Your Online Ethereum Wallet: 5 Tips

There are endless numbers of users flowing into the ethereum industry, as well as the cryptocurrency market. The most important part of investing in coins is how you store them. It was only recently that Bitfinex was attacked, and users lost up to 36% of their holdings. To prevent these types of incidents from happening to you, we need to talk about how to pick a secure online ethereum wallet.

Tip 1: The Best Ethereum Wallet should be Secure

Security is the number one concern for all users. It is rightfully the most important part of choosing a wallet service, and should be considered carefully. Services such as Mist, MEW, and Jax have had many reports of insecurity as they are plagued with issues. The best online ethereum wallet is ethereum-wallet. It provides the greatest combination of security, safety, anonymity, and convenience for all users. Again, Bitfinex and DAO attacks are something we want to completely avoid.

It is no surprise that users often report issues with Mist interfering with their antivirus, as running dangerous encrypted binary programs on a computer can lead to high risk and infection. As a result, users should look for secure online services. Users have reported re-downloading the entire 60GB blockchain just because of their antivirus programs. This can take days (or weeks) if your internet connection is slow. Not to mention, many people have bandwidth limits on their connection. It simply isn’t feasible to use offline wallets.

In addition, open source Javascript client-side Ether wallet called MEW has been acclaimed to be a good wallet by some, but faces many attacks every day. The creator has been complaining about many fake websites popping up, and the site has been drained of thousands of Ether. It is thus not recommended to use MEW, but to use ethereum-wallet.net.

Tip 2: The Best Wallet should be Online

For your convenience and security, Ethereum should be stored online. It makes sense to store digital currency on an online ethereum wallet, as offline sources are far worse and defeats the purpose of cryptocurrency in the first place. Why would anyone use an online currency, only to store it offline? While it does have many of the properties that traditional commodities have, Bitcoin and Ethereum are not gold. It simply does not need to be kept in a safe, locked up in the basement. There are ways to secure your Ethereum, and be able to use it without opening 10 locks just to send a five dollar transaction to someone.

As a result, check out the YouTube video above regarding the best online ethereum wallet service. His recommendation is a very popular service, and the site has been trusted by many users since its inception. Thousands of Ether is stored securely on the site, and users continue to make tens of thousands of transactions on the wallet every day. It is currently the most secure and trusted way to use Ethereum.

Tip 3: Don’t use Paper Wallets, they are not Secure. The best Ethereum wallet is far more functional.

Hold your Ethereum
Hold your Ethereum, and use secure services

Very few users actually use paper wallets. The minority who uses paper wallets are making a choice that is very dangerous. The reason is that physical properties such as paper can always break down, burn down, or be stolen physically. The entire point is digital currency is to keep the money stored on the internet – digitally. Using a ethereum wallet that is written on paper completely contradicts the reason for the currency’s existence. If you want to store money physically as paper, just use cash. Cash has many risks associated with it. It is the most common way for criminals to launder money, and Bitcoin is far behind.

Imagine if you stored a piece of paper in your car. The paper could fly out the window, a robber could access it, or you could just forget about the item. There are too many unknown factors with paper wallets, and thus they provide little security and trust for cryptocurrency investors.

Tip 4: Learn how to use the Online Ethereum Wallet, and Technology

If you aren’t aware of how to use the tools you’re given, there will likely be issues in the future. For example, investing into the DAO would’ve been a bad investment because users did not realize just how centralized the market was. Just one attack, and the entire DAO was drained of Ether. Researching your investment is extremely important – it is crucial to learn the tools of the trade in order to handle issues in the future. For example, the hard fork due to the DAO on Ethereum was something that users could vote on, but many did not. The hard fork was forced on the users of Ethereum, whether they wanted it or not. That’s why Ether Classic is valuable today.

Tip 5: Hold your Ether, and don’t fold

If you somehow managed to ask 10 people the best way to invest in cryptocurrency and Ethereum, they’ll likely all give you different answers. Some people will tell you to hold, while others may think that daytrading Ethereum is the right thing to do. Individuals may think a few months is a long-term investment, while it may take two or three years to see any reasonable or large return from their initial investment. Because of how different people look at investing, there are many sources of information on how to invest or trade currencies. In the end though, speculation is silly and people really should be going for the long-term investment. It can often take years, as Bitcoin did, before a market takes off.

