(ADA) Cardano Coin Review: What Problem Does it Solve?

Cardano Coin Review

Amidst all the hype about Bitcoin, a lot other decentralized cryptocurrency have evolved which claim to work similarly. One such cryptocurrency is Cardano (ADA) which comes with quite promising value. According to coinmarketcap.com Cardano is the 5th best cryptocurrency at the time of writing this article. So let us discuss Cardano (ADA) currency and its salient features in brief.

Note: Cryptocurrencies worth is mostly speculated and highly volatile. Only invest the amount that you can afford to lose. And always do your own research before investing in any coin.

What is (ADA) Cardano cryptocurrency?

Cardano is a cryptocurrency which is quite similar in structure and function to many prominent cryptocurrencies such as Bitcoin or Ethereum. It is a decentralized currency that gives all its users to track and validate transactions on this platform rather than depending upon any centralized authority. However, Cardano is found too much more than mere cryptocurrency. It is said to be a platform which uses the technology to run daily financial needs by various individuals. It runs on blockchain technology hence the use of third-party for any transaction is often overruled.

(ADA) Cardano  Coin Review

It was launched in the year 2017 in 29th September. It is said that there are total 31,112,483,745 ADA coins available. It uses the third generation blockchain technology for its transaction. It uses a wallet named as Daedalus for its storage and transaction. Additionally, it uses the Proof of Stake system of mining which is comparatively more secure than the Proof of Work system used by Bitcoin. Charles Hoskinson who is one of the prominent members of Ethereum is an integral part of Cardano which is going to give a professional backbone to the newcomer.

Cardano Github Repo: https://github.com/input-output-hk/cardano-sl/

From the GitHub repo, you can see that continuous development is going on for Cardano with more than 40 contributors.

What is unique about Cardano?

Cardano is similar to any other cryptocurrency, but this particular cryptocurrency is being formed to solve various problems that the previous cryptocurrency have come across. It is more or less evolved versions of previous cryptocurrencies.

The use Proof of Stake system

ADA coin uses the Proof of Stake system in which a group of validators is set to choose authentic forgers based on their asset. That means you need to have a certain amount of coins in your wallet to forge. And the more the coins, the better are your chances to be a forger and earn the transaction fees. This secures your system against the 51% attack which would require a person to acquire 51% of the total coins to manipulate the transactions. Other than ADA, Ethereum uses this system for its miners. The algorithm that Cardano uses is OuroBoros which uses scientific methods for verification purpose.

Cardano (ADA) Roadmap?

They are aiming to build such a cryptocurrency which would solve all the problems of previous generations of cryptocurrencies. They are also trying to network all the cryptocurrency together to function as a single entity. They are making sure that inter-trading won’t be a problem in future among all the virtual currencies.

Is Cardano Worth Investing?

Cardano has come to the market this September and seemed to grow quite a lot since its introduction. Currently, 25,927.070,538 ADA seems to be circulating while many remain to be mined. The current value of one ADA is $0.391708, and since its announcement, its value has grown from $0 to $0.40 in a matter of 4 months shows that it is going through a steady rise. Hence we can conclude that this coin is worth investing. But, Investing in any cryptocurrency requires prior guidance. Hence it is recommended to understand this cryptocurrency before investing in it.

How To Buy Cardano (ADA) Coin?

The best way to buy Cardano coin is through Binance exchange. It is one of the trusted exchange for buying Altcoins.
In Binance, you can buy ADA coin using Bitcoin or Ethereum.

Cardano Private Wallet: DAEDALUS

You can store your Cardano coins locally on your desktop using Daedalus wallet. You can find the official tutorial for using Daedalus from here. It is always better to store your cryptocurrencies in private wallets rather than hosted exchange wallets.

 

Proof of Work (PoW) and Proof of Stake (PoS) Explained

Proof of Work (PoW) and Proof of Stake (PoS) Explained

 In this article, you will learn about two main concepts in the blockchain world. Proof of work and proof of stake.

What is proof of work in Bitcoin World?

