This helpful guide has been created so that you can understand all there is to know about the wallet that has been designed to use with the ETN cryptocurrency. The good news is that this digital currency has been designed to be as user-friendly as possible. It’s also been created to work easily without needing a computer system.
This isn’t exactly an Electroneum review, however. So, I won’t be covering “what is Electroneum”. I’ll assume that you already know the basics about the currency itself!
In the ETN wallet review, I’ll be starting off by looking at a few different types of wallets and their advantages and disadvantages. Then, I’ll discuss the Electroneum wallet itself. I’ll look at the mobile phone-based Electroneum app wallet, as well as the Electroneum paper wallet.
There will be sections on the advantages and disadvantages of both, as well as the security of them. Then, I’ll talk you through how to use the mobile phone application version of the software.
By the end of the review, you should know: what each type of wallet is good for and what it’s not so good for, how to set up each type of Electroneum wallet, and finally how to use them.
We have got a lot to cover today. So, let’s get going!
Table of Contents
- 1 Understanding Meaning of Crypto Wallet
- 2 What is Electroneum Wallet?
- 3 How Good Is the Electroneum Wallet?
- 4 Electroneum Wallet: Security Overview
- 5 How to Set Up The Electroneum Wallet
- 6 Conclusion
Understanding Meaning of Crypto Wallet
Before I start getting to the main topic of this review, it’s useful to know what a cryptocurrency wallet is.
A cryptocurrency wallet is a name given to a set of cryptographic keys. These keys together, let you send and receive digital coins.
The word “wallet” isn’t the most helpful really because your cryptocurrency wallet doesn’t actually store anything in it. It’s not like the wallet you keep coins, bank notes, and credit cards in! The wallet software is used to communicate with a blockchain. This might be the Bitcoin blockchain, the Ethereum blockchain, or, in the case of Electroneum, the Electroneum blockchain.
There are quite a few different types of wallets for digital currencies. Some have been designed to generate keys for many different types of cryptocurrencies. Others have been designed to generate keys for just one cryptocurrency. Some offer users a lot of security. Others offer users more convenience but less security.
Before I start talking about the Electroneum wallet in detail, let’s look at the different types of wallets available and some of their features.
Paper wallets are the most secure type of cryptocurrency wallet. However, they are difficult to set up properly. For this reason, they are not recommended for beginners. They are nothing more than a key pair made on a completely offline computer and stored in the safest place possible.
Electroneum users offer a reasonably easy way to create a paper wallet. However, Electroneum paper wallets created without following complex security steps will not be as secure as they possibly can be.
Hardware wallets are great for people who want to store large amounts of cryptocurrency. Examples of hardware wallets include the Ledger Nano S and Trezor device. Although they give users a good balance between security and convenience, there isn’t one which supports Electroneum yet. For this reason, we won’t spend any more time discussing hardware wallets!
Unless someone gives you some Electroneum as a gift, you were paid for a service in the currency, or you’ve been mining it, you probably already have some experience with online wallets. If you bought Bitcoin, Ether, Electroneum, or any other cryptocurrency at an exchange like Coinbase or Kraken, you’ve already used an online wallet.
Online wallets should never be thought of as storage for cryptocurrencies. They serve a purpose – you can deposit money into an online wallet and use a service that it’s linked to it. This might be a casino, an online store, or an exchange but you should not keep your money there.
Online wallets are not usually under your control. If the exchange disappears, so does your money. This is important because exchanges have been hacked in the past and they could be hacked again!
Software wallets offer users a balance of security and convenience. They’re not as secure as hardware wallet but they are more convenient to use. There are loads of examples of software wallets around. Some store just one type of cryptocurrency, others store many. The Electroneum wallet that we’re mostly discussing today is a type of software wallet.
Software wallets are perfect for storing small amounts of cryptocurrency used for day to day spending. They’re not so good for storing large amounts for a long time.
Software wallets can be used on either a computer or a mobile phone. They allow users to send and receive digital coins and tokens with a click of a button. However, they can be hacked using keyloggers and malware.
Note: Malware is short for malicious software. Malware is often downloaded to a computer system without the user’s knowledge. It runs invisibly in the background. Different types of malware can reduce the software wallet’s security.
What is Electroneum Wallet?
