Many people have come to conclude that making a lot of money in cryptos is by investing in Initial Coin Offerings, A.k.a. Icos.
But one thing that most icos will be telling you when you are investing is “send from ER20 compatible Ethereum Wallet” and also provide us with your ER20 compatible Address to receive your tokens.
This article will show you how to create your OWN Ether wallet Address.
Why do you need an ER20 compatible Ethereum wallet?
Most ico tokens are issued on the Ethereum blockchain. Meaning those who want to participate in ico needs to have Ethereum and its wallet.
NEVER PARTICIPATE IN ICO BY SENDING COINS FROM ANY CRYPTOCURRENCY EXCHANGES, YOU NEED A ER20 COMPATIBLE ETHEREUM WALLET. OTHERWISE, YOU WILL LOOSE YOUR COINS FOREVER.
How to set up your myetherwallet (MEW)
1. Go to www.myetherwallet.com
You will see so many several safety reminders and option to create a new wallet.
2. Create a password.
Use a combination of letters, numbers and symbols to make it as strong as possible. Write it down immediately and, if possible, make several copies. Then, click “Create New Wallet.”
3. Download and store your keystore file.
Store your Keystore file in a secure location and click on continue.
4. Save your private key.
It looks like a set of numbers, Make sure to back it up and keep it safe. Also, print it to keep it as a paper wallet. Keep in mind, there is no way to retrieve your forgotten or lost private key and password, therefore, take all necessary safety measures suggested by the page.
5. Use your private keys or keystore files to open your wallet
There are many ways to unlock your wallet, and we have Keystore and our private keys, so let us unlock our wallet with our private keys. So we select, private keys and paste in our private keys and click on “unlock” to unlock our wallet.
So there you have it, you have successfully created your fully functional ethereum wallet.
And you can see your receiving address on the right side usually that is the address you will use to receive tokens from tokens and airdrops
The next time you want to access your wallet you visit the page again www.myetherwallet.com
And then go to SEND ETHER&TOKENS then select PRIVATE KEYS
Then paste your private keys to access your wallet.
