An online Ethereum wallet is vital to securing your digital currency. It secures your digital coins by utilizing highly advanced algorithms and safety measures.
How you can secure your Ether
We all know that securing your Ethereum is a very complicated and often difficult task. Even more so than buying it, because of the importance of security. Nowadays, there are many slow and unreliable exchanges online. It is highly recommended to use a good online service that has basic features with maximal security.
There are many highly advanced hackers on the web. If you’ve never been hacked, you’ll likely have a false sense of security and won’t understand how important it is to secure your coins properly. The most balanced way of storing your Ethereum is by using an online wallet service, mentioned above. However, highly advanced users and developers may opt for an offline service.
The Online Method
Online wallets provide a combination of convenience and security. You can download the wallet’s private public key data from the site, and use that when you need extra security. The only disadvantage is that online wallets can have downtime, which makes it important to back up your wallet data from the site. There’s a number of choices out there, and we recommend ethereum-wallet.net as they’ve been up for quite a long time and is trusted within the community.
For highly technical and advanced users, feel free to read on! There’s the offline option, but it will cost you 100GB of space and hours of time.
The Offline Method
You can generate a private-public key pair online by using the service mentioned in the first paragraph – ethereum-wallet.net. After generating this data, put some Ethereum onto it (public key) and then use a good method securing it.
For some users, they may decide to write the key down on a piece of paper and put it in a safe. This method is good in that it is as secure as your safe. However, safes are not fully invincible. Realistically, anyone who has knowledge of the safe can break in by using physical explosions or cracking methods. The better method is to encrypt the data on a flash drive, and remember the encryption password. You can even throw the flash drive into a safe for extra security!
However, it is a bit more complicated. You’ll need to use an open source encryption method that isn’t tainted by the NSA. We can never be too careful around the government’s encryption techniques, as the NSA have been known to plant backdoors in their code. It’s possible that SHA256 is not actually secure.
But first, if you don’t already have Ethereum
Whether it’s Bitcoin, the famed king of cryptocurrency; or Ethereum, the coin that’s up and coming as a large competitor to Bitcoin: you can buy these incredibly easily now. Users will often need to research a bit on how to acquire the currency, because there’s a lot of roadblocks and regulations for individuals depending on the country that they reside in.
After all, USA is not the center of the world – it is however, easy to get coins here. For international users, options include LocalBitcoins, Kraken, Coinbase, Shapeshift, and etc.