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1. SETUP ETHEREUM WALLET HOW TO
2. SETUP ETHEREUM WALLET INSTALL
3. SETUP ETHEREUM WALLET SOFTWARE
4. SETUP ETHEREUM WALLET PASSWORD
5. SETUP ETHEREUM WALLET DOWNLOAD

SETUP ETHEREUM WALLET HOW TO

It's like the master key to all your wealth- NEVER SHARE IT! How to Set Up a Cold Wallet with Ledger It unlocks access to all your addresses controlled in MetaMask and can be used to restore your MetaMask with generated wallets on any computer. Lastly, the seed phrase is most powerful.

SETUP ETHEREUM WALLET PASSWORD

Each wallet in your MetaMask has a private key which can be revealed in your MetaMask settings and that is a single password to open a single wallet. It only works on your computer! If you opened MetaMask on another computer you've never used, your password is useless. Your MetaMask password is used to access your multiple wallets stored in MetaMask locally on your computer. You now have 3 important security details to keep your crypto safe. If you do not write it down or lose it, you can log into MetaMask Settings -> Security and Privacy -> Reveal Seed Phrase. Do NOT store it digitally in case anyone hacks your phone or computer since they could use that seed phrase to take control of all your wallets. WRITE IT DOWN carefully, in chronological order, and keep that paper in a safe place.

You can have countless wallets, each with a different private key and public address, all controlled within your MetaMask account. MetaMask will be like a Google accounts UI for your crypto wallets.

SETUP ETHEREUM WALLET INSTALL

SETUP ETHEREUM WALLET DOWNLOAD

SETUP ETHEREUM WALLET SOFTWARE

Buying a used hardware wallet could have malicious software to allow hackers to steal your tokens.įrom there, here's how to get started setting up wallets for Ethereum! Buy them brand new and never buy used ones. Before we get started, be sure to order a cold storage (aka hardware wallet) like a Ledger or a GridPlus Lattice1. Let's assume you're planning to hold tokens long-term in a cold storage wallet like a Ledger and you would like to keep some stablecoins ready in a hot wallet like MetaMask to test out DeFi applications. They might use a hot wallet on MetaMask to get paid and then send the stablecoins to an exchange to trade for fiat and withdraw to a bank account. Imagine a DeFi investor who gets paid in stablecoins. Crypto investors who plan to hold tokens for years will often buy a cold storage wallet like a Ledger or GridPlus Lattice1 to keep their tokens safe because it requires multiple passwords, pin numbers, and/or physical confirmations (clicking buttons) to send a transaction (aka send or spend tokens).Ī hot wallet is commonly used for more active transacting in and out of a wallet, as well as a place to withdraw or add funds. A cold wallet normally has an "air gap" referring to the fact most hardware wallets when they're not in use, will sit idle without power or any connection to the internet or a computer. Cold vs Hot WalletsĪ cold wallet is used for long-term storage of tokens in a more secure place. As long as you maintain control of your private keys and never share them, you can access your funds anywhere in the world with an internet connection. The private key is typically a string of letters and numbers. It is NEVER safe to share this with anyone.

It's safe to share with others who need to send you money. The public key is like your public email address.When you set up a crypto wallet, you are likely to create and control multiple public addresses, each corresponding to a separate and unique private key.

A wallet is a piece of software and/or a hardware device that can hold a variety of your tokens. When you hold a cryptocurrency or use a DeFi application, you have to use a piece of software to view and spend your crypto assets on a blockchain like Ethereum.