How to Set Up a Crypto Wallet

Last Updated:
November 29, 2022
How to set up a crypto wallet

Crypto wallets are an essential tool for anyone who wants to buy cryptocurrencies and NFTs, or just to interact with web3 platforms. After you’ve learned a bit about what crypto wallets are, it’s time to think about setting up your own crypto wallet.

Introduction

Crypto wallets are an essential tool for anyone who wants to buy cryptocurrencies and NFTs, or just to interact with web3 platforms. After you’ve learned a bit about what crypto wallets are [link to Metacommerce’s article about “what is a crypto wallet”], it’s time to think about setting up your own crypto wallet.

person getting 1 U.S. dollar banknote in wallet
picture of a leather wallet with a dollar bill (Unsplash)

How does setting up a crypto wallet work?

The process for setting up a crypto wallet depends on the type of wallet that you decide to use. To keep things simple, we will focus on the general process (i.e. without favouring any specific company) for setting up a software non-custodial crypto wallet. To dig deeper into how to choose a crypto wallet that best fits your needs, read our article here [link to Metacommerce’s article about choosing a crypto wallet].

 

How to set up a crypto wallet successfully?

1.      Open a crypto wallet using a trusted platform

After you’ve chosen the crypto wallet that best fits your needs (a few choices might include MetaMask, Coinbase, Atomic, Solflare), the first step is to open an account with that platform. Some wallets have a mobile app that can be downloaded while some others focus on being used on an internet browser through a browser extension. Browser extensions can be used to connect your crypto wallet to a website such as an NFT marketplace, but this is just one example. Depending on the platform, little to no personal information may be required to create a crypto wallet.

2.      Protect access to your crypto wallet

You will be asked to choose a password to protect your account, and you will also be given a randomly generated seed phrase, which is a string of English words in a particular sequence. It’s essential that you keep your seed phrase private and that you write down a copy of it in a secure place. You may want to write down your seed phrase on a piece of paper and store it somewhere safe, save it on an encrypted and protected file or through another method through which you will have access to it outside of your crypto wallet. We can’t stress enough that it’s critical to both have your seed phrase and to also keep it private. Anyone with your seed phrase will be able to access your crypto wallet, and with it your cryptocurrency and NFTs.

3.      Add funds to your crypto wallet

If you already have cryptocurrency on a crypto exchange, you can transfer these funds to your new crypto wallet. If you don’t own any cryptocurrency, some wallets have a function that will let you buy cryptocurrency directly in the wallet. Your crypto wallet’s unique public address will be required to make sure that you’re adding cryptocurrency and NFTs to the right wallet. Keep in mind that this address is different depending on the blockchain, so your Ethereum address is different from your Bitcoin address. This public address is also sometimes called your wallet address. Remember that your private key is different from your public address and should not be shared with anyone!

Gold coins with logos of digital currencies inscribed (Unsplash)

4.      Practice makes perfect

Now that you’ve created your crypto wallet and have taken steps to secure your access to your funds, it’s time to start interacting with the web3 tools and services that you’re most excited about. This could involve investing in cryptocurrencies, creating, buying or selling NFTs or playing a blockchain-based game. Keep in mind that blockchain is still an evolving field that changes quickly, with some rough edges that still need to be smoothed out. Give yourself time to learn about how to use your crypto wallet in a secure way – there is never a better time than the beginning to focus on safety and privacy!

 

Closing

Congratulations on creating your crypto wallet! This is the beginning of an exciting learning journey and a crypto wallet is one of the essential tools you’ll need to interact with web3 platforms. Metacommerce will continue to publish articles that will help you confidently navigate blockchain terms and ideas. Follow us on Twitter (@MetacommerceNFT) to stay updated on new articles, and now that you have your new crypto wallet you can use it to connect to the Metacommerce Studio.

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