8. Set Up Your Web Wallet
What do you store in a wallet or purse?
Cash? Receipts? Business cards? Photographs?
With your crypto wallet you're going to be able to store cryptocurrencies, cash (stablecoins), auto re-balancing token baskets, real estate property, verified ownership of artwork...
and a whole lot more.
Bitcoin is digital gold - and it's amazing, but it's the bells and whistles of Ethereum that're going to wow you with what crypto and the Blockchain can expose you to.For now you want to think of your Exodus wallet more as a safe, a vault, a bank - it's stored on your phone or pc and not in your browser just providing a little extra security. When you get serious, you should be looking at the hard wallet options of the Ledger nano or Trezor, but Exodus will do for now.
Your web wallet is going to act as your day-to day movement and interaction with funds for your Ether and all Ethereum based tokens. You should note that web wallet experience and functionality at this point in time is most suited to Ether and ERC tokens, so don't be sending any Bitcoin or other main chain coins to this web wallet. Metamask is going to be used for this demo.
Metamask is a popular web wallet, specifically for the Ethereum network
Metamask can be installed on Chrome, Brave, Android or iOS. Head over to their webpage to choose your operating system. Run through the set up procedure and, as you should know by now - note down your private keys and keep them safe - they give you permanent access to your funds should you ever lose control of your wallet!
SEED PHRASE ALERT!
Once you've done that and created your password, let's familiarize ourselves with the basic set up, if you're using on mobile you'll notice Metamask is also a browser, this is to ensure you can navigate to websites and then interact with your wallet. On mobile, you'll find the wallet in the menu at the top left by pressing the 3 horizontal lines. Either way, once you access the wallet the general interface will look something like this:
It's recommended to start off with just one account for now.
With a bit of a play around, and with the experience you've already picked up with wallets, you should start to get the hang of it quite quickly. You're going to need to fund it at some point in order to carry out the everyday transactions that are going to make a difference to your overall crypto experience. So, buy some ether on the exchange of your choice from step 3 or 4, and send it to your Metamask wallet. Note that your Metamask address is the address not just for ETH but for all ERC standard tokens. If on PC, you can quickly copy your public key by clicking on the account name.
You're exchange may charge a fee, and there will be a network fee set by the Ethereum network. It's likely the exchange won't allow you to change these, they are usually low but can increase during network congestion. Again, this is something expected to be more consistent in the future.
Now your ETH is in, we can put it to work. This is where things get exciting. The next article is going to explain DeFi and follow that with 3 guideline tutorials:
Convert to a stablecoin and deposit our money to yield interest.
Buy an automated trading set.
Invest in real estate and collect rent.
Let's get at it!
Want to get the latest updates or have an opinion? Remember to subscribe and comment.