How to create ethereum wallet
Since the inception of the blockchain technology and cryptocurrency, both technologies have continued to evolve tremendously. At first Bitcoin was the only cryptocurrency available, but there was a chink in the armor that limited Bitcoin’s abilities, hence, there was the need for a cryptocurrency that dealt with the flaws in Bitcoin, and this led to the creation of a different blockchain and cryptocurrency called Ethereum, which has enhanced features and more stability than Bitcoin. Ethereum is the second largest cryptocurrency by market cap, and it comes with features that make it unique, and one of those features is the ability to create decentralized applications with the Ethereum platform.
For new comers in the crypto community looking to invest in Ethereum, the first thing is to get a wallet, and this does not really refer to your physical wallet where you store your money, rather, it is a digital wallet where digital currencies are kept safe and can only be accessed via the user’s passkey. There are various types of crypto wallets out there, but for the purpose of this post, we would be dealing with the Ethereum wallet, and you will see how to create an Ethereum wallet to store your ETH coin and other ERC-20 tokens.
How to create ethereum wallet : Steps
- • Open your browser and type in MyEtherWallet.com in your browser’s address bar, when the page opens, there are various buttons on the homepage, but the more prominent one is the “Create New Wallet” button right beneath the “Enter a password” text bar. Type in a password that is complex enough for anybody to guess, but easy for you to remember (To be on the safe side, it is best you write it out somewhere, as forgetting your password could me losing the contents of your wallet, hence, the password should never be forgotten), after typing in your password, click the “Create New Wallet” button.
- • You would be taken to a different page where you will see “Save your Keystore File” with a button that reads “Download Keystore File (UTC / JSON)”, click on the button to download the file to your PC, a USB memory stick, or your mobile device. After downloading the file, read the short warning just above the “I understand. Continue.” Button. Please note that you need this keystore file should be kept as safe as possible, and you are advised to have backups of it because it is impossible to recover if lost, and it should also be kept private, as losing it translates to losing your coins.
- • After downloading and understanding the warnings, click the “I understand. Continue.” Button, then you should see a “Save your Private Key” button, which you should click. Print the paper wallet and also ensure that the paper wallet can only be accessed by you. Click on the “Save your Wallet” button and get ready for the next step.
- • It is now time to unlock your wallet to know if you got the steps correctly and can access your wallet’s address. The page you are on now should have a header that reads thus; “Unlock your wallet to see your address” and a sub header that reads “How would you like to access your wallet?” with some options underneath it.
- • Select the “Keystore / JSON File”, you should see a button asking you to “Select Wallet File…” and then browse to the location of the Keystore file you downloaded earlier, select the Keystore file, then enter the password you created at the beginning of the wallet creation, after which you should click on the “Unlock” Button. You should be able to see a prompt telling you that your “Wallet is decrypted” (Prior to clicking the “Unlock” button, the prompt will read “Your wallet is encrypted. Good! Please enter the password.”)
- • After clicking on the “Unlock” Button, there should be an extension of the page to reveal your Ethereum wallet address which would look something like: 0xBD1bAf684E55C4822Cc6b682c90628C59b838AC1
- • You can download the encrypted Keystore File (UTC / JSON) for safe keeping, and you may also want to print the paper wallet again, just to keep you on the safe side.
You have successfully created your Ethereum wallet and can begin using it to send and receive ETH and other ethereum-based tokens. It is however important that you get acquainted with the functionalities of the wallet and how to access the various options.
There is a second way to gain access to your Ethereum wallet, and that is via your private key which you created earlier. You may close the website or refresh it and click on the “View Wallet Info” button, and then select the “Private Key” option, copy your private key from where you saved it, and paste on the text bar, or type it out and then click on “Unlock”. Now that you have an Ethereum wallet with MyEtherWallet.com, you can do as you please with it including addition of custom tokens, sending and receiving ETH, etc. The wallet also allows the user view the account balance, transaction history, token balances, and ETH equivalent values in BTC, EUR, USD, REP, GBP, and CHF.
It is important to note that MyEtherWallet.com cannot be held responsible for what happens to your wallet, as the platform does not hold users’ keys, and as such are incapable of accessing accounts, key recovery, password resets, and transaction reversals. Hence, users should always ensure that theirkeys are always protected from 3rd parties. After creating your Ethereum wallet, you can use other wallets for the same purpose of storing ETH, other wallets like the Ledger Nano S that is a hardware wallet like a USB flash drive, the Exodus wallet which is desktop-based, Jaxx which is a mobile wallet for your mobile devices to facilitate on-the-move Ethereum transactions, and various other Ethereum wallets.
The safety of your keys and password cannot be overemphasized, as losing them could mean losing access to your wallet and the contents of the wallet forever.