Please can any one help me understand the best and possible ways to create ether wallet. What is the significance of creating ether wallet using mnemonic. What is BIP-0039 and BIP-0044 ? how does creating wallet using mnemonic work and its uses ?
Bip 32 is used for creating hierarchical deterministic wallet aka (HD wallets). They are wallets that can be shared partially or entirely with different systems, each with or without the possibility of spending coins.
Bip 39 is used for converting random string to mnemonic and this mnemonic can be used to create bip 32 or bip 44 wallets.
Bip 44 can be used to create multi-currency crypto wallets.
For more information read this article - https://en.cryptonomist.ch/2019/06/01/bip32-39-44-differences-seeds-wallets/#:~:text=BIP39%20and%2044%2C%20on%20the,generate%20the%20HD%20BIP32%20wallet.