What is MyEtherWallet?
Since its launch in 2015, MyEtherWallet, or short MEW wallet, has gained a lot of popularity in the Ethereum sphere becoming one of the most widely renowned Ethereum wallets. MyEtherWallet is a web-based service that allows you to control your funds. It’s used for securely storing, sending and receiving Ether and ERC-20 tokens, as well as for interacting with smart contracts.
The service provides its users with an address (public address) at which they can receive coins and tokens from anyone. It also provides its users with a quick way of sending coins via a private key (secret password).
Advantages and disadvantages
When compared with other online wallets, MyEtherWallet offers improved security and more control over your own wallet and private keys. When using MyEtherWallet, you don’t use typical login information such as a site account or a password, and you don’t store information on the site. Another advantage of MyEtherWallet is the fact that it comes with support for ERC-20 token. Finally, it’s easy to use even by first time users thanks to its non-impressive yet very practical GUI.
In terms of disadvantages, MyEtherWallet does not come with support for a wide array of devices, since it’s only available as a web app and as a Chrome extension. Furthermore, the wallet only provides access to the Ethereum blockchain. Therefore, it cannot be used with other altcoins.
How to use MyEtherWallet
How to create a MEW wallet – Step by step guide
To start using MyEtherWallet, go to https://www.myetherwallet.com/, and generate a new wallet. It’s important to be aware of possible phishing scams as there have been many incidents where hackers have stolen private keys by creation similarly looking websites. Make sure that the site has the “MYETHERWALLET LLC (US)” or the “Secure” green signs listed in the address bar.
Once the website’s main page has loaded, you will see the option to create a new wallet in the New Wallet section. Enter the password or a phrase in the dedicated field and simply click the “Create New Wallet” button. Please note that the password will be used to encrypt your private key and that you will need both the password and the private key to further unlock your wallet.
MyEtherWallet.com will then generate a password-protected private key described as a “Keystore File.” The file can be downloaded in either UTC or JSON format. This file can be used to access your wallet, and it almost goes without saying that keeping it safe is of the utmost importance. To move forward with the process, click the “I understand. Continue.” button
In the next screen, you are presented with the Private Key or your new MyEtherWallet. This private key must be kept very safe since if it falls into the wrong hands, it can be used to unlock your wallet. It’s recommended that you print your private key on a piece of paper. Next, click the “Save Your Address” button in order to check your wallet’s public address.
You can view your public wallet address only after you have clicked the “Save your address” button. The service provides you with several ways of accessing your wallet. You can access it either by using the Keystore JSON File, or by using your private key, or by using other wallets such as MetaMask, Mist, Ledger Wallet, TREZOR, and Digital Bitbox. Once unlocked, your wallet information will appear down in the page. You can view your public address, account balance, transaction history, token balances, and QR codes.
For more detailed information, make sure to visit the official How To section located on the service’s official GitHub page.
Receiving and Sending
MyEtherWallet also allows you to send currency assets. To do this, select the “Send Ether & Tokens” option. Next, you will have to unlock your wallet. Enter the destination wallet address and the amount you want to send. Click the grey ETH button, to select any other non-ERC-20 assets from the dropdown list. To finish sending the transfer, click the “Generate Transaction,” “Send Transaction,” and then the “Yes, I am sure!” confirmation.
How to swap assets
This provides users with access to an exchange for swapping Ethereum (ETH) for other crypto coins such as Bitcoin (BTC) and Augur (REP), as well as for exchanging Bitcoin (BTC) for Ethereum (ETH) or Augur (REP).
To do this, simply select the “Swap” option, choose the asset you want to swap and enter the amount that needs to be either sent or received. Follow through by entering the address and by selecting “Start Swap.” It’s worth noting that you only have 10 minutes to send funds.
One of the best features of MyEtherWallet is that it allows its users to interact with the Ethereum smart contracts. This means that MyEtherWallet is especially useful for users interested in ICOs and dApps. You can manage existing smart contracts and even deploy your own ones. For more information about the smart contracts, as well as other issues, users can check out the knowledge base section.
MyEtherWallet comes equipped with yet another noteworthy feature, one aimed more at security-oriented users. In short, the service has an offline send option that it’s all about keeping your private key safe.
To use it, simply select the “Send Offline” option, enter the wallet address from where the funds will be sent and click the “Generate Information” button. Go offline and fill in the transaction data in Step 2 (Offline Computer). Make sure that your computer is really offline before unlocking your wallet. Subsequently, click the “Generate Transaction” button.
Taking everything into account, it’s no surprise that MyEtherWallet has become one of the most popular services for Ethereum fans and users. It provides a set of useful and easy-to-access features for interacting with the Ethereum network, all while offering enough security features to convince even the most skeptical users.