Let’s see how you can store your ETH securely. After the FTX disaster, it is fair to wonder how to secure your cryptocurrencies. Although centralized exchanges help users store cryptographic funds through custodial solutions, the user needs their approval to access the funds, which is not ideal.
An Ethereum wallet allows users to store Ethereum and tokens that adhere to the ERC-20, ERC-721 and other standards. There are different types of Ethereum wallets that you can use. Some users prefer a software solution that they can access on their computer or mobile devices. Others prefer a little more security and control and opt for a hardware wallet. A hardware wallet is an encryption-protected USB device that must be plugged into a computer or connected to a mobile device via Bluetooth to be used.
Ethereum: How to store your ETH securely
Examples of hardware wallets are:
- Ledger Nano S
- Ledger Nano X
- Trezor
- Satochip.
For those who prefer a software solution, the following options are the most popular and secure:
- MetaMask (computer and mobile)
- MyEtherWallet
- MathWallet
- Argent
- Numio
- Opera Browser (iOS and Android)
And many others
How to choose a cryptocurrency wallet
There is no perfect wallet the universal way, as this will depend on what you expect from the wallet itself. Functions can differ greatly between different options. The functionality of sending and receiving cryptocurrencies is the most important when investing in Ethereum. However, some people may want to explore more comprehensive solutions, such as integration with NFTs, decentralized applications, DeFi platforms, and more.
Using a software wallet is simple. Install the software on your device and follow the setup process. Always be sure to back up the seed phrase, and save it in one or more slips of paper. This set of words represents the private key to the wallet, ensuring that you are the rightful owner of that address and all funds associated with it.
Digital storage of information makes it vulnerable tohackers, especially if the text file is stored online. Once setup is complete, you will be provided with an overview of your wallet addresses and given the option to create a new one if you wish.
This address will be used when you invest in Ethereum and send funds to your wallet. Regardless of whether you use a centralized or decentralized exchange,it is best to move the ETHs you have purchased to your personal wallet. The wallet you control ensures that you can spend the funds without requiring third-party approval.
It is worth noting that the seed phrase associated with your Ethereum wallet is not tied to any specific software or hardware. Therefore, if you ever decide to explore a different wallet, you can easily import your existing addresses and balances. Feel free to play around with the different options, but always protect your account information.
