GuidelinesWallets

MyEtherWallet: A small introduction

What is MyEtherWallet?

MyEtherWallet is a free open source project. It provides the user with an interface for the Ethereum blockchain. Through this interface to the ETH Blockchain, it is possible to gain an insight into the transactions made there. And that’s not all. MyEtherWallet, MEW for short, also allows the generation of wallets, it enables interaction with smart contracts and much more. And according to the MEW website, it is currently the safest, easiest, and most intuitive way to manage ETH and ERC20 based tokens.

Set up a new wallet

There are currently three ways to create a new MEW wallet. This is possible via MEWconnect, keystore file, or a mnemonic phrase.

However, for security reasons, MEW always refers to using MEWconnect. And since we can’t explain it better than MEW itself, you can find their explanation video right here:

Videos about MEWconnect

For all those who do not want to take advantage of this possibility, there are the less secure variants via the keystore file and the mnemonic phrase. You do this as follows.

Keystore File

  1. Visit www.myetherwallet.com
  2. Select “Create a New Wallet”
  3. Select using “Keystore FILE”
  4. Create a very secure password and best write it down on paper! IMPORTANT: The password can not be restored if lost, so be sure to keep it safe!
  5. Press Next
  6. Download the JSON file and save it to your own USB stick if possible.

 

Mnemonic Phrase

  1. Visit www.myetherwallet.com
  2. Select “Create a New Wallet”
  3. Select using “Mnemonic Phrase”
  4. Now you have the choice between a 12 or 24-word long phrase that must then be written down. Under no circumstances should this phrase be saved on the computer and, if possible, saved as a copy in different locations.
  5. Now you have the option to add an extra word for additional security. However, it should be taken into account that other wallets do not support this service and therefore access via other wallets cannot be guaranteed.
  6. After a short final test, you are finished and have access to your new wallet.

 

Explanation of the most important wallet functions

Your ETH Blockchain address can be found under 1. Your Address. All ERC20 compatible token can also be sent to the.
The 2. Account Balance can be found on the right and shows you all the coins and tokens on the wallet.
Under item 3. Transaction History you will find two links that show all transactions of the respective MEW address.
And in the fold-out 4. Token Balance menu you will find all known tokens.

How do I send ETH or my tokens?

Sending Ethereum and all ERC20 based is ultimately the same as on any other exchange or wallet.

  1. Enter the ETH address and make sure to check again
  2. Enter the amount
  3. Set the gas and gas amount
  4. Select “Send Transaction”

And what are Gas and GWEI?

In fact, gas and Gwei are the same as the transaction fee in the BTC network.
And as in the Bitcoin network, it is also the case here that a higher fee guarantees faster processing of the transaction.
Must be observed! Without Ethereum in your wallet, it is not possible to carry out a transaction, because the transaction fee for sending any ERC20 token is paid in Ethereum.

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