What is a wallet?
Wallet is your window to the Ethereum world.
– it works just like your classical bank account, i.e. it allows you to hold and send ETH / DAI
– it allows you to interact with Ethereum-based applications (DApps)

Wallet address
Just as bank account numbers are used for transactions between bank accounts, the Ethereum account address is referenced when sending funds to the wallet.

Private key / Seed phrase
The main strength of decentralized wallet and difference between the existing banking system is a fact, that user own private key of his wallet.

Pros: You are the only one, who has an access to your funds
Cons: Losing your private key means losing your funds, so store it safely and take security seriously

Additionally:
– smart contract wallets enable additional security and recovery features for users
– wallet SDKs offer login and recovery features just like classical apps
– hardware wallets provide cold storage and are great for storing large amounts of money

Create Wallet

There are many varieties of wallets out there to choose and with various features.

desktop:
Metamask
MyCrypto

mobile:
Argent
Coinbase Wallet

Cons: You have to carry around your private key / seed phrase, what could be risky and dangerous and could be less user’s friendly

Download an extension / app -> write down the 12-word seed phrase and store it safely -> send ETH to your wallet (required in Metamask)

  • Wallet SDKs

Fortmatic
Torus
Portis

Cons: It’s security and privacy rely on a service provider, wallets only work for DApps that integrate them and their advanced functionalities could be priced

Create an account by using your e-mail / phone / password / Google or other accounts -> use supported DApps

  • Cards

Monolith Visa debit card
Coinbase Card

Cons: Requires identity verification and you have to carry around your card and private key / seed phrase, what could be risky and dangerous

Download an app -> create a wallet -> apply for a card -> exchange ETH for fiat -> spend it wherever Visa is accepted

  • Hardware wallets

Trezor
Ledger

Cons: Cost money and you have to carry around your device and private key / seed phrase, what could be risky and dangerous

Buy a device -> set it up -> write down the 12-word seed phrase -> store both on safe place

For more wallets please follow here