This is a short guide to quickly set up your Ethereum wallet. Keep in mind that there are many options for an Ethereum wallet. We chose to go with MyEtherWallet because it is easy to set up, can be done on mobile devices, and can be integrated into another wallet provider if desired.

Here are the steps:

  1. Go to: www.myetherwallet.com
  2. Create a Password
    • Make sure it is strong.
    • Write it down and keep in a safe place.
  3. Click Generate.
  4. Store Your Private Key.
  5. Download .JSON file with an encrypted version of the private key. Requires a password to decrypt (Keystore).
  6. Download the unencrypted version of your private key by downloading it in a .JSON file that doesn’t require a password to decrypt.
  7. Copy your Private Key Address to another location for safekeeping.
    • We recommend you use the Keystore (encrypted) feature, which provides an additional layer of security to your wallet
  8. Save your wallet address or QR code.
    • This is your public address. You will give this address to your sender to recieve Ethereum or other ERC20 Tokens – those that run on the Ethereum blockchain.
    • You can copy the text format or the QR Code.
    • The QR code can also be printed as a paper wallet.

Note that this guide does not go into detail regarding the security measures for storing your crypto. In the age of value, data is not only important because of what someone could do with the knowledge, but data is value itself. If you believe that your crypto-assets will be worth more in the future, or that you would regret it if you lost it, make sure you do additional research to protect yourself. The MyEtherWallet security page is a good place to start.

 

Image via Adobe Stock

 

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