How To Open Your Own Cryptocurrency Wallet
With the Microwork App we offer a way to earn in Ether for taking photos of everyday objects. Yet before you can start earning, you first need to open yourself a cryptocurrency wallet. That’s where this blog post comes in…
Before asking how to open a cryptocurrency wallet, we should firstly address exactly why you should have one.
In short, cryptocurrency is a digital currency that’s decentralised. It’s no longer a government or bank that’s in control of your money, but instead it’s maths, and a peer to peer network known as the ‘blockchain’.
What does this mean for you?
Put very simply, this means that there are no gatekeepers. You are totally in control of your money without having to rely on a big bank or organisation.
When you store your money in a traditional bank, you rely on them to have access to your money. That also means you have to ‘jump through their hoops’ in order to do the things you want to do with your money — whether this be through costs, fees or complicated bureaucracy.
Cryptocurrency brings power and control back to you. In addition, it’s fast, global and secure.
In order to use cryptocurrency you need to have a cryptocurrency wallet. Unlike a normal ‘pocket wallet’, your cash isn’t stored inside a cryptocurrency wallet, instead your cash is stored on the ‘blockchain’ (that secure peer-to-peer network we mentioned earlier). Your wallet contains a set of keys that give you the ability to send and receive coins. It also keeps track of all the transactions you make too.
How to open a Cryptocurrency Wallet?
We’ve tested a number of different wallets and the three we like the most are Coinbase, My Ether Wallet and Jaxx. Below we give the steps in downloading and installing your first cryptocurrency wallet with each of them.
Once you’ve got your hands on your digital wallet, you’re ready to start using the future of money.
Note: I’m using MacOS Sierra. The process may differ slightly when using PC.
- For us, Coinbase is one of the most user-friendly cryptowallets we’ve used so far. The sign-up process is simple, uncomplicated with great step by step instructions.
- After entering your email and a password you will be asked to verify your email address and confirm a mobile number. Both help to keep your account secure.
- Following that, you will be asked to provide further information including Date of Birth, Address, Occupation and reason for using Coinbase.
- Finally, one of the last parts of the sign-up process is to upload an image of some personal ID. All these ‘checks’ ensure that Coinbase comply with the KYC (Know Your Customer) regulations.
5. Once you’ve signed into your account you will go to a dashboard which hows the current prices of Bitcoin, Ethereum, Bitcoin Cash and Litecoin. If you choose ‘Accounts’ from the navigation bar at the top it will take you to the wallets which have been opened for you as default.
6. To get your wallet address to use in the Microwork App, go to where it says ETH wallet, select ‘Receive’, and copy and paste the wallet address into your app. This is where we will send all the Ether you earn.
For more information how to transfer from your Ether wallet to a traditional currency check out this blog post.
My Ether Wallet
- Visit myetherwallet.com. You will first be prompted to read several screens of explanation about what My Ether Wallet is and isn’t.
2. Next up, you’ll be asked to enter a password for your new Ether wallet.
3. After you’ll be asked to download a ‘Keystore File’. After your wallet is set up, this will be one of the methods that you can get access to it so make sure you save it in a safe a place and make a backup (or three!)
4. A unique private key will be generated. Make sure you take note of it (and make backups) and don’t share it anywhere since it will compromise your account if you do. There is no way to recover this private key if you lose it so be careful.
5. Next you will be given 9 different ways to login to your new wallet. We will use the Keystore file you downloaded earlier, but My Ether Wallet recommend using one of the more secure options that are also in the list. For the keystore file, click ‘Select Wallet File..’ and choose the file you downloaded earlier. Afterwards, enter your password and you will get access to your wallet.
6. Once you’re inside the wallet you will see your current balance and your public key address. This is the one you can share with other users in order to get paid to this wallet (and the one you’ll have to add in the Microwork app to receive your earnings).
7. Now you’ve successfully opened your own cryptocurrency wallet. Okay, so we kind of miss the ‘fresh leather’ smell of a new wallet in real-life, but we’ll get over it.
Time to start earning Ether. Download Microwork from Google Play to begin.
- Visit jaxx.io and click Download now
- Choose the type of download you want. I chose Desktop (Mac).
3. Once it’s fully downloaded, open the installer.
4. Note — By default, Mac blocks you from opening apps not downloaded from the app store. To override this press the Apple Logo at the top left hand corner and select System Preferences. Next choose System and Privacy and select Open Anyway. This may happen more than once during installation.
5. Once installation is complete, open the Jaxx application.
6. One of the first screens will give you the option to Create New Wallet. Choose this option and select continue.
7. Next you get the option to choose between Express or Custom setup. We recommend you choose Custom.
8. Choose the types of currency you wish to store in your wallet. For my installation I chose Bitcoin and Ethereum but more can be added at a later date.
9. Next you have to select the traditional currencies to include in your wallet. I selected GBP, EUR and USD. Then click continue.
10. You will be prompted to make a backup wallet. Select the box ‘yes I understand how Jaxx backup works’ to continue.
11. Next Jaxx will generate a 12 word backup phrase. This is very important to ensure you can access your backups so write it down and store it somewhere safe and secure. Don’t lose this.
12. Next you’ll be asked to confirm the phrase and generate a pin for your wallet. It’s recommended that you do this for added security.
13. At the top of the screen on the left you’ll find your bitcoin address (plus any other cryptocurrencies you decided to add). You can switch between cryptocurrencies by selecting the logo/name at the top. We recommend storing your address for each cryptocurrency somewhere safe too.
You’re now ready to start using cryptocurrency online. Time to transfer your well-deserved earnings into a traditional currency? Click here to see how.