3 Ways to Set Up an Ethereum Wallet
So, you have decided you want to mine, buy or sell Ethereum (ETH). Despite it being a cryptocurrency, this does not mean that you don’t need a place to store it. To be fair, you do not actually “store” your precious ETH in these wallets as...
So, you have decided you want to mine, buy or sell Ethereum (ETH). Despite it being a cryptocurrency, this does not mean that you don’t need a place to store it. To be fair, you do not actually “store” your precious ETH in these wallets as they serve only as platforms that allow you to interact with blockchain. Yet, you better guard them just as you would a regular wallet in your pocket! We present you 3 ways to set up an Ethereum wallet in no time.
These 3 ways to set up an ETH wallet roughly correspond to the three most popular types of cryptocurrency wallets in use today: hardware wallet, software wallet, and exchange wallet.
1) The easiest setup and the least level of security are offered by exchange wallets offered by crypto exchanges. First of all, you need to get to the exchange’s website and activate your account. Before you are able to use your wallet, you’ll also have to verify your account. Your ETH wallet will be visible under the account section. If you want to receive or send your Ethereum, you’ll first have to set up your ETH address which you will use for all the transfers you want. Simple as that.
2) Hardware wallets are the most secure option for keeping your Ethereum. First, you’ll need to purchase one and connect it with your PC via a provided cable. After following the manufacturer’s installation instructions, you will be asked to provide a PIN code. These wallets also feature recovery phrase which is a group of words you’ll use to recover your wallet in case it is stolen or you forget your PIN. You better write these down and store them in a safe place. Once you install accompanying applications, your hardware ETH wallet will be ready for use.
3) Software wallets represent a middle ground option for those who expect both convenience and security from their Ethereum wallets. They come in desktop, mobile and online variants but offer similar levels of protection across the board.
First of all, you’ll have to download appropriate wallet software which supports ETH coin. Once the installation is done, you will be presented with an option to create and access your wallet. In addition, the software will prompt you to decrypt your wallet by providing your private key. In case you opt for online wallet, this will be done via a downloadable file which you can save on your USB.