If we are determined to work with cryptocurrencies, it is very important that we get a wallet so that we have a tool to store our digital currency. Today we have many wallets that offer us good services in this market, but today we have opted for present you the Myetherwallet service.
This portfolio has become very popular because it works mainly with Ethereum and we have many very complete tools for this. Having said that, let’s start our myetherwallet guide to inform you of all the services offered by this cryptocurrency wallet.
In each of the sections of our article we will explain in great detail the advantages that we have if we work with this wallet. Therefore, if you are interested in operating with Ethereum, there is no doubt that Myetherwallet is one of the best options you can choose to carry out your operations.
- 1 What is Myetherwallet?
- 2 How does Myetherwallet work?
- 3 Is Myetherwallet a safe wallet?
- 4 How to register in Myetherwallet
- 5 How do I add cryptocurrencies to Myetherwallet?
- 6 Payment methods
- 7 Conclusions
What is Myetherwallet?
We will begin our review talking about the operation of this wallet, so that we know what we have to do to work with this portfolio properly and also we will explain the tools used to serve as a great support and get a good number of benefits with all our operations.
Before getting into this topic, we have to tell you that Myetherwallet is a completely free wallet, so we will not have any problems when working with it. It is a portfolio that has great experience in the market since it was founded in July 2015 and since then it offers us very good services so that we can carry out our operations with Ethereum.
How does Myetherwallet work?
One of the great features of this wallet, is that it uses an open source system, so it helps users to make our movements in a quicker and easier way. Actually, the operation of Myetherwallet is very easy, since it will always work with the system offered by the Ethereum cryptocurrency.
In this matter, it is important to mention that Ethereum, is also based on the well-known blockchain system that offers Bitcoin. As we all know, this system is effective since the moment the blocks are created from the set of a large number of transactions.
Both Bitcoin and Ethereum work like this and for this reason, Myetherwallet wallet is fully compatible with this second cryptocurrency.
Taking into account this information, we must say that Myetherwallet allows us to create our wallet directly from its main website, although we must take into account later, the operations that we carry out through this digital portfolio will not be online, so that we find Myetherwallet offline.
This is quite beneficial, since this way, we will not have to expose ourselves to all the risks that the Internet has, since we will know at all times that our funds will be kept safely, outside the system on our computer.
High Compatibility With Platforms
Also, we can not forget to comment that Myetherwallet is a wallet that has the highest compatibility with other similar programs. Without going any further, if we decide to work with this virtual portfolio, we should know that we can also do it simultaneously with systems such as Geth, Niebla, Jaxx Wallet or MetaMask.
Similarly, it is also important that we know that this Ethereum wallet, is used enough to perform the operations we need through the hardware of Ledger Navos, as with Trezor. Both are very popular wallets that allow us to carry out cold storage.
Another important point that we must highlight from Myetherwallet is that it is free, but in addition, we will not have to pay large amounts of money in commissions to carry out our transactions, since this wallet focuses on offering the best services to work with Ethereum.
In any case, we must remember that the blockchain system is very advantageous if we decide to work with this portfolio, since the creation of blocks always facilitates obtaining a greater number of profits.
The truth is that Myetherwallet is a wallet that provides us with all kinds of suitable tools so that we can operate with this cryptocurrency, in particular, the main services are based on the Ethereum digital currency.
Although we also have to say that we will also have the possibility to carry out our operations with other cryptocurrencies, as is the case with Ethereum Classic, even, this virtual wallet offers us the possibility of operating with any standard Ethereum token, always keeping in mind that the cryptocurrency that we choose must be present in the long list that offers us the platform in question.
As you could have noticed, the operation of Myetherwallet is very simple and to work with this wallet, all we have to do is go to Myetherwallet official site and from there, we can register in the system and easily download the portfolio we need.
Of course, we can not forget to say that the popularity of this wallet not only lies in its ease of use, we must also highlight the security measures that it presents, being one of the safest supports that we currently have available in the market.
Due to the importance of security in a portfolio of these characteristics, in the next section we are going to talk to you in a more exhaustive way of the measures that we have found when analyzing this wallet.
Is Myetherwallet a safe wallet?
Whenever we work within the financial market, whether with a wallet such as Myetherwallet, a platform or a broker, one of the most important things that we must take into account to choose the most appropriate element is to inform us of the security that this support provides us.
In this matter, we have to say that Myetherwallet has excellent security measures, for this reason, more and more users are using this digital portfolio to carry out their operations with Ethereum in the best possible way.
Fast, Simple and Safe Transactions: Knowing all this, the first thing we have to say about it is that Myetherwallet has the peculiarity that it is not presented as an independent app with which we can carry out our operations, rather, what we have to say about this wallet is which is a very complete tool that allows us to interact with this cryptocurrency in a fast, simple and safe way.
