My Ether Wallet
To store any cryptocurrency, we need a wallet to store them. We can take it as an analogy of physical wallet used to store our fiat currency. When we buy any crypto coin from any exchange, they provide us with a particular wallet to store those coins within an exchange itself. But keeping crypto coins in an exchange wallet is totally a risk as any exchange works like a third-party service provider upon which we trust just like banks in the centralised system. In the 21st century, hacking any digital exchange is not that difficult task. As exchanges have our private keys, the risk of losing all coins increases whenever there is any cyber attack on exchange. So, it is always advisable to store your coins in a wallet whose private keys are with you.
There are many types of wallets are present in the market but today we will talk about My Ether Wallet (MEW). As its name suggests, it stores only Ether and ECR-20 based tokens i.e. new crypto coins based on ethereum blockchain. And now a days most of the tokens are launching on ethereum platform. So this address is also helpful in taking part in airdrops of new coins. This is a type of paper wallet and available for free of cost. Before moving further, we should know about some terms :
- Public key :- It's a public address used to receive funds and can be shared with anyone.
- Private Key:- It's like a PIN of ur bank account and works like a digital signature, It should be kept private all time.
- Keystore File:- Its an encrypted version of your private keys. This makes your keys more secure.
Now, let's start the procedure of creating a MEW address.
Step 1. Go to My Ether Wallet
There are many phishing sites are active on the internet which can easily fraud you. So, make sure to check and bookmark the original site as soon as you land on it. Click here to visit.
Step 2. Enter a strong password
Enter a really strong and random password for accessing your wallet. Write the password somewhere safe. Then click on "create New Wallet".
Step 3. Save your Keystore File
A new screen will open, here you have to download your "keystore File". which will be used every time whenever you want to access your wallet. It is as important as your password. Without this, you cant access your wallet. It is also helpful in restoring your MEW wallet.
Step 4. Save your private key.
As I already discussed that private key is like PIN no of your bank account. It should be kept private and not be shared with anyone. You can encrypt the private key for more security.
You are almost done with the set-up
Step 5. Unlock your wallet with keystore file
If you have reached this step, your wallet has been created. Now you have to choose among many options to access your wallet. If you are a beginner, choose "Keystore File(UTC/JSON)". And then upload your keystore file and type your password to unlock your password for the first time.
Final Step:- Ensure to backup everything!
Now, you are all done. But make sure to backup everything safely as its all about your money. Safety of your funds is in your hands.
You can use your public address to receive funds and ERC-20 tokens and can participate in all airdrops which are based on the ECR-20 platform.
**Mew is not operated by anyone or any firm. If you lost your private keys, there is no way to recover them. And from no way, I mean NO WAY!