There are more than 1000 different Crypto-Currencies are in circulation in the market but only a few are leading the way. By the look of the race, it looks like a two horse’s game lead by Bitcoin and Ethereum.
As on 10th Nov 2017, Ethereum (Ether) has a market cap of US $30.46 billion and counting as per market cap tracker – Coin Market Cap, just catching up with Bitcoin (BTC) which has about US $118.51 billion market cap. Both currencies hold more than 65% of the total Crypto-Currency market cap.
So, what is Ethereum?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference.
In another word, we can call Ethereum a distributed public blockchain network.
Why is Ethereum better?
Because Ethereum runs on a blockchain, it promises…
- Immutability (where no one can make any changes)
- Corruption & temper proof (hard to do any censorship)
- Secure (applications are protected against hacking attacks and fraud)
- Zero downtime (it can never be turned off)
Do all these excite you?
Yes. That’s great then where do I start?
The first thing, first: if you want to accept, send or store Ether then you need a wallet.
In this article, I will cover how to to create a wallet using MEW – MyEtherWallet
Step-1: Go to https://www.myetherwallet.com
Go to MEW website using HTTPS on a computer and make sure to check certificate MYETHERWALLET LLC [US] on the browser address bar.
Step-2: Go to the “New Wallet” Tab
Step-3: Provide a Strong Password
Your password will be used to access your wallet.
- make sure to create a strong password using upper/lower case letters and also numbers and symbols
- You can’t lose this password. If you lose the password then you will lose all Ethers stored in your account.
Now click on “Create New Wallet” button.
Step-4: Save your keystore file.
Follow the on screen instruction to download and save your “keystore” file.
Just remember below…
- Do not lose it! It cannot be recovered if you lose it.
- Do not share it! Your funds will be stolen if you use this file on a malicious/phishing site.
Make a backup! Secure it like the millions of dollars it may one day be worth.
Step-5: Save Your Private Key
It is important that you save your private key.
Step 6: Unlock Your Wallet to View the Public Address
Follow the on screen instructions to unlock your wallet and get your public address:
Select the “Keystore File (UTC / JSON)” and the keystore file you’ve downloaded in the previous step:
Select the file, enter the password and unlock your wallet.
Step-7: Copy your Public Address
On this screen, you will be able to view your Ethereum public address under “Your Address” label.
Viola. Now you have a Ethereum Wallet address so you can store, accept and send Ether.