What is MyEtherWallet exactly?
MyEtherWallet, also known as MEW, is one of the most popular wallets in the market that lets you store, send and receive both Ether and Ethereum related tokens. For instance, Crypterium’s CRPT is an ERC20 token and fully compatible with MEW.
What does MyEtherWallet do?
Essentially, MEW isn’t a place to store tokens – it gives you a public address at which you can receive them. Think of it as your bank account number, at which you can get money from other people.
Are there any additional features?
Sure, MyEtherWallet does more than just facilitate checking your balance or sending money. You can create and deploy smart contracts. You can check transaction statuses. You can buy and sell domains or swap Ether for other tokens.
What is a private key?
It is a randomly-generated, unique number that serves as a secret password. Be sure to keep it safe and private – if other people get access to your private key, they will be able to access your account and control your funds.
Does MEW store this information on its servers?
No, it doesn’t. You can store the private key on your computer or integrate your MEW with a hardware wallet like Ledger Nano S and lock it there. This way you can use MyEtherWallet to send/receive coins and at the same time keep your private key safe.
How much does it cost to use MEW?
MyEtherWallet is completely free to use. You will be charged a transaction fees in ETH, but those go to the miners working on the Ethereum blockchain and not to MEW.
How do I set up a MEW?
Visit the official MyEtherWallet website to get started with MEW. Make sure that the site you are on is real (if it is real you’ll see “MYETHERWALLET LLC (US)” highlighted green in the website address bar). This is important to check as there have been many incidents where hackers have created similar looking websites to steal user’s private keys.
You are on the home page. Create a password and then simply click on the “Create New Wallet” button.
Once you have clicked the “Create New Wallet” button, MEW will generate a password protected private key – also called a “KeyStore” file in UTC/JSON format.
Download the KeyStore file by clicking on the “Download KeyStore File (UTC / JSON)” button as shown below. After downloading, click the button “I understand. Continue”.
Once you have done that, you’ll be given the private key to your wallet. As we described above, you can integrate your MEW with a compatible hardware wallet to store it there. You can also store it on your computer or print it on a piece of paper and keep it in a secure location.
After you have safely stored your private key, you can check your wallet’s public address by clicking on the button “Save Your Address’. You are now literally one step away from start using your wallet! In order to get access to it, you’ll just have to unlock your private keys. Enter your password and that’s it! that’s how easy it is to set up your own My Ether Wallet.