MyEtherWallet is a great wallet for beginners to use because it is a free service with many great features that many users have used without any issues. Especially with ERC20 compatibility, this wallet can be used to purchase ICO offerings. Although it won’t be safe enough to be used as a hardware wallet, regular users will be able to utilize it without worry.
By using the wallet within the service, you can swap your digital assets without making frequent excursions to other platforms and exchanges. It also has support for hardware wallets in case you keep your possessions in a real storage unit. MyEtherWallet is available as an app as a software as a service (SaaS) for mobile devices running Android and iOS.
Table of Contents
What Is Myetherwallet?
MyEtherWallet, as its name suggests, is not a cryptocurrency wallet in the conventional sense; rather, it functions more like a client-side tool or interface that traders can use to store their Ethereum and Ethereum platform-related tokens and coins (ERC-20 tokens and Ethereum Classic tokens). In contrast to other cryptocurrency wallets, which store cryptocurrency coins in an online wallet or web-based wallet, MyEtherWallet is a program that enables traders to store cryptocurrency coins locally on their computers rather than in an online wallet. Users can directly interact with the Ethereum blockchain network and create their own online crypto-wallets using the free, open-source, user-friendly client-side interface known as MyEtherWallet.
You can store your private keys in a secure environment thanks to a collaboration between the vendor and Samsung Blockchain. Since accessing your funds without the right keys is prohibited by the product, your privacy is very important because cryptocurrency is a decentralized and unregulated industry. As a result, it’s critical to store your passwords in a secure location to maintain access to all of your digital assets.
Swap Digital Assets:
You can trade your digital assets directly within the app with MyEtherWallet, including Bitcoin, Etherum, and conventional fiat currency. By removing the need to visit multiple platforms and exchanges in order to exchange one coin for another, this feature maximizes convenience.
The technology supports smart contracts, which automate various mundane transactions. Without the need for conjecture, contracts can be set up to carry out specific activities at specific times. For example, you could tell the system to buy a certain number of coins when their value reaches a certain level. You can find out more information about smart contracts on the product’s website.
Hardware wallet assistance
You can safely store your coins inside a physical piece of hardware with MEW’s fully integrated hardware wallet providers, including Ledger and Trezor.
Pros And Cons Of Myetherwallet
- Users can store, send, and receive a wide range of Ethereum-based crypto assets
- Includes in-depth information on how to use the Ethereum network
- Users can manage non-fungible tokens (NFTs) within the wallet interface
- Ability to purchase ETH and swap tokens within the mobile app
- Only supports digital assets running on Ethereum and Ethereum-compatible blockchains
- MEW users have been repeatedly targeted with phishing scams
Which Digital Currencies Are Supported?
Each supported cryptocurrency has some relationship to Ethereum because MyEtherWallet is a wallet that focuses on Ethereum. The wallet may store ether, ERC-20 tokens, and non-fungible tokens (crypto collectibles). MEW encourages consumers to use their partner service Bity to convert ETH to BTC, however in order to get Bitcoin through the exchange, the user must provide a separate wallet.
MEW currently supports the following tokens, but not all of them:
What Is The Process Of Myetherwallet?
MyEtherWallet is created online using the MEW Software, but it is not an online wallet by itself. Utilizing a hardware wallet, users of MyEtherWallet are able to store their digital assets off-line. All account information and wallet data (private key) are not kept on the My Ether Wallet servers after users create an account. As an alternative, users can print it and save it on their computers or in paper wallets.
This gives users full control over their wallets and cryptocurrency, which is not possible with online or hot wallets. The users are solely responsible for maintaining the privacy and security of their private keys once they have been generated; MyEtherWallet’s servers assume no liability for the safety and security of the users’ funds.
How To Setup Myetherwallet
MyEtherWallet can be configured as a mobile wallet or a web-based interface.
You must go to www.myetherwallet.com in order to use MyEtherWallet online. Make sure you are always using the official domain!
You select “Create A New Wallet” there.” The next step is to choose whether to download the mobile app, buy a hardware wallet that can be connected to MyEtherWallet, or build a web wallet.
A 12-word mnemonic phrase or a Keystore file that you save on your PC can be used to set up an online wallet.
To validate the construction of your wallet, for instance, you would need to jot down the words from the mnemonic phrase and then type in three. In order to log on, you are finally requested to use the twelve words from your mnemonic phrase. For added security, you may choose to add a second word.
As an alternative, you could install MEW Wallet on your smartphone (available for iOS and Android). Search for and download the mobile app for MEW Wallet from your phone’s app store to get started.
The next step is to launch the app, which unlike the majority of mobile cryptocurrency wallets allows you to quickly browse the wallet’s features and functionalities. However, you must click “Create Wallet” on the “Create a free wallet” page, where you are prompted to select a six-digit PIN, to begin using the wallet’s full functionality.
Your Ethereum wallet will be generated after you enter your PIN and confirm it. After that, you press the “Start using MEW Wallet” button.” Finally, you’ll be prompted to make a backup of your wallet. To write down and confirm your 12-word recovery phrase, click “Backup now,” then follow the on-screen instructions.
Some Safety Concerns
The topic of “security” should be at the top of your priority list when it comes to choosing the best cryptocurrency wallet, as I emphasize in most of my articles. I’ll repeat it here as well.
It seems from reading various user MyEtherWallet reviews that this specific wallet does indeed have some troubles in this area.
But don’t worry; MEW isn’t always a horrible decision as a result. Comparatively to several other wallets out there, MEW’s security vulnerabilities are actually pretty controllable.
You know, several users assert that attacks and attempts to steal their information and ether occurred while they were using MEW. Despite the fact that this is a very serious issue, it should be emphasized that it is also the case that MEW does not actually function as a wallet, as was previously mentioned.
Conclusion: Is MyEtherWallet Worth It?
This application can safeguard your Bitcoin, Ethereum, and other cryptocurrencies. With the service, exchanging digital assets is made simple, and you may store your money in secure hardware wallets or the cloud. If your business is seeking for a software solution for a cryptocurrency wallet that also supports smart contracts, MyEtherWallet can be a prudent investment.