If you’ve decided you want to buy some crypto, you’ll need to create a cryptocurrency wallet to keep your coins safe and accessible. Creating a crypto wallet is as easy as installing an app on your mobile device or desktop.
Most crypto exchanges allow you to create a wallet automatically when you buy crypto on their platform. You can then transfer the funds to a wallet you control, like MetaMask.
What is a cryptocurrency wallet?
A cryptocurrency wallet is a software program that lets users store their crypto holdings. Crypto wallets have private keys that give users access to their coins. These keys are vital since they help secure the crypto coins in your wallet. If you lose your private keys, you lose access to your crypto.
Private keys also enable users to check their balance and send and receive cryptocurrencies quickly. Since your cryptocurrency holding live in the blockchain, it stores information about your public and private keys and the amount of crypto you own. But you would need your private keys to access the funds or execute transactions. Public keys (or wallet addresses) are what you share with others so they can send crypto to you.
Types of crypto wallets
Cryptocurrency wallets come in many forms and can serve diﬀerent purposes.
- Hardware wallet: A hardware wallet (or cold wallet) stores your keys completely oﬄine on a device (such as a USB drive) not connected to the Internet. Because they’re oﬄine, hardware wallets are the most secure wallets for keeping your crypto holdings.
- Paper wallets: Information about your public and private keys are printed onto a sheet of paper and stored in a safe place. Paper wallets make it diﬃcult to use your crypto since you can only trade them online.
- Online wallet: Also called software wallets or hot wallets. Keys are stored in an app or other software. This makes it easier to send, receive, and use your crypto. Hot wallets, however, pose a higher hacking risk since they leave your keys connected to the Internet. As a result, it is advisable to enable features like two-factor veriﬁcation to enhance your wallet’s security.
You may access an online wallet through crypto exchanges like Binance or CoinDesk or via a mobile or desktop. Exchanges oﬀer the simplest way to get involved with crypto by providing a hot wallet to store and access your coins. Desktop wallets are installed on a desktop or laptop computer and give the user complete control over the wallet. Users can run mobile-based wallets on their smartphones or tablets. Meanwhile, a web wallet like MetaMask can send and store cryptocurrency on one’s behalf. The main advantage of web wallets is that they can be accessed anywhere and from any device.
How to create a crypto wallet?
MetaMask is one of the best cryptocurrency wallets for interacting with the Ethereum blockchain. It is the easiest way to store your crypto funds and interact with the blockchain network. MetaMask is available through a browser extension, but you can also download it as an app.
Here’s a step-by-step guide on how to create a MetaMask wallet.
Step 1: Download and install MetaMask
Visit the oﬃcial MetaMask Wallet website for instructions on how to download the wallet. Click on the “Get Chrome Extension” option to install it. MetaMask supports Chrome, Firefox, Brave, and Edge browser extensions. Once the extension is set up, you can create an account and import it onto an Android app or Apple.
Step 2: Create an account
Click on the MetaMask extension and click on “Get Started.” You can either import an existent wallet using the seed phrase or create a new one.
Step 3: Create a wallet
Click on “Create a Wallet.” You’ll be asked to help improve MetaMask by agreeing to – or opt-out of – MetaMask’s usage data gathering.
Step 4: Create a strong password for your wallet
Next, you’ll get a prompt to create a password. This is the password you’ll use to sign in to your MetaMask account via the browser extension or the mobile app, so keep it in a safe place.
Step 5: Store the seed phrase in a safe place
Click on “Click here to reveal secret words” to show the Secret Recovery Phrase (or seed phrase / master password). You’ll receive a randomly generated string of words. Conﬁrm this phrase by clicking on each word in the order the words are presented on the screen.
Make sure you store your seed phrase in a safe place. You can either write it down on a piece of paper or notepad and keep it safe.
Never share your seed phrase or private key with anyone or any site. Also, if you lose your seed phrase, MetaMask can’t help you recover your wallet, and you will lose your funds forever.
How to create hi wallet?
hi makes it very easy to participate in cryptocurrency. Unlike the traditional banking system that only wants to make money from you, hi’s goal is to make money for you. There are many ways to earn money with hi:
- Earn hi Dollars by inviting your friends to join hi
- Stake HI and receive yield rewards every month
- Receive gift cards from friends and family on hi
- Play games on hi to earn coins that you can then swap (exchange) for ETH, BTC or ﬁat
Your hi wallets are the easiest and most convenient way to access your crypto with the hi ecosystem.
Here’s an easy guide on how to create your hi wallet.
- Access hi via WhatsApp or Telegram. Next, send type “hi” in the chat, and a menu will open, allowing you to create an account. Follow the instructions to complete the signup and access your hi wallet. When you create an account, your hi wallet is created automatically.
- To see if it’s working, transfer some amount of crypto to your wallet. Tap on the hi logo on the main screen to summon the menu, and click on Deposit
- Select the cryptocurrency that you’d like to deposit from the drop-down menu.
- Once you’ve selected the crypto you are depositing, let’s say USDT, copy the Deposit Address to your clipboard and conﬁrm. Congratulations, you’ve just transferred crypto to your hi wallet.
As it is earlier stated, the type of wallet you choose to create should be in line with your goal. With hi wallet you have both a wallet and a unique medium of earning. You can start earning by signing up for your hi wallet today