Managing cryptocurrency assets requires robust tools that prioritize both security and usability. A Python-based Ethereum wallet offers developers and enthusiasts a flexible, transparent, and programmable way to interact with the Ethereum blockchain. This guide walks you through setting up, managing, and transacting with an open-source eth-wallet built in Python—ideal for those who value control over their digital assets.
Whether you're sending ETH, handling ERC20 tokens like ZRX or FIT, or restoring access from a mnemonic phrase, this wallet delivers essential functionality through a clean command-line interface. Below, we break down each core feature with practical examples and best practices.
Create and Manage Your Ethereum Wallet
Generate a New Wallet
To begin, generate a new Ethereum account using the new-wallet command:
$ eth-wallet new-wallet
Passphrase from keystore:
Account address: 0xB1f761734F00d1D368Ce6f82F755bBb3005538EB
Account pub key: 0xf94e03524a1bd803ee583a1f0de7eb1eb67a90d6802eeac22b90cfdd7ff491039441472e8db543467c0450d1b7c31b5e8f81616b99226775770f9dd531afd31a
Keystore path: /Users/Marek/.eth-wallet/keystore
Remember these words to restore eth-wallet: omit speak giant bright enable increase tube worth object timber bleak bullet The output includes your public address, public key, keystore storage location, and a 12-word recovery phrase (mnemonic). This phrase is crucial—store it securely offline. Never share it or store it digitally without encryption.
👉 Learn how secure wallet setups can protect your crypto long-term.
Retrieve Wallet Information
Use get-wallet to view your current account details:
$ eth-wallet get-wallet
Account address: 0xB1f761734F00d1D368Ce6f82F755bBb3005538EB
Account pub key: 0xf94e03524a1bd803ee583a1f0de7eb1eb67a90d6802eeac22b90cfdd7ff491039441472e8db543467c0450d1b7c31b5e8f81616b99226775770f9dd531afd31a This confirms your identity on the network and allows verification before initiating transactions.
Check Balances Across ETH and ERC20 Tokens
View ETH Balance
Check your Ether balance directly:
$ eth-wallet get-balance
Balance on address 0xB1f761734F00d1D368Ce6f82F755bBb3005538EB is: 1.234ETH This uses the Ethereum JSON-RPC API to query the latest state of your account on the blockchain.
Add and Monitor ERC20 Tokens
You can track popular tokens such as ZRX, USDT, or DAI by adding their contract addresses:
$ eth-wallet add-token
Contract address []: 0x70a68593BAfc497AC4F24Eaf13CF68E74135bA42
Token symbol []: ZRX
New coin was added! ZRX 0x70a68593BAfc497AC4F24Eaf13CF68E74135bA42 Once registered, check the token balance:
$ eth-wallet get-balance --token ZRX
Balance on address 0xB1f761734F00d1D368Ce6f82F755bBb3005538EB is: 0.0ZRX Note: A zero balance doesn’t mean the token isn’t supported—it just means no tokens are held at this address.
Send Transactions: ETH and ERC20 Transfers
Transfer Ether (ETH)
Send ETH securely with send-transaction:
$ eth-wallet send-transaction
To address: 0xAAD533eb7Fe7F2657960AC7703F87E10c73ae73b
Value to send: 0.01
Password from keystore:
transaction: {'to': '0xAAD533eb...', 'value': 10000000000000000, 'gas': 21000, ...}
Pending..................
Transaction mined!
Hash of the transaction: 0x193919d1ad2dc024349ccc035a15a697987bd33e1ff04e33f878e6f89f2ebbdf
Transaction cost was: 0.00042ETH The tool estimates gas and confirms transaction success via blockchain confirmation.
Transfer ERC20 Tokens
Sending tokens like FIT works similarly:
$ eth-wallet send-transaction --token FIT
To address: 0xAAD533eb7Fe7F2657960AC7703F87E10c73ae73b
Value to send: 0.9
Password from keystore:
transaction: {'to': '0x19896cB5...', 'data': '0xa9059cbb...', ...}
Pending......................
Transaction mined!
Hash of the transaction: 0x118556d192c2efb13ade6ccc2f18a631e14256972af9f7ec8a67067aaafc978c
Transaction cost was: 0.00073072ETH Under the hood, it encodes the transfer function call using ERC20’s standard ABI and submits it as a signed transaction.
👉 Discover how real-time transaction monitoring boosts crypto safety.
Utility Functions for Advanced Control
Identify Connected Network
Verify which Ethereum network you're interacting with:
$ eth-wallet network
You are connected to the Ropsten network! This helps prevent accidental mainnet transactions during testing.
List Registered Tokens
See all tokens currently tracked by your wallet:
$ eth-wallet list-tokens
ETH
ZRX Useful for auditing supported assets and avoiding duplicate entries.
Restore Wallet from Mnemonic
Lose access? Recover everything using your recovery phrase:
$ eth-wallet restore-wallet
Mnemonic sentence []: omit speak giant bright enable increase tube worth object timber bleak bullet
Passphrase:
Account address: 0xB1f761734F00d1D368Ce6f82F755bBb3005538EB
Keystore path: /Users/Marek/.eth-wallet/keystore Your private keys are derived deterministically from the mnemonic—no data loss if backed up correctly.
Reveal Private Key (Use with Caution)
For advanced debugging or migration:
$ eth-wallet reveal-seed
Password from keystore:
Account prv key: 0x843844a23e3ae7b6a695a346c981484b554ff1718299b0b42df3045f04b94f05 ⚠️ Warning: Exposing your private key compromises security. Only use in trusted environments.
Frequently Asked Questions
How do I back up my Python Ethereum wallet safely?
Always save your 12-word recovery phrase offline—preferably on paper or a hardware device. Avoid screenshots, cloud storage, or unencrypted files. The keystore file should also be encrypted and stored securely.
Can I use this wallet on Ethereum Mainnet?
Yes, but ensure you're not hardcoded to testnets like Ropsten. Verify the chainId in transaction parameters. Always test small amounts first.
Is this wallet suitable for production use?
While functional, open-source CLI wallets like this are best for learning and development. For daily use, consider audited solutions with enhanced security layers.
What happens if I forget my keystore password?
There is no recovery mechanism. Without the password, you cannot decrypt the keystore or sign transactions—even with the mnemonic. Keep both safe.
How does gas estimation work in this wallet?
It uses default gas limits (e.g., 21,000 for ETH transfers) and fetches current gasPrice from the node. For ERC20 transfers, gas may vary based on contract logic.
Can I automate transactions using scripts?
Absolutely. Since it's built in Python, you can integrate commands into automated scripts or build custom wrappers around its functions for batch processing or monitoring.
Final Thoughts
A Python Ethereum wallet bridges simplicity and power, offering full control for developers while maintaining ease of use. From creating accounts to managing balances and executing transactions across ETH and ERC20 tokens, this tool exemplifies how accessible blockchain interaction can be.
As decentralized applications grow, having a solid understanding of wallet mechanics becomes increasingly valuable. Whether you're building dApps or managing personal assets, mastering tools like this sets a strong foundation.
👉 Stay ahead in crypto with secure, developer-friendly tools and insights.