Setting up an Ethereum Wallet through My Ether Wallet

Setting up an Ethereum Wallet is extremely simple and quick through the use of MyEtherWallet, so read on to get your own Wallet!

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!



Wallet Address

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:


Summary

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?

Add Custom Token To MyEtherWallet

Have you wondered how to see other Tokens besides Ether in your Ethereum Wallet? Check out this guide for a quick and easy way to see all kinds of Ethereum Tokens using MyEtherWallet!

- Read More -

The Ethereum Blockchain Basics

Ethereum is a Blockchain that has a focus on Smart Contracts and allowing for Decentralized Applications. It is one of the biggest names in the Blockchain universe and has a very strong backing.

- Read More -

The beauty of cryptocurrency is you can send tiny amounts, which are perfect for tips!

Ethereum Wallet Address:

0xB5cbb1b8A20a086857a95b7F157D3349a1304909

Bitcoin Wallet Address:

18VKKk7bYwEMzsgBTRiDQ2bo9237M9rp1y

 

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