MyEtherWallet Guide (Advanced)

Disclaimer: This guide is for experienced users. The method outlined in this guide is for users experienced and knowledgeable in cryptocurrency. Errors or inaccuracies with wallet information may lead to compromised assets and/or loss of funds. We advise that you only attempt this method if you are confident in your own abilities.

This guide will involve the acquisition and storage of a Private Key. A Private Key is the key to your wallet. Anyone in possession of the Private Key will have access to the wallet and will be able to send crypto assets out of it to their chosen destination. For this reason, you must be comfortable and confident in your ability to use and secure this information.

Wallet Provider: MyEtherWallet (MEW)

Official Website: https://www.myetherwallet.com/

Compatible Operating Systems: Windows, Linux, Mac, etc., both on desktop and smartphones.

Description: MEW (MyEtherWallet) is a free to use downloadable wallet for ETH, ERC-20 and ERC-721 tokens. MyEtherWallet’s client-side interface allows users to interact with the Ethereum blockchain. It’s easy-to-use, open-source platform allows you to generate wallets, interact with smart contracts and manage ETH based NFT's (Non-Fungilble tokens).

Supported Cryptocurrencies: The current supported cryptoassets which can be received to, sent from, and stored in MyEtherWallet are ETH, ERC-20 and ERC-721 tokens standards.

Step 1.

The first step in setting up a MyEtherWallet is to head to the official MyEtherWallet website. Only use the official website.

On the main page there will be two options, ‘Create a new wallet’ and ‘Access my wallet’. Click ‘Create a new wallet’ to set up a new wallet and begin the process.

Step 2.

The next step is to choose the method for which you will set the wallet up and how you will access it once the set up is completed.

For this guide, choose the software option.

Once you have chosen the software, you will then be displayed with two options. For this guide, choose the Keystore File option.

The Keystore File is an encrypted version of the Private Key for the wallet you are setting up. It will come as a file that you will need to download.

Before proceeding, make sure you have a safe place to download the file. We recommend saving it to a USB stick that can be stored away and safely offline.

Leaving the file stored on your PC leaves you at risk. Should your devie be compromised, whoever has access to your computer will have access to the wallet.

Step 3.

The next step is setting up a password before downloading the Keystore File. This is an additional security feature as you will need to provide this password every time you log in along with the Keystore File.

Once the password has been set up, you can then download the Keystore File.

As mentioned, we advise downloading the keystore file to a secure location such as an external hard drive like a USB stick.

This information is highly sensitive and should be carried out by only yourself on a secure device that you are comfortable with.

We do not recommend doing this on a device with remote access software installed such as TeamViewer.

Once the Keystore File has been downloaded, you will have access to your MyEtherWallet. The set up should now been completed.

Step 4.

The next step is to access your wallet. When you click on the ‘Access my wallet’ option on the main page, you will be taken to the page that asks you which method to use.

You will need to choose the software option.

You will then need to choose the Keystore option to proceed to the Log In page.

At this stage, you can then upload the Keystore File that you downloaded. If the file is on an external hard drive then you will need to plug this into the device you are using.

Always make sure you are using the official MyEtherWallet website as uploading the Keystore File to a counterfeit website can result in security breaches and loss of assets.

Step 5.

Once you have logged in, you will be presented with the main dashboard page for your wallet.

From here you can navigate all aspects of the wallet such as the send features, your receive address, NFT manager and access to DApps.

Step 6.

You can send out cryptocurrency from your MyEtherWallet by clicking on the ‘Send Transaction’ option on the left side. This will take you to the send page.

To send the crypto out you will need the wallet address of the receiving party and enough crypto in your wallet to cover the transaction and gas fees.

Transaction fees are customisable but please consider that too low of a fee may result in the transaction taking considerably longer. Transactions that are unconfirmed and pending on the Ethereum nework for a long period of time can sometimes be returned to the sending wallet.

To receive crypto to your wallet, you will need to provide your wallet address to the sender. This can be done by clicking on your personal account on the top left.

This will display your wallet address which can be copied to your clipboard and pasted. This is recommended as typing the whole wallet out may result in an error.

MyEtherWallet also allows you to store and manage NFT’s. You would need to provide whoever is sending you the NFT your wallet address so they can send it to your wallet.

Once received, you will be able to manage it and send it elsewhere should you wish.

Step 7: Buy Cryptocurrency and send to your Wallet

You will first need to register with us: https://www.bcbitcoin.com/login/?register=1

Then you need to go to our website and click Buy Coins.

You can purchase a wide range of Cryptoassets through our platform, compatible with MyEtherWallet.

To place an order for Cryptocurrency:

1. Select the Cryptocurrency you would like to purchase and enter the amount you would like to spend on the Coin.
2. In the field “Your Wallet Information” provide us with the Cryptocurrency Wallet Address where you wish to receive Cryptocurrency.
3. Complete your order and make a payment to our account.

Once you have doubled checked your order and wallet information click “next step” to continue.

We check all wallet addresses on the public blockchain to ensure they are valid wallet addresses.

If you are still unsure, please email/call us and we will be pleased to assist you.

MyEtherWallet Overview

Advantages

Simple and effective layout
Free to use
Includes beneficial and educational information
Allows users to store any custom ERC-20 tokens
Allows the user control of the private key
Supports offline transactions

Disadvantages

Can be potentially difficult for beginner users to set up
Only supports ETH , ERC-20 and ERC-721 tokens

Conclusion

MyEtherWallet is a great tool for users who are interested in Ethereum and its associated tokens. It allows huge accessibility to the Ethereum network and interaction with exciting features such as DApps and NFT’s. MyEtherwallet also allows users to posses their private keys thus giving more autonomy to the user and allowing for offline access to the wallet.

Some of the drawbacks includes its limitation to ETH, ERC-20 and ERC-721 tokens and that certain features may be of no use to beginners. In addition, interacting with private keys may be confusing and potentially harmful to beginner users and is only advised for experienced crypto users.

BC Bitcoin Resources

Articles: https://www.bcbitcoin.com/articles/
Twitter: https://twitter.com/bc_bitcoin
Buy Coins: https://www.bcbitcoin.com/buy/
Register: https://www.bcbitcoin.com/login/?register=1

Additional MyEtherWallet Resources

MyEtherWallet Social Media: https://twitter.com/myetherwallet
Contact MyEtherWallet Support: https://kb.myetherwallet.com/

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence. BC Bitcoin will not be held responsible for any investment or transaction decisions you make based on the information provided on the website.