What is MyEtherWallet?
Lots of crypto wallets have been introduced to the crypto industry since the inception of blockchain and crypto technology. The creators or developers of these wallets have different unique ideas behind them, even though the common goal of the wallets is to hold crypto assets securely. However, MyEtherWallet has a prominent spot in that description when talking about the most reputable wallets.
MyEtherWallet is an open-source Ethereum-based crypto wallet. The wallet is owned by Kosala Hemachandra and was launched in 2015 as an avenue to interact with the Ethereum network. It is home to all the ERC-20 tokens deployed on the Ethereum blockchain. The wallet stores sends, receives, and swaps between tokens and coins. It is one of the oldest Ethereum-based wallets still functioning.
Also, the wallet can be used to deploy smart contracts on the Ethereum network. Smart contracts are deployed or launched on the Ethereum network through the Remix Ethereum Virtual Machine(EVM). This is done by connecting the wallet extension on the desktop to remix before deploying the contracts.
MyEtherWallet is available on mobile and desktop. The mobile version can be downloaded from both Google Play and Apple Stores. It is one of the most straightforward wallets to set up out there. Furthermore, it is equipped with a very user-friendly interface, making navigating through the wallet seamless.
Getting Started with MyEtherWallet
Setting up MyEtherWallet is similar to how you set up other crypto wallets. There is no special process, and it is very straightforward. The crypto wallet is available in both mobile and desktop versions. The steps below explain setting up MyEtherWallet on mobile and desktop;
Setting Up MyEtherWallet on Mobile
The process of setting up MyEtherWallet on a mobile device is simple and only requires a few taps here and there. To set up, follow to the steps below;
Download the Application: To start using MyEtherWallet, you must first download the application from your App Store on your mobile device. Even if you own an Android phone or an Apple iPhone, you can easily find the wallet app on your respective app store.
To download the app, search for “MyEtherWallet” in your device’s app store and click on the “Download” button. If the download process is done, you can open the app and set up your wallet.
Open the Application: When the application has been successfully downloaded and installed on your device, tap to open it and proceed to set up the wallet. If the application is opened, two options will appear. The first is the option to “create a new wallet”, while the second is to restore an “existing wallet”. If you have an existing account, restore the wallet by entering your 24-word backup phrase and proceed.
Create New Wallet: If creating a new wallet, tap on the “create new wallet” option from the abovementioned options. Once you’ve selected this option, you’ll be presented with some valuable crypto safety tips as part of Crypto Safety 101. Reading through these tips carefully is essential to take all necessary precautions to protect your digital assets and prevent potential security breaches.
After reviewing the safety tips, scroll to the bottom of the page to find the “Create a wallet” button. By tapping this button, you will begin the wallet creation process, which will walk you through the steps of configuring your new wallet.
Create a Pin: To ensure the security of your MyEtherWallet account, you’ll be prompted to create a six-digit pin. This pin will verify your identity whenever you access your wallet, so choosing a secure and memorable pin is essential.
To create your pin, follow the on-screen instructions. You’ll be asked to enter your six-digit pin twice to confirm it and ensure you make everything right.
Enable Finger Print: If you wish to secure your account with fingerprint unlock, tap the “enable biometry unlock” button and place your fingerprint on the sensor. If you are not intrested in using the fingerprint unlock, tap on the “skip” button. Next, wait a few seconds for your wallet addresses to be created. When the addresses are created, tap the “start using my wallet” button, and the wallet will be fully ready.
Backup Your Account: At the end of the last step above, two options will appear on your screen. The first will direct you to back up your account by writing down your 24-word backup phrase, while the second option is to skip the backup process. It is advisable and very crucial that you back up your wallet securely. Tap the “backup now” button and use your fingerprint to access your word phrases. Follow the instructions showing on your screen until the phrases show up. When shown the phrases, write them down securely on paper and avoid saving them on your mobile or desktop devices.
