How to select the best Ether wallet App?
Ha! Everybody knows what a wallet is (at least I hope everyone does). It’s a place where people store their cryptocurrency. In the crypto world, A cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currency like Bitcoin and Ethereum.
Bitcoin has been established for a significant period of time. On the other hand, Ethereum currently has the second largest market cap after Bitcoin. Because of this, many investors are now flocking to Ethereum. Naturally, this has surged demand for more secure Ether wallets. Therefore, we felt the need to educate those out there who were looking for some knowledge and those who are new to this ever-expanding world.
Wallets can be categorized mainly on two important features –
Security – Wallet can’t be accessed easily as private key remains offline mostly.
Accessibility – Wallet access is easier
Depending on the need of the user, various Ether wallets are available today
Mobile – for frequent transactions in bill payments
Web – for money transfer purposes
Exchange – investor or daily trader
Hardware and Paper – for long term investment
Storage of private key can be another way of classification of cryptocurrency wallet. It can be
Online – Desktop, Mobile
Offline – Hardware, Paper, Web
There are many different types of wallets you can use including online, offline, mobile, hardware, desktop, and paper. The classification is mainly for differentiating the medium where the private key is stored. Some wallets make it easier for frequent traders, and others prioritize security and can be a bit of a hassle to frequently trade with. There is often an inverse-relationship between accessibility and security.
