Crypto is attracting lots of attention lately as more and more people want to join the party.
Many people asked me recently how to buy eth and start participating in the ecosystem.
Erc20 tokens, Nft’s, Defi, Dexes, and Nodes on the Ethereum blockchain – all of these require Eth to use.
In this short guide, I will teach you how to easily create a Metamask crypto wallet to start using for $ETH and ERC-20 Tokens.
ERC-20 Tokens are tokens that are built on Ethereum’s blockchain – some of the most famous ones are $LINK, $UNI, $BAT, and even dog coins like $SHIB.
1. Downloading and Installing Metamask
In order to start enjoying the Ethereum ecosystem, we first need to open up a web\mobile wallet.
My go-to recommendation is Metamask. It is a free web wallet, with a beautiful and easy user interface. It’s very user-friendly and connects to many different web 3.0 apps. (Ethereum based applications).
It also has a mobile app so you can use it on your phone if you want.
In order to open a Metamask wallet – go to metamask.io.
Download the metamask chrome (or other browsers) extension and install it.
SUPER IMPORTANT: Make sure you go through the real website!!! There are MANY fakes out there. Beware of scams, as they can empty your wallet’s funds.
2. Creating a New Wallet in Metamask
Now, After downloading and installing the Metamask extension, you need to create a new wallet.
Read carefully as this part is the most important-
When you first open your wallet Metamask will present you with your seed phrase. It is important you write it down, on paper. Not in your computer, spreadsheets, and so on.
Pen and paper only- if someone gets access to this phrase your wallet is compromised and he can take all of your funds. That is why you should make 2 separate copies of the seed phrase and store it in 2 secret places you will remember. Preferably in 2 locations, your house and your parent’s house in an extreme scenario of fire flood and so on ( god forbid).
I repeat – Pen and Paper ONLY. Don’t neglect this step. Don’t be one of those guys you hear about getting scammed and losing all their coins.
Also – Don’t forget where you stored the seed. There are so many people who lost their seed over the years losing fortunes that could have changed their lives. Learn from them. Don’t repeat the same mistakes.
After we understood the importance of your seed, you will be able to set up a regular password for your use with the extension. Write it down as well on paper. If you lose your password you can restore the wallet later on with your seed.
Never share your seed with anyone. Even if they pretend to be Metamask support or the United States President – Your seed is to your eyes only.
3. Time to Buy Some $ETH!
Now that we got the technical part out of the way, it’s finally time to buy some $ETH!
You can do so through the metamask wallet with your credit card – it is the simplest way, yet has higher fees.
You need to set up an account, enter your credit card info and copy your metamask wallet address. Your wallet address can be found if you click under your username in metamask -it will copy the address automatically. Insert it in the right place and then you will receive your coins directly to your wallet. It might take a bit of time if the network is busy so don’t worry if you can’t see it immediately.
You can also buy from other exchanges like Binance, Kraken, and Crypto.com
4. Enjoying the great community and options of Ethereum
Congratulations! You are now a proud owner of $ETH. Now there are many things to explore like Defi dapps like compound, Aave, Dexes like uniswap and 1inch NFT’s on Opensea and Node creation to support the blockchain like Strongblock ($Strong). Remember everything you do on the blockchain while interacting with those apps requires Gas fees in $ETH, they are fluctuating depending on how busy the network is so keep that in mind and plan accordingly.
5. Considering a Hardware Wallet
If you want to get a hardware wallet for storing your $ETH and Erc20 tokens I recommend going for Trezor One. It’s a very secure high-quality wallet at an affordable price. A hardware wallet is much safer than an online wallet. It contains your seed offline and requires a physical signature to unlock and transfer funds. You can Buy the Trezor One Here.
I welcome you to share this post with family and friends or on social media if you found it useful.
Would love to hear your thoughts, questions, or if you need any help in the comments!