What we mean by this is that this wallet is compatible with many other programs that allow us to operate with Ethereum and all systems have their security measures verified, so we know for sure that the movements we carry out through of this support, they will be legal and we will have all the guarantees.
Security Portfolios: that is, Myetherwallet security is one of the most complete there is, because it can be used simultaneously with other wallets. Which are also quite safe, so we have multiple portfolios available, with great security, and with which we will be able to carry out our operations.
Offline Storage: another security measure that is very important to highlight, is that Myetherwallet is a wallet that offers us the possibility of carrying out cold storage. As we already anticipated, offline storage is always much more advisable if we decide to work with a wallet of this type, since this way we will be able to save our funds in the best possible way, since in the network we find ourselves many more risks, since that cybercriminals can enter the system more easily.
However, when we store our cryptocurrencies outside the network, we know that these risks are almost non-existent, and we will only have a small amount of funds available to carry out the operations what we need
Keep in mind that storage is the only function offered by this wallet, so we will not be able to perform other operations, remember that other wallets allow us to carry out exchanges, however, Myetherwallet does not offer this service, although it does make it easier to do so, since it is compatible with many other well-known programs and systems in the sector, which means that we have more security measures to be able to operate.
Support and Q&A: in addition to everything we just said, we also have to say that on the Myetherwallet homepage we have found a section where we can read the word “help”.
It is a very important tab, because if we access it, we will be able to consult all the information we need to know about this wallet, as well as learn about the tools we have available or how the support works.
It is essential that a portfolio like this provide us with all this information, because this way we know that it is a secure support and that it has a good support so that our operations are successful and do not try to deceive us.
Finally, among other security measures that we have seen in Myetherwallet, we have to make reference to the verification system that it uses at the moment that we register in the system.
Undoubtedly, registration is also a fundamental part to work with a wallet of these characteristics, but we will talk about this in much more detail in the following section, in which we tell you all the steps you must take to register in Myetherwallet in a fast and efficient way.
How to register in Myetherwallet
As we already know, the registry is a fundamental part to be able to work with cryptocurrencies and logically, if we are sure that we want to use Myetherwallet as our trusted wallet, before we can carry out any operation, the first thing that we will have to do is register in the support.
The first step: we must go to the official website of Myetherwallet and in it, we have enabled a section to carry out the registration in an appropriate way. We will find a form that we will have to fill out, introducing our personal data and all the information requested by the support.
The second step: once we have completed the form, we will have to wait for the system to send a message to the email address that we have previously provided and as soon as we receive that message, we can verify our account.
The third step: then, to be able to work with the wallet and start storing our cryptocurrencies, it is very important that we prepare our own password, of course, it must be totally personal and non-transferable and it is advisable that it is not related to any of our personal data. The password is very important, because whenever we are going to carry out an operation through this wallet, we will have to add this code if we want to validate 100% our transaction.
The usual thing is that the password that we create is made from a combination of uppercase and lowercase letters, as well as adding numbers and other typographical elements.
The fourth step: When we have registered and have our wallet installed, we must obtain our Ethereum address in order to receive the tokens we need, as well as have the opportunity to carry out a follow-up within the blockchain system with which Myetherwallet works.
In this sense, one of the greatest advantages that we have if we work with this wallet is that through the tools provided by Myetherwallet, we will be able to generate an unlimited number of Ethereum addresses, with which we will be able to carry out many more operations and in a very fast and secure way.
As you can imagine, the Myetherwallet registration process is quite simple and will allow us to easily use all the tools we have available through its support.
Among the many that it puts at our disposal, one of the most striking and that makes this digital portfolio very popular, is the history of transactions, because if we enter this section we will have the opportunity to consult all the movements that we have been doing with our wallet in order to have 100% control in all the operations that we have done previously.
How do I add cryptocurrencies to Myetherwallet?
Although the main function that we have available in Myetherwallet is to be able to store our cryptocurrencies, we will not be able to carry out any movement without first having a large number of digital currencies in our support.
Working with the service provided by Myetherwallet we will have a very easy system to add cryptocurrencies to our wallet. Now we will explain this process step by step.
1. Create a wallet
If we want to add cryptocurrencies to Myetherwallet, the first thing we have to do is create our own wallet. As we have already explained in another section, this can easily be done by registering in the support, provided that we enter the necessary data and the system verifies the information that we have provided.
To perform this step, we will give you the button that says “create a new wallet”. After giving it, we will establish our password and we will be ready to download the keys that we need to operate and we will obtain the private key.
2. Log in
After having carried out all the above, we will have to log in with our wallet. Of course, do not forget to add the information requested by the system and then, we will have at our disposal, within the main panel of Myetherwallet, the address of the account, the balance that we have and also the QR code that we have associated.
When we have all these data controlled, it is time to add the cryptocurrencies we need.
