Before you send and receive Cryptocurrencies, you will need a Wallet. Depending on what Cryptocurrency you are interested in will determine what Wallet you will need. Think of it like Google Play store or the Apple App Store. Google credits cannot be used on the Apple store and vice versa. For this article we are focusing on the Ethereum Blockchain, so we are setting up an Ethereum based Wallet. There are LOTS of Cryptocurrencies on the Ethereum Blockchain, so this 1 Wallet will be great to play around with. Let's get started!
Creating an Ethereum Wallet through 'MyEtherWallet'
2. Enter a STRONG PASSWORD! Seriously, don't skimp on this step. Although you will also have a key file for added security, this Wallet can contain anything transferable on the Ethereum Blockchain. Don't risk it!
3. Click the 'Generate Wallet' button
4. If successful, the following should appear, containing 3 sections which I will go over in detail below:
That is actually it. You now have your own Ethereum Wallet! Now wasn't that easier than trying to open up a new bank account?
Keep reading below for more information regarding the different sections in the Success screen!
Keystore File and Private Key
SAVE THIS FILE IN A SAFE PLACE AND DO NOT LOSE IT! I cannot stress this enough, and neither can the people who have lost thousands of dollars in Tokens because they lost the file.
When you want to view your balance or send something from your Ethereum Wallet, you will need this file. You will also need the strong password you created earlier.
Some choose to store the Keystore File on a flash drive, which is great because then you can keep it on a keychain or locked in a drawer. Again, just don't lose it!
Pretty self explanatory, this is your Wallet's address. This may look familiar if you have seen my Ethereum Wallet address in the sidebar under the Cryptocurrency Tip Jar! You provide this address when sending something or receiving something. This is basically the same as your bank account number. No need for a routing number though!
Paper Wallet and QR Codes
Print a paper wallet or store the QR version. As shown in the screenshot, this step is optional, so if you love QR Codes, I would recommend grabbing it. Paper also does not mean you literally need to print a paper copy, go ahead and save it off as a PDF. Again be careful with the unencrypted private key!
Here is an example of the Paper Wallet:
You now have a Wallet and can begin sending/receiving any Ethereum based Token! If you have already bought some Ether from Coinbase, or any other exchange, you can now use their Send functions to send it to this address! To check your balances of different Ethereum Tokens, check out the 'Checking your Ethereum Wallet Balances' post.
For discussion, do you currently have an Ethereum Wallet? Where did you obtain yours, and if you don’t have one, what is the hurdle keeping you from getting one?
Using MyEtherWallet to check your Ethereum Wallet holdings is extremely quick and easy to do. Check this guide out to check your holdings in a few simple steps.
The beauty of cryptocurrency is you can send tiny amounts, which are perfect for tips!
Ethereum Wallet Address:
Bitcoin Wallet Address: