Set Up Ethereum Wallet For Ico Investors
Setting up your own ethereum wallet is very important for people who want to keep off their coin from exchange site or centralized wallet(wallet you dont own the private key) and for people who want to buy costom token like most ICO coin.
It is somehow frustrating sometimes when you want to buy some ICO coin and it requested for ethereum address you really own the private key because releasing that of exchange wallet will result to lost of fund.
In this thread we will be looking at how we can set up our own Ethereum wallet that we really own the private key.
Settings up myethereum wallet
We are alot of decentralized wallet out there but we will be using myethereum wallet here.
Top ethereum wallet are:
- Ledger / TREZOR / Digital Bitbox: hardware wallet
- MetaMask (Connect via your MetaMask Extension)
- Jaxx / imToken (Use your Mnemonic Phrase to access your account)
- Mist / Geth / Parity(Use your Keystore File (UTC / JSON) to access your account.)
1.First, head to www.MyEtherWallet.com.
You will see a screen like this:
Choose a password, preferably something long with numbers and characters.
2.Next, you’ll get a screen that says ‘Save your Keystore File’. This is your wallet file.
Click ‘Download Keystore File’ and copy this file to multiple locations, such as your Documents folder and an external USB drive.As the warning says on the website, do not share this with anyone. If they know your password and have this file, they can access your funds. This file is for you and for you alone.
Once you’ve downloaded the file, click “I understand. Continue.”
3.It will take you to a page with what’s called your ‘Private Key’, that looks like this:
Your ‘Private Key’ is another way to access your wallet, without having your ‘Keystore File’ and password.
Do not store this key on your computer.
Rather, click “Print Paper Wallet”, which will print your wallet address with the private key to, you guessed it, a piece of paper. It looks like this:
With this piece of paper, you will be able to access your wallet with the information it provides.
Remember to keep this piece of paper safe – if someone has access to this, they can access your wallet.
Click “Next: Save Your Address” when you’ve got it printed.
You officially now have a wallet that YOU own!! Let’s see what’s inside your wallet…
You should now see a login screen that looks like this:
This is the screen you’ll get any time you try to do something in MyEtherWallet – you’ll have to “unlock” your wallet using either your Keystore file and password or your Private Key that’s on the paper wallet that you just printed out.
You can use either – but for now, select “Keystore File” and select the file that you downloaded onto your computer at the beginning of the wallet creation process.
The name of the file will look something like “UTC–2017-06-25T16-57-01.504Z–243d975bf1f9f9f9f9e9f9ddf360”
Once you select your wallet, enter the password that you used to create the wallet.
When you unlock your wallet, your wallet information will appear below, like this:
Your Address is the address of your wallet. You’ll use this address to receive funds, like ETH and custom Ethereum tokens.