3. Add cryptocurrencies
As you can see, getting to this point is very simple, but it is the moment in which we have to add the cryptocurrencies we need. In this matter, once we have our wallet opened and we have consulted all the relevant information about Myetherwallet, we will have to add the corresponding digital currency to carry out our operations.
In order to be able to add cryptocurrencies to our virtual portfolio, previously, we must obtain the Ethers that we need to carry out our operations.
We already told you that through this support we cannot make exchanges or buy cryptocurrencies, but we have to say that Myetherwallet works, in a compatible way, with many other systems that will allow us to carry out our operations.
The reality is that with this wallet we have the opportunity to work with many other systems that offer us good services, among others, we can highlight the exchanges Bittrex or Kraken, or also the presence of the ShapeShift system.
Thanks to these exchanges we will be able to make the exchanges that we need for our wallet, although we also have to say that, if we want to buy cryptocurrencies, then the best thing we can do is to contact Coinbase, which also allows us to carry out these operations with fiduciary currencies and In addition, it is fully compatible with Myetherwallet.
After getting, in one way or another, the Ethers we need, we can enter the address of our wallet in any of these systems and thus, obtain the cryptocurrencies to store them in the virtual portfolio that we have created.
Remember that this wallet has a large storage capacity, so we will be able to work with a large number of cryptocurrencies. Thanks to all the tools that Myetherwallet offers us and the services it has, at present, it has become one of the best wallets to work with Ethereum.
However, we must bear in mind that, although adding cryptocurrencies to our Myetherwallet portfolio is quite simple, to work with them, we must pay for some of these movements.
This is another very particular characteristic of this wallet, since it offers us the possibility of making our payments, using several methods. Let’s see them in more detail in the last section of our analysis.
As we have advanced you in the previous section, to be able to make our movements with this wallet, it is important that we know the payment methods that we have available in Myetherwallet.
We must remember that this wallet allows us to carry out these operations through different channels, although it is true that we will not be able to do it directly, because previously, we must take other steps until we reach the payment method chosen. more convenient for us.
The first step: we have to do is go to the web page of the support and there we will see a section enabled to perform our operations. In this case, we must click on the tab where we can read “send ether and tokens”, which we will find in the top menu inside the screen.
The second step: once we have given this button, the system will direct us to another panel where we will have the opportunity to choose the method that most interests us to operate. We have to say that the routes we have available are the ones we usually find in similar supports.
The third step: we can carry out the payment using our credit card, we can also do the same through a bank transfer, or if we prefer, we have the opportunity to make the corresponding payment using specific online programs. In this case, the most popular is PayPal.
Knowing all the methods of payment that we have available in Myetherwallet, in this section we will choose the one that is most comfortable for us and when we have it clear, we will have to add the amount that we want to acquire to proceed to make said payment.
After having carried out all these steps, in the same panel in front of us we will have to enter the address of our wallet, so that we can obtain the cryptocurrencies that we have obtained.
It is true that most users usually carry out these operations to acquire a greater number of funds in their portfolio, but we also have to say that this same movement can be made to carry out the payment to another address.
The fourth step: In that case, we must enter the address of the beneficiary in question, and we will have to click on the button that says “for”. At the moment we enter the address, we can not forget also to add the amount of cryptocurrencies that we are going to transfer and always taking into account the payment method that we have chosen in advance.
We say this, because in relation to the payment method that we have chosen, we will have to pay some commissions or others.
Remember that if we do it with our credit card, we will not have many problems, since it is one of the most effective methods and with much lower rates. In the case that we have chosen the bank transfer, then the transactions will be slower and the commissions will be somewhat higher.
Finally, online payment programs are those that usually provide us with greater advantages, for this reason, each time users are opting for this method.
In addition to all these steps, we must remember that to carry out transactions, this purse offers us an option called “limit”. It is a new way of being able to carry out our transactions, which is much faster but also, it has a slightly higher rate, although it is true that it is a very simple way to carry out our operations and is giving very good results.
Of course, we can not forget that whenever we want to make a movement of this type, so that our transaction is appropriate previously we will have to click on the button that says “generate transactions”. That is enabled for us to do all this and also, where we will have some very complete tools.
It is knowing for all that Myetherwallet makes it very easy for us to carry out our operations and is one of the few wallets currently which offers us several options so that we can make our payments in the best possible way.
In any case, we can not only highlight this from Myetherwallet, because, as you have seen, we have multiple financial services available and, in addition, the compatibility it has with other systems that allow us to perform other types of operations is very important.
In short, taking into account everything we have just seen about Myetherwallet, there is no doubt that it is a very good wallet for us to carry out our operations with Ethereum. As we know, the Ether is the second most important digital currency, since it has a good market value.
For this reason, it is essential that we have a wallet like this one, which provides us with good tools so that we can operate properly and also works with the best security measures. So, with all of this, we will have the certainty that it is an excellent wallet which offers all the necessary guarantees for us to obtain the greatest number of benefits if we choose to work with Ethereum.