Brief Introduction to Different Types of Ethereum Wallets

You must have come across the terms Bitcoin wallets, Ethereum wallets, cold storage and hot storage. It would be relatively confusing for you. However, do not fret, as we would help you understand it in the best manner possible. The post would help you choose the best Ethereum wallet for your crypto games playing needs.

Different kinds of Ethereum wallets

Foremost, you should rest assured that the online realm is full of several kinds of Ethereum wallets. Every one of them would be offering different benefits and disadvantages to the user.

Some have been deemed relatively easier for usage, but less secure. On the other hand, several others would be great for storage of your precious money that you would like to use for significant length of time. However, it would not be deemed good for regular usage.

Let us look at the different kinds of Ethereum wallets made available. Some of the common examples have been paper wallets, software wallets, online wallets, mobile wallets and hardware wallets. It would be relatively easier to talk about their security, their set up and how easy it would be to use them.

After you have finished reading, you would be having adequate knowledge on the benefits and drawbacks of every type of wallet. You would be able to choose the best Ethereum wallet suitable to your specific needs.

Choosing the best Ethereum wallet

The Ethereum wallets mentioned below would support Ether tokens and ERC20 tokens.

  1. Paper wallets

Paper wallets have been one of the best Ethereum wallets for long time storage needs. When you create it properly, they would be offline and impossible to access by hackers. Their high security aspect makes them popular Ethereum offline wallets for cryptocurrency storage.

  1. Software wallets

It would provide you with ease of security and usage. You would be able to make repeat transactions with them easily.

  1. Online wallets

These would be found on centralized services such as cryptocurrency exchanges. These would be useful for digital currency traders.

  1. Mobile wallets

Most users would like to keep their cryptocurrency on mobile wallets. It would provide them with easy access to cryptocurrency when they would be away from their computer. However, they have been deemed as secure as the mobile phone itself.

  1. Hardware wallets

The hardware wallet has been the most popular mode of storing cryptocurrencies. You would require four digit PIN code for accessing the Ether wallet available in the device.

These types of wallets would be essential for storing cryptocurrency to be used for playing Ethereum Games.