How to create a crypto wallet?How to create a crypto wallet?

How to create a crypto wallet?

11 Dec, 2019 Endy Callahan

Every trader, miner or a beginner sooner or later faces the question of where to store cryptocurrency. Since this happens at the initial stage (the first coins in all three cases will not keep you waiting), you need to decide in advance what will act as a repository.

On the internet, by the way, there are a lot of them, for example, Bitgo, Holy. Blockchain.info or Coinfy. Also included in this list is MyEtherWallet - on its example, we will consider in detail how to create and use a crypto wallet. We will understand what subtleties of its use exist and how to protect yourself from hacking and loss of data.

MyEtherWallet

So, what do we see when we go to the site? The main page is filled with useful information for beginners. For example, we are provided with information on how to protect ourselves from hacking, how a wallet differs from a bank and etc. Be sure to read this information if you are creating a wallet for the first time.

  1. The first thing you will be asked to do is enter the password that will be used to log in. Remember that it should be quite complex, and it is best to store it on a piece of paper. That way the cybercriminals won't get to him.

Advice: you can create it in the password generator, which usually offers reliable options that are perfect for use. You can use, for example, the LastPass service. 

  1. After that, you will need to download the JSON file - it will be necessary to get access to the wallet.

Advice: it is desirable to store it not only on the hard drive, but also on an external medium, such as a flash drive. This will protect you from losing it in the event of a device malfunction or system error.

  1. The third stage of registration will be the preservation of a private key, which will further confirm your right to dispose of your cryptocurrency.

Advice: do the same with it as with the password, keep the private key not only on the computer, so as not to lose access to it.

  1. Next, click on the “Save your address" button.
  1. Unlock your wallet. By choosing either of the two options, you must first log in to your crypto wallet using a JSON file or a private key. After that, enter the password you made up earlier. Click on the "Unlock" button and you're done.
  1. After creating a wallet, you can log in to it in one of the two ways described above.

Note: in order to deposit funds in your wallet, you need to copy its address in a special window of the wallet interface.

Today we have analyzed the creation of a crypto wallet, using MyEtherWallet as an example. You may have noticed that there is nothing complicated, just follow the instructions and do not forget about our advice. They will help you protect yourself from fraud attacks or loss of access to your wallet.