CREATE AN ETHER WALLET
You should create an Ether Paper Wallet, before you start buying or mining Ether. An Ether Paper Wallet is just like an ordinary wallet which is printed on paper. It might sound weird at first, however, it is the safest method to store your Ether. The fact that, your Ether can be stored at your house, at the bank in a locker box or in a cookie box buried behind your house, is an important advantage of the Paper Wallets, if compared to an Online Wallet. The Paper Wallet is not part of the Internet. No hacker can gain access to your precious Ether. Unless, he would find your cookie box behind your house. A disadvantage of the Paper Wallet is the fact that, the availability of the Ether is belayed as the Ether has to be transferred back to the Online Wallet before it can be used.
The use of the Ether Wallets always depends on what you want to use them for. If you want to trade your Ether at the stock market and benefit from price fluctuation, the Ether has to be ready to use in your Online Wallet in order to act quickly. If you want to go with a long-term rise in the market instead, you can keep your Ether safely in your Paper Wallet until you need them and then transfer them online. By the way, Paper Wallets are an excellent extraordinary present. Just put enought Ether in them.
- Create a safe Ether Wallet
- Pay Ether into the Ether Wallet
- How much Ether is available on my Ether Wallet?
- Pay out Ether from your Ether Wallet.
1. First things first:
Open the webpage myetherwallet.com
2. Choose a password for the encryption of the JSON file:
Enter a safe password in the field. We recommend a combination of at least 15 characters of capital and lower case letters, special characters and numbers. Take a note of this password outside your computer. This password is necessary for you to decrypt your Ether Wallet, if you use the JSON method, where the Ether wallet is saved as a file on your computer or USB Stick. Click on “GENERATE” to create your Paper Wallet.
3. Voilà: You have generated your Paper Wallet.
You have several options now. You can print out your Paper Wallet on “PRINT”.
The Paper Wallet contains your official address (your address). This address corresponds to your IBAN of an ordinary bank account and can be published. If a person has your official address, he can send you Ether. Besides that, there is no further use. The private key is different thought. If a person knows your private key, he has access to all your Ether on your Ether Wallet. This is why you should never hand out your private key to anyone and keep your Ether Wallet at a safe place. The public address and the private key are additionally shown as a QR-Code on your Paper Wallet.
As an alternative to the printed Paper Wallet, you can download a JSON file via “DOWNLOAD”. This file contains all information regarding your Ether Wallet and can be downloaded encrypted or unencrypted. The password, which you chose in the beginning, is necessary for the decryption. You can save the JSON file on a USB Stick for example, in order to keep it from being lost.
4. Paying Ether into the Paper Wallet:
Before using your Ether Wallet, you should first pay in a small amount of Ether into your Ether Wallet as a test. You can transfer the rest after a successful test. If you have bought Ether before, or used a Cloudmining-Provider like Genesis Mining*, you can use your own official address to deposit Ether in your Ether Wallet. When you start using Genesis Mining you have to enter the address of your Ether Wallet. After that, you receive your daily payouts to Ether Wallet. We recommend saving the official address on your PC when creating your Paper Wallet (never your private key!). This way you can simply copy and paste it and you avoid typos. It is a lot faster as well.
5. How many Ether are on my Ether Wallet
We use Etherchain to check how many Ether are on our Ether Wallet. You have to enter the official address in the upper field and search for it. Then, Etherchain gives us the Ether status on our Ether Wallet.
6. Pay out Ether from Paper Wallet
Using the tab „Send Transaction“ on myetherwallet.com you can send Ether from your Ether Wallet. There are two possibilies to do so.
If you use the JSON file, click “Upload Your Wallet File” and choose the JSON file via „SELECT WALLET FILE“. You can send Ether to another Ether address immediately, if the JSON file is unencrypted. If the JSON file is encrypted, you have to enter the password first, which you chose when you created the Ether Wallet.If you use the classic Paper Wallet, click on „Paste/Type Your Private Key“ and enter your private key in the next field. After that, you can immediately send Ether to another Ether address.As your data transfer could be observed theoretically, we recommend transferring all Ether from the Paper Wallet to a new Ether Wallet after entering your private key. The old Paper Wallet can simply be destroyed afterwards. Safety rocks.
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