Basically, a cryptocurrency wallet is a software that stores the keys you have for sending and receiving cryptocurrency tokens. These wallets also allow the users to check their cryptocurrency funds. All the transactions are updated on the blockchain network.
In other words, the wallet records all your cryptocurrency transactions but never stores the funds or your crypto money. So, what are the blockchains? Blockchains refer to the ledgers that are constantly updated. Thus, the ledger or blockchain is nothing but a transaction data.
Although cryptocurrencies have their own set of perks and drawbacks, many people are employing them more and more, resulting in their growing popularity. Thus, with this rise to fame, there is no dearth of cryptocurrency wallets.
This is often a common concern among users of cryptocurrencies. While most of them are open-source running on decentralized systems, there are certain salient features that make the best one outshines the rest.
While we may not be able to discuss the features of all the cryptocurrencies out there, we have shortlisted Mist and MyEther Wallets. So, this article is a detailed analysis of the Mist vs. MyEther Wallet.
But before getting into these two wallets. First, let us understand the function or the purpose of any cryptocurrency wallet.
Typically, a cryptocurrency wallet could be any kind of entity like a physical device, service, or even a program. It entitles the users to track, send, and receive cryptocurrencies.
While the cryptocurrency is not specifically stored in the wallets, they are stored and also maintained in blockchains.
Thus, the wallet derives cryptocurrency from the blockchain and also updates the transactions on the blockchain.
A cryptocurrency wallet also stores the private and public keys where the private key is for spending or sending the cryptocurrency from one’s wallet, the public key is to receive cryptocurrencies.
As the official Ethereum blockchain wallet, the Mist wallet platform was explicitly created to be used for exploring both the DApps and blockchain networks. In layman’s language, Mist is your typical browser created by ETH developers that are based on blockchain.
The Mist Wallet is a Full Node wallet that is also open-source. Like software, it is compatible with both mobile and desktop devices. However, you can only use Ethereum and ERC20 wallets. And, also there is no option of swapping the crypto coins.
However, there are no fees for completing transactions on the Mist wallet platform. Nevertheless, whenever you send cryptocurrencies, miner fees for validating the transaction applies
MEW or the MyEther Wallet is also an open-source wallet, and it functions on the client-side interface that enables the wallet users to interact with the Ethereum blockchain. Here, the wallet is not a part of a centralized exchange.
While both are decentralized open-source networks, there are certain underlying differences. Here’s what more you can do with MyEther Wallet.
With MyEther Wallet, you can build your very own Eth wallet. You can use it to both send and receive ETH and also tokens. There are different wallet types to access, like MEW CX, MEW wallet mobile app.
The MEW also enables you to swap different cryptocurrencies, including and not limited to ETH, ETC, Bitcoins, Altcoins, etc. Unlike other wallets, MEW also has the option of sending digital coins or cryptocurrencies offline with its Offline Helper.
Mist is the most common and standard wallet for cryptocurrencies. One can not only send, receive but also store their cryptocurrencies. That being said, to use a Mist wallet, the users must first download the Mist wallet.
On the other hand, MEW or MyEther wallet is a web-based service where you can control your cryptocurrency funds. Thus, there is no requirement to download it.
While the Mist wallet enables it to do the same with MyEther wallet, the device where the offline wallet is created must be connected to the internet. Thus, though cold storage (offline transaction) is a possibility in MyEther wallet, unlike the Mist wallet, internet connectivity is a must.
Safety from hackers and attacks on funds. While this is a possibility with MyEther Wallet as it is an online server, Mist is believed to be much safe.
Thus, to sum up, the primary differences, one is a web server, the other is a software that must be downloaded. The offline transaction is the second major difference. The last difference is that the type of cryptocurrencies that are compatible. While one is specific for certain coins, the other allows the swapping of various kinds of cryptocurrencies.
The bottom line is choosing the best wallet could be quite intimidating. However, based on an individual’s need, one can choose either of the two wallets.
CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!