The Ultimate Guide of How to Create a Cryptocurrency Wallet
There are a lot of cryptocurrencies on the Internet. According to Wikipedia still, 1600+ cryptocurrencies created and growing regularly. Some advantages and disadvantages both have this currency system. Daily crypto traders increasing worldwide. You may be familiar or heard about Bitcoin or Ethereum which is a digital currency. I will discuss how to create a cryptocurrency & other staff.
Control & ownership
There is no other system available in the electronic cash system like the blockchain. The government or bank or other syndicates have no controls over this system.
As soon as the creation of a cryptocurrency is made all the data is recorded in the public ledger and all the identities of the owner are encrypted to ensure the legitimacy.
The ledger of the digital wallet ensures that the results of all transactions are accurate. The blockchain system is secure because it is encrypted and built using a smart contacts system. There are many segments of the blockchain system which are very tough to hack and cheat.
The blockchain system is very easy to use because you need a device, internet connection, and a blockchain account which is creating your own bank.
You can make payments and transfer money whenever you want.
Over 2 billion people in the world have internet access, but not everyone has traditional banking. They can also make transactions using blockchain systems.
A cryptocurrency wallet is a digital currency wallet that is a software program. It stores private and public keys to interacts with the various blockchain systems. You can send, receive, and monitor digital currency with this wallet.
Cryptocurrency wallet has some advanced features like using API you can transfer your balance with other wallets. It is encrypted that’s why the access is more secure than other systems. Only the owner can control this system.
Types of cryptocurrency wallets
- Desktop wallet
- Mobile wallet
- Web wallet
- Hardware wallet
- Paper wallet
It is not so hard to create a wallet. First of all, you need to know which wallet is the best.
There is a lot of crypto in the market but fewer of them allow API facility. We prefer Ethereum which is known as ETH wallet. Just follow 7 steps and make a cryptocurrency wallet within one or two minutes. Before you signup for a crypto wallet, you must have an email account that is very easy just signup, you can use Gmail, Yahoo, Outlook, etc.
There is a lot of Ethereum wallet exist according to https://ethereum.org/en/wallets/find-wallet/
You have to choose one. Some popular wallet providers coinbase, binance, myetherewallet, Trezor, Ledger, etc. Here I’m going to show myetherwallet as an example.
7 steps for creating a wallet on myetherwallet
- Use a web browser for access on https://www.myetherwallet.com/
- There is two option available Create a New Wallet and other Access My Wallet. Choose the create a new wallet.
- After clicking the create a new wallet the option will be available MEW wallet, By Keystore File, By Mnemonic Phrase
- If you want to use your wallet on a mobile phone the use Mew Wallet. Download the app from the app store.
- If you want to create the wallet for the website then click By Keystore File or By Mnemonic Phrase. You can use any one of them, I’m going to use Keystore File.
- Give a 9 digits password and click By Keystore File. Download the Keystore File for the future.
- Now select the software option and also select the Keystore file, give the password. After complete this step, you will redirect with my etherewallet dashboard.
You can take some steps to protect your wallet from hackers & spammers. The system is secure but if you don’t have strong control over your wallet it is possible to lose your asset. But a few steps will secure your wallet.
Keep your private keys and passwords secure
Don’t share your private keys & password with anyone. The very first step is a secure wallet with a strong password. Make sure there is no to access your wallet. If it is not possible to memories your passwords & keys then keep it with a secure place.
Enable Two-Factor Authentication
Enabling two-factor authentication which informs you instantly. Two-factor authentication means it is more than a password & key. If it is not your device or browser or any other IP or new login without cookies then it will ask you a code or secret question answer. The way is most secure till today.
If your amount is large then the risk is higher. So, try some wallets for large transactions. Large amount storing also a higher risk it is better to use several wallets. At a time not possible to steal money from a few wallets.
Backup your wallet
Many wallets have hidden private keys but If your address visible to online for the public must make it private otherwise you will face recovery the problem.
Encrypt the file and use many secure locations. Regular update backup and check always.
There is a lot of wallets first you choose one of them then create with backup. Hope the steps will help you as beginners to make a cryptocurrency wallet.