Setting Up Your New Bank Account!

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Setting Up Your Wallet In 5 Easy Steps

Your Wallet: A Bank Account On Steroids

A crypto wallet frees your money by removing all borders and walls of real world financial institutions. Send instantly, receive instantly, be your own bank.

Your MetaMask wallet can:

Send crypto
Receive crypto
Swap from one crypto to another (ex: Ethereum to AAVE)
Interact with DeFi Apps (i.e Compound, AAVE, OpenSea...)

Q: What is a wallet?

A: Your new bank account where you can hold, send, receive and swap between crypto coins & stable coins. Home base for your money.

Q: Why do I need a wallet?

A: Its your universal log-in! Every DApp you interact with will use your wallet to grant you access. (kind of like the "Log in with Facebook" option)

Q: What does a browser wallet mean?

A: Browser wallets like MetaMask are simply a Chrome (or Firefox) extension that can easily be accessed when browsing the web or crypto web apps.

Q: Difference between Seedphrase & Password?

A: Seedphrase is your master key, a randomly generated set of words in a specific order, which cannot be changed. Your password can be changed, and its just a 2nd line of security, so that you do not have to remember your long seedphrase.

Q: How secure is MetaMask wallet?

A: As secure as you make it. Its on you to keep your password + seedphrase safe!

Setting Up Our MetaMask Wallet - (5 Minutes)

1. Navigate to MetaMask's website, select your device type and download (I recommend desktop not mobile)

2. After successfully installed, the extension can be seen in the top right of your browser. Now click the "Get Started" blue button.

3. Since we haven't made a wallet before, click "Create Wallet" - then create a STRONG and lengthy password!

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Make sure you write this down somewhere on paper also, keep it safe, write multiple copies of it, hide each one.

5. Your SEEDPHRASE is a group of words in a specific order that is unique.

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Save the file, back it up somewhere safe, write the seedphrase down on paper (few copies), or in a Steel Fire Proof Storage, and keep them safe as well! ORDER MATTERS!

6. Click on the words in the correct order to access your wallet.

...You now have access to the decentralized universe. Enjoy

Made with 💜 - by @thekriskay - share with a friend to help DeFi grow.

Lets Do DeFi ™ is a free DeFi educational resource and guide aimed to explain complicated crypto stuff to everyday folks.

1. Setting Up Your Wallet