In the Bitcoin world, the transaction that happens is not dependent on any third-party operator. For example, when you make a transaction using your original currency through visa or master card, they act as a third-party who transfers your amount to another account. But in case of Bitcoin world, the transactions are managed by various blocks which form the blockchain technology. So to make the block function properly and record every transaction, bitcoin miners need to solve some complicated set of puzzles or algorithms and create a block. To solve this mathematical puzzle, it requires a massive amount of computing power. When any miner solves the puzzle, he/she creates a block and then, the miner will send the new block to the network for other miners to verify it.

The question must be arising in your mind as for how they are awarded for creating those blocks? The answer is these algorithms are solved to make your transactions in this virtual world secure. Since Bitcoin is a decentralized currency, it is not controlled or governed by any central body. So, how to track any transaction happening with this currency? This is precisely what miners do. They solve the puzzles, create various blocks and maintain the BlockChain which guards every transaction and keeps the system secure. This procedure is called as proof of work or POW. You do some work for which you are paid.

What is proof of stake in Ethereum and related protocol?

As Ethereum is widely known as another decentralized cryptocurrency, this virtual currency network used to operate using the POW but now it doesn’t use the Proof of Work system to validate any transaction happening on their network. This system first determines how much currency a person holds. Based on that a person is assigned to mine only the percent of the cryptocurrency he/she holds. For example, if you own 1% of the cryptocurrency that is available then you are entitled to mine 1% of the blocks. This method is more secure as compared to POW system as it is more secure from the 51% attack by fraudulent miners.

The POW system uses normal electricity for its transaction. This means when a miner uses its power to solve block puzzles and solves it, he/she validates a transaction. This, in turn, gives him the award regarding Bitcoins. But in PoS system it doesn’t depend on the electric power to generate cryptocurrency for you. Only if you hold a certain amount of cryptocurrency you are allowed to mine and that too limited. So basically, it is least dependant on the electric power supply. 

Proof of Work (POW) Vs Proof of Stake (POS) 

So comparing both the systems lets discuss their advantages and disadvantages.

Advantages of Proof of Work

  • The POW give rise to a series of miners who work for the stability of blockchain and make the network and transaction very secure.
  • You don’t need to have some asset beforehand to start your mining

Disadvantage of Proof of Work

  • The system of POW makes it easier for miners to make their 51% attack. This means that a miner or a group takes over 51% or more than that of the hash rate (computational power). This gives them the power to manipulate and create fake blocks redirecting some transactions towards their account. They can stop transactions, reverse transactions or even create disturbances in the whole system, but they certainly can’t create a new Bitcoin. Total 21 million Bitcoins can be mined and owning 51% of the computational power doesn’t make you the creator.
  • Although this kind of attack is considered as hypothetical but should not be ignored. If you take present scenario into account, the mining of Bitcoins are more time consuming, getting more difficult and consuming a lot of electricity and the amount they are getting for the mining are too less. This makes it less profitable. Hence, lots of miners are opting out of mining and solving the codes which is slowly making the system less secure and more susceptible to attackers.

Advantages of Proof of Stake

  • The basic advantage of proof of stake is that it is more secure as compared to POW system. Both the POW and PoS uses trustless and distributed consensus. This means, if you wish to go ahead with a transaction, then you won’t need the help of third-party system to monitor and leverage your transaction. Distributed means the whole community who believe in the existence of the cryptocurrency and oversee the transaction and what’s more? They validate each transaction and every person holds a copy of each transaction that is going on.
  • The miners are determined concerning the amount of currency they hold.
  • They get the transaction fees as the result of their mining
  • More secure against 51% attack

Disadvantage of Proof of Stake

  • The PoS doesn’t have any solid disadvantage except that you need to hold some asset before becoming a miner or a forger. This removes many people who wish to start mining from scratch.
  • It doesn’t reward you for block creation. You only receive the transaction fees but no separate reward for making the system secure.
Proof of WorkProof of Stake
Uses computational power to solve algorithmDoesn’t require computational power to solve algorithm
Easier for attackers to conduct 51% attackMore secure as the attacker need to buy 51% of the total currency before they can attack
Rewards are given for solving each puzzle to valid a transaction (the one who solves it first gets the reward)The forgers can keep the transaction fees for validating each transaction
Anyone with necessary hardware can start mining with the Proof of Work consensusA team determines whether you qualify as a forger or not based on your current asset

