How to create your own Ethereum Wallet — using MyEtherWallet
Whether new to TokenClub, new to Ethereum, or new to crypto — here you are, wanting to make sure you know how to create and secure an Ethereum wallet.
As you know, TokenClub is your monthly subscription service to the hottest ICO tokens.
As a member, you have the option of having your monthly haul of tokens sent directly to your Ethereum wallet, or keeping them in the TokenClub Vault until you’re ready to withdraw them.
We recommend having your tokens sent directly to your Ethereum wallet monthly if you are comfortable with your ability to create a wallet and keep your private key safe. This will provide you with a higher level of security as the tokens will be under your control.
This article will walk you through creating your own Ethereum wallet and backing up your private key. For the purposes of this walkthrough, the wallet of choice will be ‘MyEtherWallet’ (MEW). www.myetherwallet.com
As an industry leader, it is a:
Free to use (donations accepted), open-source, client-side interface for generating Ethereum wallets & more. No ads, tracking, cookies, or selling of your personal data.
MyEtherWallet gives you the means to interact with the Ethereum blockchain easily & securely while retaining control of your own private key.
Double-check to ensure the website address listed is www.myetherwallet.com before unlocking your wallet. Be safe and secure.
How to create a wallet — MyEtherWallet
Start by visiting www.myetherwallet.com.
You will immediately be invited, on their main page, to enter a password in order to create a new wallet.
This password needs to be easy for you to remember, but also strong. Write it down. If you lose your password, you will lose access to your funds and tokens. There is no password recovery option.
This password is used to encrypt and protect the wallet you are about to create.
The MEW site does not hold your keys for you. It cannot access accounts, recover keys, reset passwords, or reverse transactions. Protect your keys, as you are responsible for your own security.
NEXT: With your fancy password memorized, click to “Create New Wallet”.
Then, you will be prompted to download and store your ‘Keystore/UTC file’. You can save this on your hard drive, or a USB drive. This file is the encrypted version of your private key. Anyone who has access to this file, along with your password, has full control of the funds and tokens in your Ethereum wallet.
At this point it is also recommended you create a paper file, and store it safely. You can print the code for safekeeping, and/or carefully handprint and store your private key.
You may want to write it out several times, to ensure sloppy writing doesn’t prevent your future self from accessing your Ethereum Wallet!
After recording the newly created address of your ETH wallet, you can search your address on Etherscan (https://etherscan.io).
If you bookmark that wallet search page, this becomes an easy way for you to review your balance at any time.
A good way to test your wallet, and your understanding of transferring funds/Ether, is to send a very small test amount to your wallet.
If you currently have Ethereum in an exchange or separate wallet, you can send from there to your new MyEtherWallet address and await confirmation.
If and when the ETH arrives in your new wallet, you can also trial a small amount to be sent elsewhere to another exchange or wallet under your control.
A word on hardware wallets
MyEtherWallet has been used for this tutorial, as it is one of the best in-browser wallets on the market.
However, it’s important to note that your private key could still be compromised by any malware or viruses which are on your computer.
To achieve a higher level of security for your ETH/crypto, the next step is to use a hardware wallet for storage. These range in price and features, and will be the sole focus of an upcoming article!
Now that you’ve learned how to create a wallet, you are free to enter your public Ethereum address in your TokenClub account.
Your bundle of the hottest new ICO tokens can now be delivered to your wallet monthly.
TokenClub is a monthly subscription service that sends a basket of the hottest new ICO tokens directly to your Ethereum wallet every month.