By holding for several years, Ethereum investors can get a good idea of the technology and market. This period of time gives the a lot of time to go through the various bubble and crash cycles that are so common in volatile industries. In any case, what’s significantly more vital than how you characterize long haul is the manner by which you plan the system you use to make long haul ventures. This is what makes you a silly speculator, or an actual investor.

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The Best Ethereum Wallet

There are so many options when it comes to wallets. Ethereum wallet is typically the easiest one to use, but we’ll be covering a variety of wallets.

Online Wallets

With online wallets, you have many options here. The primary reason for using an online wallet is for convenience. Imagine being able to access your Ethereum from your phone and sending it to your friends. You don’t have to imagine it, because it’s already here. With the ease of use and security a web wallet provides you, it is not surprise the majority of users are using some form of an online wallet. Ethereum-wallet.net is a good online wallet we recommend.

ethereum wallet logo
Ethereum-wallet.net, a secure and safe wallet.

Beyond convenience, online wallets also give you a ton of security. The reason being that funds are highly secured in cold storage. Cold storage is the safest way to store coins, and involves putting all the data into a device that isn’t connected to anything. Consider your desktop computer. If you place a wallet on your computer, a malicious piece of software you download could take all your funds without you knowing! Most people don’t have a designated computer just for storing their Ethereum. That would be ridiculously expensive. Meaning, the best way to store your coins is on a reliable wallet listed above.

Desktop Wallets

Desktop wallets generally provide fancier features. If you’re a programmer and want to develop applications for Ethereum, this is the way to go. Keep in mind though, that it’ll take about 40 GB of space on your hard drive, growing at about 2 GB per month as the blockchain size increases. For the average user, it isn’t worth downloading so much data. For decentralized application developers though, it is a necessity.

While scarce, there are resources to learn about DApp development. We recommend reading this post if you’re a developer. You simply build a front end in HTML, and a backend for handling logic. With a general knowledge of C++ programming, you’ll be able to begin writing decentralized apps. Software development is a great industry, and you can improve your skills by writing apps.

Phone Wallets

There’s a reason we reviewed this last. It’s the worst option for storing Ether. Have you ever lost your phone, or know someone who has? Even if you have never lost it, an accidental drop can lead to you losing all of the Ethereum on your phone. That being said, phone wallets can work – just not for most people.

Considering 47% of Americans’ phones were hacked last year, I wouldn’t touch this option. Think about how little security you have on your phone. All someone needs is a USB cable and they have instant access to all of your phone’s data. They don’t even need your fingerprint or pattern code, simply because that security option is only meant for general-use.

Conclusion

Online wallets are the best option for the average user as they mix security and convenience into one platform. Desktop wallets are a necessity for developers who wish to create applications, though it’ll cost you a lot of bandwidth and hard drive space. Phone wallets shouldn’t even be used if you value your Ether. They’re lost, hacked, and dropped all the time.

With that said, there’s more to ETH than just wallets. We’ll be reviewing more Jackpotcoin and Ethereum applications soon.

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Top 3 Features of a Successful Cryptocurrency

Hundreds, possibly thousands of coins have been made. Like Jackpotcoin, many are clones of each other, and have less features than Bitcoin. Few coins will rise to the top and rival Bitcoin. Today, we review the history of digital currencies and examine exactly what makes a cryptocurrency successful.

1. First Mover Advantage

Unfortunately, the greatest and most helpful feature of having a successful cryptocurrency is in how early it is released. Litecoin is merely a Bitcoin clone with a scrypt algorithm instead of SHA256. But check out the numbers: Litecoin completely dominated the field simply because it was released so early. It was number 2 for years before anything came close to it. Jackpotcoin wasn’t so lucky. Even now, the subreddit for LTC is active. But since it does not bring any true value to the market of cryptos, it has since fallen. We can safely say there’s no one out there buying this anymore.

