2017 is such an absurdly profitable year where people can create a token literally called 'Fucktoken' and sell it for $30000 in 30 minutes. Yet the most absurd part is that most of the times, those who buy or adopt these new token from such ICOs are bound for quick 100-200% profit once its released (Although its sustainability is usually questionable).
If you want to get some piece of that apple pie, you must first knows the most basic part of an ICO. Which is having a wallet, an Ethereum wallet specifically because most ICOs nowadays are based on Ethereum. Not all Ethereum wallet support token deposit for ICO mind you, like for example Ethereum's wallet of Indonesian exchange bitcoin.co.id although it can receive deposit and withdrawal of Ethereum but it outright cannot accept smart contract token. Now in this post, I will guide you on how to create Myetherwallet, one of the easiest wallet to use out there.
We're not going to cover all of the aspect of myetherwallet. We will only learn the basic setup for the easiest usage so you can use it for receiving tokens for any ICO.
Step 1. Open https://www.myetherwallet.com/
Make sure that its https and the spelling is correct because cryptocurrencies are ripe with scammer pretending to be myetherwallet to get you transfer your ethereum and tokens to them.
Step 2. Click New Wallet and Enter Your Password
Remember, password and private key is different. In steemit, your private key is your password, but in myetherwallet, sometimes you still need your own password which you enter in this phase.
Step 3. Download and Keep Save Your JSON UTC Wallet File
This file is your wallet file which can be one of many access toward your wallet in myetherwallet. So keep it save and click I understand. Continue.
Step 4. Save Your Private Key
This is one of the most important part of your wallet. Don't lose it.
Step 5. Unlock Your Wallet By Copy Pasting Your Private Key on Private Key Option
Copy paste your private key and you will get access to your wallet address.
Step 6. Save Your Wallet Address and You Are All Set for ICOs!
That's it! Welcome to ICO town. Population : You!
On my next post, I will show you some recent ICOs that giveaway free tokens. So stay tune!