How to create an Ethereum wallet?

  • What is an Ethereum Wallet?
  • What is a private key and what is an ETH address?
  • How to create an Ethereum Wallet?
  • Tips on safeguarding your Ethereum Wallet

 

 

What is an Ethereum Wallet?

An Ethereum wallet is like a bank account where you store your funds. However a wallet and a bank account are two very different ways of storing value. A crypto wallet is alphanumeric string and can be seen as a virtual wallet through which you can send and receive ETH and other Ethereum based cryptocurrencies. The most popular Ethereum wallet is Metamask.

 

If you are not familiar with Ethereum, then please read ‘Ethereum blockchain 101’ to understand how it works.

 

What is a private key and what is an ETH address?

Similar to a password that you create for accessing your bank account, an Ethereum wallet can be accessed with your private key that is generated when you create your Eth wallet. However, if you ever forget your bank account password, you can reset it by opting for Forgot Password. However, in the case of a private key, if you misplace the key (alphanumeric string created on wallet creation) your funds are lost forever.

You can also access your ETH wallet with the seed phrase (usually a 12 or 24 word combination generated by the wallet software) Again similar to the private key, if you forget your seed phrase your funds are lost forever. Also, if someone gets a catch of your private key or seed phrase you may be risking your funds. Hence, always keep your wallet details in a safe place.

 

Now, coming your ETH address, the Ethereum Wallet Address is your public key or eth wallet address. Interestingly, if you want to check transactions done using your ETH wallet address you can simply visit: www.etherscan.io to fetch all your wallet transactions details by simply pasting your eth wallet address in the search bar.

 

How to create an Ethereum wallet?

You can choose from popular Ethereum Wallet softwares include Metamask, Trust wallet, Coinbase and Rainbow wallet. In this piece, I will explain how to download a Metamask wallet in your browser. First head to metamask.io and download the Chrome extension. Once installed, set up a password and note the 12 word seed phrase in a notebook. Do not store your seedphrase digitally. Once noted, you can deposit funds in your wallet and make ETH transfers as you please.

 

Tips on safeguarding your Ethereum Wallet

  1. Never leave your wallet unattended.
  2. Back up your seed phrase in a safe place. Do not share or save your wallet on mails.
  3. Ensure that you lock your wallet when not in use.
  4. Ensure that you check all details before transferring funds through any crypto wallet.
  5. For a more secure experience, I recommend using a vpn to ensure your wallet activity is hidden from malware attacks. Additionally, install a web3 antivirus to protect yourself from entering into a malicious site that otherwise may appear safe but is not. The antivirus tells you the website status. If the site is a phishing link or an unsafe site it will flag the site in your browser.