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Ethereum Wallets: everything you need to know about Ethereum's wallet (guide)

2019-12-18 22:21:23

Today we bring to you an article related to Ethereum Wallets where we will explain everything about the Ethereum wallet (guide).

 The Ethereum Wallets are simply a group of elements that are part of the software or hardware, whose sole purpose is to make contact directly with the Ethereum network, which is why we bring here an article related to the Ethereum wallet (guide), where we are arranged To explain all about the best portfolios for all types of users.

What is an Ethereum purse (guide)?

 To have knowledge about the Ethereum Wallets it is important first to know what Ethereum is, however, if you managed to watch our video, you will know that Ethereum is simply a network of computers whose work is executed independently, what wau means is itself a great supercomputer, which is responsible for making pieces of code which are known under the name of contracts, or in case defect smart contracts, because the Ethereum wallet (guide) is one of the tools that are necessary for communication, because through them contracts are executed and to interact with them a communication is necessary that implies for example that we can send X amount of money from Y to Z, with some similarity to the form used by Bitcoin.

 It is important to be clear that inside an Ethereum wallet, it is also usually called a client, as this brings with it a private key, that is, a secret password, which has the purpose of giving you full control over the currencies, because, with this access to the public address, which people can use in order to send you the Ethereum currency we know under the name of Ether.

 A fundamental aspect that we must take into account are the directions is:

  •  ü They are long chains of numbers and letters.
  • ü The beginning of this chain starts with 0x.

Here is an example of one of the Ethereum Wallets:


 This code has a certain similarity to Bitcoin, because that is why some users consider Ether to be exactly the same currency as Bitcoin, since there are those who buy these currencies in order to raise them as Bitcoin does, but they are wrong, since That the purpose is not the same.

 What are the types of accounts that Ethereum has?

 To have more knowledge about the Ethereum wallet (guide) it is important to know what are the types of accounts that it has, since they are two types and here we will give you details of them.

 ü External Property Accounts (EOAs): EOA accounts function as a Bitcoin wallet, as it has an address which is managed by a private key, which represents a basic type of account and they have these characteristics:

  •  · Anyone can open EOS accounts.
  • · It has the ability to receive and send Ether.
  • · EOAs are trained to create contracts and activate them

 ü Contract accounts: these are simply another type of account that Ethereum has and they have Ethereum Wallets with them because these accounts have a particularity and they have a code which is known as a smart contract, which is deployed by the Ethereum network and includes its unique address, because it reflects a difference and it does not have a secret key to be controlled.

 It is important to know that contracts cannot be modified when they have been launched, therefore it is necessary to be extremely careful when drafting the conditions of each trigger, as the code indicates that the contract has included the predefined triggers which are in the ability to control the account, this means that the conditions of the contract are codified from the beginning, because like the EOA accounts this account has the ability to receive Ether and are activated with the aim of sending it and are even able to create accounts of additional contract, of course this occurs only if they have been programmed to carry out this.

How to send Ether between accounts?

 This is a very important factor, pus AEOs accounts are in the ability to interact with other EOAs accounts and also with contracts which are given through messages, which are within Ethereum transactions and are used for these reasons:

  •  ü Have the ability to create a new intelligent contract, as this is done when we make a transaction where the contract code is included.

  •  ü We can perform value transfer: this is perhaps the easiest way to execute a transaction, because it is only executed by sending Ether between accounts.

  •  ü Launching a contract is one of the reasons why we can send Ether, because for this we will only execute the sending of a transaction which is able to activate a specific contract in order to perform a certain action, so, if we get to send money to the account of X contract of ICO, the truth is that we are activating a contract that actually send us chips in exchange.

 These are the way Ethereum is formed, and the transactions that are usually used to communicate the accounts with each other, it is time to move to another important point and is that of the Ethereum Wallets.

 What are the types of Ethereum purse (guide)? 

 The Ethereum Wallets have some similarity to the Bitcoin wallets, here we find 2 types, some wallets have the ability to transfer values i.e. send Ether between accounts, on the other hand, there are others who are responsible for deploying or activating some contract which are given the name of Smart Contract Wallets.