Conclusion

So basically, none of the systems is 100% free from virtual attacks. But since most of the cryptocurrencies use blockchain technology, it is important for the community who believe in them to work together to make the system and the transactions secure on this platform. No matter how these protocols function, the final objective of every cryptocurrency is same, i.e., to create a secure dimension in which a singular decentralized currency will drive all the transactions.

What Is Cryptocurrency/Bitcoin Mining? How Does It Work?

What Is Cryptocurrency/Bitcoin Mining?

Cryptocurrencies have become a wave since the past few years, and many have successfully ridden it, making millions in the process. ‘Disruptors’ as they are known have started companies in the blockchain that offer financial services and monetary exchange in return for the hottest cryptocurrencies available today. An independent system that runs parallel to the mainstream financial world offers a promise of a bright future for those who will invest their trust in this otherwise unconventional electro-monetary market.

However, without being backed by gold or any other standard with intrinsic value, the cryptocurrency market sometimes feels like a castle builds on a heap of sand.

What Is Cryptocurrency/Bitcoin Mining?

The cryptocurrency network is completely decentralized which renders it no regulating authority to formulate its rule or conduct some basic checks and balances to keep investor’s trust in the system. This is actually a positive side of the cryptocurrency network as it allows more and more people to participate and contribute to the market.

And if at all you are still wondering about ‘where does it get its intrinsic value from?’ it is the technology behind those cryptocurrencies that renders them a monetary significance.

This is where cryptocurrency mining comes into the picture. Or to say Bitcoin mining since both the terms have become synonymous with each other.

Solve The Math, Generate Your Cryptocoins

Now here comes the core of the ‘intrinsic value’ factor of those cryptocurrencies. Most of the cryptocurrencies work on the double SHA 256 algorithm, where a crypto miner has to solve a mathematical encoding algorithm that is used for encrypting files in a network. Hash function in computer world means a program that converts an input to randomly generated characters.

For example,

Message: Steve sent 0.1 bitcoin to Michael
Hash Value: 46550fef sdf345 dfgdfg345 ddfgdfgd 9513291c 

 

To put in laymen’s terms, cryptocurrency mining is a process of solving a complex mathematical problem using computing resources to create a block in the blockchain network. The person who joins the network with his computing resources is called a miner. For bitcoin or any cryptocurrency to operate we need a network of miners to help the transactions going and new coins will be generated in this process. Since the miner is providing computing resources, for every successful block creation, he will be rewarded with new coins (For bitcoin it is ~12.5 bitcoins). More computational resources a miner has, the faster he will solve the mathematical problem.

The process begins with mining a block. Here, the miners collect new transaction into a solving block. Then the miner hashes the block to get a 256-bit hash value. For bitcoin, the hash value should start with several zeros (According to the bitcoin protocol).  If it gets solved, the hash value becomes the identifier of the block. When the hash is not successful, the block is modified and re-tried.

So on what basis the miners will try to find the hash? it’s complete guessing. Yes! it is guessing. That’s the reason, miners use a lot of computers to guess this hash value that starts with several zeros.

A rough estimate states that one block is created every 10 minutes. However, the number of Bitcoins (or any other cryptocurrency for that matter.) contained inside a block keeps changing from time to time. Once a block of cryptocoins is mined, it is sent to the Blockchain network. Other miners in the network will verify the hash value of the block and its transactions. This is called Proof Of Work (POW). Once verified, the block will be added to the blockchain network.

So that says it all. It is solving a mathematical encryption riddle by trying combinations of hash functions for the block.

