MyEtherWallet 2020: registration, payments and security

Electronic money differs from fiat money in many ways, but, like any means of payment, crypto coins need a wallet for savings.

There are dectoscope programs built for a specific coin, networked multicurrency systems, smartphone apps, and local safes like Trezor or Ledger. The latter option is reliable, but not cheap, and PC applications take up a lot of space, due to the need to download the blockchain of the chosen cryptocurrency. Therefore, many virtual asset owners prefer to use online services such as the MyEtherWallet (MEW) wallet.

What is a web wallet

MEW is a network resource for the popular cryptocurrency Ethereum and RC-20 tokens. In addition to storage and transaction functions, the wallet provides the ability to exchange ETH for another crypto, deploy smart contracts and send messages to other MEW users. The service is not an Internet bank that accepts customer deposits, all your money is contained in the ETH blockchain with which the myetherwallet wallet is integrated.

Official site – https://www.myetherwallet.com

Instructions for configuring security and wallet optimization

You can carry out transactions with ether and MyEtherWallet tokens using a browser or an android application. The online wallet may valet integrates seamlessly with a hardware flash device for cold storage of cryptocurrency. First you need to get an address.

How do I create a wallet?

To create a wallet, enter the myetherwallet official website, if necessary, you can turn on the Russian-language interface there and click “Create a new wallet”. On the next page, you will be presented with three options for Get a New Wallet.

• MEWconnect – mobile application;
• By Keystore file – password plus myetherwallet private key;
• By Mnemonic Phrace is a mnemonic phrase.

If you chose the first, recommended on the service, the option of creating myetherwallet, go to Google Play or the App Store and download the MEWconnect utility on your tablet or smartphone. In order to create myetherwallet follow the instructions of the program.

If you would like to create a myetherwallet to run on a personal computer, use the second or third option.

Click the button By Keystore file, create and write down a password, and save the key myetherwallet file (keystore utc / json).

Save the Keystore Fial file to a USB stick in several locations.

Using the key and password, you can open the wallet. The old wallet interface (green bar at the top on the first page) has been changed to be more convenient and intuitive even for a beginner.

But the more reliable option is to login through the MetaMask application.

Confirm the installation of the extension for Google Chrome, then save the password and mnemonic phrase to protect your account.

After that, you need to synchronize your MyEtherWallet and METAMASK accounts.

Integrate MetaMask into myetherwallet and confirm syncing accounts.

After confirmation, the account is successfully authorized, this method is considered more secure since additional wallet encryption is used.

Keep your sensitive files in a safe place, preferably on a USB flash drive, and be sure to back them up.

• Every time you enter the wallet, check the domain address carefully. Attackers often create fake online resource sites to steal data from reckless users.

After creating myetherwallet, make sure it works. If you have some ether on another wallet, send the minimum amount, for example 0.001 ethereum myetherwallet. Make sure the funds have arrived and make an outgoing transaction. You can replenish myetherwallet balance using euros or another cryptocurrency directly with the new May Valet wallet. Here you can also see the myetherwallet tokens available for purchase.

How to withdraw tokens from myetherwallet to the exchange

It couldn’t be easier how to transfer myetherwallet tokens to a cryptocurrency exchange. We go through the registration procedure and take the address of the deposit.

We enter the address into the wallet, select the type of payment method, send the token transfer from myetherwallet and make a confirmation in the MetaMask application. Done transaction has been sent. Before withdrawing tokens from myetherwallet, you must have enough ETH on your balance to pay for the transfer.

Be sure to verify the myetherwallet transaction address before transferring. MEW is just an interface for conveniently managing your account numbers, payment assets and transfers on the Ethereum blockchain network. No one knows how to enter the myetherwallet that you created and cannot return or cancel the transaction.

Sending and receiving Ethereum transactions and tokens

For the sender to be able to transfer ethereum and tokens to your myetherwallet, he must provide a public address, nothing else is required. In order to withdraw myetherwallet tokens, you need to have a sufficient amount, taking into account the commission. There are no restrictions on the transfer of Ethereum in the MEW wallet, but the minimum standard priority transaction fee is 0.000441 Eth.

