If you’re new to cryptocurrency, you may have heard of the term ‘myetherwallet ’ being thrown around. You may even have been advised to use it as a way of storing your cryptocurrencies safely. But what is myetherwallet ? How does it work? And why should you consider using it? This comprehensive guide will provide answers to these questions and more, so that you can make an informed decision about whether or not myetherwallet is the right choice for you.
What is myetherwallet ?
Myetherwallet (MEW) is a user-friendly open-source platform that allows users to store Ether (ETH) and Ethereum tokens securely in a digital wallet. It was launched in 2015 by Kosala Hemachandra, who wanted to create a secure storage solution for ETH users which was both easy-to-use and convenient. MEW has since gone on to become one of the most popular Ethereum wallets available, with over two million active users worldwide.
How Does Myetherwallet Work?
To use MEW, first you need to create an account by entering your email address and choosing a password. Once this is done, simply sign into your account and head over to the ‘Create Wallet’ page where you’ll be prompted to enter your personal information such as name and address. After this step is completed, MEW will generate a wallet address for you which can be used for sending/receiving ETH or other ERC20 tokens. You will also be able to access your private key from here, which can be used to back up your wallet if needed. In addition, MEW also provides additional security features such as 2FA authentication which adds an extra layer of protection against potential hackers or scammers.
Finally, once your wallet has been created, you can start using it immediately – sending and receiving payments or exchanging different types of cryptocurrencies within the same platform! It really is that simple!
What Are The Benefits Of Using Myetherwallet ?
There are several benefits associated with using MEW over traditional exchanges or other wallets available online today:
• Security – As mentioned previously, MEW provides various security measures such as 2FA authentication which help keep your funds safe from hackers or scammers. In addition, since MEW stores all data locally on your device rather than on any third party servers – there are no risks associated with data breaches or malicious software attacks like those experienced by some exchanges recently.
• Convenience – Since it allows users to store multiple different types of cryptocurrencies within the same platform – it makes life much more convenient than having separate accounts for each currency type! Additionally, its user-friendly interface makes it easy for even novice crypto traders and investors alike!
• Low Fees – Unlike traditional exchanges which charge fees when trading digital currencies – transactions made through MEW are free apart from miner fees charged by blockchain networks when sending/receiving payments!
Conclusion: In conclusion, myetherwallet provides users with an easy-to-use platform for securely storing their Ether (ETH) and Ethereum tokens in digital wallets without having to worry about data breaches or extortion attempts by cybercriminals due its robust security features like 2FA authentication! Additionally, its low fees make it ideal for those looking for cost-effective solutions when trading different types of cryptocurrencies within the same platform! So if you’re looking for a secure storage solution for ETH then look no further than myetherwallet – it really is that simple!