Just as you need a bank account to store, send, and spend your normal currency — you need a crypto wallet to use cryptocurrency.
This academy article covers the basics around setting up a crypto wallet, but please note: crypto-wallets have a few key differences to bank accounts, which we cover first below and recommend you read in detail before you create your crypto wallet.
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Let’s start by covering what a crypto wallet is.
A cryptocurrency wallet lets users interact with their funds. You will use your crypto wallet to send and receive cryptocurrency.
To interact with your wallet, you need two important bits of information, called ‘keys.’ Every crypto wallet has two different keys (a private and a public key), and it is vital you understand the difference between these two keys before you create your wallet.
- Private key: Your private key is like the password into your bank account. It lets you access your funds and control what happens to them. You would never share your bank account password, so NEVER SHARE YOUR PRIVATE KEY.
- Public key: Your public key is like your email address or your bank account details. It tells another person, where to send funds, but it does not give that person access to your funds, which is why you ONLY SHARE YOUR PUBLIC KEY.
It is crucial to understand the above: as if you share your private key, you could lose all your cryptocurrency, and there is no way to retrieve it.
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Now, let’s move on to how to create your crypto wallet.
There are a number of wallets to choose from. As EUM is an ERC-20 coin, we recommend you use an Ethereum-compatible wallet.
One of the most popular wallets is called MetaMask. It is also one of the most-used wallets in the Ethereum world. MetaMask is a browser extension that manages your private keys for you. It is ideal for beginners as it makes it very easy for users to send and receive funds, and it is integrated with other Ethereum applications.
Install MetaMask
Before you can create a wallet with MetaMask, you must install it — installation is a simple four-step process.
- Go to the Metamask website
- Click “Get Chrome Extension”
- Click “Add to Chrome” in the top-right corner
- Click “Add Extension” to complete the installation (you know Metamask is installed when you see the fox logo in the upper right-hand corner of your browser)
Create A Wallet
Once you’ve installed MetaMask, it’s time to create a wallet (note: MetaMask refers to wallets as ‘vaults’) — you create a MetaMask wallet by following the below process:
- Click the fox logo in the upper right-hand corner of your Chrome browser
- Read and agree to the T&Cs
- Enter a password and click “Create”
At this point, you will see a set of twelve “seed words.”
- It is vital you click “Save Seed Words as File” and copy the downloaded file (called “MetaMask Seed Words”) to a safe place — you’ll need these words to access your wallet if you forget your password
- Next, click, “I’ve Copied It Somewhere Safe” and you will get access to your MetaMask wallet
Now, you can do what you want with your cryptocurrency.
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MetaMask is designed to be as user-friendly as possible (much like Elitium!), which is why we recommend you use this wallet. If you want to explore another option, we suggest you look at MyEtherWallet (MEW).
For instructions on how to set up a MEW wallet, click here.