A feature of the Ethereum network is that payment for functionality is calculated using a special unit called myetherwallet gas (GAS).

The gas price of myetherwallet is automatically displayed, but you can raise or lower the price by the standard 21000 setting in the footer to adjust the priority of the virtual funds transfer. The maximum gas price is unlimited, we do not recommend changing the standard parameters.

In addition, there is such a thing as “Gas Limit”. it gas limit or the maximum number of gas units for a particular transaction. This avoids situations where there is a mistake somewhere in the contract and you are wasting money to no avail.

Basically, the required gas limit for a transaction is already determined by how much code is executed on the blockchain. If you are not satisfied with the price, lowering the gas limit will not help. Enough gas must be turned on to compensate for computational resources, otherwise the transaction will fail due to an Out of Gas error.

The rest of the gas will be refunded upon completion of the transaction. Therefore, if you send 1 ETH to charity with MyEtherWallet, setting the gas limit at 400,000, you will receive 379,000 back (21,000 is the gas limit for standard transactions). However, if 1 ETH is sent to the contract, and the transfer in the contract is not executed (for example, the token creation period has already ended), 400,000 will be used and nothing will be returned.

Popular errors when using the service

To avoid losing your cryptocurrency, after creating and logging into myetherwallet, try not to do the following:

• Do not enter your address manually, and if there is no other way, check it a hundred times before sending.
• Use the capitalized version of the address. Ethereum address has lowercase and uppercase letters
• Never manually enter your private key / keystore file wallet myetherwallet. Check the words of the mnemonic phrase ten times if you are typing it by hand.
• Before sending the entire amount, be sure to send a lot of Ethereum to make sure everything goes well and the coins arrive at the address you wanted.
• Send a small amount to a new wallet (especially cold storage), and when it arrives, make an outgoing transfer.
• Necessarily! Create and save a backup copy of the private key.
• Do not email the private key.
• Don’t post the private key on social media (Reddit, Twitter, Slack).
• Don’t store your private key in Dropbox or other cloud storage.

Measure seven times, cut one. Check the entered data before making transactions.

You can create myetherwallet on PC offline, that is, launch a cold wallet and send Ether or tokens using the Send Offline button.

1.Create a wallet on a computer with an internet connection.

2.Download Keystore / UTC file and save to USB stick. This is an encrypted version of the private key, do not forget the password for access.

3. Read the warning and click “I understand. Continue “.

4. Print your backup copy of your paper wallet, or write down your private key on a piece of paper.

5.Copy and save the myetherwallet address.

6. Search your address at https://etherscan.io/ and bookmark this page. This way you can control your balance at any time.

7.Send some Ether (0.0001 ETH) from another wallet to an offline wallet.

8. On an offline device, unlock the wallet from the Keystore / UTC file on a USB flash drive or using a printed key. Make sure this is the wallet you sent to and matches your bookmark on etherscan.io.

9.Send a small amount of Ether (0.00001 ETH) from this new wallet to a different address.

To sync the cold and hot myetherwallet you need to:

• Form a transaction online, and copy its data (recipient address, cost and gas limit).
• We open the offline wallet, enter the transfer data and create an additional password.
• We return to the computer connected to the network and conduct the transaction.

Using a cold wallet significantly reduces the risk of being hacked. But, the safest storage options are electronic safes such as the Ledger and Trezor.

User reviews about the service

If we carefully analyze the reviews of MyEtherWallet on the forums, we can conclude that there were no problems with using the wallet and there are no. All cases of loss of funds, transaction failures and other incidents, such as myetherwallet com does not work, or myetherwallet balance is not displayed, arise from the carelessness of the owners of crypto coins and the high activity of phishers, who are always ready to profit at someone else’s expense. Read the instructions carefully, double-check the data and do not forget about safety measures. Then there will be fewer negative reviews of myetherwalle.

And keep in mind, the best way to get cryptocurrency for the new myetherwallet is to earn it. We acquire and configure drilling rigs and join the ranks of miners. Happy mining!

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