  •  ü Complete nodes: the complete nodes are practically the muscles of Ethereum, because they have the capacity to carry out the contracts in a decentralized way, because they have the possibility of receiving the blocks of transactions, because each node receives a block and executes the code within it, because this node in itself contains the history of the chain of blocks, from the beginning to the date, and brings with it advantages and disadvantages which are immersed in the Ethereum purse (guide).   

  •  ü Advantages: it is in the ability to verify the transactions in Ethereum blocking chain without trusting anyone.

  • ü Disadvantages: increased memory and use of the computer.

 In the meantime, it is also important to make it clear that in order to run a complete node it is necessary to make use of some programs and we will describe them below.

  •  ü Geth: this is one of the programs that is required to run a complete node, is the abbreviation of Go Ethereum, and is currently the most used, this program was developed by the Ethereum Foundation, a non-profit organization for the purpose of developing the code for the Ethereum community.

  •  ü Mist: this is another program that has been designed for non-technical users at the time of running Geth, made in itself for developers, as Mist has the ability to create a user interface that is much simpler to use so as to talk to Geth.

  •  ü Parity: this is a company whose goal is to develop a software where complete nodes for Ethereum can be executed, because they are a private company from London and they have been in charge of maintaining the second place as complete clients, which has increased their popularity considerably.

 A detail that I leave here is that by the time this article has been made there are 3794 nodes which are running Geth, and 3239 nodes which is running Parity, which represents an advantage of the first to second, but really both are of great help with the Ethereum Wallets which indicates that there is a good number of contracts in the network Ethereum.

  •  ü Light nodes: the light nodes are part of the Ethereum purse (guide), and they work as SPV purses of Bitcoin, there is the similarity, because, they depend netamente of complete nodes of third, with the objective of obtaining information, because they do not have with them a complete copy of the chain of blocks, therefore they tend to occupy much less space, so there are high possibilities that the same ones can work in devices such as mobile phones, because these light nodes tend to be simpler to use and to install. 

What are the most popular Ethereum Wallets?

There are actually several wallets, but here we are going to describe the most popular ones that we can observe when we are going to make use of the Ethereum purse (guide).

ü wallet of Ethereum (guide) of Hardware: the first thing that we must indicate is that this is one of the safest Ethereum Wallets, because our goal will always be security, the interesting thing about this is that this wallet can store our private key without need to make use of the connection to the network, because this is a secure enough way to execute transactions where the sending of Ether is included, for them all we have to do is connect our device to the computer and that's it. It is important to keep in mind that hardware wallets are not free wallets, since they cost between 50 and 100 dollars, but security is worth it, these are not smart contract wallets, so you can only send and receive Ether and tokens ERC -20.

These are the Hardware wallets that are currently at the top:


  •     · TREZOR.
  •     Ledger
  •     Keepkey

ü MyEtherWallet: (MEW), the only way to access this Ethereum wallet (guide) is via the Internet, because with it we can send and receive ERC 20 tokens, likewise Ethereum Classic, it has a private key which It has the ability to store an encrypted file on our computer, but not on the website so access to coins simply does not exist, it is important to make it clear that this is a portal that facilitates interaction with the chain of Ethereum lock, it is good to say that this is one of the lightest Ethereum Wallets and the good thing is that it is part of a smart contract.

To make use of this Ethereum wallet (guide) it is important to be alert to security, here it is important to have an interface with the purpose of controlling the hardware wallet, because here we have a couple of disadvantages:

  • · DNS attacks: these allow the activity that we are executing to be redirected to an alternative server that is harmful, this is one of the problems that we usually face when using public WiFi.
  • · Phising: this is nothing more than an attempt at fraud, whose objective is to steal private keys, as this is executed while posing as the website.


  •     ü MetaMask: it is an Ethereum wallet (guide) that has some similarity to MEW, with open source, but unlike MEW the keys can be stored in the browser in an encrypted way, as this provides greater protection to passwords, preventing the They are downloads on the computer, it is important to keep in mind that MetaMask is an extension that can be used with Chrome, Brave and Firefox, because it has a way of buying coins that has hierarchical deterministic HD settings, as it has an excellent advantage and is to create a huge number of addresses, making it a good option when looking for Ethereum Wallets, because it does not work as a smart contract portfolio.


