In this video, we’ll be going over all the features offered by MyEtherWallet. MyEtherWallet (MEW) is a web interface that generates wallets for storing your cryptocurrency. It is compatible with multiple wallet types (see below), and is a web based system that allows you to create a wallet and send your crypto to it. This wallet is for Ether and ERC20 tokens (read more about ERC20 here and here).
“You are responsible for your security.”
So be sure you check yourself and are safe! Our demo/review here is intended to help you with that! Here we will review the steps of how to use the system. You can find bullet points below that overview the video, so read along if you like! Don’t forget to check out our important MEW newbie tips at the bottom of this post, to make sure you don’t make any silly mistakes or threaten your security!
Visit MyEtherWallet’s site here.
- How to set up a wallet
- Click on New Wallet, and follow the step by step instructions of setting up a wallet.
- How to backup your private keys
- How to send ETH and ERC-20 tokens
- Click on Send Ether & Tokens
- Locate your Keystore File (UTC/JSON) or Mnemonic Phrase that you have saved and backed up. Enter it in, along with your password to decrypt and view.
- Once entered, just plug in the address of recipient & amount of Ether or ERC-20 tokens you wish to send. Higher Gas limits are what miners pick first to solidify to the Blockchain.
- How to send tokens to offline accounts
- Click on Send Offline
- Enter the sender address that’s online, then enter the receiver’s address that’s offline
- To access your wallet, locate your Keystore File (UTC/JSON) or Mnemonic Phrase that you have saved and backed up. Enter it, along with your password to decrypt & view
- Paste the signed transaction from Step 2 into Step 3 & press the “SEND TRANSACTION” button.
- How to send smart contracts
- How to check what ENS domains are available
- Click on ENS & enter what address name you want
- MEW will let you know if it is available
- Or you can start the bidding process to acquire a name
- How to Check TX Status
- Enter in your TX Hash number to check the status of your current transaction. This number, all-in-all, is like your receipt number that is special to you.
- How to view wallet info
- Locate your Keystore File (UTC/JSON) or Mnemonic Phrase that you have saved and backed up.
- To view it on MEW, click on View Wallet Info.
- To access your wallet, click on Keystore File (UTC/JSON).
- Upload the file, or enter you Mnemonic Phrase & submit the password to your wallet to decrypt and view.
- How to increase/decrease GAS
- At the very top right corner of the MEW website is the posted Gas Prices.
- You can click on it to move an adjustment slider
- The more gas you pay the faster the transactions will be picked and validated
MEW is compatible with:
- Ledger and Trezor (Devices)
- Jaxx/Metamask (Mnemonic Phrase)
- Mist/Geth (UTC/ JSON)
IMPORTANT MEW NOOBIE TIPS:
- Never hand-type your address.
- Use the version of your address that has uppercase letters.
- Never hand type your private key/keystore file.
- Triple-check the words for mnemonic keys if hand typing (there are still mistakes you can make).
- Always send a small amount of ETH, ensure everything goes well & it arrives at the destination you wanted it to, before sending all the ETH.
- For new wallets, especially cold storage, send a small amount in & send a small amount out from new wallet, before sending full amount.
- Save & back up your private key in a separate location BEFORE sending ETH/Tokens to it.
- Don’t email your private key.
- Don’t post your private key on Reddit, Twitter, Slack (OR ANYWHERE).
- Don’t store your private key on Dropbox or another cloud storage service.
- Double & triple check your work. Look at what you are sending. Look at how much you are sending. Look at what address you are sending to.
Visit MyEtherWallet’s site here.
If you found yourself completely overwhelmed with terminology (which we all do at some point!), start with our Beginner Blockchain Glossary, and then you can move on to the Intermediate version. We hope this helps you safely and securely handle your cryptocurrencies!