Before you send and receive Cryptocurrencies, you will need a wallet. Depending on what Cryptocurrency you are interested in will determine what wallet you will need. Think of it like the Google Play store and the Apple App Store. Google credits cannot be used on the Apple store and vice versa. For this article we are focusing on the Ethereum Blockchain, so we are setting up an Ethereum based wallet. There are LOTS of Cryptocurrencies on the Ethereum Blockchain, so this wallet will be great to play around with. Let’s get started!
Important: There are multiple ways to get an Ethereum Wallet, but I find this site to be extremely easy to use. MyEtherWallet (MEW) has a great reputation and easy to navigate interface. Future articles will cover some other functions on MEW!
1. Go to MyEtherWallet
2. Enter a STRONG PASSWORD! Don’t skimp on this step. Although you will also have a key file for added security, this wallet can contain anything transferable on the Ethereum Blockchain. Don’t risk it!
3. Click the ‘Create New Wallet‘ button
4. The following screen should appear and you will need to click “Download Keystore File (UTC / JSON)”. After downloading the file, the ‘I understand. Continue.’ should become active.
IMPORTANT: SAVE THIS FILE IN A SAFE PLACE AND DO NOT LOSE IT! I cannot stress this enough, and neither can the people who have lost thousands of dollars because they lost the file. You will also need the strong password you created earlier. Some choose to store the Keystore File on a flash drive, which is great because then you can keep it on a keychain or locked in a drawer. Again, just don’t lose it!
5. Click “I understand. Continue.”
6. Save your private key. Here you can just save the key showing or print a paper wallet. The paper wallet is nice because it contains your wallet address and private key, even the QR code of each. You can see what the paper wallet looks like in the 2nd screenshot below.
7. Click “Save Your Address”.
8. Select “Keystore / JSON File”. Then click the “SELECT WALLET FILE…” button and choose the file you downloaded in Step 4 of this guide.
9. After selecting your Keystore file you will be prompted to insert your password. Input your password and then click the “Unlock” button.
10. Your wallet should now be unlocked and if you scroll down you will see your account balances and information.
I will do another post explaining these sections, but that is it, you now have your own Ethereum wallet! Now wasn’t that easier than trying to open up a new bank account?
You now have a Wallet and can begin sending/receiving any Ethereum based Token! Not sure how to send from your wallet? Check out this post: “How to send ETH and tokens using MyEtherWallet“. Need to buy some ETH for your wallet? I recommend Coinbase because they cater to new users of Cryptocurrency, as well as having a strong reputation. If you found any of this helpful, please consider using my referral link for ->Coinbase<-