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How to create an Ethereum wallet

There are a lot of wallets available for Ethereum which are similar in core functionality with some minor differences. “MetaMask” and “MyEtherWallet” are two popular, safe and high-ranking wallets in the cryptocurrency society which you can choose either of them.


1-1: Create a MetaMask Ethereum wallet

Metamask is a wallet to manage Ethereum and ERC20 tokens from an extension in your internet browser. But it is so much more. Metamask is also a gateway to all decentralized applications (DAPPs) and websites on the Ethereum network. DAPPs currently include decentralized exchanges, games, prediction markets, and much more. This step-by-step guide reviews how to setup a Metamask account, access account settings, and send and receive Ethereum.


1-1-1: Install MetaMask

Visit the Metamask website and select the link to get Metamask for Google Chrome, Firefox, or Opera. In this guide, we chose to install Metamask for Google Chrome. From the install page in the Google Chrome Store. Select “+ ADD TO CHROME” to install Metamask.




1-1-2: Welcome

Metamask has both a full-screen mode and a mode that operates from the icon in the upper right of your browser. Account creation occurs in full-screen mode. Select “CONTINUE” to proceed with creating a Metamask account.




1-1-3: Create Password

Create a password for your Metamask account. Make your password different from any other password that you use. We suggest that your password use a mix of characters, numbers, and symbols.




1-1-4: Info

Metamask next displays the unique account image and requires that users accept the terms of use, privacy notice, and phishing warning. In a new space like cryptocurrency, it’s still a good idea for new users to closely review things like the privacy notice and phishing warning to understand some of the risks with Metamask. Press NEXT, scroll down the “Terms of Use” page and select ‘ACCEPT’ to proceed.






1-1-5: Secret

There are a unique set of secret words for every wallet which is essentially the key to unlock a wallet and use that. Select “CLICK HERE TO REVEAL SECRET WORDS” and copy the secret backup phrase for your Metamask account. You must have the secret backup phrase to restore your Metamask accounts on any device or browser that you want to use with Metamask. You will likely lose all the cryptocurrency stored on your Metamask accounts if you do not accurately copy your secret backup phrase. We do not recommend saving the secret backup phrase as a file on an Internet-connected device because hackers could more easily steal it. One good advice is to write down or print this secret phrase on a paper and keep it in a safe place. Press ‘NEXT’.






1-1-6: Confirm Secret Backup Phrase

Metamask wants to make sure new users actually write down the secret backup phrase. Therefore, new users must confirm the secret backup phrase before proceeding. Select each word in the same order as you already copied and press CONFIRM when all done.





1-1-7: Account

Congratulations on the new Metamask account. New users are immediately reminded to deposit Ethereum into their Metamask account to use it. The options include direct deposits from another wallet, deposits from buying Ethereum on Coinbase, or deposits from converting other cryptocurrencies (such as bitcoin) to Ethereum using Shapeshift. We will cover deposits in more detail below.





1-1-8: Using the Metamask Icon

Most interactions with Metamask happen via the icon in the upper-right or pop-up boxes that display when users make transactions. For example, below shows us checking our Metamask account from the icon while searching some keywords with Google. The key components of this Metamask menu are the ‘DEPOSIT’ and ‘SEND’ buttons, transaction list, and account balance. Users can always access full-screen mode by selecting the “Expane View” from Account Options drop-down menu.





1-1-9: MetaMask

Let’s next review settings in Metamask. Access the settings from the account image in the upper-right. Users can change the denominated fiat currency, switch to a different language, reveal their secret backup phrase, reset their account, and more.






1-1-10: Ethereum wallet Address

When you create an Ethereum wallet, an address is automatically assigned to this wallet which is similar to the concept of a bank account number and is the public account number on the Ethereum blockchain. You can freely give this address to other people to let them transfer funds to your wallet using this address.

Ethereum addresses have the format of 0x.

For example : 0x0472ec0185fbb8202f3d4ddb0236998889663vf2

In order to find out your Ethereum address, just press the MetaMask icon in the upper-right corner of your browser and select “Account Options” menu on the top right. Then select “Account Details” from the drop-down menu and you will find your Ethereum address. You can select all the text box and copy it. Now you can freely give this address to your friends, customers, etc. to receive Ethereum from them or use it to transfer funds from your other wallet to this one.





