StrongPasswordGenerator can generate a strong password for you. There are many ways to do this, however, in this tutorial, I will teach you a simple way to set up a wallet, within minutes, with MyEtherWallet.įirst, head to You will see a screen like this:Ĭhoose a password, preferably something long with numbers and characters.Ī good example of a password would be: V*N^vh7%T3wavZVaĪ bad example of a password would be anything with your initials, middle name, dog’s name, or anything that people could potentially guess. This means that if their servers go down or the government sues Coinbase, your funds could be at risk.īy setting up your own decentralized wallet, you free your assets from being controlled by a third-party – meaning you have 100% control of your assets as they are stored on the blockchain and not a third-party server. Coinbase is a great service to buy and sell ETH, however, it’s downfall is that it is centralized. The first thing you want to do to is to set up your own wallet outside of a centralized exchange, like Coinbase.
#HOW TO SETUP AN ETHEREUM WALLET HOW TO#
how to setup your own wallet outside of a centralized exchange to one that YOU own.
So in this tutorial, I’m going to show you You aren’t able to interact with any contracts on the Ethereum network or do anything besides have the coins in there.By holding your own wallet, you can use your funds for whatever purpose – for using them in different Ethereum programs, buying/selling your own custom tokens, or participating in an ICO. In addition, you are limited to holding simple currencies – like Bitcoin, Ethereum, and Litecoin in Coinbase for instance. Learning how to setup an Ethereum Wallet outside of a centralized exchange, like Coinbase, is important for any person wanting to invest more into the Cryptocurrency space. Centralized exchanges carry a heavy risk – your assets can get frozen, lost, and mainly, controlled by the Government.
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