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How to create and set up a wallet for Ethereum Classic

The ETC digital coin in August 2021 is up 100% from its value a year ago, from about $6 to $60. It is possible that this is not the limit, which means that this currency is worth buying or earning by mining and holding on to for better times. But this will require a reliable and safe wallet. What is better to choose? Web service, local storage, or hardware wallet? Let’s deal with this question and present a list of ETC wallets you should pay attention to at first.

The best wallets for Ethereum Classic

At first glance, the ideal option for storing the digital coin should be the official wallet of the developers of ETC. But since there are several autonomous teams of blockchain engineers working on the promotion of this altcoin, the official Classic Ethereum Wallet is not always convenient. There are extra coins and options, which can cause confusion for a user who may have just wanted to make a simple transaction.

As an alternative to the MEW Web Wallet, you can use the Ethereum Classic Wallet, available at https://etcwallet.net. It’s designed to work exclusively with ETC coin, and it’s very fast. There is absolutely nothing superfluous in it, so it is really a very convenient tool to conduct transactions with Ethereum Classic.

How to create a secure cold wallet

With a paper cryptocurrency wallet, you can safely accumulate funds in your balance by controlling it through a blockchain browser. But be warned, as soon as you need to send money somewhere, your cold wallet will immediately turn into a hot wallet. The MEW service allows you to generate an outgoing transaction offline, which eliminates the risk of spoofing the recipient’s address. But it’s safest to use a hardware wallet.

ETC hardware wallets

These devices are minicomputers, made in the form of flash drives with a display and two buttons. The job of such a device is to block hackers from accessing your assets when you are online. Let us tell you about the most popular devices in this market segment.

Ledger Nano S

This wallet stores your secret blockchain access keys in a certified security chip. If you lose the device, you can easily regain control of your assets from another Ledger wallet. All you have to do is enter a 24-word recovery phrase. The Ledger Nano S digital wallet is simple and easy to use.

To send money, you just need to connect the device to your PC, and you can safely perform transactions. Even if spyware is installed on your computer, a hacker will not be able to steal your coins. Ledger physical wallet works with ETC cryptocurrency using Ledger’s own Ledger Live app or MyCrypto or MyEtherWallet web services.

Trezor

This physical wallet is made in the Czech Republic. It was developed by the creator of the first mining pool Slush, Marek Palatinus. The Trezor hardware wallet has a larger screen area but also costs more. Otherwise, these devices are about the same level. True, Ledger supporters believe that their wallet has better protection, but this is their subjective opinion. So far there was not a single confirmed case of theft of funds, access keys to which were stored on the hardware safe of these models.

MyEtherWallet

Algorithm of creating a new wallet.

  1. Go to the platform interface at https://www.myetherwallet.com and click Create a new wallet in the upper left corner.
  2. Select the method of creating a wallet. You will be prompted:
  • Install the app.
  • Purchase a hardware wallet.
  • Use a software wallet with sign-in by a key file or mnemonic phrase. Unfortunately, the developers have removed in the new version of the wallet a very convenient ability to enter by private key. Now it is available only when using Etcwallet.net.

Multicurrency wallets for ETC

If you need to keep your ETC wallet always at hand, use one of the multicurrency applications. The official website has a list of recommended apps, we’ll look at just a few of them.

Jaxx

Jaxx wallet is well known to blockchain enthusiasts. The cross-platform app is installed on a smartphone or personal computer, and can also be used as a Chrome browser extension. Jaxx supports all top cryptocurrencies, including ETC, and is equipped with an exchange function. To start a Jaxx mobile wallet:

  • Download the app, on Google Play or the App Store.
  • Accept the user agreement and select “Create New Wallet.”
  • Specify the installation option (it is better for a beginner to choose express).
  • Select an ETC coin from the list and click “Open” to get your etc wallet address.

Don’t forget to make a backup copy to be able to regain access to the funds in case you lose your smartphone. Open the Back-Up Wallet and write down the mnemonic phrase.

Trust Wallet

The application is the official cryptocurrency wallet of the Binance platform. Trust works seamlessly with the Binance DEX and Kyber Network protocols, allowing you to make instant transactions on the decentralized exchange. Trust wallet is easily integrated by Web3 browser, which allows it to interact with any decentralized application (DApp).

Official developer’s website https://trustwallet.com

In conclusion, whatever ETC wallet you use, the security of your assets first and foremost depends on you. If you store your password and seed phrase on your PC hard drive or online, sooner or later a hacker will get your data and you will be left without money. Do not ignore the security rules.

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