Coinbase is the undisputed wallet king of the crypto space, but it might not stay that way for long. There are a variety of hungry competitors with some craft innovations. Take MyEtherWallet, for example. It's far from the standard web wallet. Here are a few basic facts about it and our take on if it's a worthy replacement.
Coinbase is more of a "simple wallet" that is used to buy and sell ether, as well as a few other nifty tricks. However, MyEtherWallet is completely different. It's far from your standard wallet because you don't create an account or store currency on its server. Instead, it lets you create a wallet. This wallet is yours to keep safe and store currency. Furthermore, it lets you transmit any transactions on the blockchain through the full node. Confused yet? Don't worry. We'll tell you more.
To build your wallet, first, go to MyEtherWallet, then create a strong password that no one can guess. Then, it's as simple as clicking the "generate wallet" button. There you have it—your very own wallet. Now that you have that, it's essential to store your private key. There are a couple of ways to do this, but the best is to use the Keystore feature. This gives you a little bit of that extra encrypted security to your wallet. How does it feel to have your own, personal wallet now? More importantly, how does it compare to others?
Coinbase is great for many reasons, but ultimately, it's just an exchange, and an exchange can get compromised by any number of hackers or government authorities. Hence, it's not best to keep your coins on an exchange for any amount of time. Furthermore, exchanges don't give you a private key, so the coins are not truly yours. They are yours from a legal point of view, but technically, you need to own that private key. See how that comes in handy now? If you're interested in learning more about all the digital wallets of the world, check out YouToken.io for a unique brand of cryptocurrency education.