The Electroneum wallet is a digital currency wallet designed to store the Electroneum cryptocurrency. There are two types of ETN wallets: the Electroneum app wallet and the Electroneum paper wallet.
Electroneum App Wallet
The mobile phone wallet has been designed to be incredibly user-friendly. Of course, when something is designed to be convenient, it is rarely designed to be secure. This is the case with the application. Malware can easily infect devices running the Electroneum app wallet. This could be very costly.
One of the best things about it is that eventually, you will be able to use your phone’s processing power to mine Electroneum. This might slow down your device and reduce its battery life, but the team behind Electroneum wanted to make the platform appeal to the millions of people who live in developing nations and have access to smartphones.
The small amount of currency that the Electroneum app wallet will be able to mine could offset the price of a phone bill every month.
As with any cryptocurrency paper wallet, an Electroneum paper wallet can be very easy to set up in a way that leaves security to complete chance. Alternatively, an Electroneum paper wallet can be very difficult to set up in a way that is entirely safe.
If you know exactly what you’re doing, it will be one of the most secure cryptocurrency wallets around. If you accidentally set up one using a machine contaminated with malware, your wallet will not be secure at all. How far you want to take the security precautions will depend on just how much Electroneum you are storing on the paper wallet.
How Good Is the Electroneum Wallet?
Each ETN wallet has different features and perks. I’ve included the advantages and disadvantages below:
Electroneum App Wallet: Advantages
- Easy to use.
- Will eventually mine a small amount of Electroneum with a very little setting up (launching soon).
- Very convenient. Payments can be made from the palm of your hand.
Electroneum App Wallet: Disadvantages
- Not suitable for any large amounts of Electroneum. Being a mobile phone wallet, the Electroneum app wallet is vulnerable to malware and other similar threats.
- Nowhere currently accepts Electroneum. The app might be very convenient but it’s useless apart from the soon-to-be-released mining function. For those living in developed nations, it would be better to mine Electroneum on a computer system and store the coins on a paper wallet until more places accept the currency or its value increases.
- Using the mining function will make slower phones lag and use up battery life very quickly. It will also probably make the overall lifetime of the phone much lower.
- To set up an Electroneum app wallet requires you to give personal details such as your mobile phone number and email address.
- Only available on Android devices for now.
Electroneum Paper Wallet: Advantages
- It can be incredibly secure if set it up correctly. Great for storing large amounts of Electroneum.
- You don’t need to provide any details to Electroneum to set up a paper wallet.
Electroneum Paper Wallet: Disadvantages
- Difficult to set up correctly.
- Once you have set it up, to spend Electroneum will need you set up another paper wallet.
- Cannot mine Electroneum using the Electroneum paper wallet.
Electroneum Wallet: Security Overview
The two types of Electroneum wallets both offer different levels of security. There are also ways of increasing and reducing the security of both different wallets. In general, the Electroneum paper wallet will offer the highest level of security. The Electroneum app wallet offers a more convenient way of using Electroneum but this convenience comes at a cost. That cost is its security.
Let’s first look at how to increase the security of the Electroneum wallet app. Of course, doing the opposite of these pointers will reduce the security of your Electroneum app:
Increasing the Electroneum Mobile Wallet’s Security
- Use up-to-date malware and anti-virus software on your phone.
- Never download anything from unknown software providers. Better still, never download anything.
- Don’t browse potentially dangerous websites – streaming websites, or adult material is often infected with malware.
- Guard all backup phrases and copies of private keys like you would a paper wallet (with your life!)
Increasing the Electroneum Paper Wallet’s Security
- Use a completely air-gapped (never been connected to the internet) computer to set up the paper wallet.
- When adding the files needed to generate the pair of cryptographic keys to the air-gapped computer, use a computer that has recently been completely wiped of everything but an up-to-date anti-virus software.
- Use a one time the only form of data transfer. Burning the necessary files onto a CD is ideal.
- The printer you use to make copies of your paper wallet should not have its own memory or its own wireless connection.
- When storing your paper wallet remember that fire and water can damage it. Also, remember that anyone who can access the wallet can also access the funds stored there. For this reason, use at least one safe deposit box.
How to Set Up The Electroneum Wallet
The steps to set up the Electroneum wallet will depend on which wallet you want to use. They will also depend on how secure you want it to be. We’ve listed the basics below. If you want to increase the security to the maximum, use the tips in the section labeled: “Increasing the Electroneum Paper Wallet’s Security”.
