MyEtherWallet Comprehensive Cryptocurrency Review 2018

MyEtherWallet Comprehensive Cryptocurrency Review 2018

in Cryptocurrency

Own cryptocurrency? Or just going to buy some crypto coins? Anyway, you will need a storage for the crypto tokens. There are a lot of different crypto wallets available in the cryptocurrency market. One of them is MyEtherWallet or MEW wallet.

MyEtherWallet is the most popular and safe Ethereum wallet. In this guide you will learn out all about it!

Contents:

  1. What is MyEtherWallet?
  2. How safe is it?
  3. How can you use MyEtherWallet?
  4. How to set up MyEtherWallet
  5. How to make a payment
  6. MyEtherWallet verification
  7. MyEtherWallet fees
  8. Why is MyEtherWallet so popular?
  9. MyEtherWallet compared to the other wallets
  10. Conclusion

What is MyEtherWallet? How safe is it?

Metamask plugin

Taylor Monahan and Kosala Hemachandra created MyEtherWallet in 2015 after the Ethereum blockchain was launched. As time passed, the crypto wallet became the most popular one, implementing the necessary features while the blockchain developed.

MyEtherWallet doesn't create a wallet on the server of a company — it creates one on your computer instead, including all the other data. That means YOU ARE responsible for your money safety, and not a crypto exchange. Technically, MyEtherWallet gives you a public address where you can send crypto coins.

To keep your private key safe download the JSON file. There are two versions of the file — encrypted and unencrypted one. The first one can be decrypted with the help of the password which is stored in the Keystore file together with the private key.

Ledger Nano S

There are also other ways to store your private key:

  • MetaMask plugin — allows unlocking your wallet with a click. For that just head to the MetaMask website and install their Google Chrome plugin. Then go to the MyEtherWallet website, select the “MetaMask/Mist” option and “Connect to MetaMask”.
  • Ledger Nano S or TREZOR hardware wallets where you can store your private keys offline after the integration with MyEtherWallet. So, you can store the private keys there, but send or get crypto coins in MyEtherWallet. Print the private key on a sheet of paper and store the latter one in a safe place.

How can you use MyEtherWallet?

how to use Myetherwallet

  • To store both Ether and ERC-20 tokens

ERC-20 tokens are "internal currencies" of the applications they were created in. They belong to the applications built on Ethereum blockchain, that's why you can store them in MEW wallet.

  • Add custom tokens

MyEtherWallet has already a list of the ERC-20 tokens. However, if the token you are going to buy is not in the list, you can add it yourself. For that just google the tokens' address and input its address, symbol and a decimal in MEW.

  • To participate in ICO

With MEW you can easily take part in any ICO. Just find the wallet address of the ICO, send them the amount of Ether enough to buy the amount of the tokens you have chosen and you will get them back on MyEtherWallet in exchange. Here you can learn out more about ICOs and the participation.


How to set up MyEtherWallet

  • Head to https://www.myetherwallet.com and make sure that the title “MYETHERWALLET LLC (US)” in the website address bar in the left top corner of the browser is highlighted green. There were incidents when hackers created the similar websites to steal user's private keys, so that's really important.

myethjerwallet website

  • Think of a password to create a new wallet, enter it in the field and click on the "Create New Wallet" button.

new myetherwallet

  • Click the “Download KeyStore File (UTC / JSON)” button, save the Keystore file in a safe place as it gives you an access to the crypto wallet.

keystore file

  • Then select “I understand. Continue”. The system will give you a private key to your new MyEtherWallet which you also should safely store.

creating myetherwallet

  • Then click on the "Save your address" button which will show you your public address.

unlock myetherwallet

  • Now you will have to unlock your crypto wallet. For that click on the "Keystore/JSON File" option and select the wallet file you have already saved. Enter the password you created and that's it — you have created your new MyEtherWallet.

unlock myetherwallet2


MyEtherWallet user interface

MEW has a user-friendly interface which is easy to use even for the beginners. Before opening the wallet the app reminds to save the keystore file. There is also a Knowledge Base where you can find an answer to any question related to the crypto wallet.

myetherwallet interface


How to make a payment

  • Head on to the MEW website.
  • Select "Send Ether and Tokens" tab from the top menu.
  • Unlock your wallet.
  • Enter the wallet address where you are going to send cryptocurrency in the "to" field.
  • Fill in the amount you are going to send.
  • "Gas limit" section is a transaction fee you should pay to the miners for your transaction. The higher fee the faster the transaction. You can enter the default setting here for the average transaction.
  • "Data" field is not necessary for the transaction, however, the experienced users can add hashed data.
  • Remember the transactions can't be reversed here, so make sure you entered everything correctly.

myetherwallet payment


MyEtherWallet verification

MEW is a client-side app that doesn't need a 2FA as it uses as an extra layer. With the crypto wallet you get access to your private key which is the most important aspect — until you keep it safe, you own cryptocurrency.

MyEtherWallet verification


MyEtherWallet fees

MyEtherWallet fees

Only a transaction fee for miners, which is 0.000441 Ether. No deposit or withdrawal fees.


Why is MyEtherWallet so popular?

The basic reason is that it is highly secure. Meanwhile, there are the other important reasons:

  • Quick setup — using only your web browser you can create a crypto wallet for a few minutes.
  • Easy to use and technical compatibility — you can easily use your coins with the wallet as well as with such hardware wallets as TREZOR, Ledger Nano S, Laxx, Mist, Geth, and Metamask.
  • Free to use

why myetherwallet so popular


MyEtherWallet compared to the other wallets

MyEtherWallet compared to online wallets

Pros:

  • Better security.
  • Full control over the private keys.
  • ERC-20 tokens support.

Cons:

  • Online wallets give the access to cryptocurrency exchanges.
  • Online wallets can be accessed from all the devices you have.
  • Online wallets can be used for Bitcoin and altcoins transactions aside from Ethereum.

myetherwallet pros and cons

 MyEtherWallet compared to hardware wallets

It's better to use MEW together with hardware wallets as I already described above. However, if you are going to use them separately, here are the pros and cons.

MyEtherWallet pros:

  • MEW is free.
  • Great interface and a lot of other functions that are not available with hardware wallets.
  • ERC-20 tokens support.

Cons:

  • Hardware wallets are more secure.
  • Hardware wallets support plenty of other cryptocurrencies except for Ether and ERC-20 ones.

Conclusion

Now you know what is MyEtherWallet and why it is so important. As you can see, it is irreplaceable when you take part in an ICO and has a lot of advantages compared to the other cryptocurrency wallets.

MyEtherWallet is really safe unless you lose your private key for yourself or won't be careful enough with the connection safety. The majority users complaints about security were connected to the fact they didn't follow the recommended precautions. As a result, in this April attack hackers stole over 215 Ethereum coins from different users' wallets. They just hacked google public DNS server and settled it to a bad server with the possibility to steal the users' keys. Aside from this incident, it is a perfect cryptocurrency wallet from all sides.

 


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