Ethereum wallets: A beginners guide to storing ETH

Ethereum is a blockchain platform that operates on the basis of smart contracts and is implemented on the basis of the EVM, which operates according to the rules of cryptography. The project has its own digital coin ETH, which is suitable both for activating smart contracts and simplifying some business processes, as well as for internal exchange on the network. Ethereum is the second most popular cryptocurrency in the world after Bitcoin. To start using ETH, you need a wallet to store digital currency. The wallet is a special software for storage, balance display and easy trading.

The easiest way to open and manage Ethereum online wallets is Guarda. The ETH wallet on Guarda allows you to securely store digital currency, conveniently exchange it and make the necessary trading operations without difficulties and restrictions.

Ethereum Wallet Creating Process

The first step is to choose the type of wallet. The wallet can be hot or cold. The difference between them lies in the way the keys are stored:

  1. A hot wallet allows you to store keys on the Internet, quickly access funds, exchange cryptocurrency, make purchases and perform other operations. The main disadvantage of hot wallets is the relatively high risks of storing large amounts due to the technical possibility of hacking such a wallet.
  2. A cold wallet implies hardware storage of keys on your device and complete autonomy. They are more secure and reliable, making them a suitable solution for storing large amounts, but at the same time, they give the user less functionality and maneuverability.

In this regard, creating an ETH wallet on Guarda is the best solution, since it simultaneously provides the user of a digital currency with security, reliability, stable operation and ease of managing digital finance.

How to Create an ETH Wallet: The Algorithm

  • Download ETH storage software if you choose a cold wallet type.
  • Come up with and remember (or better, write it down in a safe place) a seed phrase.
  • Download the file with the key to the wallet. It is desirable that this be a separate flash drive that will be used exclusively for this purpose.

After that, your wallet is ready to use.

What to do with the Ethereum wallet next?

Once you have an ETH wallet, you can buy digital currency on Guarda using a credit or debit card. It is also possible to buy ETH using SEPA (international payments within Europe). You can also exchange Ethereum coins for other types of cryptocurrencies at the current rate without leaving the Guarda service. At the moment, the price of ETH is $3159.23.

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