How to Create your Ethereum Wallet
Not all Ether wallets are compatible with Ethereum ERC20 protocol based token sales. To participate in any Ethereum ERC20 token sale, an individual must have possession of a compatible wallet. Here is how you can easily set one up.
A rising number of people recognize that one of the best ways to get involved in cryptocurrency is by participating in token sales. Nevertheless, one barrier that stops people from doing so is unfamiliarity with the token sale process. At a glance, funding your favorite project through a token sale might seem complicated. However, once you get there, it will be a piece of cake. This article will show you how to create an ERC20 Ether wallet, a step required to participate in most token sales issued on the Ethereum blockchain, including the Taylor token sale
Why do you need an ERC20 compatible Ethereum wallet?
Most token sales are built on the Ethereum blockchain; therefore, you need to have an Ether wallet compatible with ERC20 protocol in order to participate. To ensure full control over your assets, you must use a wallet for which you have control of the private key. It is not recommended to use a third-party portfolio such as your wallet in an exchange or from a company that has custody of the resources. Having control of your own portfolio is key to appropriately controlling and moving your resources.
DO NOT SEND COINS FROM ANY CRYPTOCURRENCY EXCHANGES FOR BITNAUTIC SALE TRANSACTIONS. YOU MUST USE AN ERC20 COMPATIBLE ETHEREUM WALLET. OTHERWISE, YOU WILL LOSE YOUR FUNDS.
To clear the confusion, here is a list of Ethereum wallets that are compatible with our token sale requirements.
Compatible wallets
These wallets have been verified to support Ethereum ERC20 tokens. The list is continuously updated at: TokenMarket
- MyEtherWallet (Online and local browser)
- MetaMask (Firefox and Chrome browser extension)
- Parity (Desktop)
- Jaxx (iPhone and Android)
Incompatible wallets
To date, these Ethereum wallets are known to be incompatible with token sales. Before investing, you should move your ETH to one of the wallets mentioned above.
- Any Ethereum exchange
- Coinbase
- Exodus
- Bitrexx
- Poloniex
- Kraken
- Bitfinex
- Cex.io
- Bitstamp
Next, we will show you how to open a suitable Ethereum wallet that will serve your needs. For that, we will use MyEtherWallet as an example.
How to open MyEtherWallet to participate in a token sale
MyEtherWallet is the most convenient Ether wallet. So, it’s no surprise that most people utilize it to store their tokens acquired via token sales. It is an online wallet, but it also provides offline and hardware wallet support, implying that users can generate wallet keys for a variety of Ethereum storage solutions. That makes it a great all-around solution for everyone interested in investing in a token sale.
Here’s how to set it all up.
1. Go to : MyEtherWallet
You will be greeted by several safety reminders and the option to create a new wallet.
2. Create a password.
Use a combination of letters, numbers, and symbols to make it as strong as possible. Write it down immediately, and safely back it up. Then, click “Create New Wallet.”
3. Download and store your keystore file.
Do it for security reasons. As you know, there can never be too many safety precautions in cryptocurrency trading. Store your keystore file in a secure location and click continue.
4. Save your private key.
It may seem merely like a string of symbols, but your private key and its safety is of vital importance. Make sure to back it up and keep it safe. You should also print a hard copy to keep as a paper wallet. Remember, there is no way to retrieve your forgotten or lost private key and password; therefore, take all necessary safety measures suggested by the wallet provider.
5. Use your private key or keystore file to open your wallet.
There are many ways to unlock your wallet, but to keep it simple, let’s stick with the files we just got — private key and keystore file. Select and paste your private key or upload the keystore file to unlock your wallet.
6. Congratulations, you’ve just opened your fully functional Ethereum wallet.
Next time you want to access it, go to: www.myetherwallet.com, click “View Wallet Info” in the top right corner and authorize yourself again. Within your wallet, you will find its address. This code serves to identify where transactions are coming from, and where funds must be transferred to. The principle is similar to a bank account number.
All that is left now is to load your wallet up with some Ether. If you already have it, send it to your public address. MyEtherWallet also makes it easy to buy Ether via Coinbase.
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