Getting started on Ethereum with a Wallet

Getting started on Ethereum with a Wallet

Quick take

1 minute read

  • When you’re new to an industry such as cryptocurrency, everything can be a bit daunting at first. 
  • You may be confused as to how to even access cryptocurrency or buy it so you can make some profit out of it.

When you’re new to an industry such as cryptocurrency, everything can be a bit daunting at first. 

You may be confused as to how to even access cryptocurrency or buy it so you can make some profit out of it.

When it comes to Ethereum, you’re going to need a place to store it. A wallet is typically used, just like in real life to hold your assets and easily conduct transactions. You can even check your bank balance whenever you need to.

For the purposes of this article, we’re going to assume that you are brand-new to the industry.

A wallet is very different from the physical wallet that you have in your pocket, it is instead a digital online entity. Plus, Ethereum is just like every other cryptocurrency on the market, it doesn’t physically exist, it is all online in ones and zeros. This is otherwise known as the blockchain. With wallets, you can interact with the blockchain and enable transactions.

With wallets, they have public addresses which are randomly generated meaning that if someone wants to send you a cryptocurrency, for the sake of argument let’s say it is Ethereum, they will send it to your specific wallet address. Otherwise, this is referred to as a “public key”.

The public and private keys are then paired up and it would mean that you’ll be able to perform any transaction and these two wallet addresses will match up if done correctly.

This is the very basics of Ethereum and getting started with the world of crypto. There are plenty of resources out there to learn more about how to get started in the industry and as cryptocurrency has been significantly rising over the course of 2020, more and more people are wanting to get involved with the market.

 

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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