The world of cryptocurrency has become increasingly complex, with new coins and tokens being introduced on a daily basis. One of the most popular Ethereum wallets is MyEtherWallet. This review will cover what makes this wallet so special, how it compares to other options available, and whether or not you should use it for your next crypto purchase.
MyEtherWallet is a web wallet that allows users to create and access ether wallets. It has been in use since 2014. The myetherwallet reddit is the place where people can go if they are looking for more information about MyEtherWallet.
By far the most popular wallet for Ethereum-based tokens is MyEtherWallet (affectionately known as MEW). MyEtherWallet can store Ether (ETH), Ethereum Classic (ETC), or any of the hundreds of ERC-20 tokens safely and securely.
What is it about MEW that makes it the most popular Ethereum wallet? In our MyEtherWallet review, we’ll discover out.
What Is MyEtherWallet and How Does It Work?
There are two kinds of cryptocurrency wallets.
The complete node wallet is the first kind. Complete node wallets are exactly what they sound like: they’re full nodes that run a full copy of the blockchain on your machine. While this helps speed up transactions, it comes as a cost since you are directly linked to the blockchain in question.
Full node wallets, in general, use a lot of resources. Apart from having to download the whole blockchain (which may be tens to hundreds of terabytes in size), they also need the memory and processing capacity of the participating machine to conduct hashing and other network-supporting activities.
As a consequence, operating a full node wallet on a low-spec, low-bandwidth device, such as your smartphone or an outdated PC with a choppy internet connection, is not advised.
A custodial wallet is the second most common kind. Simply stated, these wallets work by completely isolating the blockchain from your account. Like an email account, your account, which contains your tokens and a record of your transactions, is stored on the company’s servers. The business handles all of the required connections and transactions with the blockchain on its own backend, saving your system from needing to operate a node.
Because all of the technical aspects of the transaction are handled on the server side, you just need to execute the wrapper application, this method is extremely slim and efficient.
However, this has its own set of issues.
You do not really own the tokens if you do not have the key to your money in your own two hands. This is a complete failure of the cryptocurrency concept of a trustless, decentralized economy. Furthermore, in the event that the company’s systems are hacked, your whole assets may be taken and spent without your permission.
Furthermore, since the business has all of your personal information in its database, it is able to monitor your purchasing patterns and sell that information to third-party marketers.
So, what are we to do if both of these wallets are eventually flawed?
That’s where MyEtherWallet enters the picture.
A wallet client is what MyEtherWallet is called. MEW just provides you with an interface to interact with the Blockchain rather than storing your private keys on its servers and carrying out transactions on your behalf.
MyEtherWallet makes establishing a crypto wallet simple by removing the difficult aspects of interacting with the Blockchain. Furthermore, it does not hold your money, allowing you complete control over your tokens.
Important Features of MyEtherWallet
Anonymity is a major term in 2019.
There is an urgent demand for apps that help you stay anonymous in an era of 24/7 monitoring and artificial intelligence tracking your every step online. MEW satisfies this requirement by enabling you to log in without creating an account or providing any personal information such as email addresses. The Blockchain is used to source (and store) all information, including your money and transaction history.
Ethereum compatibility in its entirety
MyEtherWallet is an all-in-one Ethereum wallet. It not only supports ETH (Ethereum), but any ERC-20 token developed on top of the Ethereum network as well. This implies MEW can hold a large number of cryptos.
Add Your Own Tokens
Disappointed by your crypto wallet’s lack of support for your favorite new token? We’ve all been there at some point in our lives.
MyEtherWallet, fortunately for you, has come to your aid. You may add custom tokens to your wallet using a simple form, even if they aren’t currently on the official list of supported tokens. Simply enter the token smart contract address (on the Ethereum network, of course) and the Token Symbol to add the token.
Thanks to MEW, keeping up with the bewildering universe of Ethereum tokens is now simple.
Cryptocurrency Exchange with Integrated Services
While MyEtherWallet is not your typical online wallet, it does have a built-in cryptocurrency exchange in its web-based application. You may simply trade your tokens using the built-in form, without first transferring your money to a crypto exchange like as Binance. MEW is able to do so because to its collaborations with KyberNetwork, Bity, Changelly, and Simplex.
You may conduct fiat to crypto transfers in addition to exchanging tokens, essentially enabling you to purchase crypto without going to a crypto exchange.
Obtain Cold Wallets
This is the most compelling argument for consumers to choose MyEtherWallet over its many rivals. Most of us have some crypto in cold storage, whether it’s in the shape of a Trezor, a Ledger Nano S, or even a simple paper wallet.
MEW is distinguished by the fact that it enables you to access numerous wallets from a single interface and interacts with well-known wallets such as Mist and MetaMask. As a result, it’s a great go-between solution for accessing all of your disparate money from a single location.
Gas Limits Can Be Customized
For most transactions, the default recommended gas limitations are sufficient. In certain instances, though, you may need to manually modify it. This is particularly true in the case of Initial Coin Offerings (ICOs), where getting your hands on those desired tokens requires a quick transaction confirmation.
MEW allows you to establish your own Gas pricing and restrictions, but you should only do so if you’re sure you know what you’re doing.
Mobile App for Companion
MEWConnect, a companion app to the web-based service, was just released by the team behind MyEtherWallet. Essentially, it replicates the security of a hardware wallet on your mobile device by keeping your private keys in a local, isolated, and secure vault on your smartphone.
This software resolves a long-standing problem with MEW: it does not keep your private keys on its own servers, leaving you to be responsible for their security. Now you may securely keep it on your phone without needing to buy a hardware wallet to do so.
