Create a Wallet

There are two main types of web3 wallets: hot and cold

Hot wallets and cold wallets are two different types of cryptocurrency wallets that serve different purposes and have different security implications.

A hot wallet is a type of cryptocurrency wallet that is connected to the internet and is always online. Examples of hot wallets include online wallets, mobile wallets, and desktop wallets. Hot wallets are convenient for quick transactions and easy access to your cryptocurrency, but they are also more vulnerable to hacking and theft since they are connected to the internet.

On the other hand, a cold wallet is a type of cryptocurrency wallet that is not connected to the internet and is therefore considered to be more secure. Cold wallets can be in the form of hardware wallets, paper wallets, or even offline computer wallets. They are designed to store cryptocurrency offline, so they are less susceptible to hacking and theft. However, they are less convenient for frequent transactions and may require additional steps to access and manage your cryptocurrency.

Overall, the main difference between a hot wallet and a cold wallet is their level of security and convenience. If you need quick access to your cryptocurrency and are willing to accept a higher level of risk, a hot wallet may be suitable for you. However, if you prioritize security over convenience and don't need frequent access to your cryptocurrency, a cold wallet may be a better option.

Never share your private key with anyone for any reason. Create multiple backups of your private keys and recovery phrases. Ideally, split your private key between different secure locations, such as a safe deposit box, fireproof safe, or with trusted family members.

Create a Wallet

A popular hot wallet is Metamask, but you are free to use any Ethereum-based wallet.

Getting started with MetaMaskMetaMask

Here is a helpful guide with frequently asked questions about Metamask

1. Visit MetaMask's official website: Go to https://metamask.io/ to ensure you are using the correct website and avoid potential phishing attempts.

2. Download the extension: Click on the "Download" button and choose the correct platform for your browser (Chrome, Firefox, Edge, or Brave). You'll be redirected to the browser's extension store.

3. Add the extension: Click the "Add to [browser]" or "Install" button to add the MetaMask extension to your browser. Once installed, you'll see the MetaMask fox icon in your browser's toolbar.

4. Open MetaMask: Click on the fox icon in your browser's toolbar to open the MetaMask setup process.

5. Create a new wallet: Click "Get Started" and then "Create a Wallet." You'll be asked whether you want to help improve MetaMask by sending anonymous usage data; choose "I Agree" or "No Thanks" based on your preference.

6. Set a password: Create a strong password for your MetaMask wallet and click "Create." This password will be used to unlock your wallet within the browser.

7. Secret recovery phrase: MetaMask will show you a 12-word secret recovery phrase. Write it down and store it in a safe and secure place, preferably offline. This phrase is crucial for recovering your wallet if you lose access or need to restore it on another device. Click "Next" once you've securely stored the phrase.

8. Confirm your recovery phrase: To ensure you've recorded your secret recovery phrase correctly, MetaMask will ask you to select the words in the correct order. Once you've confirmed the phrase, click "Confirm."

9. Wallet setup complete: You have successfully set up your MetaMask wallet! Click "All Done" to finish the process and start using MetaMask.