Setting Up Your First Ethereum Wallet

Hello and welcome to the exciting world of Web 3. We're thrilled to have you join FWB. Once your application has been approved, you will need to purchase at least 75 $FWB tokens to get full access to the Friends with Benefits Discord server. To get started, the first thing you will need is an Ethereum wallet to store these tokens.

🌐 What is an Ethereum wallet?

An Ethereum wallet houses your account information in the Web3 world. These accounts can hold assets such as cryptocurrencies and NFTs. It also provides a way to connect to Web3-enabled sites and interact with applications hosted on the Ethereum network (often referred to as dapps).

If you're already using a cryptocurrency exchange (like Coinbase, Gemini, Kraken, Binance, FTX, etc.), you might be familiar with holding crypto assets. But, you likely aren't familiar with connecting to applications. This is because exchanges are custodial accounts. Cryptocurrency exchanges keep track of your cryptographic secrets, and you rely on them to keep your secrets safe. These exchanges don't allow you to take ownership of your actual Ethereum account details, which means you don't actually know your Ethereum address, and can't go out and interact with Web3 applications.

Setting up your own wallet is necessary to be able to join the FWB community, since your membership is tied to your Ethereum account address. Obtaining $FWB tokens involves interacting with Uniswap, an application hosted on the Ethereum network that allows users to swap cryptocurrencies. When you set up a wallet, your assets associated with that address are truly owned and controlled by you. Since you now hold the keys to your wallet, it is also your responsibility to keep them safe.

When you create a wallet, three things will be generated:

A seed phrase

Also known as "secret backup phrase", "recovery phrase"
12 to 24 simple words that represent a CORE SECRET, used to generate all of your private keys
If anyone gains access to this, all associated accounts become vulnerable.
It's critically important that these words remain secret and stored offline, ideally in a secure hardware wallet (see "choosing a wallet" below)

A private key

The secret key used to secure a single account
Allows you to spend and send your crypto assets
Must remain secret
One wallet can hold multiple private keys, and can represent multiple accounts (all derived from the seed phrase)
Anyone with the private key gains control over the crypto assets associated with that account.

A public address

A short, unique address used to receive transactions
Can be shared with others
Anyone with your public address can see your assets and transactions, but they can't control them
One wallet can hold multiple public addresses, (each derived from its associated private key).
A public address looks like this: 0x35bd01fc9d6d5d81ca9e055db88dc49aa2c699a8

🧐 Choosing a Wallet

There is a growing list of wallets to choose from. Each wallet has different features, most of them share basic features such as easy access to Dapps and DeFi. Some wallets let you purchase crypto with a credit card, swap tokens, and withdraw crypto directly to your bank without going through an exchange. Choose a wallet that best suits your needs. You can always switch wallets or make a new one later on.

Here are some popular wallets that let you explore Dapps and access DeFi:

A browser plugin and Dapp browser. Available on: ****browser (Brave, Chrome, Firefox) and mobile (iOS, Android)

📌 Features:

✅ Buy ETH with card

✅ Access DeFi

✅ Explore Dapps

✅ Swap Tokens

✅ High Volume Transactions

A fun and simple mobile wallet. Available on: mobile (iOS)

📌 Features:

✅ Buy ETH with card

✅ Access DeFi