How To Use MyEtherWallet
A private wallet is essential to storing your crypto assets safely. While simple private wallet solutions may not be possible for all cryptocurrencies, Ether and all other ERC20 tokens are in luck. MyEtherWallet is a minimalistic yet versatile online Ether wallet generator that can also be used as a chrome extension or even offline. The website design is simple, sharp and aesthetically pleasing. Users are guided along every step of the way, with prominent instructions and conspicuous reminders to adopt best practices in se your Ecuringther wallet. What’s more! You can do a whole lot of other things with the service:
Send and receive Ether and Ether based ERC-20 tokens like TRX, GNT, VEN, ICX etc.
Swap Ether for Bitcoin and Augur (or swap Bitcoin for Ether and Augur. Augur is a cryptocurrency used in a platform that lets you bet on event outcomes. It has become a successful token in its own right.)
Create unique names (domains) to represent your Ether wallet address through the Ethereum Name Service (ENS).
Buy or sell domain names using the Domain Sale service.
Create your own Smart Contracts.
Of these, basic users most commonly create new wallets, transfer Ether and Ether based tokens and access wallet info. Here’s a step by step guide to how you can use MyEtherWallet to create your own Ether wallet, transfer tokens and view information about your wallet.
Creating a new Ether wallet
Creating a new Ether wallet on MyEtherWallet can be done in a few simple steps:
Step 1: Visit MyEtherWallet. By default, the ‘New Wallet’ tab is selected when you visit the site.
Step 2: Type in a password (at least 9 characters — one that you can easily remember) and select the ‘Create New Wallet’ button. Write down the password in two or three different papers/notebooks and store the papers/notebooks safely, in separate places. You’ll need this password to access Ether and Ether based tokens in your wallet.
Step 3: Download the Key-store file. This is your private key (needed to spend Ether and Ether based tokens in your wallet) encrypted by the password you provided previously. You need to enter your password to decrypt and access the private key. This prevents your private key from being accessed by hackers as long as you don’t divulge your password. Store the Key-store file in two or three offline storage devices (eg. USB drives). You can use this Key-store file later to view your wallet address or send Ether or Ether based tokens on MyEtherWallet. You can also use this Keystore file to access your Ether wallet on other Ether wallet clients such as Mist, Geth, Parity etc.
Select ‘I understand. Continue’ after downloading the Key-store file.
Step 4: Save your unencrypted private key from this page. You can also print out a paper wallet that has a QR code representing your wallet’s private key and also the private key in plain text. Store the private key in two or three offline devices or better yet, write it down on a piece of paper. Print 2 to 3 copies of the paper wallet and store them separately in safe places. Select ‘save your address’ to view your public wallet address on the next page.
Step 5: Access your public Ether address by choosing to either enter your private key or upload the previously downloaded KeyStore file. The public address is like your ID on the Ethereum Blockchain. Crypto tokens need to be sent to this address.
Enter private key to access your wallet and view wallet information. You can also upload the Key-store file to access your wallet
Enter your password after uploading your Key-store file.
Your wallet details including the wallet address and amount of Ether held in the wallet is shown now.
Copy the public address and send to someone to receive coins to this address. If the balance is updated after you send Ether tokens, you’ve got the public address right.
You’ve successfully created your own Ether wallet now! You can port this wallet onto a number of wallet clients like Geth, Mist and Parity. You can also port the generated wallet onto hardware cryptocurrency storage devices like Trezor and Ledger.
Supported tokens
MyEtherWallet supports Ether, Ethereum Classic and all Ether based crypto tokens launched on the Ethereum Blockchain (ERC-20 Standard tokens).
To view Ether based crypto tokens stored in your wallet, add them from a scroll down list. If the crypto token you have is not listed, select ‘Add Custom Token’ and follow steps provided by MyEtherWallet to add the specific Ether based crypto token to your wallet for easy tracking.
Following are the major tokens supported by MyEtherWallet:
Gladius Token (GLA), DigixDAO (DGD), Simple Token (OST), Edgeless (EDG), Decentraland (MANA), OmiseGo (OMG), iExec RLC (RLC), Enjin Coin (ENJ), Ripio Credit Network (RCN), ETHLend (LEND), Etherparty (FUEL), Storj (STORJ), WeTrust (TRST), Request Network (REQ), Numeraire (NMR), Status (SNT), Icon (ICX), AdEx (ADX), BlockCat (BKCAT), ChatCoin (CHAT), Salt (SALT), SingularDTV (SNGLS), VeChain (VEN), District0x (DNT), Humaniq (HMQ), Iconomi (ICN), Augur (REP), Vibe (VIBE), Cindicator (CND), Walton (WTC), Populous (PPT), Quantum Resistant Ledger (QRL), Gnosis (GNO), Golem (GNT), Civic (CVC), EOS (EOS), Basic Attention Token (BAT), 0x (ZRX), Power Ledger (POWR), Genesis Vision (GVT), Po.et (POE), TokenCard (TKN), Wings (WINGS), Raiden Network Token (RDN), OAX (OAX), Kyber Network (KNC), AirSwap (AST), Ambrosus (AMB), Blocktix (TIX), IOStoken (IOST), Blockport (BPT), Oyster (PRL), RChain (RHOC), Dent (DENT), Aion (AION), CyberMiles (CMT), Gifto (GTO), Time New Bank (TNB), TenX (PAY), ChainLink (LINK), Centra (CTR), Zilliqa (ZIL), Nucleus Vision (NCASH), Nuls (NULS), WAX (WAX), True USD (TUSD), SIRIN LABS Token (SRN), carVertical (CV), SingularityNET (AGI), Bluzelle (BLZ), YOYOW (YOYOW), KickCoin (KICK), Dragonchain (DRGN), IHT Real Estate Protocol (IHT), BlockMason Credit Protocol (BCPT), Tron (TRX), KuCoin Shares (KCS), Credits (CS), Loom Network (LOOM), Jibrel Network (JNT), Polymath (POLY)
Sending crypto tokens
Send crypto tokens from your wallet by selecting the ‘Send Ether and tokens’ tab.
Access your wallet by one of these methods — connect hardware storage devices Trezor or Ledger, enter your private key, upload Keystore file, enter mnemonic provided by some wallet clients.
Paste the Ether address in the ‘To’ box, choose the the amount to be sent and select ‘Generate Transaction’. Gas limit and Gas price (GWEI) determine how fast your transaction is processed by miners (people who encrypt cryptocurrency transactions). For information on manually setting up Gas price and limit, visit MyEtherWallet’s section on these topics.
Loaded with all these features, it is surprising that MyEtherWallet is a free service. The wallet generated can be ported to and used on other clients and devices making the service more valuable. Leading crypto exchange aggregator Coinswitch also supports Ether wallet addresses generated by MyEtherWallet. You can send Ether and other Ether based crypto tokens earned from cryptocurrency swaps on Coinswitch to Ether addresses generated on MyEtherWallet. Coinswitch supports 250 crypto tokens and exchanges between 6000 unique crypto token pairs. If you’re looking for some cool Ether based tokens, find them at Coinswitch.co.
Happy switching