Ethereum is the second most popular cryptocurrency by all parameters, right behind the “digital gold” known as Bitcoin. Just like any other type of digital money, it requires a dedicated wallet. In the case of Ether, it should be an Ethereum wallet.
WLX is an online wallet for cryptocurrencies, and Ethereum is a type of cryptos that is accepted. In fact, we dare claim that it’s the best Ethereum wallet you’ll come upon. It offers top-notch security, anonymity, quick transactions, easy crypto exchange, and more.
But before we further explore this Ethereum wallet, let’s see what Ethereum is, and how it works. Read on!
What Is Ethereum?
When we say Bitcoin, we usually refer to the cryptocurrency itself, as well as the decentralized network that supports it. However, things are a bit different when it comes to Ethereum.
People referring to Ethereum usually mean a special open-source platform. What’s different about it is that it’s the first of a kind. It’s a decentralized platform designed to develop and run apps that are completely decentralized.
Think of it this way — to run a program, you need an OS, such as Microsoft Windows, or iOS. The same analogy is true for decentralized Ethereum apps. To create them and run them, you need an underlying software that is Ethereum.
Ethereum uses smart-contracts and other benefits of decentralized technology to provide developers with efficient tools to run apps.
Vitalik Buterin, the creator of Ethereum, simply expanded on the concept of blockchain, perceiving that it is much more than a technology for cryptocurrencies. Ethereum aims to penetrate other industries and achieve mass adoption.
The platform has a cryptocurrency of its own, known as Ether. However, after much confusion, many simply started using Ethereum interchangeably with Ether, so the cryptocurrency that we obtain is now mostly referred to as Ethereum.
Much like BTC, you trade ETH. You can exchange it for other cryptocurrencies, and you can make payments and purchase goods with it. It’s also possible to send it and receive it from your friends. What’s different is that Ethereum is currently much cheaper than Bitcoin.
How Ethereum Wallet Works
An ETH wallet is simply a piece of software for your device which stores your Ethereum. WLX is an official Ethereum wallet and will help you send and receive this cryptocurrency, among several other cryptos and fiats that are also accepted.
But before you decide to create a wallet for Etherem, let’s take a look at how it works.
Money, be it paper or digital, needs a place where it can be stored. Ethereum as a cryptocurrency only exists in a digital format, so you need to use a program that stores it.
Every best ETH wallet uses the same principle to store Ethereum. Once you open an account, you will get a specific Ethereum wallet address. This address is actually the only thing needed for sending or receiving Ethereum. It’s just like receiving an email, but it’s money that you get.
For example, if a friend of yours wants to send you Ethereum, you need to give them your online ETH wallet address. They will enter the address and confirm a transaction. The money will arrive at your wallet shortly after that.
Sending Ethereum works exactly the same. You just need to access your funds in your wallet for Ethereum and enter the recipient’s address, as well as the amount you wish to send them.
Why WLX Is the Best ETH Wallet
What must a wallet have to be given the title of the best Ethereum wallet?
First of all, it must be able to store your Ethereum. However, storing it alone won’t suffice. Every best ETH wallet must do it in a safe and secure way so that you can rest assured that your money won’t get stolen. Moreover, the wallet must ensure that your account won’t fall victim to a cyberattack.
This wallet should be able to provide quick and convenient transactions. Ethereum, just like Bitcoin, is sent and received with no intermediaries involved. In other words, you send money directly to other people, with no banks in the middle to take fees or cause payment delays. The same procedure applies when you receive money.
A good Ethereum wallet should provide anonymity. Although most wallets require you to input some personal data in order to prevent illegal operations, all of your transactions are still anonymous. The data you share when you create a wallet account stays safe and encrypted.
Finally, a wallet is considered good if it offers an intuitive interface. It should be beginner-friendly so that even complete newbies can get around and understand how to use it. On the other hand, it should have enough features and look appealing to the users.
How to Open an Ethereum Wallet Online with WLX
To open an account with this online ETH wallet, you need to follow a simple procedure that shouldn’t take more than a couple of minutes of your time.
- Download the app — make sure to download this Ethereum desktop wallet for free from the official website.
- Enter your phone number — You will receive a special verification code that you must input to continue with your account creation process.
- Create a passcode — passcode is a form of a password that you need to enter when logging in to your WLX wallet. Make sure to remember those digits for future use.
- Touch ID and Face ID — these two are optional features, but we highly recommend using them. WLX uses finger identification as well as face identification features to make it possible for you to enhance your security.
- Enter personal details— The last step before creating an account is to enter some of the personal details for using the WLX wallet.
Congratulations! You’ve successfully completed the registration process. After this, you’ll be able to access the home page where you can immediately start to make Ethereum transactions.
Safety & Security as Key Factors for Every Best Ethereum Wallet
Every best ETH wallet pays special attention to safety and security. After all, this type of service deals with other people’s money, so it’s only natural to enhance security levels.
WLX pays special attention to data encryption as one of the essential features that every Ethereum wallet should have. It means that sensitive data about your funds or you will be encrypted and stored safely so that it can be accessed only by you.
Moreover, WLX does frequent audits, both internal and external. The team makes sure that there are no illegal operations going on, and that everything is in order.
There are several ways to achieve the maximum security of an ETH wallet. One of them is by doing security testing often in order to check how well the security procedures work. There’s a special technique called penetration testing which basically includes simulation of a cyberattack in order to see where the security is thin.
This is also similar to proactive security assessment, which is regular on WLX. Simply put, proactive security measures are applied to prevent major incidents.
WLX Supports Other Crypto and Fiat Currencies
Ethereum wallets are great, but you know what’s even better — wallets that also accept other cryptocurrencies. Apart from Ethereum, WLX currently accepts Bitcoin, Litecoin, and XRP. These are basically the most popular cryptocurrencies at the moment.
But WLX comes with another great feature — exchange. You can use this piece of software as your personal cryptocurrency exchange platform and convert one cryptocurrency into another in a quick and convenient way. This feature is often used by more experienced customers, so make sure to check out how exchanges work and how to successfully trade cryptocurrencies.
Finally, WLX has an option to store your USD, GBP, or EUR. In other words, apart from being a cryptocurrency wallet, WLX also has the properties of being a standard e-wallet. Therefore, you can store fiat currencies as well.
Final Thoughts on WLX ETH Wallet
To sum up, WLX is currently the best Ethereum wallet when all the parameters above are taken into account. It offers all the necessary features to store your Ethereum with maximum security. Moreover, this tool facilitates transactions of Ethereum, as well as of some other popular cryptocurrencies. On top of all that, you can use it as a fiat currency wallet.
The app is easy to use and will definitely meet the needs of both complete beginners and experienced users. Therefore, make sure to open an account and explore all the features that WLX offers for free.