What is an ERC20 Token?
When you get interested in cryptocurrency, you discover a new world with mostly many unknown terms.
Many terms with numbers and letters as it is a technical and computer environment.
By buying cryptocurrency, you will surely someday see the term ERC-20, an ERC20 token, you will ask yourself then but what is this thing?
Because the name itself does not indicate anything except maybe the E at the beginning which will perhaps make you think of Ethereum precisely.
Because yes, it is a token linked to the Ethereum blockchain with the E and R, and C for coin.
So this is a token compatible with the Ethereum blockchain, that means that the company that created this token, created it with the Ethereum blockchain.
You should know that the Ethereum blockchain is the most used to create and launch Blockchain projects today.
For this also that it is said that one day, Ethereum may exceed bitcoin capitalization because this platform is widely used by developers.
We are talking about a flippening.
So back to the ERC-20 token that indicates that the token is compatible with the blockchain Ethereum.
What is the interest for you?
Well, there is an interest in the sense that you can store any ERC20 token on an Ethereum address, which starts with 0x.
This allows, if the token you have is an ERC-20 token, to send it to your Ethereum address in order to store it there safely and not to leave it on an exchange.
This avoids having to have a wallet for each ERC20 coin and that you can have everything on the same address.
So make sure your token is an ERC20 token, you should look for this information before sending it to an Ethereum address.
If you use a multicurrency wallet, same thing, make sure the wallet accepts the ERC20 token.
How do you know if your ERC20 token arrived on your Ethereum address?
You can use the Myetherwallet, it can be used on the internet at the following address: https://www.myetherwallet.com.
Be careful to put the address of the site in Favorites on your browser and do not risk to click on a phishing address elsewhere.
By creating your wallet on https://www.myetherwallet.com, you will have an ERC-20 compatible tokens wallet, myetherwallet will give you a public address to use where you can send your ERC20 tokens or your ETHER tokens as well.
By logging into your Myetherwallet account, there is a procedure to follow to show your ERC20 tokens, some may appear immediately but others may not.
Do not panic if you do not see your ERC20 tokens right away, just have them appear on your myetherwallet account.
You can then memorize the ERC20 tokens you want to see.
Keep your private keys safe and not on your computer, but on a USB key, on paper, etc.
And of course Nano Ledger which remains the safest solution to store cryptocurrency and not to leave them on an exchange.
Nano Ledger also interfaces with Myetherwallet for the management of ERC20 tokens.
So you now know what an ERC20 token is and where you can store it safely, these are the best ERC20 wallets.
Visit their websites, download or try their wallet to see which one you like to use.
And if you have not bought any cryptocurrency yet, you can read our article about it: https://bitcoincryptoadvice.com/where-to-buy-cryptocurrencies
Bitcoin and cryptocurrency maximalist. Alexander follows Bitcoin and crypto since 2015.