MyEtherWallet is can be considered as a service Ethereum storage and tokens according to the current ERC20 standard 1. The following article of the Virtual Money Blog will work with you What is MyEtherWallet? And show you how to create the simplest MyEtherWallet (MEW) wallet, protect your wallet and add ERC20 tokens on the wallet!
What is MyEtherWallet?
MyEtherWallet (MEW) is a hosting tool Ethereum (ETH) and ERC20 tokens (tokens developed on the ETH platform).
Currently, the MyEtherWallet wallet is considered the most used ETH storage wallet today.
The advantage of MyEtherWallet is that it does not store your private keys on their server system, or in other words they do not hold your ETH.
In addition, MyEtherWallet can be understood as a tool to help you interact and store Ethereum on your system. Blockchain.
MyEtherWallet do not manage your ETH number, and you are free to use and send / receive anytime you want, even if the MyEtherWallet website goes down, you can still use a similar platform. to log in to your ETH wallet created on MyEtherWallet.
In addition to the Ethereum virtual currency, you can store a lot of other tokens developed on the Ethereum blockchain and MyEtherWallet is a wallet accepted by many Token developers on Ethereum for investors to use. buy their token. Below I will show you how to create the simplest MyEtherWallet wallet.
Instructions on how to create a wallet MyEtherWallet
Step 1: You access here https://www.myetherwallet.com/ (if in English, choose Vietnamese above but below the picture) => enter password Click and click "Create Wallet". Note: When you visit the website, remember to bookmark that page into the browser for next time to visit, avoid the case of phishing attacks.
Step 2: You download Keystore file to your computer by clicking on "Download Keystore Format Machine (UTC / JSON)"Then click"I understand. tiếp tục. " (This file is used to log into your ETH wallet, I'll talk about it in detail)
Step 3: The sequence of characters and numbers in the box below is exactly "Private Key”It is also used to log into the ETH wallet, you copy and save to your personal computer or print on paper if you have a printer and remember to store it carefully not to lose.
At this point, you have created the MyEtherWallet wallet to store and transact Ethereum, very fast and simple, right?
Note: Remember to save 2 things "Private Key", "Password" , and "File Keystore / JSON" very carefully, moreover, do not let anyone know, because if you lose will not be able to access the ETH wallet anymore, and let others know they can also log into your wallet, of course they are free to send. Get ETH in your wallet.
Instructions for using MyEtherWallet wallet
Once you've created the MyEtherWallet wallet, you can now use it to send or receive ETH from others. First of all, you need to login to MEW wallet, there are many ways to login, in this article I will show you two ways to log in to the most commonly used MyEtherWallet wallet, below will be instructions. :
How to log in to MyEtherWallet wallet
Option 1: Log in to MyEtherWallet wallet with Keystore format file (UTC / JSON), go to https://www.myetherwallet.com/ and select the tab "Send Ether and Token" => select "Keystore / JSON File" => click on "CHOOSE FILES SCREEN ... ” then download the Keystore file that step 2 you have downloaded to your computer => enter password => finally click "Unlock" as you will be successfully logged into your MyEtherWallet wallet. Do the same as the picture below:
Option 2: Log in to MyEtherWallet wallet with Private Key, similar to the way you enter "Send Ether and Tokens" => select "Private Key" => copy and paste "Private Key" that you have taken in step 3 => then click "Unlock" are you will login successfully.
Note: MyEtherWallet wallet Unlike other online wallets, every time you switch to a different tab on the menu, you have to login again every time, so every time you send or receive ETH you need to login, the login process is also very fast so it doesn't matter, this is also how MyEtherWallet keeps your account secure.
Instructions for receiving and sending Ethereum and ERC20 tokens on MyEtherWallet wallet
Notice: MyEtherWallet does not charge fees in ERC20 tokens, but by ETH, so when you want to transfer ERC20 tokens, you must have a little ETH to meet the conditions. Gas fee of the system is calculated as follows: Gas fee = Gas limit x Gas Price / 1 billion.
How to get ETH and ERC20 tokens from others
To get Ethereum from others, for example if you buy or someone wants to send ETH to you, it's simple, just give your ETH address on MyEtherWallet to give them and tell them to move in. After logging in to MyEtherWallet wallet you will see the interface "Send Ether and Tokens" like this
Here the character sequence below "Account Address" is your ETH wallet address, "Account balance" is the amount of ETH you have. You get the address to buy ETH or give to someone who wants to transfer is ok.
How to send ETH and ERC20 tokens to others
To send Ethereum to others, you post to your wallet and also select the tab "Send Ether and Tokens" Here you enter the transaction information sent:
- Address to: Enter the recipient's ETH wallet address
- Amount to send: Enter the amount of ETH you want to deposit
- Gas limit: This you leave the face to do not need to fix anything
Finished, click "Create Transaction" is OK. It will take 30-40 minutes for the other party to confirm the transaction that ETH will return to the recipient's wallet, or it may be faster or slower, depending on the confirmation time of the recipient's wallet.
So you already know how to transfer ETH with MyEtherWallet wallet, if you want to transfer ERC20 tokens, click on the Load Token box and click on the word ETH to show ERC20 tokens. You do the same thing as you send ETH.
Instructions on how to add tokens (add tokens) to MyEtherWallet wallet
For MEW wallets, in addition to storing Ethereum, you can also store ERC-20 tokens. To add token to MEW wallet, we need 3 parameters from the issuer:
- Address: is the Contract wallet address of that Token
- Token Symbol: Token symbol
- Decimals: Maximum number of decimal points that the token can support. For example, Decimals is 6, then the token can be broken down to 0.000001.
