There are many different wallets. It is important to know which one is suitable for what. On this page we teach you what a MyEtherWallet is, what it is suitable for, how to create an account in steps and how to use it.
MyEtherWallet (MEW) is an open source Ethereum wallet. You can create an Ethereum wallet on myetherwallet.com, which is then yours. You will then be assigned your own Ethereum address to which you can send Ethereum (ETH) and other ERC20 tokens.
Why should you use MyEtherWallet?
MyEtherWallet is an online wallet that is suitable for the storage of all your cryptocurrencies built on the Ethereum blockchain, also called ERC20 tokens. When you are no longer a beginner in trading cryptocurrencies, you will notice that especially new coins cannot be found on all exchanges. This is especially important when selling airdrops, for example. You often end up at decentralized exchanges, also called a DEX. To trade your cryptocurrency on a DEX, you need MyEtherWallet or a similar variant, such as Metamask. Moreover, it is very useful to have all your cryptocurrencies stored in one place, MyEtherWallet offers a solution.
Before you start!
Before you create an account at MyEtherWallet, we advise you to first read how a wallet works so that you know which data is important to keep. The most important thing for a wallet are your digital keys, because these give you access to your wallet. It is important to know that these keys are not stored online on the blockchain but instead are stored independently of the blockchain platform within the digital wallet itself. Each key consists of both a public variant (public key) and a private variant (private key).
Consider your public key the same as the bank account you have with ING, or Rabobank or . This also consists of an address, usually starting with NL43 INGB 00123XXXXX or something similar. Your public key actually works about the same. The pin code with which you subsequently access this bank account is called your private key. If you then want other people to transfer cryptocurrency to you, you then use your wallet address again – this is a derivative of your public key.
IMPORTANT: ALWAYS keep your private key to yourself and in a safe place! Write it down and keep it safe. This also prevents you from being unable to access your wallet if your computer crashes. If someone else has the private key, he/she can steal all the coins. With the public key people can’t do anything but send coins, so that doesn’t hurt.
How do you create an account with MyEtherWallet?
We take you step by step in creating an account. MEW works quite simply, but it is important that you go through the steps flawlessly. So read it carefully and sit down for a while.