After Bitcoin (BTC), Ethereum (ETH) is the second most popular cryptocurrency in the world. Aside being a cryptocurrency, Ethereum is also a blockchain-based distributed computing platform and operating system featuring smart contract functionality.
It gained its tremendous popularity due to the smart contract functionality. Ethereum blockchain is widely used for handling ICOs and Ethereum Wallet. Unlike Bitcoin, Ethereum blockchain can be used to store both Ethereum and the ICO project’s Tokens (ERC-20 standard, 95%+ of all Tokens issued).
So, creating an Ethereum wallet is probably the most necessary and easiest way to join the Crypto club. Also, it is very easy. Below are the instructions on how to create an Ethereum Wallet.
1) Go to https://www.myetherwallet.com/
2) Add https://www.myetherwallet.com/ to Bookmarks on your browser.
3) Enter a strong but easy-to-remember password. Do not write the password down, just memorize it.
In case you forget it, you will still have an option to get access to your funds. More about it in step 7.
4) Click the "Create New Wallet" button.
5) Click the “Download Keystore File (UTC / JSON)” button. As soon as you download this file, we advise you to also save it on another Hard/USB-drive.
Keystore|UTC file is the encrypted version of your private key. You need the password from step 3 to access it. It is safer than your unencrypted private key because it requests a password for the access private key, which is a sophisticated form of cryptography that allows a user to access his or her cryptocurrency.
6) Read the warning. If you understand it, click the "I understand. Continue" Button.
7) Carefully hand-write the private key on a piece of paper.
The Paper Wallet Backup|Private Key is a super-private and ultra-important info due to the following reasons;
Firstly, if you completely forget the password from step 3 or you cannot access the Keystore|UTC file from step 6, the only way to get back control over your funds is through your private key.
Secondly, if someone gets access to your Private Key, this person will have full control over your funds.
The truth is that you don’t need this info on a daily, weekly or monthly basis, but only in an emergency case, probably some years later.
8) We advise you to split your Private Key in at least two pieces. Store one part in a safe place and the other in a completely different place that is also safe.
If your funds in the wallet exceed your monthly salary, we strongly recommend you to consider storing pieces of your Private Key in the Bank cells.
9) We do not print Paper Wallet, and we advise you to do the same. Open it, look at the icon and try to remember it. You will see this icon when sending funds to your wallet, as it serves as a useful hint. If the icon does not fit, it means that you made a mistake in the address.
If you decide to print the Paper Wallet, make sure you treat it with the same precautionary measures as your Private Key from step 7.
10) Click “Save your address” button, and you will be redirected to a login page.
11) Unlock your new wallet from the Keystore / UTC file on your Hard or USB drive. Then, exit and repeat the process via the private key that you printed out. Ensure it unlocks your wallet. If so, you have completely understood the logic and done everything right.
12) Copy & paste your address into a text document on your laptop. This is the address you will use for ETH and Token transfers.
Search your address on https://etherscan.io/, and bookmark this page. This enables you to view your balance at any time from any device without logging into the wallet.
13) We advise you to send a small amount of Ether (e.g. 0.001 ETH) to your address from step 10. You can send such from an Exchange or from your previous ETH Wallet. Make sure you receive the funds. Now, you are ready to use the wallet fully.
14) Ensure you have recorded all necessary bits of information. Please, read through steps 3, 5, 7, 8, 9 & 12 again.
This may seem difficult, but trust us, it is indeed very easy. It actually doesn’t take more than 10 minutes. This will ensure that you have complete access to your funds, and you can forget about your wallet for years because you know you can easily have access to your ETH any time you want.
Congratulations, you are now a part of the new decentralized world. Your crypto journey has begun!
It is recommended that you store backups, Keystore File (UTC / JSON) from step 5 and Private Key from step 7, in physically different and offline environments.
This prevents you from losing access to your ETH Wallet as a result of dead hard drive, lost USB drive, wet piece of paper and others. Please, note that physical loss can affect an entire area (e.g. flood, fire, earthquakes etc.).
MyEtherWallet is not a web wallet, and as such, it cannot recover your private key or password, access your account, move funds, recover funds, or cancel/reverse transactions.
It is only you that have access to your account. That is why it is very important to do the backups, and securely store your login credentials and Private Key.
1) Go to https://www.myetherwallet.com/
2) Bookmark the website
3) Enter a strong but easy-to-remember password
4) Click the "Create New Wallet" button
5) Click the “Download Keystore File (UTC / JSON)” button. Back the file up
6) Read the warning. If you understand it and promise not to lose your private key, click the "I understand. Continue" button
7), 8) &9) You now have the option of printing a paper wallet, saving your private key, or saving a QR code of your private key. Back up at least one (offline)
10) Then click "Next: Save your Address"
11) Unlock your wallet that you just created using the Keystore / UTC file you just downloaded or the private key
12) Save your address to a text document and bookmark the link to it on https://etherscan.io/
13) Send small amount of ETH to your wallet, and make sure you receive it
14) Ensure you have recorded all necessary bits of information. Don't lose any important information.
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