Like a lot of other web wallets in the cryptocurrency world right now, myetherwallet is basically an online gateway for interacting with the ethereum blockchain. It is one of the oldest and reliable web wallets for ethereum and eth tokens. Some of the main strengths of myetherwallet is security, users have full control of their keys, and also its simplicity. While web wallets are the least secure when it comes to the different types of cryptocurrency wallets, myetherwallet has proven to be a very secure and reliable wallet for storing eth and eth based tokens.
How to Make Use of Myetherwallet
Using mytherwallet is very straight forward and simple that is why it is one of my favorite web wallets. It still remains one of the best web wallets for ethereum out there and one of the most reliable as well. In this post, I’m going to be showing how to set up the wallet and some of the main features of the wallet that you will be making use of most of the time…
Creating a wallet on myetherwallet
The wallet creating process if very straight forward and easy to follow… everything is self-explanatory and created in few simple steps.
To setup a wallet on myetherwallet, first go to https://www.myetherwallet.com – remember, always confirm that you are on the right url before you proceed.
Next, on the homepage, click on create a new wallet
Next, you have 3 options to choose how you want to be accessing your wallet… the options are Mew wallet, keystore file and mnemonic phrase (seed phrase). While the other two are great methods, I will be using the seed phrase method for the demonstration in this post.
Choose by mnemonic phrase and you will be giving your 12 word mnemonic phrase also known as seed phrase. Write this phrase down correctly in their right order and ensure that you keep them in a safe place that no one can have access to it. This is the key to unlock your wallet, once it is safe, you have full control of your eth assets and are secure.
- Next, click on I wrote down my mnemonic phrase. Please only click on this when you have ensured that you have written the seed phrase down correctly in their right order.
- Next, you will be faced with the verification section where you will need to verify the seed phrase in their correct order. Fill in the required phrases in their correct spot and proceed to the next step.
- Setup successful and congrats, you have successfully created your wallet
Unlocking the myetherwallet
Unlocking the myetherwallet is simple, just go back to where you saved your seed phrase and copy it out because we are going to use it as the key to unlock the wallet.
- To Unlock the myetherwallet, go to unlock wallet and click on it
- Since we selected mnemonic phrase at the setup stage, we will have to use the mnemonic phrase option to unlock the wallet.
- Click on the mnemonic phrase option and continue
- Fill in the phrases in their correct order and proceed
- Next, you will have to accept the terms of the myetherwallet web wallet in other to proceed further.
- Choose any of the address options and click on access my wallet.
Congrats, you have successfully unlocked your myetherwallet.
On your myetherwallet dashboard, you will be able to see your eth and token balances and the different tokens you have in your wallet.
You will also see your address your receiving eth and eth tokens
- The main features of this wallet and the feature you will be using the most are the send and swap features and adding custom tokens
- The send is what you will use if you want to send eth or other tokens to another eth address.
- The swap like the name says, is what you will use if you want to swap tokens, you can swap between various tokens inside myetherwallet which is amazing.
- Adding custom token in myetherwallet is simple and easy to do. Myetherwallet have a vast variety of eth tokens aready pre-added but sometimes you might want to add the custom token that is not available on the list. To do this, click on the add custom token on the side of the web wallet and you will need to input the contract address, the symbol and decimals of the eth token you want to add.
- From myetherwallet, you can check your transaction history and also purchase ETH.
- A lot of other navigations elements are self-explanatory as the above are the main features that would be mostly used.