How To Create Your First Ethereum Wallet?

If you are a crypto enthusiast and are looking to store Ethereum in a digital wallet, you might be wondering how to go about creating your very first …

Apr 11, 2019 19:30&nbspUTC

| Updated:

Apr 11, 2019 at 19:30&nbspUTC

By&nbspSumedha Bose

If you are a crypto enthusiast and are looking to store Ethereum in a digital wallet, you might be wondering how to go about creating your very first Ethereum wallet?

In that case, we can help you figure out how to go about creating your very own Ethereum wallet. But if you have no clue about why you might possibly need an Ethereum wallet, read on to find out.

An Ethereum wallet can be used to receive Ether tokens and in turn store them. With the advent of Initial Coin Offerings (ICOs), more people want to find out about new projects to invest in.

An ethereum wallet will allow its user to receive tokens from various new ICOs, via distributions called airdrops. Without it, a user cannot receive these tokens.

You May Also Read: How is Ethereum Different Than Bitcoin?

How To Create Your First Ethereum Wallet: A 5 Step Guide

Step 1

The first step is to visit www.myetherwallet.com.

This site will allow you to create your Ethereum digital wallet. Once you are on the site, you will find a safety popup, which you can either click through or skip by clicking on the corner box.

Once that is done, you will see the option to create a new wallet.

Step 2

To secure your new wallet, you will need to set a password for your wallet. This password needs to be strong and unique so that your wallet is not easily breachable.

Screen Shot 2018-01-29 at 11.49.04 PM.png

Once you have entered the new password, click on “Create New Wallet”. Note that there is no option to reset your password like is provided for our other accounts. So make sure to either remember it well or note it down somewhere.

Step 3

In the next step, you must download your JSON recovery file. This is the keystore file which is your recovery file. You should ideally store it someplace safe and make sure to keep a backup.

You will require the keystore file, along with your password, to access your wallet. Under no circumstances should you lose this file.

Screen Shot 2018-01-29 at 11.50.51 PM.png

Step 4

In the next step, you will see your private key. This private key is very important so make sure you save it safely and create a backup somewhere.

Screen Shot 2018-01-29 at 11.55.45 PM.png

Step 5

Well that’s pretty much it. You will now see many options to login. You can now use either your keystore file or your private key to unlock your wallet. Just upload the file or paste in the private key and enter your password.

Screen Shot 2018-01-29 at 11.56.47 PM.pngAll done, there you have it! Your first Ethereum wallet is ready.

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Sumedha Bose

Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time. She can be contacted at [email protected].

Bitcoin Whales Move 42616 BTC As Leading Crypto Tests $5000 – BTC, Ethereum, XRP, Litecoin …

Crypto whale watchers are tracking a pair of huge Bitcoin transactions that moved a total of 20,378 BTC worth about $102.5 million. Both transactions …

Crypto whale watchers are tracking a pair of huge Bitcoin transactions that moved a total of 20,378 BTC worth about $102.5 million.

Both transactions happened between unknown wallets and do not appear to be traders gearing up to sell.

The movements are part of a larger Bitcoin whale migration happening as the markets move into the red.

In the last 24 hours, whales moved a total of 42,616 BTC worth about $215 million, at time of writing. The vast majority of the BTC was moved off of crypto exchanges to unknown wallets, or from one crypto exchange to another.

Right now, the crypto market is a sea of red. Bitcoin is down 4.86% at $5,036. Ethereum is down 8.61% at $164.77, and XRP is down 8.13% at $0.3285.

Source: Coin360

Technical analysts say the market downturn is putting projections of a near-term BTC price rise to $5,800 on ice. According to CoinDesk analyst Daniel Paomer, the drop may have “thrown a spanner into a bullish market setup that had looked likely to propel prices to highs not seen since late last year.”

