If you want to know what is Ethereum? how it works? and what it can be used for? without going deep into the technical abyss, the guidance on how to create an Ethereum Wallet is really useful to you.
Important Note: This guide assumes a basic understanding of blockchain technology. If you’re unfamiliar with blockchain, check out this Step by step introduction for beginners.
What is the Ethereum wallet?
Ethereum is a global, decentralized platform for money and new kinds of applications. On Ethereum, you can write code that controls money, and build applications accessible anywhere in the world.
At its simplest, Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications.
MEW is not a bank or Exchange
You can also visit the article on List of top Crypto Exchanges!
What does that mean?
- You cannot cancel, reverse or refund transactions
- Can not recover phished funds
- You cannot recover a lost password, nor can we reset the password.
- They don’t store names, emails, or any information about their users.
- The only one who has access to your funds is you.
Steps for creating an Ethereum wallet(Erc20)
MyEtherWallet (MEW) offers three ways to create a new ETH wallet.
Out of the Four, we highly suggest creating your wallet with their Keystore file, other options MEWconnect, mnemonic phrase, and mobile app.
Before we continue a few words of cautions
- Never share the private wallet with anyone. You should share only the public wallet address.
- Do not keep this information on a device connected to the internet. Hackers can and will find it in our hard drive.
- Choose a strong password and write everything down, in multiple locations.
- If you lose your information you can’t recover the wallet address.
Head to https://www.myetherwallet.com/
Click ‘Create a new wallet’.
Click on ‘Key store file’ & enter a strong password, and write it down on paper.
- You cannot recover or reset your password, so write down it.
Click on ‘Download the Key store file’.
# Step 5:
Choose an option called ‘Access my wallet’.
Again select option ‘Software’.
Select the option ‘Key store file’ and then continue.
- From your local choose saved Key store file and submit
Give your password and then click on the ‘Access Wallet’.
Click on ‘Address’ and get your wallet.
Conclusion: What is Ethereum wallet
Hope all of you enjoy my article on how to create an Ethereum Wallet. So, the Ethereum platform is also helping to shift the way they use the internet. A decentralized application is pushing a fundamental change from an internet of information. Hence they can instantly view, exchange and communicate information to the internet of value. Also, people can exchange immediate value without any intermediaries.
Php developer and Crypto Advisor at L&P Digitech Pvt. Ltd. Also managing the SEO of the desiairdrops and blog site at this current company, sometimes like to write on cryptocurrency and blockchain-based information in the desiairdrops blog site. Completed Masters of Computer Application (MCA) with sound knowledge on Php7, WordPress.