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The initialization process is relatively simple. That one key difference changes quite a lot in the this web page people use it. These wallets are simple and easy to use, and work well for people who pay for transactions using cryptocurrency. During the simple installation process, you are given a twelve word phrase that will allow you to recover all of your bitcoins in the event that your computer fails. Like a bank account number, where the difference lies in the wallets having multiple addresses. Hardware A hardware wallet is a high-security bitcoin wallet that enables you to store your funds offline. Two-factor authentication 2FA is a way to add additional security to your wallet. They simply use your bitcoin wallet key and you untangle the gibberish by using your private key. The first step is to visit the MyEtherWallet homepage. We highly advise against web wallets, as they are by far the least secure type of wallet. This device generates random 20 random numbers, as opposed to words, and even gives you the option to have them sent to one of your devices. After the private key is generated the drive will self-eject.