How to store EOS: 6 Best Steps

EOS (EOS) guide
Mon, 06/04/2018 - 09:02
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Whether you choose a hardware wallet or a software wallet, the first thing that you have to do is to create a new account with MyEtherWallet (MEW).

1. Simply go to myetherwallet.com and come up with a secure password, but make sure that you remember it.

2. Then press the “Generate” button in order to create a new wallet.

3. Now you can down download .JSON file containing the private key (it is advisable to keep this file with the private key on a separate hard drive).

Important Note:

You can also create a paper wallet for extra-security purposes (it displays your public and private key). There is no definite pattern of a paper wallet that can be bought or downloaded – you simply print the keys (usually in the form of a QR code) on a piece of paper or plastic. It goes without saying that your printout should be carefully hidden, because anyone who has access to your paper wallet can withdraw your cryptocurrency holdings.

Another example of secure cold storage is a hardware wallet. As of 2018, a French start-up Ledger has sold more than 1 million wallets while the total revenue of the company has exceeded $100 million. This device is connected to your PC via a USB port. Basically, it is an ordinary USB stick, but at the same time popular hardware wallets like Ledger Nano S and TREZOR are specifically designed to resist phishing attacks and other common scams.

EOS Wallet

Both Ledger Nano S and TREZOR are compatible with EOS. You can simply order these devices from their official websites or do a quick search on Amazon. These devices are very similar (two buttons, LCD-displays, almost the same price), but Ledger’s stainless-steel body makes it niftier and more protected from physical damage.

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4. Now open your MEW wallet and select the “UTC/JSON” option in order to upload the previously saved .JSON file.

5. Once you’ve done that, copy and save your address since you will need it later for conducting a transaction.

6. The last step is to purchase ETH which can be later exchanged for EOS with the help of Coinbase or Cex.io. These are two prominent exchanges that offer wide coverage and accept various payment methods. This claim can be easily proven by numbers – Coinbase, the largest exchange in the US, reported $1 billion in revenue last year. Cex.io would be more suitable for those investors who want to buy large amounts of crypto right from the start. Coinbase has low initial investment limits which usually increase with time. Also pay attention to the fact that both of these exchanges require ID verification. That means that you cannot conduct any transaction until your identity is approved. When it comes to security, both of these exchanges offer TFA for every account and save the majority of funds in cold storage (that basically means that there is a very little chance of losing money due to a hacking attack). The bottom line is that these exchanges are practically the same for investors, but traders may find Cex.io more appealing because of its advanced trading features.

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About the author

George Shnurenko is a Bitcoin and cryptocurrency enthusiast, financial analyst and writer. He's majoring in history but he believes that the digital currency which has taken the world by storm will bring about change to all us humans. 

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