How to create an Ethereum wallet – A Step-by-Step Beginners Guide [Ultimate Guide]

If you ever thought about to buy cryptocurrencies, today I’ll explain you the safest and easiest way to do it, we will
speak about the ERC20 Ethereum based tokens.

Cryptocurrency is largely known from the last few years, meanwhile the terminology it’s still widely unknown and uncertain why we should embed this new way of exchange digital valuable. If you are new, unless you never heard about bitcoin, you should know about the alt-coins, what they do, why they exist and what are they based on.

Please do every time your research, I will cover soon this specific topic, but in case you want to have a quick introduction you can check this post.

What to buy?

You can go for three different choices: coins, altcoins, and investing in ICOs, so despite what kind of coin or token you will invest, you should understand what type of wallet you should own according to the coin/token you’ll own.

For example, today we cover the ERC20 tokens, which is a good start to begin with, because they all use one wallet to hold (myetherwallet), but what are ERC20 tokens? They are tokens based on Ethereum, this means that to hold them you must have a compatible ERC20 Ethereum wallet, the most used and safest one at the moment is myetherwallet.

Be aware that if you send an ERC20 token to a non-compatible Ethereum wallet, you’ll lose your founds, so be careful and check twice every time. (If you by mistake sent them to the wrong address, here is explained how to recover ERC20 Tokens sent to the Wrong Address )

As I mentioned earlier, Here you can hold the coin “Ethereum”, the ERC20 altcoins, and of course, the ERC20 based tokens received from the ICOs.

How to Create an Ethereum wallet

First be sure you are visiting the adequate myetherwallet website, in the last few months hackers have been scamming many people creating different look akin type of domains, so that you could create the wallet and your password to then be stolen.

So be sure that there is the green lock icon on the top bar, that means that your connection to the website is encrypted,
and check if the website name is spelled correctly.

At first the page will look like this.

I’d advice you to read carefully what will be said in the slides, it’s very important to clearly understand what’s myetherwallet about.

After you are done the reading, close the window, and click on “new wallet”, You’ll be asked to create a password, choose a good long password, but easy to remember to you, if you lose it, you’ll lose your fund.

Remember that if you lose your fund, you are responsible, and not myetherwallet, they are not a bank, you are your own bank.

Click on “create new wallet” and you’ll be redirected to another window.

This step is essential, because you can save your Keystore file, and your Private Key { in the next step } both very important files that you will use to unlock your wallet, so save it in a safe place! save temporally the keystore file in the desktop.

Next you’ll be asked to save your private key, you can do this by coping it, but i don’t advice this, instead click on “Print Paper Wallet”, you can easily print it and save it in a safe place, I’d advice you to save as pdf file. save temporally the pdf in the desktop.

 

A good advice I can give you on this one is to store both keys into a USB stick, but first, create a DMG image file, if you are a mac user you can :

 

  1. Create a folder
  2. Store inside the keystore file
  3. Go to “Disk Utility” then,
    File > new image > image from folder
  4. Name the folder and choose an encryption at 128-bit AES
  5. insert the password
  6. Save it in a safe place ( or multiple places like HD, usb sticks etc. )

 

For windows users instead can use WinZip:

  1. Click the Encrypt toggle in the Actions pane.
  2. If you have not already done so, click the Options button that now displays in the Actions pane to set the encryption level.
  3. Add files to your new Zip file.
  4. Enter a password when the Encrypt dialog displays.
  5. Save the Zip file.

 

Next, let’s have a look into your wallet by clicking “view wallet info” tab.

Now access the wallet by pasting the Private key or by uploading the JSON file, lastly insert your password.

Once inside this will be the screen.

this is just a demo address, don’t send anything to this

Well done! for now that’s all! In the next article we will talk on how to buy tokens from an exchange and transfer them to your myetherwallet.

Do you have any questions? comment below.

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