Guide to Ethereum Wallets – an Introduction
Guarda Wallets have started with a wallet for ETH and up until now, our company provides secure Ethereum and Ethereum-based tokens storages for multiple platforms. Our wallets for Ethereum can all be found here.
What is Ethereum?
Ethereum is often referred to as the second-most important cryptocurrency on the market. Even though this is true,mEthereum blockchain technology extends far beyond being just a currency. If putting in simple terms, Ethereum is a platform allowing developers to build and manage dApps (decentralised applications). Similarly to Bitcoin, Ethereum is a blockchain network available to the public. Bitcoin, however, offers one application for its blockchain – a peer-to-peer electronic cash system. Ethereum, on the other hand, focuses on the development and running the programming codes of dApps. Ether, the native currency of the blockchain can both be traded or used to pay transaction fees and services of the network. There is also one more type of tokens existing in unity with Ether – Gas. Every smart contract run on Ethereum requires some Gas to be put in the blockchain.
What are smart contracts?
A smart contract is, in fact, a code. Once put on the blockchain, the smart contract becomes a sort of a self-operating programme running on pre-set conditions. The great advantage of smart contracts is the fact that they exist on the blockchain and run exactly the way they were programmed under any circumstances. Developers choosing Ethereum can build a vast range of different applications, as the platform has basically no limit in processing the code.
What can Ethereum be used for?
As we have already mentioned, Ethereum allows developers to build and run dApps. Decentralised applications are made up of code that exists on the blockchain, so they are not controlled by any authorities. Besides applications, Ethereum also gives people a chance to create Decentralised Autonomous Organisations (DAOs) and even other cryptocurrencies (Ethereum-based tokens).
The use cases of cryptocurrency of Ethereum are quite extensive, too – as Ether is one of the most popular and well-recognised coins on the market, the demand for it is quite high.
How to buy Ethereum?
Ethereum is available for purchase on numerous services. Before starting the buying process, however, you will need to set up a wallet for ETH. There are many types of Ethereum wallets on the market. Let’s break down the basics of the best Ethereum wallet so your storage choice gets simplified.
Ethereum wallets – how to choose one?
There used to be a time when user-friendly Ethereum wallets were a rare beast to find. Nowadays, ETH storages are one of the most widespread in the crypto space. Unfortunately, having many options present is not always a great thing. Due to this, the Guarda Wallet team came up with a list of criteria to judge the best Ethereum wallet by.
- Security. The most important feature of an Ethereum wallet is its safety. First of all, we advise turning to non-custodial cryptocurrency wallets – they do not store or use your data. Hence, the wallet private keys are not available to any third parties and cannot be leaked or used to access your funds.
- Functionality. Ethereum wallets often lack the basic friendliness to the user. If you are managing Ether and (possibly) a couple of hundred of tokens in one place, it better be functional enough. Important features to look for at this point is – cryptocurrency purchases (if you are new to the crypto space, you might want to buy Ethereum with fiat), exchanges, special features and so on. Besides these, think of the use cases for your Ethereum wallet – whether you will be managing the funds from your computer, smartphone or tablet, all these points influence the platform preference.
- Development. A wallet that is not paying decent attention to its development cannot be considered a leading Ethereum storage. Take a look at the blogs and social network pages of a service you are about to choose – the developers often post about the new additions to their ETH wallets in there.
- Community. A great cryptocurrency wallet usually has an active community of both users and developers. Having this group of people does not only signify the importance of a taken wallet in the crypto space but also gives new users decent community support.
Ethereum wallets on Guarda
Guarda Wallet offers non-custodial Ethereum storages that come in different versions – from Web to Mobile. Creating an Ethereum wallet on Guarda is fairly simple – there are just these easy steps you need to follow.
- Go to the main page of Guarda’s Website and click Create a Wallet
- On the next screen, choose to create a new wallet again
- Think of a secure password to your new wallet for ETH
- Download your backup. Be sure to keep it somewhere safe – Ethereum wallet backup is essential for accessing your funds
- Store, send, receive buy and exchange Ethereum in your brand new Guarda wallet.
Next step – Buy Ethereum
After you have set up a wallet for Ethereum, you need to get some coins in it. There are several options for how to do it.
- The easiest way of getting Ethereum is exchanging some other cryptocurrency to ETH. You can easily do it right within your Guarda wallet.
- Users can buy Ethereum for fiat both on Guarda website and in the wallet. In this case, you will need to purchase Ethereum with bank card – the process is as simple as the crypto-to-crypto exchange.