How to set up an Ethereum wallet
When setting up an Ethereum wallet, you should be confident that it offers the best security. That’s the most critical factor to consider for all cases of funds storage, whether it is a bank or a wallet. A good Ethereum wallet should…
- Be easy to use- am sure you don’t want to make a mistake and end up losing your hard earned Ethers.
- Private keys- the wallet should have private keys that only you have access.
- Compatibility- the wallet should be compatible with some operating systems.
- Backup and security- security is the key factor to ensure that your Ethers won’t be stolen because of hacking. Also, it should have restore features.
A wallet without a majority of these aforementioned safeguards means that your funds are at high risk. When deciding the type of wallet where you want to store your funds, make sure it satisfies these four requirements. If not, you will be risking your cryptocurrencies.
How to get an Ethereum wallet: get a step-to-step guide
Below is a step-by-step guide on how to can set up a wallet with MyEtherWallet.
- You will be asked to create a password- it should be strong and easy to remember
- Click on “Create New Wallet”.
- Download and save your keystore Then back it up
- Save your private key. This key is critical to make sure you keep it safe and back it up. In case you forget or lose your private key and password, it can’t be retrieved.
- Unlock your wallet using your private key.
- You have successfully opened a fully functional Ethereum wallet.
After setting up your wallet, go ahead and load it with some Ether. If you are using MyEtherWallet, you can easily buy Ethereum through Coinbase.
How to buy Ethereum?
There are a variety of ways on how you can buy Ethereum. The methods will depend on a number of factors, but the most popular ones include a debit card, cash, exchanges, wire transfer, and a credit card. The most important factor is to make sure that you buy valid Ethers. In case you are tricked in a certain way, there is no going back. Therefore, with the increased instances of cryptocurrencies scams, you have to be extra careful with any step that you make, whether it’s buying, exchanging, donating, receiving, or sending money.