In this article, I will introduce you how to create an Ethereum wallet on MyEtherWallet for newcomers. No matter what technology level you are, follow the below simple steps and you will able to create an Ethereum wallet to send/receive ETH.
At present, Ethereum (ETH or Ether) is becoming more and more popular in over the World. Just like Bitcoin, Ethereum is a digital money, or also be called a cryptocurrency. Because Ethereum is born after Bitcoin, it is called Bitcoin 2.0 due to its advantages to Bitcoin.
Table of Contents
- 1 What is MyEtherWallet?
- 2 How to create an Ethereum wallet on MyEtherWallet?
- 3 How to use the Ethereum wallet on MyEtherWallet?
- 4 How to use your ETH wallet on MyEtherWallet safety?
What is MyEtherWallet?
When it comes to Ethereum wallet, MyEtherWallet is always on top. This is the number one services for storing ETH. MyEtherWallet has one advantage is that it not save your private keys on the servers, which means they do not hold your ETH, completely different from other wallets such as Blockchain wallet or Coinbase wallet.
It might sound considered. You just need to understand that MyEtherWallet is a tool that helps you to interact and store Ethereum in Blockchain system. MyEtherWallet does not control your ETH, thus, you are free to use your ETH whenever you want, even when MyEtherWallet is down. In this case, you just simply use another similar platform to get access your ETH wallet.
Besides Ethereum, you can store anything which was developed based on Ethereum Blockchain. MyEtherWallet is also the unique wallet that Token developers allow its users to buy their Token. Following is simple steps to create an Ethereum wallet on MyEtherWallet.
How to create an Ethereum wallet on MyEtherWallet?
Step 1: 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 2. If you need to create a new wallet, you can use MyEtherWallet to do so. Simply visit www.myetherwallet.com, enter a strong password and generate a wallet.
Step 2: Store your Private Key. You have 3 ways of doing this. You can download a “.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.
Step 3: 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.
Okay. That’s all you need for creating an Ethereum wallet on MyEtherWallet. It is simple and easy, isn’t it? Now you can buy some ETH and send it to your wallet.
Note: “Private key”, “Password” and “.JSON file” mustn’t be known by anyone, except you (of course).
How to use the Ethereum wallet on MyEtherWallet?
After creating the Ethereum wallet on MyEtherWallet, you now can use it for sending or receiving ETH from or to others. The processes are quite simple, there are two ways of logging in your MyEtherWallet wallet, the following is an introduction:
How to log in your MyEtherWallet wallet?
1, Log in your wallet by the “.JSON” file
Go to www.myetherwallet.com and choose the tab “Send Ether and Token” => choose “Keystore/JSON file” => click “Select wallet file” and open the “.JSON” file => fill in the password => click “Unlock wallet”.
Now you are successful logging in your wallet on MyEtherWallet.
2, Log in your wallet by using Private Key
Go to www.myetherwallet.com and choose the tab “Send Ether and Token” => choose “Private Key” => copy and paste your “Private Key” in the box => click “Unlock wallet”.
Now you are successful logging in your wallet on MyEtherWallet.
There some others way to access your wallet on MyEtherWallet, you can see them in the section “How to access your wallet?”. However, with the two methods that I have introduced you, you are enough to go.
Note: MyEtherWallet is not like other online wallets, every time you choose another tab on your browser, you are required to log in the wallet again. This may cause some annoys, but it is safe.
How to send and receive Ethereum through your MyEtherWallet wallet?
To receive Ethereum from others, maybe when you buy ETH or when someone wants to send you ETH, you simply need to get your ETH address on MyEtherWallet, send them this address and tell them to deposit the ETH.
After logging in your wallet, you will see this interface used for “Send Ether and Tokens”.
In there, the code below “Account Address’ is your ETH address, “Account Balance” shows your ETH that you are owning. You copy this code and send to whom that you want to receive from.
For sending Ethereum to another, you need to log in to the wallet as the same as above. In the “Send Ether and Tokens” interface, you fill in the blanks.
– To Address: Fill in the ETH wallet address of the receiver.
– Amount to Send: Fill in the amount of ETH that you want to send.
– Gas Limit: Leave it default.
After filling in all the blanks, you click “Generate Transaction” and wait for the receiver to confirm the transaction in 30 – 40 minutes.
How to use your ETH wallet on MyEtherWallet safety?
Cryptocurrency is a field that requires a lot of security, this may make it difficult for newcomers to save their information. As I have said above, information like “Password”, “Private Key” and “.JSON file” is very important and you must not let anyone know it.
– Password: You should use a password that includes normal letters, capital letters, number and special characters. You can save this password in a Notepad file or a Word file.
– Private Key: This an unmemorable long string, so you would also save this in a Notepad file, a Word file, or write it down on a paper and keep it in your safe.
– “.JSON” file: You could save it as a Notepad file or send it to a USB to be safer.
I usually access my account, so I save these three in a Notepad file stored on my laptop. However, if you are a long-held investor, you should write them down on a paper or send to a USB, and keep them secure in a safe.
Thank for your reading. I hope that you have found something useful from my article. Please follow me for more cryptocurrencies articles.