Are you new to the world of cryptocurrency and want to know more about MyEtherWallet? MyEtherWallet, or MEW, is a free, open-source wallet that allows users to store, send, and receive Ether (ETH) and other ERC20 tokens. It’s one of the most popular wallets in the cryptocurrency space due to its ease of use and features like integration with hardware wallets. In this guide, we’ll break down everything you need to know about myetherwallet so you can get started.
What Is MyEtherWallet?
MyEtherWallet is a web-based wallet that was created by kvhnuke and tayvano in 2015. It’s an open-source platform that enables users to store Ether (ETH) as well as ERC20 tokens on the Ethereum blockchain. The wallet also supports interactions with smart contracts via the Ethereum Network. The wallet has become one of the most popular choices for storing ETH and other tokens due to its user-friendly interface and added security features like hardware wallet integration.
Creating a Wallet
Creating a wallet on MyEtherWallet is relatively straightforward. First, go to myetherwallet.com and click on “Create New Wallet” at the top right corner of the page. You’ll then be prompted to enter your password twice before downloading your Keystore File (UTC/JSON file). Make sure you keep this file safe since it contains all your wallet information! Once you download it, you’ll be given 12 random words which are known as your Mnemonic Phrase or Backup Phrase. Again, make sure you keep these words safe since they can be used to access your funds if anything happens to your keystore file. After this step is complete, you will have successfully created your wallet!
Securing Your Funds
It’s important that you take extra steps when securing your funds on MEW such as enabling two-factor authentication (2FA). This means that when sending transactions from your wallet or accessing your account, an additional code must be entered in order for the transaction or access attempt to be approved. Additionally, it’s important that you never share your private keys with anyone else! Private keys are what allow people to access funds stored in their accounts so it is critical that they remain secure at all times. Lastly, consider integrating a hardware wallet such as Ledger Nano S or Trezor into MEW for added security against malicious actors online who may try to steal funds from unsuspecting users.
Understanding how MyEtherWallet works can seem intimidating at first but once you become familiar with its features it becomes much easier! As long as users follow best practices for securing their funds such as enabling 2FA and keeping their private keys safe then they should have no problems securely storing their ETH and ERC20 tokens on MEW! Hopefully this article helped clear up any questions or confusion beginners might have had about getting started on MEW!