Getting started with a Web3 wallet
Crypto is known and talked about as a number go-up technology, as a new volatile asset class, and that’s often the first way people get into the space. But to really understand the innovation in the blockchain space you have to interact on-chain with crypto-native protocols in DeFi, GameFi and more. To achieve this, you have to have a web3 wallet.
Setting up a Web3 wallet is the launchpad to propel you into the crypto and blockchain universe. Having a Web3 wallet allows you to purchase and store NFTs, BTC, ETH, or any cryptocurrency, as well as providing advanced accessibility into the DeFi and GameFi space.
Owning a Web3 wallet gives you access to private keys attached to that wallet. With those private keys, only you, the owner of that specific Web3 wallet, are able to control, monitor, and manage any transaction, unlike a traditional bank.
Here’s a quick look into my crypto journey which started when Dogecoin was taking the crypto world by storm:
- Looked into how I can get involved with crypto
- Created an account on Binance to purchase a few cryptocurrencies
- Read up further on cryptocurrencies and got mesmerised by the myriad of features
- Got really excited and involved with the crypto communities
With that, here are the steps for you to create your very own Web3 wallet using the MetaMask chrome extension. If you wish to do it on your mobile device, the steps will be very similar.
Step 1: Visit MetaMask’s website and install MetaMask for your web browser.
Step 2: Click “Get Started” once your MetaMask extension is launched after installation.
Step 3: Select “Create a Wallet”.
Step 4: Create a strong password — I recommend a long password with special characters.
Step 5: Watch the video provided on how to secure your wallet.
Step 6: Click on the blurred area to reveal your secret recovery code and save it somewhere secure.
Step 7: Confirm your 12 word recovery phrase in the correct order.
Step 8: The crypto world is yours for the taking — you just created your Web3 wallet!
Having created a Web3 wallet, here’s a quick guide on how to perform your first transaction on the blockchain. In this example, let’s look at buying ETH.
Step 1: Launch the MetaMask extension on your web browser.
Step 2: Click on the buy button within the MetaMask extension.
Step 3: Select a payment method to buy ETH.
Step 4: Enter the amount of ETH you wish to purchase.
Step 5: Enter your email address and receive a verification code via email.
Step 6: Enter your payment details and click Buy now.
You are now a proud owner of ETH!
Edited by Jared
Co-written by Vignesh Sundramurthi
Disclaimer: Information shared in this article is not financial advice, and is for educational and informational purposes only.
