Cryptocurrency

How to create an Ether Wallet at MyEtherWallet?

MEW?

Let’s start with what My Ether Wallet isn’t, it is not a bank, period. It is an open-source wallet which you are responsible for, and ONLY YOU. The difference is that no one is controlling your transactions nor your funds, not controlling how, when, to where or how much you’re transacting, and no-third-party-fees.

This web wallet gives you direct access to the Ethereum blockchain, so it will not store any of your information nor your password. It is a virtual wallet in your absolute control.

It is a free interface, and you are fully in charge of your keys and your funds. It allows you to interact with the blockchain system, and no one will be able to send your funds, freeze, recover, refund, reset, cancel, change or do anything to your account, especially if you visit bad sites (i.e. phishing sites or emails) or if you lose your private key. Got it? I hope so

Welcome to the decentralized cryptocurrency blockchain world. With My Ether Wallet You’re the boss of yo funds.

Interface?

ˈin(t)ərˌfās
noun
1. a point where two systems, subjects, organizations, etc., meet and interact.
“the interface between accountancy and the law”
(via google dictionary)

How do I create My Ether Wallet?

First log on to https://www.myetherwallet.com/

This is what you will see: CREATE NEW WALLET

The first thing you will have to do is create a password, it must be a strong one, for example: 092737%@@#4=m.

Please do not use personal numbers like your birthdate or anything similar. You can use STRONG PASSWORD GENERATOR to help you generate a good password.

Write it down and keep it safe because if you lose it you will lose your wallet and funds without recover.

Now, click on CREATE WALLET.

This is what you will see: Save your KEYSTORE FILE this is your wallet file.

Download your KEYSTORE File (UTC/JSON) and save it on your documents it should be named or titled something like this: UTC — 2018- 04- 063T13–37- 56.760Z — 1c554b3fab338b25c4990753f6736e837d5dd544, make sure to see where you’re saving it you will need it soon to unlock your wallet.

REMINDER: THIS IS NOT TO BE SHARED WITH ANYONE.

Once downloaded just click on “I understand. Continue…”

Next, it will redirect you to save your PRIVATE KEY

In this case, it is not recommended to store this key in your computer, this is pretty much the key that confirms you are the owner of your coins, so instead it will give you the option to print it on paper, YES PAPER, to help you keep it safe, understand that if you lose this it is gone. It will give you your wallet address and private key, which is what you will need to access your account.

And it should look like this:

This will give you access to your wallet without needing your Keystore Fileand password. Needless to say, make sure to save your address.

And you officially own your Ether Wallet now! Yours and yours only.

Now, this is what you should be seeing: Unlock your wallet to see your address.

Whenever you to try to access your wallet you will hit this screen, having to unlock your wallet by using your Keystore file and password or your private key.

Let’s go with Keystore file for now, which can also be referred to as JSON File.

Select the Keystore file you saved in the beginning that should be titled something like this: UTC — 2018- 04- 063T13–37- 56.760Z — 1c554b3fab338b25c4990753f6736e837d5dd544.

Enter your password and once your wallet is unlocked all your information will appear.

Your address will be used to send and receive ETH and costumed Ethereum Tokens.

Whenever you return to the MyEtherWallet.com at the top of the page you will have many options, choose what you desire to do, in this case I chose to View Wallet Info but as you can see there are many options

Send offline, Send Ether and Tokens, Help, etc. You can also adjust your gas price, language desired and network to the top right-hand side.

Please keep in mind there are many phishing sites, make sure to always verify you are on a secure website:

It is not recommended you access your wallet through the website unless you secure yourself as in the example above (myetherwallet written in green) you may access your wallet through METAMASK per se.

Check out our blog to understand: GAS and how it works.

Check out our blog on how to create a METAMASK account, and how to import your MYETHERWALLET account into your Metamask.

 

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  1. Pingback: CRYPTOCURRENCY WALLETS: HOT OR COLD? – Winco Blog

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