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| Myetherwallet |
What is MyEtherWallet?
MyEtherWallet is primarily an Ethereum and token wallet generator. The site offers an open-source Ethereum wallet that allows users to interact with the Ethereum blockchain directly from a web browser application. You can enable the wallet directly via computer hard disks or hardware wallets for extra security.
User Interface
You can simply load up your MyEtherWallet from your chosen web browser, and it doesn’t take much for you to start working with the interface. Your private keys are not stored on MyEtherWallet, so it’s essentially a web application allowing you to monitor and interact with Ethereum.
It’s fairly rudimentary in design and focuses on the fundamental components that enable users to send and receive of Ethereum. There’s a nice large send transaction box where to input an ether amount. The equivalent value is shown in the bottom left making it instantaneous to see current exchange rates.
Accessibility
Generating and using the wallet is more complex than other options on the market, but with that comes a much more flexible Ethereum platform.
New users might have difficulty with the signup process since it seems to be a bit more designed for a more technical audience.
The ability to use the wallet varies depending on where you have private keys stored. If you keep them on your hard disk, the funds are only accessible from that computer. Trezor and Ledger users have the freedom to plug in and run the wallet application from any browser.
There is not a host of bells and whistles throughout the wallet. It is more of a “get to the point and get the job done” sort of platform. It’s actually quite simple to operate if you understand the different parts that make up a decent cryptocurrency wallet.
Security
The real beauty with MyEtherWallet is the ability to set the security for your individual needs. It is a customer-side wallet meaning that only you have access to your private keys. No one at MyEtherWallet will ever hold access to the keys.
This is why it’s important to be extremely vigilant for phishing scams every time you log in. The service has been attacked several times in the past. The best thing to do is bookmark https://www.myetherwallet.com and only enter through that link. Never login via Google or an email.
During the setup process, you have to select where you want to store your private key. This is crucial to your security and there are three main options:
- Hardware wallet – (Most secure) Store keys in hardware like Trezor or Nano, funds can’t be accessed without the device.
- Hard disk – (Less secure) Saved on your computer, but you are still susceptible to malware attacks.
- Copy private key – (Least secure) Copy your key or write it down somewhere, you will have to enter it each time.
There are still doors for hackers to get into your account if you are not careful. I didn’t like the way the website shows your private key on the generation screen. Could be grabbed if someone is watching in on what you’re doing.
You also have the option to print a paper wallet from this key. It is recommended to ensure you have a backup of your wallet.
How to Create an Account
Part 1 - Create a Wallet
If you have used mist before, you have created a wallet and have the private key for that wallet stored on your computer, find your keystore and you can skip to part number 2. If you need to create a new wallet, you can use MyEtherWallet to do so. Simply visit MyEtherWallet, enter a strong password and generate a wallet.
Store your Private Key. You have three ways of doing this. You can download JSON file with an encrypted version of the private key which is compatible with geth, mist, and MyEtherWallet and requires a password to decrypt (Keystore). You can also store unencrypted version of your private key by downloading it in a JSON file or by copy-pasting it from the website. We recommend you use the Keystore (encrypted) feature, which provides an additional layer of security to your wallet.
Save your wallet address or QR code. In order to receive transactions you must give the sender a public key to which he can send the Ether to, you can copy the text format or the QR Code. The QR code can also be used to make a paper wallet.
Part 2 - Send a Transaction
Once you have your wallet you can now send and receive transactions. All you have to do is upload the private key file you have created through the MyEtherWallet website or mist/geth. Simply click "Send Transaction", select the type of private key you want to use (Keystore, Json file or Plain text) and click "Select wallet file".
Select the wallet you want to use. You can check the wallet address the key belongs to, by looking at the file name and adding "0x" at the beginning of the address. Mist wallet private keys are usually stored in .folder. Once you've selected the correct private key, type the password and click "Unlock wallet".
Now all you have to do is fill out the Wallet you want to send Ether to, and how much you want to send. Click "Generate transaction" and then "Send transaction".
One last confirmation window will appear, click "Yes, I am sure".
Part 3 - Make an offline transaction
If you want to make a transaction without the need to expose your Private key to an internet connection, you can use MyEtherWallet. Go to "Offline Transaction" and insert the wallet from which you're sending Ether. Click "Generate Information" and store the Gas Price and Nounce information.
Download the website here and move the files and extract them to an offline computer.
Double-click "index.html" and choose "Offline transaction". The Website will look just like the online version.
Enter the amount of Ether you want to send and the address you want to send it to. Insert the Gas and Nounce previously displayed in Step 1 of Part 3.
Upload you Keystore file and unlock it with your password.
"Click Generate Signed Transaction" and save the data displayed
And then you can broadcast the transaction to the blockchain, by visiting MyEtherWallet on the computer with an internet connection, go to "Offline Transaction" again, paste the information and click "Send Transaction".
One last confirmation window will appear, click "Yes, I am sure".
So, that's it! You can now create an Ether Wallet within seconds and easily send a transaction without the need to download and broadcast the blockchain. And you can even protect yourself against evil-doers and nasty hackers by generating a transaction offline and broadcasting it on an online computer.
Keep in mind that MyEtherWallet is constantly updated to support tokens such as TheDAO or DigixDAO, and it also has a "help" page that will cover any other subject that we didn't.
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