  •     ü Exodus: this Ethereum wallet (guide) is really an excellent desktop option, because it has a greater control, because it is reflected as a wallet that has an intuitive enough interface, with a very nice design, and works as a desktop wallet For Bitcoin and Altcoin, through this Ethereum Wallets, it is possible to send and receive Ether, which catalogs it as a wallet that does not have a smart contract.


  •     ü Exodus is a medium-open code Ethereum wallet (guide), as some components do not enter open source, this means that not everyone in the community can review everything, it also has some limitations, among which are that this Ethereum Wallets It has no mobile version, besides being a wallet that stores the private key in your machine, and by not containing external servers we can have total control of the currencies.


  •     ü Edge: this is nothing more than an Ethereum wallet (guide) whose cryptographic purpose, as it is an open source mobile wallet and is also multi-currency, is one of the safest Ethereum Wallets, as it has some details that make it interesting and presents us with the opportunity to get it available for iOS and Android, in addition to having with it a very complete list about the companies that accept Bitcoin.


  •     ü ETHAdress: this Ethereum Wallets works as a cold storage option, because if we do not want to use any hardware wallet, then we can proceed to print the paper Ethereum wallet (guide) which can be done through MyEtherWallet, because it has something similarity to BitAdress.ogg, because the purpose of this site is to create some private keys with just one button.

Here we are faced with the possibility of encrypting the private key, because to make use of the coins it will have to be necessary to decrypt it, because the key should never be shared with anyone, because if someone has control over the key they will simply have access to our currencies and therefore you will have total control over the Ethereum wallet (guide).

The use of this Ethereum wallet (guide) can be used with Ethereum with the exception of the classic one, since this serves exactly as a store, since if you want to send, pay or use the coins, it is necessary to use other wallets and that's where Edge or Exodus come in and in this way use them through an Ethereum Wallets.


What are the units of Ether?

It is important to be clear that Eter also has units as Bitcoin is usually divided, since these units are usually incorporated into Ethereum Wallets, since they are only a series of numbers full of zeros, because, normally, Bitcoin is divided into 100,000,000 units with the smallest unit called Satoshi, therefore Ether can be divided into 1,000,000,000,000,000,000,000,000 units representing 1 quintillion., with the smallest which is named Wei Wei, this name is a thank you to the activist from cryptography called Wei Dai, whose goal is to support privacy-based technologies, it should be noted that there are different names, in honor of other famous cryptographers, as can be seen in the table, it is also noteworthy that the fees for Transactions normally tend to be calculated in Giga Wei which leads to 1 quintillion, which represents 1 Ether and this is equivalent to 1,000,000,000 Wei, which can be executed by having coins in our Ethereum wallet (guide)


What is Ethereal Gas used for?

It is important to make clear that the Ethereum network works with gas, therefore the Ethereum Wallets, contains each line of code that can absorb a certain amount of gas, because when running out of gas this network will stop working and the Ethereum wallet (guide), it just won't work, which means that we have to make a contribution to the power of Ethereum's huge computer, because, in order to carry out the sending of a transaction, it is necessary to incorporate a mining fee.

As this process represents a clear idea of ​​what the words are, since if we specify how much gasoline we will use, we cannot replenish ourselves along the way, because at this point it is important to make correct calculations, because our goal is not to stop by the way , because this makes the use of Ethereum Wallets, one of the reasons why Smart contract programmers, are given the task of making the code, can be read and optimized, it is not a secret for anyone who The gas costs money and if we do not cancel it, we will not have the option of using the Ethereum wallet (guide).

Once at this point we find ourselves in the doubt of knowing who is responsible for collecting the gas, since those who invest the computing power in order to update the transaction book where the Ethereum Wallets option is, are simply miners and therefore The idea is to reach them, because this has a certain resemblance to what tends to happen in Bitcoin, only in this case it is the Ethereum wallet (guide).

How can we get gasoline?

Before knowing how to get gasoline it is important to clarify that gas is measured only as a unit of account that is usually reflected in the Ethereum Wallets, therefore it is a necessary element to be able to measure the work, especially when the line of code, that is why gas tends to be canceled with Ether, and therefore there are those who can ask a question that is totally valid and is the detail of why not make use of another virtual currency, because while payments are made via the wallet From Ethereum (guide), we could use another one, only that this is where we reach a crossroads and that the price of the Ether simply keeps moving.

