Day 25 - Looking Through ETH Wallets

in LeoFinance5 months ago

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Introduction

Hello everyone and welcome to another article on Vendata's journey of the crypto world! Although Ethereum is held back by several significant issues with it (e.g. fees and scalability), we all know that it is arguably one of the best cryptocurrencies in the crypto world. It promotes decentralised places in the crypto world, and without it, the crypto world would likely be much more centralised - something that many of us do not want. So many decentralised projects have risen from Ethereum, each amazing and unique in its aim and process, and I find it extraordinary that so many projects have been possible from Ethereum, creating a more decentralised and better crypto environment. Ethereum projects include Uniswap, Harvest Finance, and Basic Attention Token (BAT), all of which are incredible in their way! Now, to interact with these cryptocurrencies, you need to have an Ethereum wallet, and this is what this article will go through some of the most popular Ethereum wallets to hopefully help you consider which one to use!

MetaMask

MetaMask is one of, if not, the most, popular ETH wallet from my thoughts. It is an Ethereum wallet accessed as a browser extension to create more convenience in interacting with Ethereum's Dapps (Decentralised Apps). Although there are many others like MetaMask, I find that MetaMask works well for me, which I could say also goes for the rest of the crypto community. Its interface is slick and smooth with easy navigation, able to go from one place to the next in a clear manner. In a word, it is what you would expect from a good Ethereum wallet.

Now, why is MetaMask so popular? I guess that the answer majorly originates from three reasons: convenience, use and support. Convenience is what I have mentioned earlier being easy to use and self-explanatory.

With use, MetaMask is designed for Ethereum Dapps, and since almost every Ethereum user will be interacting with Dapps on the Ethereum blockchain, they will need a convenient wallet to do that. Thus crypto users go with MetaMask. Nevertheless, MetaMask also works with other blockchains, which adds even a more effective use to it. You can even add your crypto networks to MetaMask if you need one, making MetaMask very diverse and perfect for crypto users. With blockchains on MetaMask, I find that the two used by the majority is the Ethereum blockchain (obviously), and the BSC (Binance Smart Chain) that has gained popularity over recent times.

Last is support, which is not done by many other wallets. When I say support, I mean the connective-ness MetaMask has with the crypto community. For example, you can add any cryptocurrency within the Ethereum blockchain and BSC, best done through CoinGecko. If you wanted to add PancakeSwap to your MetaMask wallet, you head over to CoinGecko, find PancakeSwap (CAKE), then click the little fox icon beside "Contract."

When clicking "Contract," MetaMask will pop up if you have it, asking you if you want to add the CAKE token into your dashboard. Click "Add Token" and you are done! It is easy as that.

Also as a side note, you can use MetaMask for iOS and Android.

If you want to begin using MetaMask or find out more, click here.

Ledger

Ledger is a different type of Ethereum wallet than MetaMask. Rather than being used throughout the internet as a browser extension or through an app like MetaMask, Ledger is a hardware wallet, securely stored out of reach from the virtual world. To put it simply, Ledger is a USB where you store your Ethereum. Not only can you store your Ethereum inside a Ledger wallet, but other cryptocurrencies as well, including Bitcoin (BTC), XRP (XRP) and Monero (XMR).

The drawback with Ledger is the fact that it is not free, costing a good deal of money for one. For example, the Ledger Nano S costs 59.00 USD, not accounting for extra costs (e.g. delivery and taxes). However, Ledger provides good security for your crypto, resistant to any hacks or infiltrations vulnerable with online-based wallets like MetaMask.

Pros:

  • Easy set-up and use
  • Great support for digital assets
  • Portable

Cons:

  • Can be expensive (as shown earlier)
  • Ledger was hacked last year, leaking personal information (but not the crypto from its users)

If you want to begin using Ledger or find out more, click here.

Other

Of course, there are many Ethereum wallets out there in the crypto world, each with its unique aim and use. To name and explain every Ethereum wallet would take ages, going for pages and pages! With Ethereum, and also other crypto, wallets, there are mainly two types: software and hardware.

Software is those which are based upon an application, such as MetaMask from earlier. Data is stored within a server that is provided by the wallet company, meaning that the entire trust is upon them. Software wallets are more catered to quick transactions and interactions with the Ethereum blockchain, switching from one place to the next. Other software Ethereum wallets include:

  • Exodus
  • MyEtherWallet
  • MyCrypto
  • BRD
  • TrustWallet
  • WalletConnect

As with hardware Ethereum wallets, you physically hold the Ethereum in your hands, meaning you have the entire responsibility on your crypto being in the form of a USB. Rather than the crypto data being stored on a server, hardware wallets have their data stored within the USB form. With these type of wallets, it is better to use them for the long-term, not for making short-term transactions or interactions within the Ethereum blockchain. Other hardware Ethereum wallets include:

  • Trezor
  • Coldkite
  • ShiftCrypto
  • Cobo Vault

Conclusion

This concludes this article. I hope you found the information informative and interesting, guiding those who are looking for an Ethereum wallet and giving some new facts to those already experienced with these wallets. If you have any advice or information to tell me and the readers, you can leave a comment below and I thank those in advance who do so, helping me out in understanding the crypto world. Although I do mention Ethereum wallets, both the wallets I have gone through also are compatible with other cryptocurrencies, which is something important to point out.

Looking through two of the top Ethereum wallets, I learn new ways to interact with the crypto world, particularly with the Ethereum blockchain, becoming more experienced as a crypto user.

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