Setting up the Electroneum App
- Visit https://my.electroneum.com/
- Click “Create Account”
- Fill in your email and create a password. Repeat the password, read and check the “terms and conditions” box. Complete the Captcha. Click “create account”.
- Visit your email inbox and click the link in the email.
- At the next Captcha check, complete it if required.
- Add your country code and mobile number. This must be your real number as it will be used to set up two-factor authentication on your Electroneum account. Then click “Send SMS”.
- When you receive an SMS to your phone, enter the code in the box required. It will be a six-digit code. You may then be asked to complete another Captcha.
- Next, you must set up a PIN and a recovery email. First, enter an email address that isn’t the one you used for your main account. Again, an email with a link will be sent to this address. When you receive the email, click the link.
- Now you will be asked to set up a five-digit PIN code. Make it memorable but not easy to guess. You’ll need to enter it twice and complete a Captcha if necessary.
Congratulations, you just created an account with Electroneum. This can be used with either the web-based browser wallet or the mobile phone application. Just head over to the Google Play store and search for “Electroneum”. After downloading and opening the file, you can sign in and start using the Electroneum wallet.
Setting Up The Electroneum Paper Wallet
- Visit the downloads section on the Electroneum website.
- Click either “browser version” or “download ZIP”. If you’re using the browser version, you’ll need to make sure you’re using Google Chrome. For this guide, I’ll be using the browser version. For added security, the rest of the guide should be performed offline or ideally on a computer that has never been online.
- Read the disclaimer about private keys on the next page. When you understand the importance of keeping your keys secret, you can click “Let’s Get Started”.
- Move your mouse around in whatever pattern you desire on the next screen. This process is to create a truly random key set.
- Next, read the warning about making sure you keep the printed wallet safe. When you understand the content on the page, click “Save Wallet as PDF.”
- Open the PDF and print the key sets.
That’s all there is to it! You can now send some Electroneum to your new paper wallet for long term storage.
Remember: This is a brief and simple way of creating a paper wallet. It is not very secure at all. Use the above pointers to increase security. When setting up properly, a paper wallet is the most secure way to store cryptocurrencies.
However, it is easy to cut corners and there are some steps that are rather impractical. You must judge how important security is. If you’re putting your life savings in Electroneum, invest some time towards understanding paper wallets and malware fully before putting any serious amount of cryptocurrency in your paper wallet.
How to Use the Electroneum Wallet
In this part of the Electroneum review for wallets, I’ll outline how to send Electroneum from the app to any other wallet. This will include paper wallets as well as exchange wallets. I’ll then talk about receiving payment using the app.
- Login to the Electroneum wallet app. Tap “send”.
- Enter the address of the wallet you want to send the Electroneum to. Alternatively, you can scan the QR code with your device’s camera.
- Next, you will see the “payment ID” screen. If you’re sending money to a paper wallet, ignore this. If you’re sending Electroneum to an address that will receive many different deposits from different people (an exchange), enter the payment ID that they give you.
- Next, enter the amount of ETN you wish to send.
- Check the addresses and amount on the next screen. When you’re happy that the information is correct, click “send”. You’ll then need to enter the five-digit PIN you set up earlier.
That’s it! You’re all done. Your Electroneum should arrive shortly!
To receive Electroneum using the Electroneum wallet app, just click “receive” instead of “send”. You’ll then be presented with your public key. Just enter this at the exchange you’re sending Electroneum from or give it to a friend if they’re sending the money to you.
Different online wallets will have different instructions, but they will all be very simple. Once you or your friend hits send, you should see the ETN arrive in your wallet shortly after.
That’s it! That’s our Electroneum wallet review. I hope you found it useful and are now more knowledgeable about this handy piece of software. We’ve covered a lot! So, let’s have a small recap of what you’ve learned.
After reading the Electroneum wallet review, you should know:
- The advantages and disadvantages of the many different cryptocurrency wallets available.
- Exactly what the Electroneum wallet is.
- How the paper wallet differs from the mobile phone application.
- How to make both types of wallets more secure.
- How to create both types of wallets.
- How to send and receive Electroneum using the application.
So, with all that new information, what are your thoughts? Do you think you’ll be using the paper wallet, or the application wallet if you decide to use Electroneum as a digital currency?