How to Create Your Own Ethereum Wallet
One of the safest ways to invest in a cryptocurrency is to take part in an Initial Coin Offering (or ICO). Nonetheless, one thing that stops people from participating is the lack of knowledge.
At first, it might seem complicated to invest in your favorite ICO project. In this article, we are going to bust this myth and show you how straightforward it is to take part in an ICO that’s based on the Ethereum Blockchain.
Since AMICORUM.LIVE is an ERC20-based token, you will need to set up an Ethereum ERC20-compatible wallet.
Why Do I Need to Create an ERC20-compatible Ethereum Wallet?
To be able to buy AMI Tokens, you need to have an Ethereum wallet and Ethereum inside it.
Not all digital wallets are able to support ETH-powered ICO tokens. To invest in AMICORUM.LIVE ICO, you need to create ERC20-compatible Ethereum wallet. And you are the sole person who owns the private keys to it. These keys are needed to correctly interact with ICO’s smart contracts — to be able to send and receive tokens.
REMEMBER: DO NOT TAKE PART IN AMICORUM.LIVE ICO BY SENDING ETH FROM A CRYPTOCURRENCY EXCHANGE. TO PARTICIPATE IN THE AMICORUM.LIVE ICO, YOU NEED AN ERC20-COMPATIBLE ETH WALLET. OTHERWISE, YOU WILL LOSE YOUR MONEY.
The following wallets support Ethereum ERC20 tokens. Tokenmarket updates them on a regular basis.
Compatible wallets
MyEtherWallet (no download needed)
MetaMask (Firefox and Chrome browser addon) Recommended
Mist (Desktop)
Here is how you can create an ERC-20 compatible wallet, with which to invest in AMICORUM.LIVE ICO. We will use MyEtherWallet for that.
How to Create MyEtherWallet to Invest?
The majority of ICO investors use MyEtherWallet for acquiring ICO tokens. Besides being an online wallet, it also offers an offline and a hardware wallet support. These options make it an amazing solution for everybody who’s interested in taking part in ICOs.
Here are the steps to set it up:
- Visit www.myetherwallet.com
Several security reminders will immediately show up. Go to “Create New Wallet”.
- Compose a Password
It’s highly advisable to use a combination of letters, numbers, as well as symbols (-, _, etc.) to have a password that’s as strong as possible. Immediately after you compose a password, write it down on several copies and store it in a very secure place. Then, select “Create New Wallet”.
- Download and Save Keystore File
On the next page, you’ll see a button to save your Keystore file. Download it to your computer and make several copies. Select “I understand. Continue.” Click on “Save Your Wallet” when you are ready.
*REMEMBER: Lost keystore files and forgotten passwords cannot be retrieved. Thus, take all necessary measures to prevent that — as suggested on the website.
- Unlock Your Wallet with the Keystore File
One way is to choose “Keystore File (UTC / JSON)” and click on “Select Your Wallet File” to locate your Private Keystore, which we saved in Step 3. Since your wallet is encrypted, you have to re-enter your password created in Step 2. After you select “Unlock”, you’ll see a notification “Wallet is decrypted”. Scroll down a bit to check your Wallet’s ETH Address.
Another option to sign into your ETH Wallet is by using your Private Key, which was generated in Step 3. Refresh the page and click on the button “View Wallet Info”. This time, choose “Private Key” and type or paste your private key. After click on “Unlock”.
- Congratulations. You have just created your ERC20-compatible ETH Wallet.
Now, you can charge your wallet with ETH. If you already have some, send it to your public ETH address. Via MyEtherWallet’s website, you can also easily purchase ETH from Coinbase (although the rate is a bit more expensive this way).
How to Invest in AMICORUM.LIVE ICO?
Review our Participation Guide
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