How To Create Web3 Wallet in 2022

Learn the easiest way to create your first Web3 wallet and set up custom smartchain networks for your web3 wallet
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How To Create Web3 Wallet in 2022

How To Create Web3 Wallet in 2022

You clicked to read this post, meaning you’re looking to start your DeFi journey soon. This is a 3 part series of all that you need to actively interact with DeFi products and platforms. So today, we’ll be creating our first Web3 wallet and setting up different custom blockchain networks that can help us to explore various opportunities in Web3.

WHY YOU NEED TO LEARN THIS

If you wish to ever utilize Web3 to your benefit now or later in the future, it’s a must for you to have practical understanding of DeFi. While the theories are critical in building a basic understanding, practicing how these theories plays out in reality will enable you to take better advantage of all that Web3 got to offer.

Note: The same MetaMask address can be used across different networks. For example, your wallet address can be used on Ethereum, BSC, Polygon and Fantom etc(in order to avoid confusions, we’ll not dive deep into types of blockchain networks).

GETTING STARTED

There are several DeFi wallets out there but the most used is MetaMask and its available both on PC (desktop, laptop) and Mobile. In this guide, we’ll use PC cause the processes can vary across different smartphones. 

1. Open your browser and visit metamask.io and click the download button as indicated by the ‘green arrow’ on the left image.

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Then choose the browser type you’re on, (where the ‘orange arrow’ is pointing) an the right image and click the install button as indicated by the ‘blue arrow’ at the bottom.

Please pay attention to the arrows so you don’t miss a step.

2. Once you see the ‘remove from chrome’ as shown on the left image below, then you’re good to go.

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Next, click on the ‘extensions’ icon at the top right of your PC as indicated by the ‘blue arrow’ and click the pin icon next to MetaMask as indicated by the ‘orange arrow’. The ‘black arrow’ shows that your MetaMask is now pinned for easy access.

3. It’s time to create your wallet. Click the MetaMask icon you just pinned at the top and click the ‘Get Started’ button (green arrow). Next, choose ‘Create a Wallet’ (orange button).

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4. Click ‘No Thanks’ (green arrow), then set a strong password for your wallet and click ‘Create’ (orange button).

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5. Make sure to hit play and watch the short video on how to secure your wallet. On the next page is the most import part of your DeFi journey so make sure to handle this info as private as possible.

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You can either use the download option as indicated by the ‘black arrow’ or click the blur area (orange arrow) to reveal the phrase for you to copy manually.

6. Confirm your recovery phrase in the empty box (green arrow).

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Congratulations! You just created your passport to the world of decentralized finance.

7. Close the pop up from the area pointed by the ‘green arrow’. The left image shows how your new wallet looks like. The top right (orange arrow) shows the network area, which is set to Ethereum by default and the ‘blue arrow’ shows the native token for the current network.

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aDDING CUSTOM NETWORKS

1. There are two ways to add a new network to your wallet. First is by clicking on the network area (green arrow) then click ‘Add Network’ to add manually.

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2. The second way is by using Chainlist which is displayed in step. Visit Chainlist.org and click ‘Connect Wallet’ (orange arrow)

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3. A pop up will appear from MetaMask. Simply click next (green arrow) and click connect (orange arrow).

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4. Now click Add To MetaMask button under Binance Smart Chain. MetaMask approval box will pop up again, simply click Approve to automatically add BSC to your networks.

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5. Do the same thing for the other three networks marked by ‘green arrows’. Next, click the MetaMask icon from the top (pinned area) and open ‘networks’ (orange icon on the right image), then choose Binance Smart Chain. Notice how the native token has changed from ETH to BNB since we’re now on the BSC network.

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If you’re in the US, click ‘Buy’ to buy some BNB with your Debit card via Transak. If you’re not in the US, follow the next step to fund your wallet via Binance.

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SUMMARY

Now that your Web3 wallet is all set up, you can read on supporting articles like how to fund your Web3 wallet so that you can start trading or investing in Web3 (DeFi).

If you would prefer video guides for long and complex editions like this one, indicate in the comment section and I’ll look into it.

Do you have any question, stuck at any step, or is there something you’d like to suggest? Please don’t hesitate to share them in the comments.

I’m not a guru of any kind, but I hope that I can help you and others to make informed choices in Web3 and More.

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