After publishing my first article on Publish0x (5 Ways to Earn Crypto without Investing or Mining), I was contacted by someone through one of my Social Media Channels. The reader was very interested in my article, but asked me the question "Where do I store the tokens I earn?". Because I have taken on the challenge of creating articles that help mass adoption of crypto throughout the globe, I couldn't leave this questions alone. So here we are! This article is a step by step guide how to create a crypto wallet to store those tokens you earn.
What is a "Crypto Wallet?"
In the most simplistic of ways it is a software program that stores your tokens, as a wallet in your pocket stores your cash, but a more technical definition is that it stores your private and public keys (This will make sense further in the article) and that enables you to send and receive tokens as well as monitor your balance overall.
The way I like to describe it to some of my friends who are not in the crypto space is that it is a little bit like a bank account, with one major difference, that there is no public information connecting you to that account such as name, address etc. In order to receive and trade cryptocurrencies you will need some type of crypto wallet.
The reason I have decided to write this article and make a MyEtherWallet (MEW) is for a few reasons.
- It is one of the most common used wallets, simple to create, not time consuming and free
- It is a wallet that can store a lot of different tokens, not just one type of token. I myself have a MEW and I have had zero problems in regards to the system. It's a great place to start.
So lets get started!
To start off the process of creating a wallet, visit their website https://www.myetherwallet.com. Where you will be greeted by the page below. Please check that you are on the right website and it is the correct address, better to be safe than sorry. Once you are on this page click the "Create A New Wallet" button that is coloured blue on the left, below the spaceman.
From here a pop-up will appear and will give you some information about crypto wallets in general, I would suggest that you read through them just to get some knowledge. After closing the pop up you will see three options, In this article we will do the wallet setup old school, so click on the middle button called "By KeyStore File". After this you will see that you will have to create a password. I would suggest that you make it a strong password with over 15-20 characters and that you note it down somewhere on a piece of paper. This password is important and if you lose it, you will not be able to get into your wallet. I personally store it in a little book that is stored away and is only crypto related.
Once you have noted your password and entered it, you will be taken to another screen where you are able to download your KeyStone File. This file is just as important as your password, as you need both to access your wallet. So once you download it, I would suggest that you store it offline somewhere (pen drive etc) and have a few copies of the file. You don't want to rely on your computer as we all know computers can break. On this page, simply click the download button.
Congratulations! You have created your wallet. Now you are able to trade and store crypto. Whenever you want to send crypto you will need to log in with your password and Private Key. To access your wallet, simply instead of clicking "Create a New Wallet", Click "Access My Wallet". On the following page, click software, KeyStone File, upload the file you downloaded and input your password and you will be able to unlock your wallet.
While on your wallet page, take note of the number in the top left that begins with 0x. That is your Public Key, this is the code that you would give to someone to transfer you crypto and that is only what they need. Do not give out your password or KeyStone File, they are for your eyes only!
*Note - This is the basic way of having a crypto wallet, there are numerous ways to better protect your crypto and i would suggest that you do not store a large amount of crypto in this way. In my next article I will be writing about ways to better protect your crypto savings.
I hope you have learned something from this article, I have taken on the mission of trying to educate the masses in crypto, and i will be posting a new article every week (or at least try to). What wallet do you use? What article would you like me to write about to help mass adoption? Leave a comment below and if you liked the article and found it informative, give it a tip :)
Also I am connected to another platform called Crowdholding. It is a platform where you can log in and earn crypto for giving feedback to startups. They have over 36k signups and are growing even during the bear market. If you want to earn some crypto without investing that you can move to your new wallet. Click on my referral link - https://www.crowdholding.com/accounts/JonnyDee/referral/ You will receive some of their token for simply signing up to the platform.