MyAlgo Wallet: How to Make and Use One
MyAlgo Wallet is a digital cryptocurrency wallet launched by the Algorand Foundation. This project by Algorand is fairly new and is the second digital wallet in their collection. Here's how you can create a new wallet on MyAlgo and activate it properly.
Create an account on MyAlgo Wallet’s website
Open your browser of choice and head to the MyAlgo Wallet website.
Here, you'll see the terms and conditions and a rather in-your-face disclaimer. The website will warn you of the decentralized nature of the digital wallet, and also remind you to take special care of your mnemonic seed, which we'll discuss below.
Then, you set a password that passes the requirements set by the website and click on "New Account". This will allow you to create a new MyAlgo Wallet.
Store and verify your mnemonic seed phrase
On your screen, you'll come across five cards consisting of a collective total of 25 words. This will be your mnemonic seed phrase. Ensure you save it, store it somewhere safe physically on a piece of paper, and never lose it. It will be the only verification method to access your account should a mishap occur.
You'll also be asked to verify this seed phrase in the same order as it was displayed previously. Make sure you get this part right!
Set an account name and voila!
Finally, set a name for your wallet and hit the "Create Account" button. You're now set and ready to start trading ALGO crypto coins!
We must stress this again; it is essential that you make sure that your mnemonic seed phrase is secure and accessible only to you. If someone else gets access to it, they'll automatically have access to your account.
Don't leave yourself vulnerable, and be safe out there!
Author: Osama Shahid
Osama Shahid is an experienced writer and editor, mainly writing about gaming and crypto. In his free time, he loves to game, playing FIFA 23 and Rocket League.