I looked at myetherwallet
Go to
https://www.myetherwallet.com/.
Enter a password. Do not forget it.
Click the "Generate Wallet" button.
Click the "Download"button.
This saves your encrypted keystore wallet file. Keep this safe. Back it up in multiple physically different locations.
Read the warning. If you understand it and promise not to lose your private key, click the "I understand. Continue" button.
You now have the option of printing a paper wallet, saving your raw private key, or saving a QR code of your raw private key.
If you wish, save any of these. We recommend printing your paper wallet and keeping it in a super safe location as a final backup.
Then click "Next: Save your Address"
Unlock your wallet that you just created using the file you just downloaded in order to see your address.
Your address will now be displayed, along with some other additional information. This address is what you will use to send ETH or Tokens to this account.
1. Can someone explain the keep the encrypted keystore wallet file safe? I dont get what this means. I assume when you download the wallet, its already on your laptop right?
2. When they say back it up in multiple physical different locations, can someone explain this to me? This is an online file right? So what do they mean by this? You mean make a copy of it and put it in an external hard drive? And also have one in an online cloud service like dropbox? If not, what do they mean by this?
3. When they mention private key, is that the password that you created?
4. When they ask about printing a paper wallet, can someone explain this? Do i need a printer right now connected to my laptop in order to print this paper wallet?
5. The other options are saving your raw private key or saving a QR code of your private key. Can someone explain me what is meant by this?
6. I don't think i would want to print a paper wallet as i do not want to keep a copy of it in the apartment etc. Do you guys agree/disagree with this?
7. So there is no 12 word phrase like electrum?
8. So if you don't keep a backup copy of this wallet and even if you know your password, that means you won't have any access to your ETH anymore? So basically you have to make multiple backup copies of it because if you don't, and any of your copies are destroyed or loss etc... then you lose all your ETH? For example, you have the wallet on your laptop of course. But let say you make a copy of it on an external hard drive and thats all. So if computer has problems and external hard drive has problems, then you lose all your ETH no matter what? With Electrum with bitcoin, as long as you know that 12 word phrase, that is all that is needed. Thus even if you don't have any backup copies of electrum on your external hard drive or anywhere else, well the 12 word phrase would allow you to restore your electrum with bitcoin.
Thanks all.