What is MyEtherWallet?
MyEtherWallet is one of the famous cold wallets trusted by many traders. Unlike hot wallets that always require a network connection and are easily attacked by hackers, cold wallets are stored right on your offline device to help ensure safety and security, while maintaining the integrity of the wallet. ability to send and receive money.
With MyEtherWallet, although you conduct online registration to create a wallet, your money is not actually stored on an online server system, instead MyEtherWallet only supports you to create an address to help you save securely stored right on your computer or devices. Transactions through this wallet are also made right on the nodes of the Ethereum blockchain, so you can completely guarantee the execution of the transaction even when the MyEtherWallet website is down.
Although named MyEtherWallet (abbreviated as MEW), this wallet not only allows the storage of Ethereum coins, but can also store other token coins, as long as these tokens are built on the Ethereum platform. .
In terms of security, since MyEtherWallet does not directly store and manage your wallet, the security level of MEW depends mainly on how you use and manage the information on your personal computer.
In addition, an advantage of MyEtherWallet is that this wallet allows you to send money offline to anyone even without an internet connection. The MyEtherWallet wallet is free to create however you may incur fees for deposit operations.
Things to keep in mind when creating and using MyEtherWallet
There have been many cases of losing ETH or Token when stored on MyEtherWallet wallet due to revealing Private Key information due to carelessness or virus attack on your machine.
Therefore, to ensure safety when transacting with MyEtherWallet, you need to pay attention to a few things:
1. Do MyEtherWallet login using Private Key or file Keystore / JSON File (DO NOT have an account like in other e-wallets) so you must absolutely secure the Keystore / JSON File and the file containing the Private Key.
2. Do not lend your wallet to others
3. Do not log in and use the wallet on unsafe computers (e.g., computers with viruses, …)
4. If you lose Keystore file / JSON File and private then it will not be possible to login to the wallet so please print the information Private Key Take it out on paper and store it carefully to avoid loss
Instructions to create a MyEtherWallet wallet
In essence, MEW wallet is a paper wallet or a cold wallet, why me and some people call that? The answer is that when creating an account above they send you a paper file containing only 1 ETH wallet address and private key code, you can print it out and store it as shown below or you can save it. it to a PDF file, take a picture and save it to your computer or put it on google drive for storage.
Step 1 :Access to Myetherwallet.com then select “Create A New Wallet” if you do not have a wallet and select “Access My Wallet” if you already have a MEW wallet. When you choose to create a new wallet, it will take you to a brief guide on how to use the Mew wallet.
Step 2: You choose 3 ways to create a Mew wallet
How to create a Myetherwallet wallet 1: Click MEWconnect to download 2 versions for iOS and Android. Or you can scan the QR code to download directly to your phone
How to create a Myetherwallet wallet 2: You click By Keystore file and create a password. Password must not be less than 9 characters.
Then click Next. You choose “Download KeyStore file” to download the UTC keystore file and save it on your computer or upload to google driver for storage. It is very important because use keystore and password to login to the account. Then press “I understand. Tiếp tục.”
How to create a Myetherwallet 3 wallet: Click By Mnemonic Phrase and create a password. Password must not be less than 9 characters to ensure security. Then select Next
You save the Private Key to a text, word, and exel file and store it on your computer or you choose “Print Paper Wallet” or “Print Wallet” and save or print the file into a piece of paper like I held just now, then press “Save Your Address” to completed. Note that the Private Key only needs to know that it can log into your account, so it needs to be kept carefully.
So you already have a cold wallet that stores ETH as well as Eth tokens, just 3 simple steps, right! Remember to save 2 files 1 is the UTC keystore and the print file contains the Privete key carefully to log in to your account.
Login to Myetherwallet account: There are 4 ways to login to your Mew wallet account.
Method 1: Log in to Hardware. Direct connection to cold wallets like Ledger Nanos.
Method 2: Sign in with the MetaMask application. Want to learn what MetaMask is and how to use it here.
Method 3: Login with Software (Recommended not to use) You can choose to log in with the Keystore File (UTC you downloaded above) or the Private key you saved to log in.
Here, I will log in with the Private key.
Signing in is also quite simple. You choose Software -> Private key-> paste your previously saved Private key -> access Wallet you will be successfully logged in.
How to withdraw and receive tokens with Myetherwallet wallet.
Parameters when transacting at Myetherwallet wallet:
Type: is the type of token you want to transfer
Amount: Number of tokens you want to transfer
Big Address: The address you want to send to
Transaction Fee: Transaction fee (usually the transaction fee will be fixed but in case you want fast transaction you can edit to increase the transaction fee)
Then we choose Send Transaction to confirm the transaction.
If you want to receive ETH or tokens: We just need to copy the wallet address in the Account Address section to give it to the sender.
Attention: MyEtherWallet does not deduct fees with ERC20 tokens, but with ETH, so when you want to transfer ERC20 tokens, you must have some ETH to meet the conditions. Gas fee of the system is calculated as follows: Gas fee = Gas limit x Gas Price/1 billion.
Above, Bitcoin Magazine has detailed instructions for you how to create a Myetherwallet wallet account, How to log in to Myetherwallet account and how to transfer Token on Mew wallet. Good luck
See also:What is a Bitcoin wallet?.
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