Step 2: Set up a wallet

What is a wallet?

Your wallet is where your cryptocurrencies and assets are stored. There are a few different kinds of wallets that exist, for example: Digital or “hot” wallets These wallets are software based and require internet connection, accessed via desktop/mobile applications and the web. They’re quick, convenient and easy to access.

Physical or “cold” wallets These kinds of wallets store data on a physical medium, e.g. hardware wallets (electronic devices resembling hard-drive or USB) or paper wallets (printed QR codes). The benefit of using cold wallets is that they provide better security, which is recommended for larger sums of money and high value assets.

1. Get a wallet. We recommend using MetaMask.

This can be downloaded as an app for your computer or phone, or as an internet browser extension. We’ll now dive into a tutorial to set up your Metamask on your desktop.

• You’ll need a pen and paper for this. • First, head to https://metamask.io/ on your new internet browser.

You’ll have the option to add the Metamask web extension to your browser or download the app to your computer/phone. In this example, we'll add the Chrome extension to our Brave Web3 Demo browser.

2. Set up your MetaMask wallet

Once you’ve downloaded the app/extension. A welcome screen will appear. Hit “Get Started”.

Here, you may accept or decline Metamask’s use of your data to improve the Metamask experience for all its users. This choice is yours - hit “I Agree” or “No Thanks”.

The next screen asks if you’re new to Metamask. Hit “Create a wallet”.

Create a long password - the more characters, the better. Ideally, use an online password generator to produce a password with randomized letters, numbers, characters and symbols.

• Remember: words or dates are comparatively easy to hack.

• WRITE DOWN YOUR PASSWORD on a piece of paper, keep it safe and hidden, and do not save or store somewhere on your computer.

Check the box agreeing to terms of use, then hit “Create”.

You’ll be prompted to watch a video on securing your wallet. Pay close attention and hit “Next” when you’re done.

You are now led to your Secret Backup Phrase.

• Again, it’s crucial that you WRITE DOWN YOUR SECRET BACKUP PHRASE on a piece of paper. Do not save or store somewhere on your computer.

Click on the grayed-out box to reveal your secret words. Once written down, you’ll be asked to confirm your Secret Backup Phrase by selecting the words in their correct order.

Important: Keep your secret backup phrase safe!

Congratulations! You’ve completed MetaMask wallet setup.

You’ll now be able to store different kinds of cryptocurrency. These can be bought with Fiat (standard) money and used for NFTs and other purchases on the blockchain.