My Ether Wallet Set Up

my ether wallet logo

Just as you hold cash in your bank or your pocket wallet, you also need to have a place to store your crypto currencies. You can choose a wallet for your laptop, like Exodus or Jaxx. There are wallets for your phone if you prefer that route, like Coinomi. You may also opt for the more secure approach and purchase a physical hardware wallet at some point. Trezor and Ledger are two of the most reliable time-tested ones available on the market.

At the American Crypto Asociation, we recommend using MyEtherWallet because of its speed and security. It’s one of the most popular and trusted wallets for storing Ether and ERC20 tokens. You can find the MyEtherWallet here. To demonstrate how a wallet works, we will quickly walk through the MyEtherWallet set-up below.

• On their site, simply click on the blue center tab “Create New Wallet” You will be asked to enter a password. Follow the prompt and download your Keystore File, which is the encrypted backup of the myetherwallet. It is utilized if you ever need to recover any funds.

mew

• Next, you will be informed that recovering any coins on the wallet will be impossible if you lose your keys. Click “I understand. Continue” to receive your keys.

• You will then be shown your Private Key. For safekeeping it is best to copy it onto another doc like a notepad and save it to a thumb drive. Prudence also suggests a written copy stored in a safe place as a secondary backup.

• Now, select “Save Your Address”. Once selected you will be redirected to their primary page which will ask you how you would like to access your wallet. Select “Private Key” from the options on the left and then enter it into the tab provided. This will unlock your wallet and show you your Public Key. This public key is the address you can share with others to send or receive crypto. Save it just as you did your Private Key.

IMPORTANT:

Important to note: All wallets have 2 different access points. A public access and a private one. Both are comprised of a long sequence of letters and numbers known as keys. The public key is what you can use for sending or receiving cryptos to and from others. The private key is basically the password for your wallet and not to be shared with ANYONE. These keys should be kept in a safe place and backed up on a thumb drive or written down and double checked for accuracy. If your computer or mobile device goes belly up and you can’t access the keys, don’t worry…your backups will be well worth it!

 

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