Popularity wise, Ethereum is right next to Bitcoin. As a matter of fact, a lot of people believe that it could be the coin that will take the torch away from Bitcoin. The reason for that is because Ethereum has a more sophisticated construction. The difference between Ethereum and Bitcoin is the fact that Bitcoin is nothing more than a currency, whereas Ethereum is a ledger technology that companies are using to build new programs. However, just like with Bitcoin, people need a wallet to be able to store their Ethereum coins. We have taken it upon ourselves to explain “how to get an Ethereum wallet” and then how to deposit with Ethereum? For more information, you can also check our “how to” section for a Bitcoin deposit. Additionally, learn more about Ethereum and other cryptocurrencies right HERE.
What is an Ethereum Wallet?
Cryptocurrency wallets are how users interact with their funds. Wallets are similar to an account with a bank, but with very important differences. Like a bank account, they can receive and send funds and assets that they have inside them. Unlike a bank account, if you lose access to your account, it is gone permanently, along with all the assets inside. There is no central authority that can help you get back your wallet. So, even though having absolute control over your finances is good, you responsibilities increase drastically as well.
Before we explain how to get an Ethereum wallet, you must know that there is a variety of different purses. Choosing one is the first step to start interacting with the world of digital money. It is not too complicated, but there are many options. We can divide these wallets in 4 groups.
- Web Wallets;
- Computer Coin Wallets;
- Mobile Wallets;
- Hardware Wallets;
- Paper Wallets.
How to Get an Ethereum Wallet?
Depending on the type of wallet you pick, the procedure for activating it will be different. For instance, web Ethereum wallets are the easiest to use. You can register online from any PC or mobile. Some of these wallets even have an app which can be used. Usually, web wallets are free. The computer purses are similar as well. All you need to do is install a program on your PC. That program will hold your Ethereum wallet. Jaxx and Exodus are good examples of computer coin wallets.
The mobile wallets are pretty much applications which you can install on your phone. These apps work with both Android and Apple. Blockchain is an example of a mobile wallet. All of the above mentioned types are usually free of charge. However, they are also lacking in security. On the other hand, hardware and paper wallets are a much safer option. The paper wallet is a record of the private and public keys you need to access your wallet and make transactions. Paper purses are not on the Internet and therefore no hacker can access your cryptocurrencies.
However, when it comes to hardware Еthereum wallets, the procedure is a bit different. They offer a way to store crypto-currency offline. Unlike the other options where you just need to download a program, the hardware wallet is a device that needs to be bought. They are otherwise known as “cold storage” portfolios. For more information on the matter, check the blockchain network.
Setting Up Your Ethereum Wallet
All you need to know about how to get an ethereum wallet is that the wallet consists of two things. First, it’s a public address which is where you send the funds to. The second part is the keys you need to have. Those keys can be public or private. A public key operates like an Email address, Home address, Mailbox, or a Bank account / routing number. You can share these things, but sharing this doesn’t give access to what is inside. However, a private key is something completely different.
A private key is the secret password that has control over the funds inside a public address. This key works like an account password, key for your front door/mailbox/safety deposit box. You do not share these! Basically, the private key controls the funds in your account. Essentially, who ever has your private key can get all your Ethereum wallet funds.
Funding Your Wallet
Once you get the wallet, you need to fund it with Ethereum before you can make any transactions with it. You can always send any asset to any wallet, but if you want to send tokens out or from a wallet, that address needs to have Ether in it to pay the network fee. There are websites that can make this process much easier. The most popular one is known as Coinbase and is used my millions of people around the world.
After the funding is done, make sure you secured your account. Depending on what type of wallet you get, the security can be different. However, the most universal way that’s offered by everyone is connecting your phone to the account. Once you do that, every time you log in to your wallet, you will get a text message. So, if someone else tries to get in your account, the text message will notify you and you can take appropriate measures to protect your account.
How to Deposit with Ethereum? – Types of Wallets
Trezor One
Trezor is the oldest Bitcoin hardware wallet. It is a product of SatoshiLabs and has a straightforward interface. In terms of security, Trezor is quite advanced as its PIN code never leaves the wallet. This means even if you connect it with a compromised computer, you won’t face the risk of compromising your wallet. Some argue it’s the best Ethereum wallet in the market.
- Main Highlight
The primary highlight of Trezor One is its security. Its PIN code system ensures that brute-force entering is impossible. When you enter the PIN code incorrectly, it increases the waiting time by a power of two. For example, it’ll take 17 years to make 30 guesses. Whenever you connect your wallet to your computer, it’ll ask you to enter the PIN. Trezor generates a random PIN code every time, and it’ll display one when you connect it to the computer. After entering the PIN, you’d have to enter the passphrase, which only you’re aware of.
- Additional Features
Trezor One supports multiple cryptocurrencies (more than a thousand, actually) such as Litecoin, Ethereum, Bitcoin, Dash, Ethereum Classic, etc. However, Trezor doesn’t support Ripple, Monero, Cardano, and Tezos. It is compatible with Mac OS X, Windows, and Linux.
How to Deposit with Ethereum – Metamask
If you don’t know much about the Ethereum network, you should go with this option. Metamask is a software that you can download as a Chrome extension too! Your Ethereum wallet remains available on your browser with Metamask, and if you’re a developer, you can interact with Ethereum test networks through it as well.
- Main Highlight
Metamask provides an abstraction to its users, thus lowering the entry barrier for many people interested in Ethereum. With Metamask, you can access Ethereum dApps through your browser. Apart from that, you can easily switch between the leading network and a test network too.
- Additional Features
Your private keys have password encryption with Metamask and remain stored on your machine to export whenever you require. Another highlight of this wallet is you don’t have to download a full Ethereum node to use it. With Metamask, you can manage multiple wallets from one place. However, you should know that it’s not as secure as a hardware wallet or a paper one.
How to deposit with Ethereum – Ledger Nano S
Probably the most popular hardware wallet, Ledger Nano S certainly deserves a place in this list. A hardware wallet lets you store your private keys in a physical device. As a key is everything in cryptocurrency, where you store them is crucial, and hardware wallets are widely popular. All the cryptocurrencies store in the wallet offline, so there’s no risk of hacking. If you’re not a programmer or a tech-savvy person, using a hardware wallet would be the best to ensure the security of your cryptocurrency. The OS of Ledger Nano S is BOLOS, which its developers integrate into a secure chip.
- Main Highlight
The main highlight of this wallet is its security. As it’s a hardware wallet, there’s no risk of hacking or technical loss. When you start the device, you’ll have to enter a PIN code, and you must remember that to connect your device. They provide you with a recovery sheet that you’d have to keep safe in case you forget your PIN.
- Additional Features
Ledger Nano S supports over 1000 coins, including Eos, Bitcoin, Cardano, Dash, Dogecoin, Litecoin, Ethereum, and many more. It’s very lightweight, so carrying it around isn’t very difficult either. Another additional advantage is that you can run third-party apps on this wallet too. Using it doesn’t require any technical proficiency, so even if you’re a beginner, you wouldn’t have any difficulty in using this wallet.
We hope that the information entered above answers all your questions about how to deposit with Ethereum.