The basics of crypto trading
|Founders||Taylor Monahan, Kosala Hemachanrda|
MyEtherWallet is a wallet for storing Ethereum-based cryptocurrencies that meets all international standards of convenience and personal finances security. The platform itself works as a third-party mediator, and all funds are stored on the users’ computers in encrypted form.
MyEtherWallet is an interface that was created to help users conduct transactions through blockchain network. The site does not store private passwords of investors and their assets. The wallet has an open source. It’s compatible with Ethereum and other Ethereum-based cryptocurrencies, and allows storing ERC20 tokens.
MyEtherWallet can be used locally coupled with hardware wallets, including Trezor, Ledger, Secalot, Digital Bitbox.
The wallet can be used without a registration on the official site. All you have to do to start using a wallet is to install a single file on your computer. It won’t take up a lot of disk space, as the blockchain network is not downloaded onto the computer completely.
MyEtherWallet is highly reliable due to the fact that users themselves are responsible for keeping their private keys safe. It makes impossible to steal someone’s money if a person approaches safekeeping of code phrases and passwords with due care and discretion.
The MEW wallet was announced as a tool for digital assets management in 2015. The project was founded by Taylor Monahan and Kosala Hemachanrda. In the early February 2018, the project got split into 2 parts. Taylor with the majority of the team started a new project called MyCrypto, while Kosala stayed in the old one.
Taylor Monahan markets MyCrypto as a safe wallet. However, in reality, the services it provides are no different from the services offered by MyEtherWallet. The newest project almost entirely copies the old one with only a few differences.
MyEtherWallet is renowned as one of the best tools for Ethereum management. It’s becoming increasingly popular among investors from all over the world. Users note a multitude of important advantages:
Speaking of cons, it must be said that there’s no MyEtherWallet mobile app. Also, there’s a questionable safety system, which relies solely on user’s discretion and ability to keep their personal data safe.
In April 2018, hackers stole more than $150,000 of invested money by creating a phishing site and changing the DNS-address of the server. It’s important to note, that money was stolen only from inattentive users who entered their personal data on a third-party site.
If you decided to use MyEtherWallet, first of all, it is important to figure out how to use it. You won’t need to pass authentication, enter any personal data or upload any documents. Let’s look at the process of registration and functionality of the platform in detail.
The registration process on the site is quite simple. First, you will have to come up with a password for your account. The minimum character requirement is 9, but it’s recommended to use no less than 11-15 characters for a password.
The system will offer you to download a secure keystore file. The file uses a UTC/JSON format.
Make sure to save a private key when it appears on the screen. Make note, that it’s not recommended to keep all data in the same place. To avoid that, print or write down the key on a piece of paper. This way trespassers will have no possible way to lay their hands on it.
As a final step, the system will ask you about the preferred way to access the wallet (you will need to use it every time you log in).
When it’s done, you can log in and start using the wallet as you like.
Upon logging in, the user gains access to the wallet. Wallet address, its QR-code, secret key, and ETH balance are displayed on the main page. If necessary, transaction history can be viewed at https://ethplorer.io/ or https://etherscan.io/.
All transactions are conducted through a dedicated tab. To successfully transfer money, enter the recipient’s address, transaction amount, and gas limit (a sort of a wallet fee, or rather a network fee, which is paid to make transactions faster).
If a user wants to conduct a non-ETH transaction, the desired currency can be selected from the list in the upper right corner. The gas limit can be changed in the same place.
Also, the platform includes a convenient exchange option, allowing you to trade one cryptocurrency for another.
In terms of deposit and withdrawal of funds, MyEtherWallet is not the most convenient wallet out there, since it doesn’t support fiat money and replenishments from banking cards and accounts. Although developers never intended to introduce such functions, as the system is supposed to be a tool for currency management. It was never intended to store currency since it’s a personal responsibility of each individual user. Also, coins must be bought beforehand through exchangers, exchange markets or third parties.
By the way, MyEtherWallet allows working not only with currency and tokens but also with smart contracts. This option was recently implemented.
MyEtherWallet has overwhelmingly positive Internet reviews. Moreover, the platform is praised by both English-speaking and Russian users. According to their opinion, the best advantages of this wallet include a well-designed and intuitive interface, quick performance, and ability to work with both cryptocurrency and tokens within the same wallet. Speaking of negative comments, they are quite rare. Usually, they’re related to the loss of funds and look something like that:
«1000 ETH disappeared from my account! Support declined my request for the return the lost funds. Outrageous!»
Indeed, loss of funds can happen sometimes. However, usually, the reason for this is the lack of responsibility of the investors. The platform provides all the necessary tips for keeping keys and passwords safe and mentions all things you should never do (i. e. taking pictures of keys, giving keys and wallet addresses to third parties).
MyEtherWallet is one of the most popular platforms for storing Ethereum and tokens. Actually, it’s not really ‘storing’ – the system is marketed as a tool for digital assets management. The platform has a convenient and accessible interface and functionality. The wallet itself is exceptionally safe. Still, you really should learn how to keep your passwords and keys safe before using the wallet.
We recommend this wallet to anyone who is interested in ICO and uses Ethereum. Remember, that this service can’t be used to store money, it simply works as a third-party mediator between you and the Ethereum network. So make sure that your passwords, keys and all sorts of personal data are safe at all times.