Setting Up Your Crypto Wallet - $60k+ in Passive Income With Crypto

Hey, this is James Pelton and today I just wanted to share a video about how to set up your own crypto wallet. For most of the projects that we're going to be investing in, that we're going to be purchasing, you do need your own wallet to kind of store your cryptocurrency and when you're going to be sending it through the different exchanges. Yesterday I did a video for Hyperfund and for Hyperfund you don't need your own wallet and also if you're just going to hold on to ETH or Bitcoin, you don't need your own wallet. That's kind of why I started with those as they're a little bit easier. But for almost all crypto things that you're going to do, you need some kind of wallet to store those things in. So if you have a wallet you prefer, definitely go ahead and use that. The one that I like to use is called Metamask. So if you just go to metamask.io, this is a wallet that actually just sits in your Chrome browser. And if that sounds unsecure to you to have a wallet that stores all your crypto just sitting in your browser, the reality is it is a little insecure. And most people who get their crypto stolen from them are people who go to websites that ask for you to approve your Metamask wallet and I'll kind of show you how that works. And they do it on websites that they shouldn't be trusting. So let me go ahead and show you how to get this set up. So you install Metamask for Chrome and they'll take you to the Chrome web store. Then you just click add to Chrome. You add the extension and give it a minute here and then it adds that extension. And this puzzle piece here is where you can see all your extensions and I use Metamask a lot so I'm going to pin it up there just because I like to be able to click on it often and see what's going on. And if you don't already have a wallet, you're going to click this get started here. Again, all wallets have a secret recovery phrase. So this is going to be a bunch of what seem like random words and that's kind of what sets your wallet up for them to know that it's you. So if you already have a wallet, you already have a secret recovery phrase, you can import that wallet, but we're going to just say you don't already have a wallet. So we're going to get one set up. So we're going to create a wallet and it gives you some some warnings here. And I would recommend reading this. Usually I skip by warnings, but I would recommend you read these because a lot of people have their Metamask account broken into. So they say they will never ask you for any personal information. So if you get a message from somebody saying, hey, I Metamask support, don't believe them. Customer support in the crypto world. In the crypto world, there is no customer support. So if you have somebody offering you customer support, except for me, then they're not legitimate. They're trying to steal stuff from you. So never give out your keys, your addresses, your transactions, your balances, any personal information. Then you're going to set up a password. And I'm just going to do what I like. Chrome store most of my passwords. I just do something. Let's do something weird like this. Confirm it. And it talks about how to secure your wallet. And again, I do recommend that you watch this video just so you get these ideas. And then these are going to be your secret words for your wallet. And I'm OK to go ahead and show you these because this is not a wallet that I'm actually going to use. But these are my random words for this wallet. Grid, clock, pack, bag, wrist, defy, retire, another dial, fox, force, dirt. So you should save those somewhere. You should write them down, maybe on a piece of paper. They tell you what they recommend. Write it down in multiple pieces of paper. If you lose this phrase, you lose access to your wallet. So it would be very bad for you to lose this. So keep that in mind. And then I didn't even write it down anywhere. So I'm just going to copy and paste it into another window just so I can remember because they're going to ask you questions then about those words and they say, OK, confirm the word. So it was grid clock. They say they say memorize this phrase, but I don't know. Maybe I'm getting too old, but there's no way I can memorize this risk, defy, retire, another dial, fox, force, dirt, confirm. OK, congratulations. You passed the test. All right there. And then now you have a wallet. OK, this is pretty easy to get set up. You have a wallet now. And right now, the only token that is showing is your ETH. As you transfer more things to it, you can see more things. And I'll talk about that in future videos as we're adding things to it. But this is your wallet address. So you can just click it and it'll copy it and you can see that's your wallet address. And you're currently on the Ethernet network. We'll talk more about some of these other networks for different projects. But this is the Ethernet network and this is your Ethernet address. OK, and there you have it. You have your your wallet set up and you're ready to go.