How to interact with the Algorand blockchain? If you encounter this bog post, it means that you are interested in the Algorand blockchain and you want to explore the ecosystem. A good decentralized wallet to explore this blockchain, and the one that I use, is My Algo Wallet. The applications built on the Algorand blockchain are in the early beginning, and this means that there are some nice earning possibilities with new crypto coins emerging on the Algorand blockchain, and even with farming, staking, lottery systems, and much more. But, as many of you might have seen with the recent trend in cryptocurrency and blockchain space, there will also be many scams and rug pull projects. Therefore, everyone should conduct thorough research regarding every project in which you want to invest. This blog post will be a My Algo Wallet review and tutorial on how to set up and operate this Algorand blockchain wallet. Also, see how I transferred ALGO cryptocurrency in my newly created wallet to pay for the gas fees.
Buy and trade Algorand cryptocurrency on the Kucoin Exchange, and get 10% off on your trading fees for life. Only for the new users, and if the sign-up is done with my affiliate link.
Table of Contents
My Algo Wallet in a brief review
My Algo Wallet is an Algorand blockchain based developed wallet and gateway, which helps users to easily interact with this ecosystem, and access different Web 3.0 Algorand blockchain based applications. It is a non-custodial DeFi wallet, implying that we are in control of our crypto assets and also in possession of our private keys. Therefore, My Algo Wallet is a decentralized crypto wallet, just like the Metamask wallet, about which I recently wrote, and also made a quick tutorial. If interested and missed out, you can check my Metamask review and tutorial by clicking this link.
Once we set up My Algo Wallet, the private keys are stored locally in our computer and browser, never leaving these two systems. This aspect implies that we have to manage our private keys carefully, because no one else could recover these ones. And also, if we forget our password, which encrypts the private keys, we have to do an import of the created wallet to be able to reset the password and access our wallet again. Therefore, be very careful with your private keys, because you can lose access to your crypto funds. The decentralized space comes with great innovations to achieve our financial freedom, but also with great responsibilities, as I said many times in my blog posts.
My Algo Wallet can also be used with a hardware wallet, because this web 3 gateway supports connections with Ledger devices. Furthermore, this type of use is continuing to be the most secure way to manage your Algorand crypto assets. If you don’t own a Ledger device, you can buy one using my affiliate link clicking the picture below, and in this way, you can support my little crypto channels with no extra cost to you.
Also, users of My Algo Wallet can gain staking rewards by only holding Algorand cryptocurrency in this wallet. The only requirement is to hold a minimum amount of one ALGO coin. The rewards are coming into your wallet without doing anything, and without locking your assets into some smart contracts, but it is a pretty low yield. At the time of writing this blog post, the staking rewards for just holding your ALGO is under 1%. So, not so many rewards, but it is better than nothing.
My Algo Wallet Tutorial – How to set it up?
If you read or watched my Metamask review and tutorial, then you know that it is pretty easy to set up a DeFi wallet. But be very careful with the domains you access, because there can be many phishing sites with hackers trying to grab our private keys and access our wallets. The official website of My Algo Wallet is: https://wallet.myalgo.com/.
Once you are on this website, just follow the next steps to start interacting with the Algorand blockchain and explore the ecosystem:
- In the upper right corner, you will see an Access button, and also Access Now somewhere on the left side of the web page. Click on any of them to start the set-up process;
- Next, you will see a disclaimer web page about the mnemonic phrase, and also with the Terms of Service, and if you agree with these, check the box, and click on Continue;
- The next step is to create a security password for your next Algorand blockchain crypto wallet and gateway. The password must be at least 8 characters long, at least one number and at least one special character;
- Once created and confirmed, click on Continue to access My Algo Wallet dashboard;
- Into your dashboard, new users can create multiple Algorand blockchain wallets, access the wallet with a Ledger device, import a previously created wallet, view balances and transactions of any public Algorand blockchain address, create Multisig Wallets, or import Multisig Wallets;
I only want to access different blockchain based applications and keep some ALGO cryptocurrency and other tokens. Therefore, for these kinds of operations, a simple Algo wallet is good enough. So, to create an Algo wallet, follow these easy steps:
- In your dashboard, click on New Wallet, which will generate a new randomly Algorand blockchain wallet;
- You will get a message about the mnemonic phrase with a link to follow, and learn how to keep it safe. Next, you need to click on continue to proceed to the following step;
- This step is the most important, and now you will get the mnemonic phrase to back it up. You will have 5 cards with 5 random words each, and combined together will form your Algo wallet’s 25-word mnemonic phrase. This phrase will give you ownership of that wallet and the cryptocurrency it contains. Therefore, write down on multiple pieces of paper and keep it safe in various locations if possible. Also, if you want to save it on a storage device, make sure to be an offline device, and just copy the phrase and paste it in a text document. Also, make sure to write the 25 random words in the correct order;
- After you back it up, check the box confirming that to write down the phrase, and then click on Continue;
- Next, you will have a phrase verification web page where you need to select 4 random words from your mnemonic phrase;
- After the phrase verification is done, choose a name for your wallet, and click on create wallet;
- Enter your security password created in the first steps, and this is it. Your Algo Wallet will be created, and now you can deposit ALGO cryptocurrency, or other Algorand blockchain based tokens, and start to explore the ecosystem and interact with applications.
