How Does A Cryptocurrency Wallet Work and How to Create One

Photo credit: La Compagnie Robinson

What are Cryptocurrency Wallets?

How Do Cryptocurrency Wallets Work?

Where Do I Get A Cryptocurrency Wallet? How Do I Create One?

MyEtherWallet Web Browser

  1. Go to myetherwallet.com from your web browser.
  2. Confirm you are on the right url site https://www.myetherwallet.com/
  3. Under the main Menu, go to ‘New Wallet’ to create a new wallet
  4. An entry field will prompt you for a password
  5. Enter a strong password and click on ‘Create New Wallet’
  6. Remember to write it down and store it safely. Preferably, somewhere you can easily retrieve it
  7. Next step is to download your Keystore/json file. Store it safely, do not lose it and do not share it
  8. The final step will lead you to your private key. Save it and download a paper wallet of your key
  9. I cannot overemphasize the need to store your private key safely, do not lose it and do not share it
  10. Congratulations! You have now successfully created a cryptocurrency wallet

ImToken Mobile Wallet

  1. Visit the android play store or apple store
  2. Search for the official ‘ImToken — Ethereum wallet’ by ConsensLabs co, ltd.
  3. Download, install, launch the app and read over the terms of service before confirming
  4. A quick step by step visual guide will walk you through how to use the app
  5. A follow-up prompt will request you to create a wallet and assign it a name
  6. Next, set a secure password and confirm it. Store it safely, do not lose it and do not share it
  7. Once created, it’s important to backup your wallet. Store it safely, do not lose it and do not share it
  8. You cannot recover your password and back up if you lose them, keep them safe
  9. Congratulations! You have successfully created a mobile wallet

MyTrezor Hardware wallets

  1. Confirm the seal is intact
  2. Next, unpackage the trezor and use the USB extension cable to plug it into your computer
  3. Install a Trezor google app extension on your Chrome browser and follow the instructions
  4. A prompt will request you to set up a 4 digit PIN. Store it safely, do not lose it and do not share it
  5. The next step is a master backup of your wallet, write down the 24-word phrase somewhere safe
  6. Preferably on different papers that you can store in different locations. Store it safely, do not lose it and do not share it
  7. You can now visit Mytrezor.com to access the Bitcoin Trezor Client for set up
  8. As soon as you are set up, visit https://www.myetherwallet.com/, click on ‘Send Ether & Tokens’ on the main Menu and select ‘Trezor’ to access your wallet
  9. Congratulations! You have set up your hardware wallet

In Summary

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