1-1-11: Receive / Deposit Ethereum (ETH)

As described before, anyone (a person, robot, device, etc.) in the Ethereum network can send you funds by having your Ethereum wallet address. The other party just needs to enter your Ethereum address in a Send / Withdraw operation.



1-1-12: Send / Withdraw Ethereum (ETH)

Let’s review how to withdraw and send ETH with Metamask. Select the “SEND” button first. Then enter the amount of ETH to send and the recipient’s Ethereum address. Select the “NEXT” button to continue with the transaction.






1-1-13: Customize Gas for Sending ETH

ETH and ERC20 tokens are sent using a concept known as “gas” which acts like a transaction fee. Metamask dynamically sets a gas limit and gas price to send ETH. But users can also enter a custom gas price if they want a transaction to cost less or go faster. If this is confusing, users who set the gas price to the standard gas price listed at ETH Gas Station ordinary will have their transactions promptly processed.



1-1-14: Confirm Sending ETH

Metamask will display a final confirmation for users to review their transactions one last time. Review the transaction and select “CONFIRM” to process it. The transaction is immediately displayed in your transactions list as “submitted.” After a while, the transaction list will display the transaction as confirmed as soon as the ethereum blockchain confirms it.







1-2: Create a MyEtherWallet (MEW) Ethereum wallet

MyEtherWallet it a web-based, non-hosted wallet, where you control your funds. It is written in Javascript and is an open-source wallet to be used. It is a user-friendly application for securing Ethereum, ERC20 tokens and interacting with smart contracts.
MyEtherWallet (aka MEW) claims to be an offline wallet as it uses a machine’s browser to generate necessary data and nothing is ever stored on MyEtherWallet servers.


1-2-1: Browse to MyEtherWallet web site

First, you will have to access the MEW wallet client. You can access it using this link
https://www.myetherwallet.com/#generate-wallet

Note: There are many phishing scams around MEW. Phishing is typically done through email, ads, or by sites that look similar to sites you already use.

So be careful and bookmark the MEW wallet’s official link and never forget to check for MyEtherWallet Inc [US] in the address bar with secure https connection.


1-2-2: Create New Wallet

Once you access the link, your screen, for the first time, will look like the following picture. Enter a password that you want to keep for the wallet and click on ‘Create New Wallet’. (Note: This password encrypts your private key. This does not act as a seed to generate your keys. You will need the password entered + your private key to unlock your wallet.




1-2-3: Download Keystore file

Once you click on ‘Create New Wallet’, you will find an instruction you to download ‘Keystore File’ with several important disclaimers. After reading the instructions, click ‘Download Keystore File’.




1-2-4: Copy and store the downloaded file in a safe place

The UTC file you see in the above image needs to be saved and secured. Do not change the name or content of the file in any case. Save the file to an offline hard drive or a pen drive which you don’t take online.
Once done with that, the ‘Continue’ option will be enabled. Click on ‘I understand. Continue’ to see your private key.




1-2-5: Save and keep your Private Key

Save or print your Private Key and keep it in a safe place.




1-2-6: (Optional) Print Paper wallet

Click on ‘Print Paper wallet’ to get a paper wallet like this:




1-2-7: Final Step: Save Your Address

Click on ‘Save Your Address’ . You have successfully created a new wallet on MEW to manage your Ether and other tokens.


1-2-8: Unlock your MEW wallet

Your new MEW account isn’t unlocked instantly. You need to unlock it first to use it. You also need to unlock it every time you visit this wallet in the future. You can access your MEW wallet from this address:

https://www.myetherwallet.com/#send-transaction

There are several ways of unlocking it but we will stick to the option of unlocking your wallet via the stored ‘Keystore File’ (The UTC file) that we downloaded when creating the new wallet in the first section. You will also need your password that you entered before.
Now, select the ‘Keystore File’ option as shown below. You can access this unlocking menu from the menu bar of MEW via option ‘Send Ether & Tokens’.




Once you select this option, you will be prompted to select ‘Keystore File’ as shown below:




Once you have selected the file, you will be prompted to enter the password that you specified while creating the wallet. Now, enter your password and unlock your wallet to see this screen.




1-2-9: Manage (Send / Receive) Ethereum on MEW wallet

As you can see in the image below, the MEW wallet is open and you can see your account address to receive ETH or tokens on it. Also, you can see the account balance as well. Use the ‘To Address’ to put ETH address of the recipient and ‘Amount To Send’ field. This way you can access your MEW and send/receive ETH and other tokens.