Note that your Algo Wallet will only work with the browser you first created the wallet, and only this browser will recognize that you have a My Algo Wallet made. For example, I created my Algo Wallet with Chrome, and I attempted to access Algorand applications with Brave, but this browser didn’t recognize that I have this type of wallet created. Therefore, if you want to use your Algo Wallet with a different browser, you have to import it using the backed-up mnemonic phrase. This is a great thing, because it signals that our private keys don’t leave the browser and our device.
Gas fees on Algorand blockchain
As on every smart contract enabled blockchain, we need to hold the native cryptocurrencies in our wallets to pay for the gas fees. Therefore, I believe you guess it, we need to hold Algorand crypto with the ticker ALGO. But don’t be scared about this, because the fees are far away from the Ethereum blockchain. And moreover, I believe that Algorand blockchain might be one of the cheapest networks considering the gas fees. For example, I made some quick interactions with an Algorand Dapp, approving some coins, sending them, and locking them in a smart contract, and I think I paid under 0,01$ for the gas fees.
Furthermore, if I had made the exact same transactions on the Ethereum blockchain, I think this would have cost me around $100, at least. I know that on the Ethereum blockchain is “where the money is”, but I still want lower gas fees, and I expect to become lower with the next upgrades. Until then, I try not to use my Ethereum that much, and the Ethereum based tokens as well.
Algorand is among the cheapest blockchains to interact with. It is scalable, with transactions operating fast. I like this ecosystem, I expect it will become one of the top blockchains, and I am pretty bullish about Algorand cryptocurrency. That is why I made this review and tutorial of My Algo Wallet, for you to see how to easily interact with Algorand network.
ALGO cryptocurrency can be bought and traded on the biggest cryptocurrency exchanges, like:
- Binance exchange. For the new users of Binance, you can get 5% off for life at your trading fees, if the sign-up is done with my affiliate link;
- Kucoin exchange. For the new users of Kucoin exchange, you can get 10% off for life at your trading fees, if the sign-up is done with my affiliate link;
- Kraken exchange;
- Gate.io exchange;
- Ascendex exchange;
- Bittrex exchange;
- Bitfinex exchange;
- Crypto.com exchange. New users can get a sign-up bonus, depending on the CRO coin stake amount, if the sign-up is done with my referral link;
- Bybit exchange;
- And many other crypto exchanges.
How to deposit cryptocurrency in My Algo Wallet?
To deposit ALGO to your newly created My Algo Wallet is an easy operation. Once the wallet is created, you can see your public address directly on the upper edge of the web page, from your wallet’s dashboard. And you just need to copy this wallet address and send Algorand cryptocurrency to it. Algorand blockchain being a highly scalable network, the transactions on this network will be very fast, but it also depends on the place from where you send your ALGO coins.
Another way to send cryptocurrency to your newly created Algo Wallet is to use the generated QR code. Click on receive, and a pop-up window will be opened to show your wallet’s QR code. Scan that code with the application from where you want to send crypto, if this feature is supported, and easily send ALGO cryptocurrency.
I had some ALGO coins into my Coinlist account, from where I usually enter in multiple token sales and “try” to buy crypto coins placed in various sales by the newly launched cryptocurrency projects. I say try, because it is hard to get some good places to be qualified to buy on Coinlist. But I still try every time a token sale occurs.
So, from my Coinlist account, I sent some Algorand crypto to the newly created My Algo Wallet, and the transaction successfully completed in under 1 minute, and with a very low fee.
My Algo Wallet conclusion
So far, My Algo Wallet seems to be a pretty secure wallet, especially if you use it with the Ledger hardware wallets. The connections with this type of secure devices provide an extra layer of security around your hodled cryptocurrencies.
Algorand blockchain offers quick transactions with very low fees, placing this blockchain among my favorites. I am bullish about many cryptocurrencies, and ALGO is included in my top coins to hold for the future. Also, I expect the price of Algorand coin to increase with time, once the network acquires more users and more blockchain based applications will be developed.
Returning to My Algo Wallet and gateway to interact with this blockchain, for me it works just perfectly, easy to use, easy to set up, making it perfect for every crypto enthusiast, and even for the cryptocurrency beginners.
At the beginning of the blog post, I wrote about the password reset, but once you begin to use the wallet, it will be hard to forget it, because on every transaction made, it will need to be confirmed with the security password. It is a little bit inconvenient, but this is good for the security of your crypto assets.
Buy and trade Algorand cryptocurrency on the Kucoin Exchange, and get 10% off on your trading fees for life. Only for the new users, and if the sign-up is done with my affiliate link.
Thank you for reading my learning article about My Algo Wallet review and tutorial, and how to set it up. I hope this is helpful to you. Feel free to share and subscribe to my little blog. Also, visit and follow me on my other channels, Youtube, LBRY and Odysee, Pinterest, Facebook, Publish0x, Instagram, Twitter.
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Disclaimer:
This crypto learning article containing my review about My Algo Wallet review and tutorial is intended for informational purposes only. Therefore, the views expressed in this document are not, and should not, be construed as investment advice or recommendations. Readers of this document should do their own research, taking into account their specific financial circumstances. Also, the investment objectives and risk tolerance before investing. This document is not an offer, nor the solicitation of an offer, to invest, buy or sell any of the assets mentioned herein.
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