- HOW TO SET UP AN ETHEREUM WALLET HOW TO
- HOW TO SET UP AN ETHEREUM WALLET INSTALL
- HOW TO SET UP AN ETHEREUM WALLET OFFLINE
- HOW TO SET UP AN ETHEREUM WALLET DOWNLOAD
These 12 words are like your social security number in the crypto world. Now that you've set up the wallet, you need to ensure that your seed phrase is safe and secure. Since there are many scams and fake websites out there, it's recommended to Google "download metamask" and ensuring that you're visiting before giving out any info or downloading any extensions.Īfter confirming, you're done with the wallet set up 🎉
HOW TO SET UP AN ETHEREUM WALLET INSTALL
To create a wallet, you first need to install the browser extension.Ĭhrome, Firefox, Brave, and Edge browsers all support MetaMask.
HOW TO SET UP AN ETHEREUM WALLET DOWNLOAD
Setting up the mobile app first is almost identical, you just download the MetaMask app on your phone first rather than the browser extension)
HOW TO SET UP AN ETHEREUM WALLET HOW TO
(Quick note: this is a walk-through on how to set up the browser version. Since MetaMask is one of the most popular Ethereum non-custodial wallets, we're going to walk through how to set one up: However, if you continue investing, the account keeps growing, and you don't plan to make consistent transactions, it's then recommended to set up a "hard wallet" so you can securely store your crypto offline.īut if you want to transact and make purchases online, like buying an NFT on OpenSea, you'll generally need a non-custodial wallet. In other words, if you just want to buy $200 worth of bitcoin to get started and you're using Coinbase, you do not need to follow the steps below for setting up a separate wallet.
If you're just getting your feet wet and only investing a small amount of money to get started, using a custodial wallet provided by the exchange is okay. However, the nice thing with custodial wallets is that the cash held is generally FDIC-insured up to $250,000 and Coinbase " carries crime insurance that protects a portion of digital assets held across our storage systems against losses from theft, including cybersecurity breaches" and of course, you would be responsible for the cybersecurity and theft protection on your end (e.g. Without the private keys, you don't truly own your crypto because the custodian holds the private keys. With custodial wallets, you do not have access to your 'private keys' - this may or may not be a concern to you but for hardcore crypto enthusiasts, not having access to your private keys is like a sin.
These are wallets provided by a third-party such as exchanges like Coinbase, Gemini, etc. This is why crypto investors generally transfer large amounts of crypto from their soft wallets onto their hard wallets for long-term storage.
HOW TO SET UP AN ETHEREUM WALLET OFFLINE
They live offline and because of this, they are considered more secure than hot wallets. On the flip side, cold wallets are similar to a USB drive. They're considered less secure than cold wallets (below) because they're always connected to the internet.Ĭold wallets (aka hard wallets or cold storage) These kinds of wallets are generally what people use to buy NFTs as well. They live online and are typically a browser extension or an app on your phone. These are wallets such as MetaMask or Rainbow. If you had $500 in your crypto wallet, you could send that money to anyone in the world who also has a wallet, or you could purchase something online from a place that accepts crypto payments.īut before we dive into how to set one up, there's an important distinction to make between the 3 main types of wallets: One way to think about a wallet is like a combination between a regular bank account and a debit card. They allow you to hold your crypto, send it to other people, make transactions, and more.
When investing in crypto, one of the most essential pieces is your wallet.
With how popular it's become since the start of the pandemic, I believe that at the same time it's becoming more important to properly educate around crypto and how to safely use it. Over 3,000,000 people have invested in crypto for the first time this year.
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