An example bitcoin transaction diagram created by Patricia is shown below.

what is cryptocurrency mining

Crypto-Mining Resources: Tools Used For Mining Cryptocurrencies

Computers:

As obvious it must be, computers are the most basic tool that is required for cryptocurrency mining. You don’t need to have a complex and powerful computing machine for doing all the mining job, although one that is powerful will do better. There are companies that are dedicated towards mining Bitcoins or other crypto coins. An internet connection is another obvious requirement in the list.

GPUs:

Or Graphic Processing Units are just powerful CPUs, the microprocessors that run computers. GPUs are used for gaming which makes them powerful and stands apart from CPUs. The specialized nature and power delivered by GPUs render them useful for Bitcoin mining as they have a high data processing power as compared to CPUs.

However, people eventually realized the GPUs were not good enough too and burnt out faster. This led to GPUs being substituted with…

ASIC:

If you have an ASIC, you don’t need to use a GPU. Application Specific Integrated Circuits are needed for processing complex data and making the difficult calculations pertaining to the hash functions. As the name explains it all, ASICs are specifically made for crypto mining operations. AntMiner is one such ASIC box that many quality Bitminers prefer.

Bitcoin/Crypto Mining Software:

While ASIC is the hardware that you need, you are still going to need a software is required for mining crypto coins. The software provides you an interface to view the mining process and helps you stay in the loop of progress.

Cooling Fans and Gels:

Even though your ASIC is running hard and high, you are still going to need cooling devices, or else your whole system might come crashing due to the heat. The amount of heat generated by those processing devices while they solve these hash functions is tremendous. You won’t forget the heat if you ever hold your hand closer to one such computing device.

Cooling gels applied on the fans can be an add-on advantage to sooth the heat generated by all the data processing.

All that being said, crypto mining can also be done on the cloud. Also known as Cloud Mining, it is when you mine crypto coins without having to invest in all the hardware and software on your own machine and in your own room.

You can also join the crypto mining pool which works like a carpool. You can pool down all your resources in a crypto mining endeavors alongside others who are willing to do the same and share the bounty.

Besides, there are also applications online where you can do a cost-benefit analysis of all your crypto investments in hardware and software and measure them against the gains you have in your cryptocurrency earnings.

Litecoin vs Bitcoin – Everything You Should Know About Litcoin

litecoin vs bitcoin

You might be reading about the Litecoin (Altcoin) a lot these days. Numerous people are talking about Litecoin vs Bitcoin all over the internet. If you are amongst the people who are confused about what a Litecoin is and who wins the Litecoin vs. Bitcoin debate, we have it all covered for you. Read below to know everything about Litecoin.

What is Litecoin?

A Litecoin is a digital currency that is used all over the world to make various transactions. In more technical words, a Litecoin is a peer-to-peer cryptocurrency that was developed after Bitcoins to act as the silver to the Bitcoin gold. Litecoin can be used all over the world without the involvement of the banks in any kinds of transactions. The Litecoin vs Bitcoin debate goes on because both these are the same kind of cryptocurrencies that do not come under any jurisdiction. Hence no authority manages them.

History of Litecoin

To follow the suit of the Bitcoin, Litecoin was released in 2011. It was developed by Charlie Lee and was released on GitHub.com. As already mentioned, Litecoin was developed as the silver to Bitcoin gold it forked out of the Bitcoin. In the beginning, it did not catch the attention of the users, and for the first one and a half year, its growth rate was less. However, during November 2013, the value of Litecoin showed a sudden hike in the next 24 hours. With this new advancement, there was no looking back for Litecoins. They became so huge that they were now a topic the Litecoin vs Bitcoin debate.

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The Growth of Litecoin

Ever since November 2013 when the Litecoin crossed a $ 1 million capitalization, its growth has been fast and steady. The market capitalization numbers for Litecoin in November 2017 were $ 4,600,081,733. This incredible growth has made it the fourth largest and the most famous cryptocurrencies. Although it mostly loses the debate of Litecoin vs Bitcoin, the growth of Litecoin has been impressive over the years.

