Cryptocurrency has evolved rapidly in recent years as it has many interesting use cases, such as real estate investing. As more investors join this trend, it is important to protect and secure your crypto assets, but where can you store your crypto assets and keep them safe? The answer is crypto wallets. How do you create a crypto wallet? Here, we’ll show you how.
Want to Verify and Represent Your Real Estate Asset Digitally.
What is a Crypto Wallet?
A crypto wallet is a software service or hardware device that allows you to store, send, and receive cryptocurrency. In the cryptocurrency world, the crypto wallet acts a lot like a bank account. Through it, you access your crypto coins that exist on a blockchain. Think about how you store your real-world cash: do you carry it in your hands? Probably not. Instead, you most likely keep it safe in a purse or a leather wallet. Cryptocurrency follows the same principle, but in with cryptocurrency. Either way, it’s important to keep them safe. As a result, it’s important that you use the right crypto wallet.
Here are a few examples of crypto wallets that are commonly used, and we will explain how to use them:
- MetaMask: Best with Ethereum (ETH) wallet
- Coinbase: Best for Beginners
- Trust Wallet: Best for Mobile Apps
All three of these are Open Sea and ETH compatible.
Creating a MetaMask Wallet
Step 1: Downloading
You’ll need to first download the MetaMask wallet software onto your device. With mobile devices, this is done through an app, so you will need to download it from the Apple App Store or Google Play Store. With desktop devices, you can add a standalone extension. Once you click download, you will be presented with the following options:
- Browser: Compatible with Google Chrome, Edge, Firefox, or Brave
- IOS: Compatible with iPhones
- Android: Compatible smartphones that use Android’s operating system (e.g., Samsung)
Step 2: Are you Importing or Creating a New one
After downloading is complete, you will be presented with two options. Import Wallet is for those who already have an existing MetaMask wallet on a different device and want to import it over to a new one. Importing is easy, all you have to do is enter your password in, and it will import immediately. Create Wallet is for those who want to set up a new MetaMask wallet.
Step 3: Security
If you are creating a new wallet, select the create a wallet option. A disclaimer will pop up; to proceed, read it and click “agree.” A password will be prompted and as with any password created, it’s important to physically write them down. Never save a digital copy on your device, even taking a screenshot. You never know who can hack your device and steal your information. This means you will have to enter the password each time you access your Metamask wallet, but it’s always better to be safe.
After this, a secret recovery phrase will appear. Your secret recovery phrase should comprise 12 random words, this is a backup in case you lose your device. Again, make sure you write this down, and don’t save it digitally. When you write down your secret recovery phrase, you will need to copy each word in the order they are presented on the screen. The order of the words is crucial. If you forget your secret recovery, you will never be able to access your MetaMask, that is why you should write down your recovery phrase in multiple safe places.
After that, you have finally and successfully created your Metamask wallet.
Creating a Coinbase Wallet
Step 1: Downloading
Similar to MetaMask Wallet, a Coinbase Wallet is available on your mobile device and on computers. There is an extension available to download. You can download the app on your mobile device either from the App Store or Google Play.
- Browser: Compatible with Google Chrome, Edge, Firefox, or Brave
- IOS: Compatible with iPhones
- Android: Compatible smartphones that use Android’s operating system
If you are downloading the Coinbase Wallet on a mobile device, you’ll have to enter a username. If you are creating a wallet through Coinbase Wallet extension, you don’t pick a username. Coinbase Wallet will create and reserve a username for you that you will be able to claim. Usernames are how other Coinbase Wallet users can find you, so you can only change your username once a year.
Step 2: Security
For mobile devices, you will first set your privacy preferences. You will choose your preferred security method—either biometrics or passcode. Coinbase recommends biometric authentication. After that, you will be prompted with a 12-word recovery phrase. Like MetaMask, be sure you write down your phrase: if you lose it, you can’t access your crypto and other digital assets. To confirm your backup, you will re-enter your phrase. Once you confirm your backup, your wallet setup is complete.
For extension on browsers, you’ll be shown a 12-word recovery phase first. Once you’ve backed up the phrase, you can create a password to access your wallet. Once you confirm it, you’re all done!
Creating a Trust Wallet
Step 1: Downloading
Unlike Coinbase and MetaMask, Trust Wallet does not have a Chrome extension, which means you can only download on mobile devices:
- IOS: Compatible with iPhones
- Android: Compatible smartphones that use Android’s operating system
Once you download the app, there will be two options for you to choose from: Create a new wallet and I already have a wallet. Since you’re creating a new wallet, select Create a new wallet.
Step 2: Security
As with Metamask and Coinbase, the screen will display a recovery phrase and it will prompt you to write it down and keep it safe. To verify that you back up the phrase, Trust Wallet will have you enter them in sequential order. After that, you will get a screen saying Your wallet was successfully created.
With this continuously growing popularity of cryptocurrencies, NFTs, it’s important to pay heed to the security measures. Now you can rest easy knowing all your crypto and tokenized assets are safe with the use of crypto wallets. At Millennial Blockchain we provide crypto and NFT-based solutions in the real estate industry. If you want to learn more about crypto wallets or crypto in the real estate industry, contact us today!
