If you’ve been listening in on the crypto world as an outsider, you’ve probably heard people talking about “crypto wallets”. Now we know the whole idea behind cryptocurrency is that it’s not a physical currency we carry around us…so why do we need a wallet? What is it, and how does it work? Don’t worry – this simple, step-by-step guide is going to walk you through what they are, and how to set up a crypto wallet from square one.
Your crypto wallet is pretty much what it sounds like: it’s a wallet that stores your cryptocurrency. But while the physical balance isn’t stored within your wallet exactly, it’s rather holding the addresses and information as to how much cryptocurrency you have and have exchanged.
There are different types of wallets out there: software wallets, and hardware wallets.
Software wallets are a computer or mobile app where your crypto balance is stored online. It’s also called a “hot wallet”, because your information is being stored live on the internet. These wallets tend to be the most common kind (and the one you’re going to set up today!)
Hardware wallets, or “cold wallets” on the other hand, are stored offline on a physical device – just like an external harddrive that you would plug into your computer. These options tend to be a little more complicated to use, and cost around $100 on average. However, having your information stored in one centralized place can be slightly safer – because it’s safe from viruses you might pick up online.
While there are many different types of software wallets out there to choose from – like Rainbow to Coinbase and more – MetaMask is the one we’ll be using today.
Now let’s go through how to create a crypto wallet!
Step 1: go to Metamask.io
Step 2: Click “Download” in the top right corner
Step 3: Install MetaMask for Chrome
Step 4: Go to “Create a Wallet”
Step 3: Either agree or disagree to MetaMask’s request to use your data (either one is fine)
Step 4: Create a password
Step 5: Once you create a password, you will see your “secret recovery phrase” (make sure you write this phrase down in a safe place, don’t lose it, and don’t share it with anyone!)
Step 6: Click “Next,” follow the prompts, and re-enter your secret recovery phrase
You’ve just set up your wallet!
Setting up your wallet is the first step to getting involved in the world of crypto. Next, you’ll want to purchase cryptocurrency so you can start buying, trading, and selling crypto or NFTs. If you want to learn more about how to master the crypto world as a beginner, be sure to check out Ben Yu Academy and join one of the comprehensive crypto Academies out there.
Ben Yu, crypto-investor and founder of crypto-game, Curious Addy’s, has invested over $7 million into cryptocurrency. Now, he’s ready to show you all that he’s learned. From tips and tricks for saving money, to how to make safe crypto investments, this class is going to walk you through everything you need to know to get started with crypto – from square one.
Sign up today, and join this exciting revolution.