Future of Litecoin

The future of Litecoin is decided by its usability to the customers all over the world. The Litecoin is being preferred by more user with each passing day. The traders are seeing the fast-paced services of the Litecoin and are shifting to it in large numbers. It will not be long when the Litecoin vs Bitcoin debate does end by declaring Litecoin, the winner. Litecoin is emerging as one of the most reliable and less volatile cryptocurrency. Most of the places in the world have started accepting them as their currency.

Litecoin vs Bitcoin- Which one is better?

The developer of the Litecoin, Charlie Lee said that he created the Litecoins to compliment the Bitcoins and not compete with them. Hence from the developer’s point of view, the Litecoin vs Bitcoin debate is invalid. However, in reality, the Litecoin vs Bitcoin debate is pretty serious as these are the topmost cryptocurrencies in the world. Hence here is how Litecoin differs from Bitcoins:

  1. The transaction speed of the Litecoin is much higher than the Bitcoin. This happens due to the faster generation of the blocks. Additionally, a more significant number or Litecoins can be transacted in the smaller period in comparison to the Bitcoin.
  2. This point gives the Litecoin an upper hand in the Litecoin vs. Bitcoin debate. The total number of coins is fixed in both the cases and turns out that there are more Litecoin in the market than the Bitcoin. There are 21 million bitcoin and 84 million Litecoin that can be mined.
  3. The devices that are used to create Litecoin are much more challenging to develop than they are for Bitcoin. The reason for this is the usage of the complicated algorithm in the mining process.

Buying and Trading Litecoin

If all this discussion has sparked your interest in Litecoins and you want to try your hand at them, you can mine them. However, if you are not technologically advanced, and mining Litecoin is not your piece of cake, you can easily buy them at various websites. These websites are known as exchanges and provide the facility to buy the Litecoin in numerous currencies all over the world. The Litecoin when purchased is stored in a Litecoin wallet. These wallets have unique passwords for each and can be in the form of a website or a mobile application. The Litecoin you have purchased can be used to make end-to-end transactions without the interference of any third party. Additionally, you can also trade your Litecoin and gain profit from them. The prices of the Litecoin keeps changing from time to time and if you want to have some benefits, buying the Litecoin for a lesser price and selling it for a more significant price is the best possible solution.

Litecoin is a very useful cryptocurrency and can be used in the place of any other currency in the world. With the feature of the fast transaction without the interference of a third party like a bank, this can also be the most accessible digital currency of all times.

List of Best Altcoins Based on Project and Popularity

Top Best Altcoins

Before we begin, for the sake of some of our viewers here who might be perplexed about the term, altcoin and other akin terms, let’s briefly redefine this concept before discussing the best altcoins.

What is Altcoin?

Basically, altcoin is a designate for ‘alternative to Bitcoin‘ which is also a form of digital cryptocurrency (just like the Bitcoin). It is a quite different from the radical concepts portrayed by that of a Bitcoin because it follows a peculiar standard paradigm or actually initiates and develops a typical concept in cryptocurrency. However, most prevalent altcoins tend to undergo similar fundamental building blocks like the Bitcoin itself. This is merely due to a way of attaining the simple approach rendered free by the open source platform on Bitcoin.

Also, altcoins are said to depict a healthy competition with Bitcoin because, in one way or the other, they intend to improve, enhance or replace various components offered by Bitcoin. Nonetheless, many altcoin critics feel that to an extent, altcoins are somewhat irrelevant to cryptocurrency, especially since Bitcoins facilitate optimal services in this field already.

How to Decide the Best Altcoins to suit Preference

For starters, you need to be much acquainted based on the altcoin’s project protocols and predominance (if necessary). You will also have to consider its concept, paradigms and potential so as to suit, say, your investment processes. You can start by reviewing the Coin Market Cap since it depicts the price, circulating supply and relative volume- the Market Cap is the product of the circulating supply (the best estimate of the number of coins involved in circulation in the market) and the price. The volume, however, is the amount of dollar based on a crypto traded during a specific period. Try to also look at the relative features that the altcoin offers particularly- what solution does it covey? What significant value does it add? Or what are the rate of validity and the credentials deemed by the team behind the scheme?

