MyEtherWallet is the most leading free, open-source, client-side, online Ethereum Wallet. It is also called as MEW. It allow to store ether as well as tokens which are created in Ethereum blockchain using smart contract. Founder Taylor Monahan and a global collaboration of talented developers and thoughtful contributors who thrive on building smart and intutive products that easily and and securely interact with the Ethereum Blockchain, created this advanced interface for public access without charging any cost.
MyEtherWallet the interface which helps to create Ethereum wallet but not storing privatekey or public key information. If user loose their own private key then there will be no chance of recovery of that key phrase. The public address is used to accept Ethereum payment in the form of ether or token.
Ether is the virtual currency which is used for transaction between users. Ether is the only currency which is used as transaction fee in Ethereum blockchain and tokens are the currency which is designated in Ethereum platform with smart contract. Where smart contract is a set of rule defined in coding to provide restriction in the use of that token. Unlike bitcoin Ethereum blockchain is the first platform which allow to develop new crypto assets.
How to create an Ethereum account on MyEtherWallet?
To create an account on MyEtherWallet it needs to remember some conditions and follow some self secure tips. Hence MyetherWallet is not using any database to maintain any user information, so user(you) is only responsible for the security of your key file, password, private key and public key. Once it is lost you will loose the full control of access of account. If you share your public address with your friends then they will pay you in that address. If you share your private key with your friend then your friend will get full control of your account and you may loose your whole holdings.
It will better to save your private key in a paper and store that in such a place where no one can access except you. Better to create some more copy and store them securely.
Creating an account on MyEtherWallet is simpler than creating a bank account. Follow these steps to create your MEW account.
https://www.myetherwallet.com is the only web address to access MyEtherWallet. Becareful to secure access MEW.
When you open the website you will get some caution in popup window about the use of MEW. Read them carefully and proceed to main window. In main window of MEW you can find another caution in top of that page after that Logo bar which contains ” Logo, Language selection, Gas Price, Network ETH etc.”
Gas Price: Gas price is the transaction fee in Ethereum network, It is used to pay for the work done for a transaction. The more amount of Ether of token you send you have to set higher fee. By default it is 12 Gwei.
Network ETH: Network ETH is the transaction initiated using in which network, there are several network you can found on MEW. This will not help to reduce gas price or speed of transaction but it help in the time gap between “Transaction Not Found” and “Pending” transaction.
Next you can find Menu Bar which contains “New Wallet, Send Ether & Tokens, Swap, Send Offline, Contracts, ENS, Domain Sale, Check TX Status, View Wallet Info, Help”.
To create a new wallet for your personal use, you need to select on “New Wallet”, by default it is selected so, you will see the page body is showing a box to enter password for your new MEW account. You have to “Enter a password” in that box and click on “Create New Wallet”.
*Remember password and store it securely
Next You have to download the keystore file (UTC/JSON) which will never recover once you loose it. So download it into your own computer and save securely, never share it with anyone. This will be used with your password to access your MEW account. After saving it click on “I Understand. Continue.”
Now you will get your account private key. Private key is 64 hexadecimal characters which is generated randomly and it is very very difficult and all most impossible to guess the private key for a public address. Save your private key and print it on paper, then click on “Save Your Address”.
This is all you have done and your account is now successfully created. Then it needs to unlock your account for first time. There are 7 different option to unlock your account (MetaMask / Mist, Ledger Wallet, TREZOR, Digital Bitbox, Keystore/JSON File, Mnemonic Phrase, Private Key etc.). From those option you can choose either Keystore/JSON File or Private Key since you have already saved and downloaded these file.
If you need to access your MEW account by private key, it is simple, enter your private key and click on “Unlock”. If you need to access your account using Keystore/JSON File then you need to enter your password also to unlock account. After unlocking your account you can get all information including ” Public key (Ethereum address), Amount of Ether and Tokens in Your account and also private key in hidden mode”.
Public Address: Ethereum public address is the receiving address for ether and Ethereum based tokens. You can share it to friends or any one from whom you want to receive payment. Public address is 42 hexadecimal characters starting with 0x.
Now you have completed the creation of MyEtherWallet account and your first access to your account.
How To See Token Balance In MyEtherWallet?
MyEtherWallet is not only allow for Ethereum transaction but also allow to store tokens and send tokens. In MEW not all tokens are visible basically those which have low reputation and newly created as Initial Coin Offering. Some token you may find is in your account address as by Etherscan or Ethplorer but not visible in MEW. To set visible of your holding tokens you need to add them. To add custom token in MyEtherWallet you have to need three elements of that token “Contract Address, Token Symbol and Decimal”.
Contract Address: Contract address of a token is unique and same as your Ethereum public address starting with 0x… This can be obtain from Ethplorer if token is already credited to your account or ask to creator of that token. Contract address is 42 digit hexadecimal characters.
Token Symbol: Token Symbol may not be unique and it can be obtain from creator of the token. This name may not be accurate and you can put any characters but it is recommended to put only the same name as provided by token creator which will help you to recognize further while sending and receiving token. This can be obtain from Ethplorer or ask token creator.
Decimal of Token: Decimal digit of a token is also can be obtain from Ethplorer or from token creator. The decimal is in number and varies from 0 to 18.
By adding those information you can view your holding tokens in MEW. But if you doesn’t hold that token then it will be “0”.
How to send ether or token from MyEtherWallet?
MyEtherWallet allow users to send ether or token to any Ethereum address. To initiate a ether transfer user need to click on “Send Ether & Tokens”. Then it will ask your secure access method, you can choose the best option for you. It is already described above about how to access MEW.
After unlock your account you will find a box which will ask the recipient address.
The recipient address “To Address” is the ethereum public key of whom you wish to send ether. Then in second box you need to enter the amount which you want to send. When you want to transfer token instead of ether, you should have to add custom token to set visible in the token list. In right side of second box you can choose which token you want to send and enter amount for that token. In third box you have to enter the gas limit by default 21000 it is, you may need to change it in order to speed or slow the transaction. It will selected automatically and there will be need of change in gas price in some case while there is more transaction in ethereum blockchain. When you increase gas price and gas limit Ethereum blockchain will confirm your transaction soon. The gas price is credited to miner so, where there is more transaction fee. That transaction is assigned to the next block.
Generally Ethereum blockchain needs 2-3 minutes to confirm a transaction but during Cryptokitties event transaction taken even 7 days to confirm and several transaction remain unconfirmed.
Note: While transferring token it is necessary to read about the transaction as specified by creator. In some case there is need of burn of some specific amount of token in a transaction which you should have to aware otherwise it may cause of failure in transaction and you have to loose the transaction fee also.
After creating a transaction it will show a screen for confirmation and you need to confirm to successfully place that transaction. Then you will get the transaction number of your initiated transaction with which you can track your transaction.
To get first confirmation of your transaction it needs average 2-3 minutes. After that it will speedup in confirmation. Generally when you transfer token or Ether from MEW to Exchange account it needs specific number of confirmation to get added into your exchange account.
MyCrypto.com: MyEtherWallet Fork
Mycrypto.com is a fork of MyEtherWallet is created by MEW co-founder Taylor Monahan. She created a new company with existing clone of MEW. Mycrypto announced – it will soon add more interactive features and in coming future it will develop desktop and mobile app of MyCrypto.
Conclusion: Hope you have got MEW account access process and you confirmed that, will never share or loose your private key and you only responsible for loss of your private key or keystore file and password.