Bitcoin

CoinDeskBitcoin drops back to $5K price support after failed breakout

FXStreetBTC/USD comes down tumbling after the rejection at $5,400

BlockonomiCorrective decrease but bulls in control

Ethereum

Crypto Briefing ETH/USD has seen a correction, but it still has strong support

FXStreetETH/USD critical trend line must hold or face $100 again

XRP

FXStreetXRP/USD heading back for $0.3000

CryptoPotatoXRP plummets following bitcoin’s sentiment

Litecoin

NewsBTC Cool off, Litecoin may drop to $60 before rallying to $110

FXStreet Litecoin bulls appear to have found bearing at $77.00

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Bittrex CEO: IEOs Could Be Larger than the ICOs of 2017

Bill Shihara, CEO of Seattle-based exchange Bittrex opines that IEOs have the potential “to be larger than the ICOs of 2017.” However, all is not devoid …
Reading Time: 2minutesbyAisshwarya TiwarionApril 11, 2019&nbspAdoption, Commentary, Exchange, Finance, News

According to a Bloombergreport published April 11, 2019, Initial Exchange Offerings (IEOs) have emerged as the preferred way of raising funds for the majority of new startups in the blockchain and crypto space.

IEOs Trump ICOs

Keen followers of the crypto industry would remember the Initial Coin Offerings (ICOs) frenzy which took the market by storm circa Q4 2017 and Q1 2018.

However, ICOs soon gained infamy the world over because of the frequent cases of exit scams and projects that saw their native tokens fall more than 90 percent from their original price in a matter of few months.

As a result, an increasing number of startups in the crypto industry are now flocking to IEOs as the preferred method of raising funds. Essentially, IEOs have replaced ICOs as the new buzzword of the emerging digital currency industry.

IEOs differ from ICOs in that instead of directly selling their tokens to investors, under IEOs, companies rely on cryptocurrency exchanges to serve as underwriters, review the projects and offer tokens to customers after a thorough inspection.

IEOs can be thought of ICOs plus the legitimacy and security of the exchange platform which undertakes the sale.

Are IEOs Just Better Groomed ICOs?

According to data from CoinSchedule.com, since February 2019, close to $180 million has been raised through IEOs in 23 offerings.

Bill Shihara, CEO of Seattle-based exchange Bittrex opines that IEOs have the potential “to be larger than the ICOs of 2017.”

However, all is not devoid of ills when it comes to IEOs. The emerging funding mechanism still exposes investors to the risk of fraud. Vetting process differs significantly across exchanges with some exchanges often tweaking their process.

Further, the regulatory bodies’ stance towards IEOs is likely to be the same as that towards ICOs.

Zach Fallon, a securities lawyer who worked on ICO issues at the U.S. Securities and Exchange Commission (SEC) until about a year ago, says that IEOs “take everything from an ICO and make it worse.”

Moreover, there’s also the narrative of exchanges inflating their native token’s demand using IEOs as bait. A prime example of this is Malta-based exchange Binance.

The exchange’s native token called Binance Coin (BNB) has emerged as one of the strongest performing cryptocurrencies of Q1 2019 due to several high profile IEOs that took place on Binance Launchpad, including those of BitTorrent and Fetch.AI.

Per Shihara, exchanges charge as much as ten percent of the total sale proceeds generated from IEOs.

Jeff Dorman, a partner and portfolio manager at Los Angeles-based Arca Funds, in a recent note stated that tokens issued by exchanges themselves are up about 200 percent on average. He said:

“The irony of course is that this is directly at odds with the decentralized ethos embedded in crypto, but this has been conveniently ignored as long as it’s working,”

Adding, “everyone involved is highly motivated not to kill the golden goose.”

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Coinbase Launches Visa Debit Card in the UK

Cryptocurrency exchange Coinbase announced on Wednesday the launch of its Visa debit card in the UK. According to Coinbase, the debit card …

Cryptocurrency exchange Coinbase announced on Wednesday the launch of its Visa debit card in the UK. According to Coinbase, the debit card allows customers to spend crypto as effortlessly as the money in their bank. The card’s description reads:

“Coinbase Card is powered by customers’ Coinbase account crypto balances, giving them the ability to pay in-store and online using bitcoin, ethereum, litecoin, and more. Customers can use their card in millions of locations around the world, making payments through contactless, Chip and PIN, as well as cash withdrawals from ATMs. When customers use their Coinbase Card, we instantly convert crypto to fiat currency, such as GBP, which is used to complete the purchase.”