Lastly, I infer you observe the charts and search for critical comments about the altcoin just to be certain its system goes with what you’re looking for.

In addition, below is an evaluated content list of some top and ideal altcoins today!

Top 10 Best Altcoins You Can Find In Market

I don’t think we can all agree on a classification of altcoins in the form of hierarchy because we consider preferences and tastes, so we’d be looking at these from a holistic perspective

#1 Ethereum

The Ethereum platform offers a methodology that chiefly decentralizes applications on its blockchain. These applications tend to function precisely as facilitated in order to have zero traces of third party interference, sources of dilatory activities or counterfeit of any kind. With the highly developed blockchain(for conveying values and property ownership), the smart wallet enables one to use the ether and related crypto-assets with full security and engage in deploying processes, as well as smart contracts.

#2 Litecoin

Litecoin is a decentralized cryptocurrency that uses a peer-to-peer infrastructure and open-source blockchain protocol to enhance protected transaction processes on its platform. Its key improvement (when compared to bitcoin) is its short time interval when generating blocks. Consequently, it offers a greater volume of transactions due to its rapid block generation.

#3 Zcash

This is an altcoin cryptocurrency that is peculiar to its high protection services that include privacy of transactions even without cognition on cryptography. The payments involved are published on the platform’s blockchain. However, the core processes of the transaction are kept confidential all through- this is a system used to depict its transparency in subsequent transactions.

#4 Ripple

It is a cryptocurrency (conspicuously similar to Bitcoin) that enables an aspect of digital currency as well as open payment network within which a particular currency can be transferred. It mainly specializes in developing its approach to decentralized digital currency and optimizing monetary transaction flow. It also offers secure activities such as prevention of counterfeit coins and intervention of third-party software.

#5 Siacoin

The Siacoin (aka Sia) is a prominent altcoin that tends to raise and enhance the blockchain technology so as to employ flexible distribution of networks in reaching consensus with optimal security. It ensures that there is no form of interference within the platform by third-party software with the aid of its cryptographically protected contracts. It also facilitates faster and cheaper cloud storage platform as its key function.

#6 Stratis

This is a formidable and exclusively flexible altcoin cryptocurrency platform for blockchain development, specifically created for financial services and relative transaction processes for various organizations that want to carry out and develop certain activities on the blockchain. Its services make it easy for developing blockchain applications and speeds up the development lifecycle for projects tested on the blockchain. All these processes for testing, deploying or developing are performed with free security guarantee as well.

#7 WINGS

It is basically, a decentralized crypto-platform used to create, join or manage certain projects. WINGS offers the capability to share rewards, that is, the token holders can forecast on various projects and also be eligible to obtain tokens offered by future campaigns. TransparencyDAO ownership is fully protected by smart contracts and blockchain technologies. Thus, the WINGS platform’s open source facility is based on secured public ledgers around.

#8 Ardor

This is a blockchain service platform that employs one to maximize and utilize the blockchain technology with the aid of childblockchains. Slightly different from bitcoin, all coins are said to come from NXT (a cryptocurrency with program code) initially. It seems to have also added a feature recently which is known as, Testnet, and is available to all individuals or organizations. The key is to enable users to test all kinds of features from Ardor’s platform so that its development team can work and improve its crypto-database to be more efficient to the users.

#9 Golem

Golem is another powerful altcoin cryptocurrency that has become significantly valuable as a digital currency platform and relative popularity. It genuinely intends to develop its global network and extend its facility as an open sourced platform. Also, it renders intensive cryptography projects to maximize its efficiency.

#10 Gnosis

The last, but maybe not the least is this altcoin, Gnosis, a decentralized cryptocurrency that is actually based on the Ethereum Protocol which mainly focuses primarily on forecast trade and marketing. The team behind the platform have modified an online crypto-platform to allow the provision of steady information based on the results of events within the network- the better the exchange of information, the greater the chances of boosting business. This is also the apt cryptocurrency mostly used by individuals who engage in trading related to virtual securities.

The best altcoins list ends here. We will udpate this list based on new project, the problem it solves and the adoption rate. Subscribe to our email list to get the latest updates.

