Table of Contents
- 1 What Is a Cryptocurrency 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
What Is a Cryptocurrency 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 the 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 wallet available and some of their features.
Paper WalletsPaper 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 offers 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.
Online WalletsUnless 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 WalletsSoftware 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 a software wallet’s security.
What is Electroneum Wallet?
How Good Is the Electroneum Wallet?
- Easy to use.
- Will eventually mine a small amount of Electroneum with very little setting up (launching soon).
- Very convenient. Payments can be made from the palm of your hand.
- 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 give personal details such as your mobile phone number and email address.
- Only available on Android devices for now.
- 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.
- 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 OverviewThe 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!)
- 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 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 WalletThe steps to setting 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 labelled: “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.
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 about the importance of keeping your keys secret, you can click “Let’s Get Started”.
- Move you 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 the 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.
How to Use the Electroneum WalletIn 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 a 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.
ConclusionThat’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.