How to Create a Wallet for Cryptocurrency? 8 Quick Steps!

Cryptocurrencies have been the popular term nowadays. With Cryptocurrencies, investors can gain high-end profits. To do all these, it is mandatory that one should have a Crypto Wallet in the pockets.

What is a Cryptocurrency Wallet?

Crypto Wallets are the ones which stores Cryptocurrencies. To put it in simple words, it is similar to a bank account. These wallets allow you to store popular cryptocurrencies such as Bitcoin and other altcoins. It stores the public and private keys and enable users to send and receive digital currency and monitor their balances.

Here are the benefits of crypto wallet development:

A Cryptocurrency Wallet can hold a diverse set of digital cryptocurrencies. These wallets act as a balance checker whenever you want to know. Doesn’t share your Private Keys.

Wallets are classified into the following types:

Hot Wallet

Hot Wallets can give you a complete set of control for your coin’s security. But the only thing is, they are a bit insecure since they are connected to the Personal Internet.

Hardware Wallet

These are dedicated hardware wallets which are built to hold cryptocurrency and keep secure. This includes USB devices as well. They can go online to make transactions. Added, one can check for the required data and can be taken offline for security.

Desktop Wallet

This wallet directly connects to the client’s wallet. They are installable software programs which are readily designed for Desktop operating systems such as Linux, Windows, etc.

Mobile Wallets

These are the most popular wallets used right now. Mobile Wallets are considered to be Best Cryptocurrency wallet since they are the most secure wallets to store the cryptocurrencies.

Paper Wallets

These wallets are designed for tech-savvy people which requires a high-level caution from the user. They are the second most secure ways to store your cryptocurrencies.

How to create a cryptocurrency wallet?

Let me explain to you one of the easiest ways to create your wallets.

  • To create wallet for cryptocurrency, you just need to sign up with your Email Address on MyEtherWallet. Once you are done with signing up, you can log in to your personal profile.
  • Under the Main Menu, you will have an option of “New Wallet” where you can create your new wallet. Now you will get a prompt box where you should enter your password.
  • Give a very strong password and click on “Create New Wallet”. Take note of your password and store it in a safe place.
  • Now you should download the Keystore/JSON file. Store the file safely where no one has access to!
  • The last step is your private key generation. Similar to the above steps, store the keys safely.

This is one of the ways to create your wallet on your own. Apart from MyEtherWallet, there are other sources available as well! But if you are an investor looking for a customized wallet in accordance with your unique requirements, you should either be tech-savvy or rely on startups.

If you have good technical knowledge you can make use of online resources and tutorials for assistance. Else you can hire startups for your solutions.EDIT Still need experts advice on how to create a customized wallet? Click here to know more!