Going All Digital With Ethereum? Here Are The Top Five Best Ethereum Wallets

Best Ethereum Wallets

Ethereum has emerged as a tough contender in the world of cryptocurrencies, threatening the position of Bitcoin as the number one. There are speculations that Ethereum may even successfully replace Bitcoin from its position and enjoy the number one spot for quite some time. This strong trust that many cryptocurrency enthusiasts and investors have laid on Ethereum is the main driving force, the propellant that is making it a force to reckon with.

However, with a growing trend of buying Ethereum based coins, investors should also ensure that they are going for the most trustworthy and best Ethereum wallets. This would ensure them a safe, secure and powerfully encrypted Ethereum trading tool, which will effectively keep out malware and hackers reaching their Ethereum deposits.

Best Ethereum Wallets

We have brought you a list of top five, the best Ethereum wallets and hopefully even for the next year that will provide you with all the security and transactional features.

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Let us take a look at who they are and what features they provide you.

For The Beginner, For The Simple User: Ethereum Wallet By Coinbase:

Go To: Coinbase Wallet

If you are a beginner to the cryptocurrency world and do not want to face complexities in setting up your Ethereum wallet, this is the best option that you can go for. It is effortless to set up, along with its security settings.

However, it comes with some issues. First, the company Coinbase holds your private key, which means that you are not in the control of your Ethereum account. So they may shut your account down for any possible reason. And this has happened to some before.

Also, it does not support Ethereum Classic. There you go another inconvenience if you are an Ethereum Classic currency holder.

For The Security Obsessed: Hardware Wallets:

Yes, we realize that this is not one single brand and a category. But the whole category is so peculiar that it deserves to be explained as one. If you are extremely particular about the security of your Ethereum account and cannot trust software based sources for security, you better go for a hardware wallet. The best Ethereum wallets in hardware are:

  1. Ledger
  2. TREZOR
  3. KeepKey

The tradeoff here are the prices. These hardware wallets cost anywhere from $50 to $100, not including the shipping charges. So if you are ready to shell this much moolah, go ahead! Also, if you lose them, times are going to be hard.

For Those Who Already Coinbase: Jaxx Ethereum Wallet:

Go To: Jaxx Wallet

Why the title, you may ask. The reason is quite evident that the features provided by Jaxx are the exact opposite of those provided by Coinbase, except for its simple interface. This wallet supports Bitcoins as well as Altcoins, which is in itself a big deal. On the other hand, its user interface is quite easy to use, even for cryptocurrency noobs.

However, the most significant uptick that Jaxx gets is that it supports both Ethereum as well as Ethereum Classic, which makes it an attractive contender on this list despite being new here. Also, the company does not control your private key, unlike Coinbase.

Find A Middle Ground On Desktop – Welcome Exodus Wallet:

Go To: Exodus Wallet

But middle ground from what? Between Coinbase and Jaxx. But before discussing that, let us talk about its core value. Exodus is one of the most trustworthy and highly secure desktop based Ethereum wallet available today. Its simple interactivity, coupled with security helps it get a place on the list.

However, unlike Jaxx, it does not support Ethereum Classic, it supports only Ethereum on your desktop. And unlike Coinbase, it does not store your private with itself, but rather on your machine.

One downside to Exodus Wallet is that it is not open source.

Ethereum On The Web – MyEtherWallet:

Go To: MyEtherWallet

This Ethereum wallet allows the user to manage their Ethereum account online, without having to hand over your private keys to it. So despite being an online service, it still lets you keep your private keys.

When you initially create an account, it asks you the currency of your choice. When you create an account, it will generate public and private keys that will be password protected, password of your choice. The website will also send you a file along with the public-private key for future use.

Therefore, whenever you are storing Ethereum on your online wallet, you will have to upload this file.

Concluding Words

Buying an Ethereum wallet is not much of a head-scratching task at all. If you know what you need and especially what platforms you are fine with to store your Ethereum, you can easily choose your wallet, of course after considering the trade-offs.