Tutorial: How to Register and Use MyEtherWallet
Table of Contents [Show]
MyEtherWallet is a digital wallet that can hold the coins you have purchased. Storing coins on the exchange where you buy ETH, for example like Bitcoin.co.id, is very dangerous. Why? because the exchange can go bankrupt or get hacked. If your coins are lost, they won't be held responsible even if it's their fault.
Due to the absence of definite and transparent regulations, a digital wallet is the safest wallet to store your coins because you have full control over the coins that are owned. What is complete control over your coins?
You have complete control if you can enter your wallet at any time, and can make transactions such as sending and receiving the coins that you have. The statement above can also be supported if you have a private key and a public key.
A private key is a password that you cannot share or be known by other people because if someone else knows it, then he can enter into your wallet and steal your Cryptocurrency.
A public key or better known as a wallet address is an address that you can give to other people to use to transfer and receive coins.
Steps in Creating MyEtherWallet
1. Go to the MyEtherWallet site
Bookmark this site so you don't go to fake sites that can trick you.
2. Create your account
Write down your password in the box, it is recommended that you choose a password that is strong and complex but easy to remember. Thus minimizing the risk of account breaches.
The keystore is a UTC/JSON file that can be logged into your account, and can be used to retrieve your lost account. This is one way to enter the account, the second way is to use the Private Key. This method is not recommended because if the website you enter is fake, the web owner can take all the coins you have. Store your Keystore file properly and in a safe place, because your coins may become digital 'gold'.
3. Private key
After you click "I understand. Continue”, you will be taken to the website below. You have to click and download paper wallet. The paper wallet contains a Public Key and a Private Key available in the form of a QR code.
A paper wallet has an equally important role as a Keystore, you must back up and store these files properly.
How to use MyEtherWallet
1. Log in to EtherWallet(MEW)
If you have registered at MyEtherWallet, click "Send Ether & Tokens". There are 8 ways to enter your wallet and the easiest is to copy and paste your private key from the paper wallet that has been downloaded.
You can also use keystore/json files. When finished uploading the file, enter your password.
2. Send ETH
Here you will enter into your 'account' and to send cryptocurrency, you will see "Gas" and "GWEI" in the upper right corner. "Gas" and "GWEI" can be likened to gasoline and gas. The more gasoline you have, the farther and faster the transaction fees charged by MyEtherWallet (MEW) will be."
To participate in the ICO, it is recommended to use 30-40 GWEI because you need optimum speed. 2 Gwei will take a few minutes whereas 50 GWEI will make the transaction more instantaneous, estimated in just a few seconds.
A large amount of “gas” is needed if you are sending a lot of ETH. The more ETH you send, the more Gas you will need. Lack of gas will also result in failed transfers and MEW will charge a transaction fee even if the transfer is not successful.
Minimum gas is 21000 and 1 for GWEI.
3. History
Like an account book, you can see all transactions that have been made.
4. Look at the coins
- Login to MEW
- Click "Show all tokens"
- If you don't see it, click “Add custom token”
- Enter the token contract address/public key that you sent to the token
- Enter their emblem. example: Fintrux-FTX
- The average decimal point is 18
0 Comments