MyEtherWallet is an open-source, client-side free tool for securely interacting with the Ethereum network which is developed by Kvhnuke & Tayvano. MyEtherWallet (MEW) is basically a web interface that provides wallets for storing multiple crypto currencies. It is compatible with multiple wallet types and is a web based application that allows you to create a wallet for Ether and ERC20 tokens.
It also has a beta Chrome extension that adds a better user interface (UI) for receiving and sending transactions. You can also use Ether stored on hardware wallets like Trezor or Ledger Nano S through Myetherwallet web interface.
Using Myetherwallet is a little bit different with other web wallets such as Coinbase or exchange wallets. Beginners may find it difficult to create wallet or send/receive ETH/tokens with MEW. In this article tutorial, we will learn how to use Myetherwallet to send or receive ETH and ERC20 tokens.
Steps to Start With MyEtherWallet(MEW):
Step 1: Go to https://www.myetherwallet.com/. Always Make sure that you are using a trusted device to use MEW wallet and that you access the website via an HTTPS.
Step 2: Go to the “Create New Wallet” option and select “By Keystore File”.
Step 3: Choose a password and click on “Create New Wallet” button.
Step 4: Save Keystore File. This file stores your private and public keys and is also required to access your account.
Step 5: Backup Your Private Key. It is very important that you should never share private keys with anyone else. If anyone get your private key, they can access to all of your funds. Private key is also a way to login into your MEW.
Step 6: Goto “Access My Wallet” option and select the “Software Option” Unlock Wallet to View the Public Address. Use private key or Keystore/JSON file to unlock your wallet.
Step 7: You can use this public address to receive ETH and other ERC20 tokens. You can also use this address to get token in ICO (if supported).
Step 8: (Once you created your wallet): Any time you can access your wallet with https://www.myetherwallet.com URL. If you want to send your fund just click on “Send Ether or Tokes”, Unlock the wallet as discussed above in Step 6. And perform your transaction.
Hope this tutorial (how to use Myetherwallet) will we helpful for you. Share your feedback and review in the comment section below.
