In this video we go over some of the most commonly asked questions about one of our favorite cryptocurrency wallets, MyEtherWallet, or MEW. Ether is a separate unit from gas, which is used to power the Ethereum Virtual Machine. It is basically the unit that powers Ethereum’s engine. One of the most common mistakes when using MEW is that people forget that a small amount of Ether is required in order to pay for the gas needed to complete the transaction.
Ether is NEEDED to send ERC 20 tokens via MyEtherWallet!
Don’t forget to check out our demo and review of MEW here!
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Cryptocurrencies are gaining in popularity and is leading everyone to ask the same question: How can I keep my cryptocurrency safe? Taylor goes into the steps you take to make sure your crypto is safe and secure, all while maintaining control over your own wallet and funds.
The prices of tokens has soared lately, and I want to add some extra security. What are my options?
It’s great that you’re thinking about the future and how you can protect your cryptocurrency. The first thing to know is that there are varying levels of security with tradeoffs in terms of convenience. Many people use a hosted service, such as Coinbase, however these are custodial services where you don’t actually control the coins. If your account is shutdown for any reason, you have no actionable recourse outside the court system. That’s why blockchain enthusiasts prefer to control their own coins.
Ledger Nano S Review
If you’ve considered a cryptocurrency hardware wallet, then you’ve probably already come across the Ledger Nano S. And for good reason! The Nano S is the result of success of the original Ledger Nano. A screen and pair of buttons helps the user enter information on the device directly. But perhaps the most sought-after aspect of the Ledger Nano S is its multiple token support and attractive price. It is only $69 USD (about 58 euros) to top competitor Trezor’s $117 USD (about 99 euros).
Multiple token support
In the beginning, hardware wallets were primarily designed solely for use with Bitcoin. Even as alternative cryptocurrencies such as Litecoin started popping up, no hardware wallets were made to support this. Part of the problem is differing cryptographic algorithms. Ledger decided to solve with this with Ledger Blue and Ledger Nano S devices, which support apps. That’s right, the app model is now prevalent on our security devices!