2 Quick Ways to Create Ethereum Wallet for Token Sale Events, ICO

- November 26, 2017

If you have never participated in a Token Sale, or initial coin offering (ICO), then the amount of money being invested would seem baffling. This year, more than $3.6 billion in total raised. However, when you see the performance of crypto-currencies following their ICO events, suddenly the mind boggling demand makes sense.

For this reason, many people want to participate in Token Sale events, but aren’t sure how. This confusion is further amplified by the need of an Ethereum wallet in order to participate. You can see what I mean in the below image from HADE Token, which requires an Ethereum Wallet address.

An Ethereum wallet is necessary since the overwhelming majority of tokens and coins are ERC-20, created from the Ethereum network. Once the tokens are issued following the ICO event, buyers will access via the Ethereum wallet address they provided at the beginning of the token sale event. Fortunately, it is super easy to create an Ethereum wallet. In fact, you could create wallets using both methods below in under five minutes, total!

Using MyEtherWallet.com

  1. When you visit “MyEtherWallet.com” you arrive on a page to enter a password in order to create a new wallet. Be sure to write this password down.
  2. After entering a strong password, you can either download your “keystore file”, or Ethereum wallet address, or continue to print your new wallet address or copy and store if you are using a secure computer.

That’s it! After you do these two simple steps, you have an Ethereum wallet address that can be used with token sale events to receive new ERC-20 tokens.

Using MetaMask

If you use Chrome operating system, a good, easy, secure option is the MetaMask Chrome extension.

  1. Google Search “MetaMask chrome extension”, and the right link will be found at the top of your search results.
  2. Click “add to chrome” from the MetaMask Chrome Extension page on Chrome Web Store
  3. You will then be redirected to a MetaMask tutorial, and your extension will be added in the Chrome browser. You can click the extension, agree to the terms, and then create a password by clicking on the extension.
  4. You will then be shown 12 random words that could be used to restore your account in the event of a forgotten password. You need to write down these words.
  5. Once you write down the 12 words, you can continue to your account, and “copy to clipboard” your Ethereum address. This address can be used in token sales.

While MetaMask requires more steps and a Chrome browser, there are additional features I like. For one, it connects directly to Coinbase.com for trading, and to Shapeshift to easily convert one crypto-currency for another.

Still, I prefer the simplicity of MyEtherWallet.com, and believe it to be the best option if you do not own a hardware wallet to store crypto-currencies like Bitcoin or those purchased in ICOs.

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