Airdrop of the day - Guide on how to set up an example of a cryptocurrency wallet [ENG]
At the outset, I would like to mention this is a guide for novice crypto market participants, those experienced can scroll down to see what portfolios I recommend and why. As our poll published on facebook has shown, such a guide is needed, so we help.
If we want to collect tokens (coins, cryptocurrencies) we need accounts on a telegram, twitter, facebook, sometimes reddit, linkedin or bitcointalk but most of all we need a wallet, which will be our "hard earned money" in the form of tokens. Once we get them, we can exchange them for more liquid cryptocurrencies (ETH, BTC), then for FIAT (PLN, USD, EUR) and withdraw from exchange to an account or cash in Bitomat. However, in my opinion the best option is to keep them (Hodl), because it may turn out that this exemplary equivalent of 10 or 20 dollars may grow in a year or two x10 and even x100 and there were cases of larger profits. It is worth investing in new technologies that have not come into mass use yet. Imagine now that we bought Google or Amazon shares at the beginning of their journey. ICO (Initial Coin Offering) is something like investing in the future. There is one difference - we do not have to buy them, just advertise and that's what Airdrop is all about. End of motivating - let's get to the merits.
Different cryptocurrencies have different portfolios but we are interested in storing tokens based on the ERC-20 (or ERC-23) standard, based on Ethereum. Why Ethereum - for a simple reason - 80% ICO is created on the basis of ETH, and thus for most Airdrops we need just such a wallet. The most popular wallet is MyEtherWallet but I will not recommend it. MEW has one drawback, newly created tokens are usually not visible in it and need to be added manually which for beginners can be a problem. As for the division described above, I will recommend mobile wallets as a starting point because of their ease of use and the ability to be installed on a new device if, for example, the old one has been damaged. However, in the future I would recommend hardware, but that's when our knowledge of the crypto and at the same time the wealth of the wallet will increase, for a simple reason, it is not free.
I would like to recommend two wallets - one have already working and one that is just being created. The first one is Eidoo - with many advantages it has the two most interesting ones - all tokens are visible immediately and do not need to be added (I got 27 at the moment so I know what I'm saying). The second advantage is that in the near future we will be able to sell our tokens directly from wallet bypassing the transfer to the stock exchange and commissions related to it.The second is Ethos, which you have to sign up for, but it has many interesting options and looks very promising and above all is a partner of many ICO's so that the Airdrops will run automatically and yet that's what we want.
At the end, the basic principle of security - NEVER give anyone our private key (password) to the wallet. It may happen that we will receive an e-mail requesting this key in exchange for tokens (I received it myself), believe me this is another SCAM. However, a public key consisting of 42 characters and starting with 0 is public and we paste them in Airdrops. You can find it in our portfolio (in this case in the Eidoo application) and copy it.
Description of the steps to set up the Eidoo wallet
- Click the link depending on the device: Android, iOS, Desktop .
- Download Eidoo applications and install.
- Click "Create a New Wallet" then "I agree, go next".
- Create a private key (password) and confirm it - do not forget to save it or remember it.
- Click "Backup now" and after entering the password, save or print the 12 words displayed (necessarily), you will need to recover the wallet on the new device and in the further part of the installation.
- Enter the words you have saved in succession.
- After clicking on the bar code in the upper right corner you can see our public key, which we copy and paste in Airdrops.
- Sign up for your wallet Ethos, to receive free Airdrops in the future, form after scrolling down.
Good luck and successful hunting.