Evening OzBargainers,
Given the recent boom in Ethereum prices, I would like to know which wallets are suggested or recommended for storing cryptocurrency.
I am open to suggestions and use btcmarkets if that helps.
Thanks,
Jimmsee
Cryptocurrency Wallet suggestions
Avada Kedavra on 06/07/2017 - 18:49
Comments
Thanks mate, I'll give it a whirl
download myetherwallet from github, run it up on an offline computer (or a linux livecd for example) to generate your wallet, make sure you save an encrypted version of your wallet onto a USB to protect - if you plan on just storing it that's as far as you go, don't plug that USB into anything until you're ready to get your money out.
Also note USB aren't they greatest longterm storage, you can print your private key and store it with some desiccant in a safe somewhere.
Could you share some insight about this method?
My understanding is that you would generate the wallet key offline (no internet access) and save the encrypted key onto a USB.
How about's would I go transferring coins from said wallet to a new wallet? Standard deposit via website/software?
Depends on how much you intend keeping in the wallet. If it's a lot you might consider a hardware wallet like Trezor or Ledger Nano S
I believe MyEtherWallets was recently featured on Twitter regarding the theft private API keys. I'm not sure if it's true or not, but definitely worth looking into.
That being said, I've got 3BTC worth of coins spread on Poloniex and Bittrex. If you're looking to hold them long term, I would suggest storing them offline (on a USB). This is referred to as 'cold storage', meaning there's no chance of theft assuming you don't give out the private keys.
If you wanted to transfer out of that wallet, the quickest way is through an online wallet, however the safest way is to download the client, update the blockchain, then send from there.
Feel free to PM me if you have any other questions :)
https://www.myetherwallet.com/
Save your keyfile in multiple places and use a good password. You can import the keyfile into another wallet later if you decide to go for a software wallet.
I wouldn't rely on a third party like btcmarkets (btcmarkets seem perfectly legit but if they went bankrupt or something you might loose your Ethereum).