Coinbase noted in order to help customers manage their spend, it has also launched the Coinbase Card app, which enables customers to select which of their crypto wallets they will use to fund their Coinbase Card spending.

“Coinbase Card supports all crypto assets available to buy and sell on the Coinbase platform, meaning they can pay for a meal with bitcoin, or use ethereum to fund their train ticket home. The app also offers instant receipts, transaction summaries, spending categories, and more.”

Coinbase also reported to celebrate the launch of Coinbase Card, it is waiving the £4.95 card issuance fee for the first 1,000 people to join the waitlist. Coinbase customers can download the iOS and Android app today and securely link their Coinbase account. Coinbase Card is currently only available in the UK, but Coinbase added that it plans to support other European countries in the coming months.

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A Spring Before Bitcoin (BTC) Rally To $50000 As Brian Projects?

The transparent nature and increasing oversight on Bitcoin-related transactions mean it hard to launder money via the network. That’s unlike …

  • Bitcoin prices accumulate above $5,100
  • Transparency translating to confidence, Bitcoin on the path to $50,000

The transparent nature and increasing oversight on Bitcoin-related transactions mean it hard to launder money via the network. That’s unlike traditional systems where banks now have to fire employees and shoulder heavy fines after flouting AML and KYC rules. It is because of this that Bitcoin (BTC) is gaining ground and resulting demand could fuel the next wave to $50,000 according to Brian Kelly.

Bitcoin Price Analysis

Fundamentals

There is always something special about Bitcoin. It is trustless, global and well, laser guided by law. Since the code is law and automated, outright thuggery, theft and literally any attempt to bend the rules are but a hard task to execute. There have been attempts to wash money via the system, and after its failure and the DoJ slapping heavy fines, hard lessons were learned further revealing how the network is secure, transparent and traceable.

That is, as an emphasis, Bitcoin works by law and every transaction is visible. It has been made hard by specialist companies like Chainalysis charging a premium for their sleuthing. That is why, despite infrastructure development and adoption not being fast as expected, Bitcoin will have more utility in the future and entities leveraging the system won’t have to factor in massive litigation costs like what banks do.

So far, and according to Pompliano tweet, bankers have had to shoulder fines exceeding $160 billion. Unfortunately, from their opaque operations, more of their sinister money laundering activities will continue to come to fore as privacy and transparency calls increase.

Since Bitcoin’s creation 10 years ago, the banks run by these 7 men have been fined over $160 billion for various crimes and regulatory violations.

I’ll trust Satoshi over them any day. pic.twitter.com/xSAXlgQj6Q

— Pomp 🌪 (@APompliano) April 11, 2019

Therefore, with use, increasing adoption levels and confidence in an immutable network, will Bitcoin (BTC) erupt above $6,000 towards $50,000 as Brian Kelly says? Only time will tell.

Bitcoin is up more than 30% this month and @BKBrianKelly says it could hit new highs by this date… pic.twitter.com/afC58AqIGW

— CNBC’s Fast Money (@CNBCFastMoney) April 10, 2019

Candlestick Arrangement

Bitcoin BTC

Bitcoin BTC

Indeed, the optimism is there but before Bitcoin edge past minor resistances at $5,800 and eventually explode past $6,000, heavy liquidation during the Asian session is a scare. The question now is whether this will catalyze a sell-off from spot level.

Despite this fear, we are optimistic. Note that today’s bar, though bearish, has a long lower wick meaning there is resistance for lower lows. However, as the stretch of last week is corrected in a natural cool off—we have lower lows relative to the upper BB even if Bitcoin (BTC) is printing higher–, every dip is a technically a buying opportunity.

If bulls overcome this minor bump and prices surge past $5,500 or Apr-10 highs, BTC may easily clear $6,000.

Technical Indicators

Because of Apr-2 bull bar with high transactional volumes, buyers are in control. Even so, any break above $5,800–$6,000 resistance zone ought to be with high transactional volumes exceeding 54k of Apr-2.

Chart courtesy of Trading View

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