Setting up MyEtherWallet on the Desktop
Setting up MyEtherWallet on the desktop is different from mobile. To begin, follow the steps below;
Visit MyEtherWallet Official Website: This is the first step in setting up your wallet on a desktop. Please be sure you are visiting the real website because there are lots of cloned websites parading themselves as MyEtherWallet to defraud unsuspecting users of their crypto assets.
Create a New Wallet: If you have an existing wallet or account on MyEtherWallet, click on the “Create wallet” button and when the new page loads, click on the “Access my wallet” button at the middle top corner of your screen and proceed. However, if you are creating a new wallet from the website’s homepage, click on the “Create a wallet” button, and when the new page comes up, you will be presented with three choices for creating your wallet.
The first choice requires downloading the official MyEtherWallet browser extension, “Enkrypt”. The second option requires you to download the official MyEtherWallet application. At the same time, the third option will need you to buy a hardware wallet and use it with MyEtherWallet. Choose any of the options you deem fit for you and proceed.
Important: Please make sure you back up your wallet appropriately. Please write down your 24-word backup phrase on paper and keep it where no other person can access it. This precaution is essential because your crypto assets could be stolen if anyone has access to your backup phrase.
Cryptocurrencies & Assets Supported by MyEtherWallet
MyEtherWallet is an Ethereum-based crypto wallet. It supports all the ERC-20 tokens deployed on the Ethereum network, including all the ERC-721 tokens (NFTs). In addition to the support for the Ethereum network, it also provides support for other Blockchains.
These Blockchains include Binance, Solana, Polygon, etc. The team behind the wallet also promised to introduce other networks to the Blockchains it supports. However, the table below shows a list of the most popular tokens supported by MyEtherWallet.
|4||Binance USD (BUSD)||✓||✓|
MyEtherWallet Keys and Security
The security of your MyEtherWallet account is of utmost importance, and private keys or backup phrases play a crucial role in ensuring it. These phrases are like passwords used to authenticate your wallet ownership. However, if these phrases fall into the wrong hands, your crypto assets could be at risk, as anyone with them can access your wallet from any device without your consent.
Maintaining the safety and security of your backup phrases or private keys is crucial to preventing unauthorized access to your wallet. Writing the phrases down on paper and storing them in somewhere safe is the best way to do this.
If you’re using MyEtherWallet, finding your 24-word backup phrases on both mobile and desktop (web) platforms is easy. Just follow the simple steps below to retrieve them:
1. Open the MyEtherWallet application
2. Scroll down and tap on the “Setting and Support” button
3. Tap on the “View my recovery phrase” button
4. Authenticate with either your thumbprint or pin. After authentication, your 24-word phrase will show up. Write them down securely.
Other MyEtherWallet Features
MyEtherWallet typically functions like any other crypto wallet you know. It can send, receive, store, swap, etc, crypto assets. However, in another way, MyEtherWallet is not like other wallets out there. It is equipped with unique features that make it outstanding from other crypto wallets. The following are some of those features.
In-App Swap: Within the MyEtherWallet application, you’ll find a convenient and versatile feature known as the In-App Swap functionality. This built-in feature lets you quickly and seamlessly swap between various supported ERC-20 tokens on the Ethereum network.
The Swap functionality’s versatility extends beyond the Ethereum network. You can also engage in multichain swaps, which means exchanging tokens across multiple blockchain networks. This helps to opens up a whole new world of possibilities and allows you to investigate a wider range of cryptocurrencies and tokens.
Crypto Purchase: Besides its many features, MyEtherWallet allows users to purchase Ether directly within the wallet using their bank accounts. However, it’s important to note that buying Ether with a bank account is one of many methods for users. MyEtherWallet also offers the option to purchase Ether using Visa or Mastercard, giving users even more flexibility and convenience.
To enable the buy Ether with card option, MyEtherWallet has partnered with reputable payment service providers, namely Simplex and MoonPay. Through these partnerships, users can securely and seamlessly purchase Ether using their Visa or Mastercard, making the process quick and efficient.