Usually, the Token issuer will publish these three parameters on their homepage. Each token issuer will have different parameters, no one is alike.
Step 1: After logging in to the MEW wallet as usual. You find the add token section as shown below:
Step 2: Then you choose Add Custom Token, enter the parameters and click Save is done
Instructions to protect MyEtherWallet wallet safely
For MyEtherWallet wallet, information such as Password (Password), Private Key and File Keystore / JSON are very important, you need to store very carefully if you do not want your assets to be lost. When using the MyEtherWallet wallet, you need to do the following to protect the wallet:
- Password: With a password you can easily remember so that you can remember it in your mind, but I recommend putting it a little hard to remember, by including both lowercase letters + capital letters + numbers + special characters (@ # $ % ^ &) to prevent hackers from being able to hack, then copy and save it to a Notepad or Word file.
- Private Key: This is a very long series of characters that is difficult for you to remember, so you can copy and save Notepad, Word files or write directly on paper and store them in your safe.
- Keystore / JSON file: This is a soft file format that is not the same as the above 2 so can't be written on paper, you can choose how to store on USB, memory card.
If you are a regular user, you should save this information in a Notepad file and keep it on your personal computer for convenient use. And if you are a long-term investor who buys Ethereum and stores a few months to a few years, it can be stored on paper, private USB, ... and stored in a safe, so no one can log in to the Ethereum wallet on your MyEtherWallet. OK.
In addition to convenience as well as the best security you should use an additional application called Metamask - A 3rd party application is installed on the Chrome browser and recommended by MyEtherWallet's homepage, if you have created or prepared to create a MEW wallet, you should use more Metamask, you can see how to create and User manual Metamask down below.
Overview of Metamask
Metamask is a Chrome extension, a third-party application that helps protect the security of your MyEtherWallet (MEW) wallet, preventing the Keylog from sticking with your Private Key to log in to your wallet. Whenever a transfer of ETH or Token from a MEW wallet is required, it must be through Metamask for confirmation to be executed, which helps protect your assets in the MEW wallet. Especially when you invest in the decentralized exchange EtherDelta, Metamask is also an indispensable application that the virtual money blog recommends integrating.
How to install Extention MetaMask on Chrome browser
Step 2: Click "ADD TO CHROME"To install.
Step 3: Continue to click on "Add extension"
Step 4: Wait a moment you will see the fox's head in the browser, click on it and press "Accept" under.
Step 5: Drag the sidebar all the way down and press “Accept"
Step 6: Enter your password in the 2 boxes below and click "CREATE".
Step 7: Save the words you circled in red below to the node file carefully, these words will be the ones to restore your wallet or when you use another computer, then click on “I'VE COPIED IT SOMEWHERE SAPE".
Step 8: Now that you have created your Metamask wallet, you can now rename your wallet by clicking on “edit".
Step 9: Enter the name you want and press “Save"
Step 10: If you want to get Metamask wallet address, click on the "..."Then select"Copy Address to clipboard"To copy, then just paste the file or somewhere else to see your wallet address.
Step 11: You can also get the Private key of Metamask wallet by clicking on “Export Private Key”, then enter your password and you will see your Private key.
Instructions on how to Import (integrate) MEW wallet into Metamask
This is also the way that I would like to introduce to you to ensure the security of your assets on MEW wallet, after you have created and used Metamask successfully, you can now integrate MEW wallet to use. use.
Step 1: You click on the head image and select "Import Account”As shown below.
Step 2: At the "SELECT TYPE"You will have 2 ways to import MEW wallet into Metamask is to use Private or JSON File (these 2 when creating MEW wallet you already have), you can choose one of 2 options, here I will choose"JSON File".
Step 3: Click on "Choose File"And upload your JSON File on your computer then enter your MEW wallet password and click"IMPORT”Is done.
You can import many MEW wallets into Metamask and to switch between wallets, you just need to click on the image above and select the wallet you want to use, you should rename different wallets to distinguish between wallets. Please. Below I will guide you to send ETH to another wallet and how to add tokens to the wallet.
Instructions to send Ethereum from Metamask to another wallet
Step 1: At first, choose "SEND".
Step 2: Enter your ETH deposit information:
- Recipient Address: Enter the recipient's ETH wallet address
- Amount: The number of ETH you want to deposit
Then press "NEXT".
Step 3: Here you will see two parts as “Gas Limit"And"Gas Price", You understand this is"ETH transaction fee"You can leave it as default or if you want to send ETH faster, it's fine to increase it. Then press "SUMIT"To complete and wait for confirmation of the transaction, the other party will receive ETH.
Instructions on how to Add Token in the wallet on MetaMask
If you are participating in ICO projects developed on the Ethereum Blockchain Platform (ERC20), you can add those tokens to the MEW wallet on Metamask by the following:
Step 1: You click to the tab "TOKENS"And select"ADD TOKEN".
Step 2: Enter the information of that Token:
- Token Contract Address: This is the Contract wallet address of that Token
- Token Symbol: Symbol of Token
- Decimals of Precision: This is a token indicator
In general, all 3 information above, the ICO project you participate in will provide you, you can ask the admin of the project or someone participating in the project to get this information. After completing the import, press "Add”Is done.
Above is the article "What is MyEtherWallet? How to create and use the most detailed MEW wallet ”. Hope after the post of Virtual money blog You can create and use wallets MyEtherWallet to send and receive ETH and ERC20 tokens simply and quickly. If you still have any difficulties creating and using MEW wallet, you can leave it in the Comments below. Good luck!