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    What Is A Burner Wallet And How To Create One

    We already agreed that scams are an inevitable part of Web3. People won’t magically stop sending you wallet drainer links. It’s just the way of life. But, what if I told you there’s a way to significantly reduce your risks of losing your life’s savings? Well, it is true and it’s called a burner wallet. 

    What’s A Burner Wallet? 

    A burner wallet is a temporary wallet that you can use to interact with websites or dApps, you’re not sure you can fully trust yet. It’s the same concept as burner phones. You use it to separate your personal life from your business. And, if you’re a suspicious human being, to go off-radar. 

    However, a burner wallet doesn’t have this negative connotation. It’s just to protect yourself from big losses. And, it’s super easy to create. 

    You can simply create another wallet, through Metamask, and treat it as a burner one. However, some websites make burner wallets for you, but it isn’t that necessary. You can simply create another account and use it as such. 

    Why You Should Use One

    Multiple NFT projects launch on a daily basis. This space presents a great opportunity for creators to make money off their art, or inventions, even prior to the finished product. There are a lot of projects that hold mints and reveal a week, or a month after.

    So, fraudsters can create a fake website, promise a great product, and hold a mint. But only for their mint to be a wallet drainer website. And in just two clicks, you’d have lost all assets in your main wallet. 

    By using a burner wallet, you can avoid this happening. You simply create a burner and send the exact amount of money you need for the mint. 

    Also, there are fake airdrop links, fake websites, etc. But regardless you might want to check out if the website is legit before you rule it out completely. Because what if it’s actually good? You’d have lost an opportunity for free or easy money. 

    You can also use this wallet to connect to websites you’re not sure if they’re legit. It all falls behind the same concept. Send small amounts of crypto to your burner wallet, and use it not to avoid losing all your money. 

    How To Create A Burner Wallet on Metamask 

    Alright, so a burner wallet is now sounding intriguing. How can you create one? Here are the steps you need to follow to create one on Metamask. 

    Step One: Log into your Metamask account and click on your account’s name

    How To Create A Burn Wallet on MetaMask

    Step Two: Click “Add Account” 

    Step 2

    Step Three: Name the account “Burner Wallet” and click create

    Step 3- Burner Wallet on Metamask

    Step Four: You now have it ready

    Final

    5 Things To Keep In Mind When Using A Burner Wallet

    1. Make sure you name it “burner wallet” or any other similar nickname not to confuse it with your other ones. 
    2. Your burner wallet is temporary so use it as such. Do not use it for everything.
    3. Don’t put all your assets in it. Only put the exact amount you need. 
    4. Continue shifting it once in a while, after a few interactions, to maximize security. 
    5. Do not create an ENS domain for your burner wallet. You can but it’s useless since the idea is to change it after a few interactions. 

    Conclusion

    A burner wallet is an easy way to protect yourself from getting scammed. While you might still get hacked, you wouldn’t be losing a lot of assets since this wallet would only have limited amounts stored in it. Moreover, it’s important to note that it’s different from a burn address. The latter is the address you send coins to when you want to burn them. You can read more about coin burn here to further understand the concept. 

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