Have you used a cryptocurrency wallet before? Which one are you yet to set up? This post is to help you set up a crypto wallet.
It's is very easy for your digital tokens to disappear into thin air during an exchange. You need to secure your wallet where you store your assets. There's no safehouse to this, you are at risk just like holding your hard-earned money in your hands. This post will help you create a cryptocurrency wallet and secure all your assets.
What is a cryptocurrency wallet?
Ever heard of Ethereum, Bitcoin, Litecoin and other cryptocurrencies? They are probably the most common ones at the moment. A crypto wallet is simply a virtual wallet that is used to send, receive and store digital assets. With a crypto wallet you have total and absolute control of your money, that is one of the mind-blowing features of cryptocurrency. A wallet is an important tool for all investors whether crypto or other financial sectors to take advantage of it. If you are looking to take advantage of the endless opportunities that the blockchain network and cryptocurrency provide, this post can be a start.
How to create a cryptocurrency wallet - (Eth wallet)
My favourite cryptocurrency is Ethereum. I use Ethereum in almost all of my blockchain projects and in some transactions. You can have a look at Github. Regardless of the crypto wallet you want to create, this post will be good for you. There are two ways to create an Ethereum, Eth wallet:
- Go to MyEtherWallet Web Browser
- You can also download crypto wallets through smartphone app stores and other hand-held devices.
If you have ever created an e-mail address, the whole process is similar to this setup. It will take you a few minutes.
Just to confirm how the interface looks like.
- First, click to link to visit MyEtherWallet.
- Under the 'Main Menu' on the site, go to 'Create A New Wallet' to create your wallet.
You will be redirected to the download page, depending on the OS you are running on, you download the software. You download by scanning the QR-code.
- Fill in the password entry field.
Note: I will advise you use a strong password, not just for this wallet alone, but for all your online accounts. A password like this is considered very strong - 'c@l1m3&l3t's-h@ck'. If you look closely, my password reads - 'call me and let's hack'. Your passwords can be unique depending on how creative you are.
- Click on "Create New Wallet".
- You can store your password safely where you can easily retrieve it.
- I recommend you keep logging in your account often so your password can stick in your head.. Hence no need to store is somewhere 'cos you may never know who will have access to it.
- Next step is to download your Keystore/JSON file and never share with anyone.
- The final step will leave you to your private key. Save it and download your private key. Remember not to share with anyone as well.
Anytime you want to access your wallet, simply go to the link. Click the Send Ether & Tokens icon from the 'Main Menu' and log in using your private key.
Securing your wallet from potential thieves.
1. Keep your passwords and private keys safe.
Even though I gave some recommendations on how to create your passwords it will be useless if everyone knows. A strong password is just the first step. Their safety should never be an option. You have to ensure no one has access to it.
2. Enable two-factor authentication
Two-factor authentication requires a user to provide more than just a password and private key to access the account. Should someone access your password and private key, there is still some missing information to complete the whole puzzle.
3. Diversify risk
3. Diversify risk
The trick is simple, do not store large amounts of digital token and coin in one wallet or exchange. You can distribute you coins to several wallets to reduce your risks when a tragedy strikes. Someone can't steal from all your wallets at a time.
The crypto world is lucrative - with such huge amounts cash to be made, fraudsters have also been busy. It's over to you now, stay secured from hackers and theives. Hope this post was useful.