The price of the Ether has become a fluctuating currency, so taking calculations with it becomes somewhat complicated, because the Ethereum Wallets have their center in the exchange rate, so we will place a colloquial example, but that You can give us a reference as to what we are talking about here, imagine that the detergents of the house have a value of 2 ethers, this means that in some cases you could be worth 1000 dollars but it is also true that in other opportunities the value could increase and reaching 2000 dollars, this same example is usually reflected with gas, because when we make a contract several times this results in a fixed amount of gas, which means that using detergents in our house has the same amount of time , every time we execute it, that usually happens when we calculate the coins in our Ethereum wallet (guide).

  • ü Calculating the Gas: every minimum action we take has a certain amount with it, so executing the line of code simply takes us to mathematics, since the sending of Ether from X address to another address could have a value of 21,000 units of gas, an operation where the Ethereum Wallets has to do.

  • ü Cost of 1 gas: this is where we reach a complex point, since the standard price of gas is about 0.0000000002 Ether, or the equivalent of 20 GiGa Wei, which can be calculated using the average salary of one hour of work in the market, therefore, the cost of the gas unit only depends on the number of people in the network, because this calculation is as difficult as accounting for people who are looking for employees and that the network is full of people, in this same way it becomes difficult to perform these calculations in the Ethereum wallet (guide).

Normally, the Ethereum network is usually occupied so that miners can receive incentives about including blocks in the contract, as this is simply like telling them that we are willing to cancel an increase for each unit of work they usually run, in order to prioritize our work, in this way Ethereum Wallets works, because it is only related to the increase in Bitcoin transaction fees, when the network is extremely congested, so the current price of gas in this Ethereum network to which it belongs can be verified here Ethereum's purse (guide).

  • ü Calculate the limit of the Gas: the limit of the gas is due to the amount of the same that we are willing to cancel, in our lines of code of Ethereum Wallets, whose purpose is to deplete the funds, because if this is your case, where this error code is reflected and can be executed inefficiently, because the gas limit is usually canceled in advance, and as if this were not enough there is no way to replenish it, if it has been overpaid, on the other hand if The contract has been canceled unless it is possible to stop in half, this usually happens when using the Ethereum wallet (guide).

We have the option to choose the quantity of gasoline units and the amount necessary to cancel for each one of them, here our objective should be to make use of sufficient units of gasoline in order that the miners can collect the transaction from the When it has been delivered, if we take the option of choosing enough units of gasoline, it is possible that the transaction may take some time at Ethereum Wallets.

Here in Ethereum the costs are usually taken out based on the amount that we are willing to cancel, because hours of work tend to be multiplied by the hourly wage, because here our goal is to cancel a high cost of gasoline in order for miners to compete to make the code which is usually reflected in the transactions made for the blockchain, because when an operation is left they are gasoline, it will simply stay halfway, and this is really negative, because the ether is not returned, it implies that it is followed consuming the gas until it runs out.

Here are some frequently asked questions about Ethereum's wallet (guide)

1. What is the best Ethereum Wallets?

Ethereum has several portfolios from which we can choose, and choosing the best one is not the same for all users, since each one must be adapted according to our needs, but if what we are looking for is an Ethereum purse (guide) that have a storage capacity of large quantities of Ethereum, the ideal is to use Ledger Nano X, on the other hand for small quantities is Exodus.

How to transfer ether?

To be able to transfer ether it is necessary to have the recipient's Ethereum address with us, since from our Ethereum Wallets, we can execute it, for this it is necessary to enter our Ethereum wallet (guide) and there enter the recipient's address, the idea is to have enough money in order to cover the amount we need to send, the standard transaction covers 21000 units of gas, once the operation is done, it is only necessary to wait for about 15 seconds.

How can I get Ethereum Wallets?

These are nothing more than Software wallets, which can be downloaded to the desktop or our mobile, as they represent only one application of the Ethereum wallet (guide), where it is necessary to contact the manufacturer, such as Ledger, TREZOr, etc. .

With this we can reach the end of our article called Ethereum Wallets which teaches us certain ways to use the Ethereum wallet (guide).

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