What Is MyEtherWallet And How Do I Use It?
First and foremost, double-check that you are on the correct website. MEW has been known to be a victim of phishing attempts on occasion, so if you get an email or message with a link to MyEtherWallet, delete it immediately. A phony site would very certainly be the result of such a connection.
Although a Google search will work, it is preferable to enter https://www.myetherwallet.com straight into your browser, after which you may simply save it for future visits.
How Do I Install MEW?
Refer to our in-depth article for a full tutorial on utilizing MEW. Otherwise, here’s a quick guide to getting started.
When you scroll down the home page, you’ll see two options: Create A New Wallet and Access My Wallet. Basically, you choose the second option if you already have a wallet on any platform (Ledger, Trezor, Paper, Metamask, etc.). Otherwise, go to ‘Create A New Wallet’ and create a new one for us.
A tiny caution will appear, encouraging you to read the following introduction attentively. Continue by pressing the Enter key.
If you haven’t already done so, read the rather lengthy introduction that you are given with.
You’ll eventually be rewarded with the wallet creation page after going through a kind of slide presentation. You now have three options on how to proceed.
The first method is MEWconnect, which involves keeping the private key on a mobile device and using the accompanying software to establish a wallet. This is the most secure option and the default.
Using a KeyStore File
A keystore file is the second option. It’s nothing more than an encrypted file containing your private key.
The quickest method to create a wallet is to create a digital keystore, which eliminates the need to write down a private key or mnemonic phrase and input it each time you log in. Instead, you’ll get a digital key that you’ll need to submit along with your password to gain access to your account.
Remember that the keystore is the key to your wallet, and it should not be left on your computer or shared online. You’ll also need to establish a password for this technique, which will be used to lock the keystore file.
After selecting a password that is sufficiently strong, click Next to get your keystore file. It’s the digital key to your wallet, so download it and keep it secure. Also, be sure to back it up in a safe storage location.
Using a Mnemonic Phrase
This is the most popular method for making a wallet. MEW will produce a ‘seed’ for you instead of a lengthy string of nonsense that makes up your private key.
This seed, also known as a mnemonic phrase, is a collection of random phrases that will act as your wallet’s key. It may be 12 or 24 words long, according on your preference, but the greater number is recommended for optimum protection.
MEW will create a mnemonic phrase for you once you click next. From here, you may change the amount of words (it will generate the seed again each time). Once you’re happy with the seed, make a note of it someplace secure. You can also print the mnemonic phrase by selecting the tiny printer button at the bottom of the page. After that, you’ll see a sheet similar to this.
Because you’d need both your password and the mnemonic phrase to access your account as stated, just having access to this document would not necessarily put your money at risk. That being said, it is one of the most important aspects of your account’s security, so keep it secure.
Finally, MEW will ask you to re-enter your mnemonic phrase to make sure you’ve written it down correctly. Don’t use a screenshot to cheat!
Getting to Your Wallet
Click the ‘Access My Wallet’ tile on the home screen this time.
Depending on the kind of wallet you want to access, the Access My Wallet page offers you four choices. MEWconnect is for wallets that have their private keys backed up to MEW’s mobile companion app. Then there’s hardware, which allows you to access wallets on Ledgers and Trezors. Of course, MetaMask is for wallets made using the popular browser plugin.
Software is what we’re searching for. This is a method of gaining access to wallets using private keys and mnemonic phrases. As a result, you may use this method to fill your paper wallet as well.
Hierarchical Deterministic is the abbreviation for Hierarchical Deterministic. It is, in essence, a method for creating a collection of addresses from a wallet. By choosing this option, you will be able to communicate with a specific address. To proceed, check the box that says “I accept Terms” (after reading them carefully, of course).
You’re looking at the fresh new wallet home screen. On one page, it displays your balance, address, network information, and the Send form, making it simpler to operate with your wallet.
The Final Word
MyEtherWallet has always been a leader in the Ethereum wallet market. It easily sweeps the floor with all of its competitors thanks to its fresh appearance, updated UI, and companion app.
MEW not only provides a safe offline environment for blockchain transactions, but it also protects your identity and money from dangerous hackers. Furthermore, it has a user-friendly interface for ‘warming up’ your cold wallets, enabling you to utilize your frozen coins without exposing them to a crypto exchange.
So, whether you’re looking for a casual wallet for minor transactions or a serious security-focused program for transferring big sums of cryptocurrency, MyEtherWallet is the ideal solution. Pair it with a hardware wallet or, better still, its own companion software, MEWconnect, for the greatest results. We hope you found our MEW review helpful.
Visit TotalCrypto.io for more information.
1) Do you have MEW and want to buy some Ethereum? We Show You How To Buy Ethereum In Singapore, South Africa, Malaysia, the United Kingdom, and Australia.
2) Are you interested in learning more about cryptocurrency trading? Our Altcoin Trading for Beginners Guide covers the fundamentals and tells you all you need to know to get started.
3) Knowing When To Sell Is One Thing, Keeping Your Ethereum Safe Is Another. A Top Crypto News App Will Keep You Up To Date On Crypto Market Developments. Our Favorite Options Are Revealed.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
The myetherwallet access my wallet is a popular and secure cryptocurrency wallet. It also has a desktop client that can be used to create, send, and receive transactions.
Frequently Asked Questions
Can you trust MyEtherWallet?
MyEtherWallet is a highly secured wallet that you can use to store your crypto currency.
Should I use MyEtherWallet?
MyEtherWallet is a popular website that allows users to store their cryptocurrencies such as Bitcoin and Ethereum.
Does MyEtherWallet charge fees?
MyEtherWallet charges no fees.
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