With a market capitalization of $204 billion, the Ethereum network and its Ether token are the world's second-largest cryptocurrency. As Ethereum continues to move from Proof of Work (PoW) to Proof of Stake (PoS) in order to address many network inefficiencies and introduce staking, ETH prices are expected to skyrocket.
If you want to invest in ETH 2.0, you can move your tokens out of your trading platform or into a private Ethereum wallet. Wallets not only ensure the protection of your tokens, but they also facilitate token management and transfers. However, not all crypto wallets are suitable for Ethereum tokens or endorse them.
Ethereum wallet
An Ethereum wallet is a program, hardware unit, or service that stores users' public and private keys and allows them to communicate with their Ethereum account. Consider a wallet to be an internet banking app, with your wallet's public keys serving as your Ethereum "coin address" to your bank account number.
Your Ethereum wallet's private keys act as a password for your Ethereum bank account, allowing you to send Ethereum (ETH) from one wallet to another. Your wallet is essentially a tool for managing your Ethereum account, allowing you to initiate transactions, display your account balance, and so on.
Online wallets, software wallets, mobile wallets, full node wallets, and paper wallets are among the various Ethereum wallets accessible. Ethereum wallets come with a variety of security levels and prices.
Best ethereum wallets
Metamask
MetaMask is a popular Ethereum wallet that is also very user-friendly. A browser extension and a smartphone app are also available for the wallet. Users can control their tokens from anywhere in the world using a key vault, token wallet, and secure login. The wallet can be conveniently enabled as a Chrome extension or a Firefox add-on.
The setup and installation procedure is simple. The app creates passwords and keys on your computer once enabled, allowing you to only access your data unless you want to provide personal information over the network.
MetaMask not only allows users to control their ETH, but it also makes it extremely simple to link to decentralized applications directly from their browser. MetaMask is an important tool in the Ethereum ecosystem because it enables developers to communicate with multiple Ethereum test networks.
Atomic wallet
Atomic Wallet is a desktop-based cryptocurrency wallet that supports a variety of tokens such as Ethereum, Bitcoin, and others. Changelly and ShapeShift, two coin exchanges, are directly linked to the wallet, offering users more robust access to in-wallet transactions. Even better, the wallet allows users to purchase ETH using a credit card.
Trezor model T
For offline Ethereum storage, the Trezor Model T is a great option. As compared to online storage wallets, the hardware wallet is more reliable. It's designed for users who need to store and manage their Ethereum tokens on the go but don't want to use a hot wallet that needs an internet connection. Litecoin, Ethereum, Bitcoin, Dash, Ethereum Classic, and other cryptos are supported by the wallet.
Mist
Mist is the official Ethereum digital wallet, developed and maintained by the Ethereum team. The wallet is regarded as one of the best Ethereum wallets because it provides a wide range of protection and anonymity. Mist is a complete node wallet, which means you'll have to download the entire Ethereum blockchain, which is >1TB in size. Windows (32- and 64-bit), Mac OS X, and Linux are all supported by the wallet (32- and 64-bit).
Ledger Nano X
The Ledger Nano X is one of the most common cryptocurrency wallets, offering the highest level of protection for storing tokens offline. ETH, Bitcoin, Litecoin, and a variety of other tokens are supported by the wallet. There is no chance of hacking since all tokens are kept offline. The Nano X is based on BOLOS, which enables developers to have a stable chip in their platforms. The Nano X is generally regarded as the best hardware wallet for Ethereum.