When you choose to buy Ether with your Visa or Mastercard, the Ether will instantly reflect in your wallet, allowing you to start using and managing your newly acquired cryptocurrency without delay.
On the other hand, if you buy Ether using your bank account, the transaction will undergo additional verification processes. While this may introduce a slight delay in the transaction, it’s a necessary step to ensure the security and integrity of the purchase.
Deploy Smart Contracts: MyEtherWallet goes beyond just being a wallet for managing cryptocurrencies; it also serves as a valuable tool for Ethereum developers. With its seamless integration with the Ethereum Virtual Machine (EVM), MyEtherWallet provides a platform for developers to interact with the EVM and harness its capabilities.
One significant functionality that MyEtherWallet offers developers is the ability to deploy smart contracts. Smart contracts are self-executing agreements coded on the blockchain, enabling the automation of specific processes and transactions. By utilizing MyEtherWallet, developers can effortlessly deploy these smart contracts onto the Ethereum network, unlocking a world of possibilities for decentralized applications (DApps) and innovative blockchain solutions.
The deployment of smart contracts through MyEtherWallet empowers developers to build robust and secure DApps that leverage the decentralized nature of blockchain technology. These DApps can revolutionize various industries, from finance to supply chain management, by introducing transparency, efficiency, and trust through immutable smart contract logic.
Crypto to Fiat: For users looking to convert their cryptocurrency holdings into fiat currency, MyEtherWallet provides a convenient solution. Through MyEtherWallet’s platform, users can exchange their cryptocurrencies for fiat currencies and deposit the funds directly into their bank accounts.
It’s crucial to note that this functionality is currently available exclusively to European users. Users residing within European countries can take advantage of this feature to seamlessly convert their crypto assets into their local fiat currencies
Education Center: Within the MyEtherWallet platform, you’ll find a dedicated section, the Education Center, designed specifically to provide users with valuable educational resources. This section serves as a comprehensive learning hub, offering a wealth of articles that cover a large number of topics related to blockchain technology and cryptocurrencies.
The Education Center is a valuable tool for newcomers and seasoned individuals in the blockchain and crypto world. It is a gateway to understanding the fundamental concepts and principles underpinning this rapidly evolving industry.
MyEtherWallet Usability and Support
Setting up and utilizing MyEtherWallet is incredibly straightforward and hassle-free, requiring just a few simple steps. The seamless nature of the setup ensures that even users with limited technical expertise can easily get started. With just a few clicks, you’ll be well on your way to accessing the wallet’s numerous features and functionalities.
Also, MyEtherWallet has a user-friendly interface designed to provide an intuitive and enjoyable user experience. Navigating through the application is a breeze, thanks to its well-organized layout and clear instructions.
To further enhance the user experience, MyEtherWallet has a dedicated support centre available to assist users with any inquiries or hassles they may have while using the application.
MyEtherWallet Reputation and Popularity
MyEtherWallet has gained recognition since it was launched in 2015. The peak of its popularity dates back to 2017/2018. Since the wallet was found, there have been no major controversial reports of hack or exploitation. The owners have also maintained quite a good reputation in the crypto industry.
In conclusion, MyEtherWallet is a reputable and popular choice among crypto wallets in the industry. Since its inception in 2015, it has established itself as an open-source Ethereum-based wallet, catering to users’ needs in storing, sending, receiving, and swapping tokens and coins. With its extensive support for ERC-20 tokens and the ability to deploy smart contracts on the Ethereum network, MyEtherWallet offers a versatile platform for users and developers.
MyEtherWallet Pros and Cons
Despite the unique features and user-friendly nature of MyEtherWallet, it has its areas where it lacks strengths. The table below contains the pros and cons of using MyEtherWallet;
|Supports multiple tokens||Supports only Ethereum network|
|In-App crypto purchase available||Setting up desktop wallet too complicated|
|Easy to use application||Few information available on the website|
|Unlimited Access to EVM|
|NFTs are supported|