How to store Ethereum
Author: @Mycryptoview Token
Last Updated: December 17, 2020
So you've bought your first Ethereum? and wondering where to store them. If you are new to cryptocurrency, we've got you covered. Here at Mycryptoview, we are always finding ways to help both new users coming into crypto and existing users. If you have any questions after going through this article, you can join Mycryptoview to ask, you can also earn our native tokens MCV. To store your Ethereum after buying from an exchange or if you want to receive Ethereum you will need to do the following:-
- Use hardware wallet:- Hardware wallet is a device that stores your private and public key in a hardware device. Few examples of hardware wallets are- ledger nano and Trezor. Storing your Ethereum with a hardware wallet is one of the most secure ways of storing a large or small amount of ETH due to safety reasons. Note - you will still need to keep your recover phrase in a safe place.
- Use paper wallet:- A paper wallet holds your public and private key in a piece of paper. You must generate your paper wallet using a paper wallet generator. Once you have created your wallet, it is important to keep it in a safe place to avoid any damage to your wallet.
- Use desktop wallet:- To use a desktop wallet, you will need to download it from a trusted desktop wallet official site. Few examples of desktop wallet are Atomic wallet and Exodus wallet. Once you have finished setting up your desktop wallet you will need to keep your private key in a safe place. Make sure your desktop is free from any virus to avoid any hacks.
If you are storing your Ethereum coin using any of the wallets mentioned above, then the safety of your Ethereum coin is dependent on your private key. In other words, you are responsible for keeping it safe to avoid hacks or losing it.
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