HOW TO STORE ETHEREUM AND ERC-20 TOKENS USING YOUR COMPUTER
Before delving into the subject, the first thing to know is that the level of security that a computer can offer to store cryptocurrencies, although quite good, is not perfect. When storing a small value of crypto assets, your computer or smartphone is a great option.erc20 token generator If you are storing a large value of crept, we strongly recommend that you invest in a hardware wallet as a more secure method of storing your crypto assets. Obviously, what constitutes “great value” is relative to each person, but a good rule of thumb is that if you own more than one paycheck worth of crypto assets, it’s a good idea to store them in a hardware wallet. If you’re curious about hardware wallets, check out our tutorial on them here.
Chances are, if you’re reading this, you already have some Ethereum or ERC-20 token and want to store it safely outside of the exchange you bought it on. If this is not the case, but you are interested in holding Ethereum or another crypto asset, you can check out our guide on how to buy Bitcoin and Ethereum here and our guide on how to exchange Bitcoin or Ethereum for another crypto asset (such as an ERC-20 token) here. If you currently have your coins in a bag and are debating whether to move them out of the bag, we recommend checking out our blog post on why storing coins outside of a bag is a good idea.
If you are a normal person, you are probably wondering what an ERC-20 token is. You can always find definitions for confusing terms like this in our taxonomy, but as far as this tutorial is concerned, ERC-20 token creator are cryptoassets that do not have their own blockchain, rather their existence is recorded on the blockchain. Ethereum blocks. Although that definition doesn’t make the term clear, what it means to the reader of this tutorial is that the proper place to store any ERC-20 token is in an Ethereum wallet. If you’re not sure whether or not a token you already own is an ERC-20 token, there’s a good chance it is. the name of the token you have by pressing ctrl and f at the same time and then typing the name or ticker of your coin.
Many of the most popular crypto assets today are ERC-20 tokens, and they can be stored in a simple Ethereum wallet like the one we are about to install. So, without further ado, we can continue with our step-by-step guide on how to securely store your Ethereum and ERC-20 tokens using your computer.
Step 1: Install the Metamask extension for your browser
Metamask is a tool that allows you to interact with the Ethereum blockchain through your web browser. It can be used to interface with a number of different applications made for the Ethereum blockchain. These apps include wallets, like the one we are going to create today, but they also include decentralized apps like decentralized exchanges, games, marketplaces, and much more.
Even if all you want is an Ethereum wallet to store your ETH or other ERC-20, Metamask is a good tool that will help you do that and equip you to do much more in the future.
Since Metamask is a Chrome browser extension, you’ll need to use Chrome or another browser that supports Chrome extensions like Opera, Firefox, or Brave. For the sake of simplicity, we are going to illustrate this “how to” in Chrome.
When you arrive at the Chrome web store, you can type “Metamask” in the search bar located in the upper left corner of your screen. After the quest, the first option has an orange fox face with the word “Metamask” printed below it. This is the correct option and you can click on the blue box to the right of the image that says “add to Chrome” as shown below.
When you click “Add to Chrome”, a message will appear detailing what Metamask will be able to do and will ask you if you really want to install it. Metamask is a secure application made by trusted developers, so you can go ahead and click “add extension”.
Once you have added Metamask, the blue “Add to Chrome” button will now turn green and say “Rate” and you will notice the little Metamask fox face in the top right corner of your browser as shown below. This means Metamask is installed and you are ready for step number two.
Step 2: Configure Metamask
Now that Metamask is installed, it’s time to configure it. To start this process, click on the little fox face in the top right corner of your browser (the one with the red arrow pointing at it in the last step). After clicking on this arrow, you will have the option to try the new version of Metamask. This tutorial covers installing the new version, though the steps should be more or less the same if you decide you don’t want to try the new version now. If you want to follow the steps together with us, click on the big blue button that says “Try now”.
After clicking “Try Now” a new tab will open welcoming you to Metamask and you will be able to click on the big orange button in the middle of the page that says continue.
Once you click continue, you will come to a screen where you can create your password. This password will protect your money, so make sure it’s a strong password, ideally consisting of at least 12 characters that includes a mix of upper and lower case letters, numbers, and symbols. We recommend a short and memorable phrase like,
Blockteq is my #1 place to learn about crypto since 2018 (but one that is unique and memorable to you). The more characters and variety of them, the better. Once you have typed this password twice, you can press “create” to create your wallet as shown below.
After creating a password, Metamask will show you your “account picture”, which is an image completely unique to you and your wallet. You can look for this image to verify that you are using a real version of your wallet before submitting a transaction.
Once you’ve viewed your account picture, you can agree to Metamask’s terms of use by scrolling to the bottom of the terms of use and clicking the orange “accept” button. If the “accept” is not orange, you will need to scroll to the bottom of the terms of use.
After accepting the terms of use, you will also be asked to accept the privacy notice. This notice basically says that when you log into Metamask, sites can see the contents of your wallet. For this reason, it’s best to quit Metamask when you’re done using it. If you remember to do so, your privacy will be protected.
The next warning that Metamask offers is about a phenomenon known as “phishing”. Phishing occurs when websites pretend to be Metamask and ask for your seed phrase (you will receive this seed phrase in the next step) as a requirement to continue your visit to the site. Metamask will never ask you for your seed phrase, so if you come across a website that asks for it, DO NOT enter it, as these sites will steal the entire contents of your wallet.
You will then be presented with a screen containing your “Secret Backup Phrase”, also known as your Seed Phrase. This collection of words is like a seed that will always grow in your wallet. This means that anyone with access to this phrase can access it. create erc20 token For this reason, it is recommended that you never save this phrase to a device that is connected to the Internet (such as the Notes app on your phone, or a Word document saved on your computer). Instead, it’s best to write it down on paper and keep it in a secret, safe place. If you think you might lose a copy, write it down two or three times and keep them in different places. Another option is to memorize the seed, but I certainly don’t trust my memory that much.
To see your recovery seed (also known as your seed phrase), click on the box that says “click here to reveal your secret words”. Once you can read the words, write them down! Whatever you do, don’t skip the step of writing these words down and keeping them in a safe place.
After you’ve written your fallback phrase, Metamask requires confirmation that you’ve actually written it (after all, it’s very important information). To confirm that you have written it, Metamask will present you with an unordered list of your seed phrase and you will have to click on them in the order in which you have registered them.
Once you have confirmed your backup phrase, you will be taken to your fully configured Metamask wallet. It should look like this.
Within this wallet, you will be able to receive, send and store ETH or any other ERC-20 token. To send ETH or an ERC-20 to this account, copy the address starting with 0x that is below the words “Account 1” and paste it into the “send” box of wherever you are sending the funds.
Remember that if you send your ETH or ERC-20 tokens to the wrong place, you WILL NOT be able to get them back. That’s why it’s best to start with a test by sending a small amount of anything you plan to store in this wallet before sending the full amount. Once the small amount you’ve sent arrives, you’ll know you’ve set everything up correctly and can send the full amount. After a trial or two, you’ll likely have a much clearer idea of how the wallet works.
Finally, when you’re done with your wallet don’t forget to exit Metamask. You can do this by clicking on your unique account image in the top right corner and clicking “Log Out” at the top of the menu that drops down.
