Steps to create a wallet on MyEtherWallet

5 min readMar 22, 2018

To beginners in the cryptoworld, here’s a step by step guide on how to create an Ethereum wallet so you can send, receive and store tokens.

This step by step guide will show you how to create a new MyEtherWallet. You will need a wallet to participate in the PayVX PreICO/ICO and others.

To know more about what a wallet is, in relation to cryptocurrency, or how they work, click here for a beginners guide. We recommended MyEtherWallet but there are other ERC20 compatible ones.

The reason we decided to use MyEtherWallet in this guide is because it’s very quick, easy, free and the most common wallet.

Let’s get started!

Step 1

Go to the website https://www.myetherwallet.com. Please make sure you are on the correct website. Always double check the URL. Once you are on this page, it is time to create a password. We suggest you pick a long password (at least 20 characters) and write it down somewhere.

Once done, click on “Create New Wallet”.

Step 2

Once you have created your password, you will be asked to download your KeyStore file. This file is very important. Make sure to save the file somewhere safe and also to back it up in another location (we suggest not on the same computer, or writing it down and storing it somewhere in your household). The file will start with a UTC — 2018 (the year it was created) and will contain a long string of numbers and letters in both lowercase and uppercase.

Step 3

After saving the keystore file, click on “I understand continue” located underneath where you can download your keystore file.

The next page will show your private key information. The private key can unlock your wallet if you forget your password. It is vital that you store this information, if you lose access to your private key you will not be able to access your tokens.

We suggest that you print out the key so you have it in paper form which you can easily do by clicking the print button. Also do not share this information with anyone.

Whoever has your private key will be able to access your wallet even without your password. You will never be asked for this information in a transaction either, the private key is only for you. Once you have printed your private key, click on “save your address”.

Congratulations! You now have created your wallet. You have just completed your first step into the cryptocurrency ecosystem!

Accessing your wallet

Wherever you want to access your wallet, simply come back to this page and you will be greeted with the options to unlock your wallet. If you ever want to access your wallet, you will need to unlock it first. Quick reminder please make sure that you are on the correct site.

To unlock your wallet, you will need the keystore file you previously downloaded earlier in the above tutorial. Simply choose “Keystone File (UTC / JSON)” from the list of options. In the middle column, you will see “SELECT WALLET FILE”. Click on that button and upload the keystone file you downloaded. Once this has been selected, you have to enter your password (The one you created at the very start) If the data matches, the unlock button will appear.

To check your balance, you will have to select “View Wallet Info” on the top of the page next to “check tx status”, you will have to re-enter your information, after that process you can see your wallet information.

The “ox” number is your public address and works similarly to a bank account number. This is the number you will use to make transfers between other people / an ICO.

Because we know this is can be overwhelming below are some important guidelines:-

Only ever give out your “ox” number. If anyone asks for your password, private key or your KeyStore, do not give them that information, for any transaction you will only ever need your ox number.
We advise that you store your KeyStore file, private key and password externally. This can be a copy made onto a memory stick or simply a piece of paper that you put in a safe location. Better to be safe than sorry!
Please double check URLs when making transactions / typing in sensitive information. It takes no time to check.

We hope this guide has helped you.

— — — — — — — — — — — — — — -

Check out more details about PayVX project and PVX token at our website. Join PayVX Presale and get 20% bonus for your contribution.