There are dozens of storage services for Ethereum classic. Let’s take a look at the available options so that the user can choose the right one.
Features of a wallet for Ethereum Classic
An individual wallet is developed for safe storage of cryptocurrency. Ethereum Classic storage platforms have the following features:
- No management. If you lose your password, you can’t restore access.
- The highest degree of financial security is implemented.
- Money is not stored on the site servers.
For users of Ethereum Classic, a wallet is created in a few steps. It is enough to generate a key and get an encrypted access file: the measures are enough to secure the tokens.
Types of wallets
It remains to choose the type of wallet. Let’s take a look at the types of wallets available to users:
A sufficient number of wallets have been developed for storing popular cryptocurrencies, so you can pick up an option for each specified type.
1. Online wallets
Virtual Ethereum Classic Wallet allows you to use the currency from anywhere, as long as the Internet is available. Security on some platforms is as good as its software and hardware counterpart.
Among the popular platforms are the following:
Web Wallet https://ethereumclassicwallet.com/ – is simple and doesn’t require installation. When registering, the user downloads a Keystore file, which opens access to the wallet. Further access is possible by this file or by Private key.
The only way to steal money from an account is to create a phishing site and make the investor send the key. Such phishing scams can easily be avoided by adding the storage address to your browser bookmarks.
2. Exchange wallets
It is convenient for an investor to choose an exchange, send tokens there, and place orders when the time is right. Despite the fact that exchange wallets are quite popular, storing cryptocurrency in large quantities on exchanges isn’t safe. Constant hacks and withdrawal bans by the administration can leave the user without virtual finances.
3. Software wallets
A compromise between cost and security exists in the software wallet for the Ethereum Classic. To use the wallet, just download the software and the blockchain to your computer (the weight of the storage is impressive).
There are enough examples of software wallets to determine the top three options for storing Ethereum Classic:
Mist is an application developed by a team associated with the creation of cryptocurrencies. The wallet weighs no more than 200 MB, but requires a blockchain download followed by synchronization, which can last more than a day. The high security of token storage covers any shortcomings of the software.
5. Ethcore Parity
The application was originally developed for the second most popular cryptocurrency – Ethereum. When the hard fork occurred and ETC appeared, the wallet changed its focus. The creators didn’t give up storing ETH, so now users can keep both tokens in their wallet.
is characterized by prompt support from developers and additional security.
The user can set a PIN code on the wallet and store Ethereum Classic even more securely. Versions for mobile devices are available. There is a built-in module for exchanging tokens. However, the incident with the theft of money in 2017 left a mark on the software, so now JAXX isn’t very popular.
The software implementation of the Ethereum Classic Wallet isn’t the most convenient option for investors. It requires a lot of storage space for the blockchain, and the money can only be accessed from a single PC.
7. Hardware wallets
Hardware models are used by investors who prefer full security of stored cryptocurrency. Storages are implemented in the form of a physical medium that is connected to a computer. Some modifications have a display and their own software for logging into the network.
These wallets are suitable for different tokens and not only Ethereum Classic. They are easy to use because the software is implemented on familiar operating systems. The only drawback is that it is impossible to recover coins if the device is lost or destroyed.
Examples of hardware models:
8. Trezor Wallet
is the first hardware wallet available to users. The advantage is multicurrency. Convenience in use is provided by a built-in screen. It requires a connection to a computer.
9. Ledger Nano S
is considered an analogue of the Trezor Wallet. The appearance resembles a portable device for storing information. There is a screen that displays the status of the investor’s savings. For convenience, the Chrome browser is additionally installed.
It is relevant to use hardware options only when the rate of cryptocurrencies is high.
When all kinds of wallets have been considered, you still need to decide where to put your assets. The compromise between convenience and security is observed on web platforms, but before the final choice, look at information from public sources about the chosen option – it will keep you away from fraudulent services.
Also read: Risk of Bitcoins – Get To Know About The Dark Side of Investing in Bitcoins!