Welcome to our beginner’s guide on setting up a crypto wallet! In this series, we aim to demystify the process of creating a crypto wallet and adding the Silver Token and Silver Dollar, making it accessible and understandable for everyone.
Setting up a crypto wallet can be done quickly in five simple steps.
Step 1: Download Wallet software
Step 2: Create a new wallet
Step 3: Seed phrase knowledge
Step 4: Write down your seed phrase
Step 5: Confirm your seed phrase
And now you have a crypto wallet just like that.
Once you understand the different types of crypto wallets, you’re best suited to choosing which wallet you want to set up.
We recommend you set up a non-custodial hot wallet to start.
Remember, a non-custodial wallet means you’re responsible for keeping your seed phrase safe and secure. As well as, your assets are in your custody, meaning no one can access them without your help.
For more significant investments, you should purchase a hardware wallet for maximum safety, like the Trezor Model T.
One of the best-known and widely used non-custodial crypto wallets is MetaMask. They are owned by ConsenSys AG, valued at $3.2 billion. MetaMask boasts more than 21 million monthly active users. The statistics speak for themselves for the safety of this self-custody wallet.
You can set up a MetaMask wallet on your smartphone, laptop, or most devices that connect to the internet with access to a search engine browser like Google Chrome.
Go to the MetaMask website. Please double-check it’s the correct website before going any further.
Then click on the ‘Download’ button.
You can choose from the supported browsers if you want a browser extension wallet or IOS/Android for your mobile wallet.
Click on the ‘Create a new wallet’ button, and then create a strong password.
Ensure this is a unique, strong password you don’t use for other accounts or applications.
Now it’s time to secure your wallet with your secret recovery phrase, also known as your seed phrase.
Your seed phrase is a backup set of 12 or 24 randomly generated words that are used like a ‘master key’ to access your wallet and crypto assets.
How do I save my Seedphrase?
The best way to safely store your secret recovery phrase (seed phrase) is to write it down on paper or engrave it into metal and keep it in a safe deposit box. Password managers are generally safe, but there have been data leaks that have the possibility of someone finding your seed phrase and gaining access to your funds.
Ensure that you write your seed phrase down in the correct order initially shown to you. Because if you ever need to use this master key, the correct order of the 12 numbers is essential to gain access to your funds.
However, if you wrote them down in the incorrect order, there are 479,001,600 possible combinations. So it’s possible to brute-force access, but it could take a while!
Should I share my Secret Recovery Phrase?
Never, ever share your seed phrase with absolutely anyone, ever!
If someone asks for your recovery phrase, they are most likely trying to scam you and steal your wallet funds.
Click on the ‘Reveal Secret Recovery Phrase’ button.
Using the knowledge in step 3, safely and securely store your seed phrase in the correct order.
And then hit ‘next.’
MetaMask will ask you to confirm your seep phrase by either:
Asking for three words from your seed phrase in the correct place.
Writing out your 12-word seed phrase in the box in order.
Once complete, click confirm. If successful, a ‘wallet creation successful’ confirmation message will show.
You’ve successfully set up your new MetaMask wallet. You’re now ready to buy and safely store your crypto assets.
But, before buying anything, you should add the token addresses to your wallet. Importing a token address makes the token visible in your wallet.
In MetaMask you’ll find ‘+ Import Tokens’, click on this.
You only need to add the token address and it should show you the token ticker. Click next and then the token should be visible in your wallet.
Here are the addresses you need to add:
Silver Token (SLVT) Address: 0x652594082f97392a1703d80985ab575085f34a4e
Silver Dollar (SLVD) Address: 0xdba8e8021fe321af91fc3a08e223ef15908cb2bb
USDC (Polygon Network): 0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174
USDC (Ethereum Network): 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48