger Nano S is particularly attractive for owners of several cryptocurrencies.

Ledger Nano S

The affordable hardware wallet offers users everything they need for long-term storage of Bitcoin, Ethereum & Co.

  • large selection of compatible cryptocurrencies
  • cheapest recommended hardware wallet
  • Lost community trust due to loss of customer data

5. Official Ethereum wallet ‘Mist’ (full node)

While looking for an Ethereum wallet, you will inevitably come across crap. As THE official wallet of the Ethereum ecosystem, it is kept up to date by the developer community and is therefore very trustworthy. The interface is kept simple and largely self-explanatory. As usual with desktop wallets, the private key is stored on the device. You can create a password and make backups at any time.

For newbies, however, it can be difficult to use. Because with crap you automatically download the entire Ethereum blockchain. Your device becomes a full node with which you actively participate in the network. With each update, the blockchain is completely downloaded again.

Conclusion: If you want to set up a full node, Mist is the best choice. The wallet solutions described above are more suitable for beginners.

Mist (official Ethereum wallet)

The official wallet of the Ethereum ecosystem allows users to simply set up a full node on the desktop.

  • simple user interface
  • entire blockchain is stored on the computer
  • high time / memory requirements
  • very bad for beginners

General information on choosing a wallet

In addition, you should pay attention to the following points:

  • Is there a large developer community, for example with open source software? It is well known that four eyes see more than two. The more thoroughly a large number of participants check the code, the more secure the wallet is.
  • What backup options does the wallet offer? In any case, you should make a note of the private key or, even better, save it in an encrypted storage location.
  • How is the wallet secured? Some wallets offer the option of defining a password, PIN or a mnemonic set. Certain hardware wallets automatically create a recovery seed.
  • How much does the wallet user have to reveal about himself? Some wallets cannot be used without registration, i.e. providing an email address or smartphone verification.
  • How compatible is the wallet with different operating systems? If you like to switch between mobile phone, desktop and hardware, you should pay special attention to this point.
  • Is it possible to manage tokens, such as ERC-20, and smart contracts with the wallet? Can this be used to regulate access to dApps? Ethereum has developed into one of the most important crypto ecosystems for a reason. For those who like to see some of their coins and the applications in one place, the wallet must have the appropriate functionalities.
  • How much is it necessary to transfer the coins to your own wallet? Many exchanges have now set up cold storage for customer assets. If the purpose is long-term cancellation, it can make sense to leave the coins on the exchange or platform.

Even if ether (ETH) is mainly used for wallets, Ether Classic (ETC) continues to play a role. The cryptocurrency emerged from a hard fork on the Ethereum blockchain. There are wallets that allow both currencies to be organized. Others concentrate exclusively on ETH.

Conclusion

The wallets presented here have proven themselves among users and offer the best functionalities. However, the market for wallets is much larger. If you choose the wallet according to the criteria mentioned above and do not compromise on security, you will find the best option for you. If in doubt, install MetaMask, by far the most widely used Ethereum wallet.