Yes, Litecoin is dead.

Rest in Peace, Litecoin
Rest in Peace, Litecoin.

2. It is Fun

Do you want a fun or boring crytocurrency? Of course you want the awesome fun one! For all the crypto veterans out there, you already know which one I’m talking about. No, it isn’t Jackpotcoin. A joke cryptocurrency that rose from nothing, and became an instant success. That’s right, it’s Dogecoin. Released in 2013, the currency blew apart all its competition and everyone memed about it. You had to be there. Coins were given away, people made money, and it grew like wildfire. More importantly, it was fun – making it go viral all over Facebook and Reddit. Before long, the coin had nearly $100m USD in market cap. You can see why we want Jackpotcoin to also be fun. Don’t underestimate how important fun and memes are. The community even sponsored a NASCAR driver for $20 million dollars. Dogecoin made the news for a ton of events. No other cryptocurrency has done that.

Unfortunately, this coin also died because it lacks actual value, which brings us to the next point.

3. Actual Value

Bitcoin was the first original innovation in the industry. That’s why it became such a success, peaking at $20 billion dollars in market cap. No other coin has even come close, with Ethereum at a far second with $1 billion. This truly represents how important bringing value to the table is. Without Bitcoin, none of these other coins would even exist today. Thanks to Satoshi Nakamoto, we have the code base and ideas to bring currency into the digital age. This is the last point, but also the most important. Without actual value, the coin will inevitably die like Dogecoin and Litecoin. Interestingly, Ethereum has started to show some actual innovation – though it’s not as innovative as Bitcoin was, it does provide some very key features we will need in the future. Smart contracts will bolster the applications available for users. They will be more secure and available due to the smart contracts. While you could make contracts with Bitcoin, the process takes much longer. Bitcoin wasn’t designed for smart contracts and coding. Ethereum was built to handle code, and we’ll see just how much value Ethereum will provide us in the future.

Ethereum Logo and Text
Ethereum – Currency of the Future

With that said, it’ll be a few years before Ethereum shows its value. It now faces the greatest test – the test of time.

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Jackpotcoin Relaunched! Thanks for joining us!

Welcome to Jackpotcoin! We were formerly only about Jackpotcoin, but now we have gained a lot of interest in one of the recently emerging coins! Namely, this would be Ethereum.

ethereum
ethereum – a new coin

Ethereum is Unique

Yup, you heard correctly. The features Ether provides us is a massive game changer in the world of cryptocurrency. Think about Bitcoin, now think about Ethereum. There’s no coin that even comes close at the moment in terms of support and features. We’ve been working with promoting Etherum along with our Jackpotcoin (JPC) as we see a potential alliance in the future! For more information on JPC, watch our video below 🙂

Previous coins used previous hash as seed of random number generation. Unfortunately this is predictable and is profitable for multipools and cheaters. JackpotCoin uses the true randomness to generate the superblock (jackpot), so it is 100% fair for everyone.

 JackpotCoin Hashing Algorithm (JHA) has been designed to combined the advantages with QuarkAlgo (Random Hashing), as well as Heavy (Anti-parallelism) + Variable Round to maximize the Anti-paralleism to repel on Extream Multi Core Hardware such as ASIC without increase the complicity

Jackpot provided by superblock in JackpotCoin can be very rewarding. The jackpot increases parabolically with the distance to the last superblock. The jackpot begins right at ten times the normal payout value, which will then grow to 100x at the average trigger time of the superblock. Now, if double time has passed and no superblock has been generated, the payout will be increased to 1000x the normal payout. Good luck getting it though! That’s a huge amount.

In previous proof of work and proof of stake coins, the target times are the same for them causing different issues. JackpotCoin has different block targets for PoW and PoS. The separation created a lot advantages. The transaction confirmation is zap fast (less than 1 minute on average) because of the fast PoS block time.

If you are interested in Jackpotcoin, stay tuned on our blog and we have many more updates coming along. You can expect to see many developments in our Ethereum wallet and services, as well as Jackpotcoin’s development services. So don’t go anywhere and stay tuned!

 

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