With the financial world changing so fast, crypto-currencies are getting accepted all around the world. However, when crypto is mentioned, everyone instantly thinks about Bitcoin. While, Bitcoin is the first digital currency, it’s certainly not the only one. The coin that’s right next to Bitcoin is Ethereum. In this article we will explain “how to get a Ethereum wallet”, among other things.
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”.
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 ethereum 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.
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.
Fund your Betting Account!
The Coinbet24 bitcoin betting and online casino gives you a chance to use your Ethereum wallet. With it, you can fund your betting account with Ethereum and use it to place your favorite bets. Additionally, our blog covers everything you need to know about How to Get a Bitcoin Wallet. On top of that, our Bitcoin Dictionary section holds basic crypto information which will help beginners with their crypto asset inquiries.