Is MyEtherWallet Legit?
If you have some cryptocurrency or you are looking forward to buy it soon in future, then you will surely need a wallet to store your digital currency securely. It will depend on what you need, you can choose from many wallets that are available in the wallet.
In this article, we will review MyEtherWallet, which is also known as MEW wallet, it is one of the most famous Ehtereum wallets. It is one of the most ideal options for storing, receiving and sending, the tokens that are related to Ether and Ethereum. Therefore, it is important for you to have enough understanding about MyEther Wallet. This review will be helpful for you to get enough knowledge about this wallet.
After reading this detailed review, you will be able to decide if MyEtherWallet is right for your needs or not. You will also get the better understanding about how to set up the MEW wallet and start using it.
Before the release of MyEther Wallet, there were not many options to safely store and receive or send Ether, so Taylor Monahan decided to create MyEtherWallet. It was released back in 2015, not every long after Ethereum was launched in the market.
It has grown to become one of the most frequently used wallets for transactions regarding Ether. It has also developed with time to add more features which are required by the Ethereum blockchain.
What Does It Do?
Simply, MEW wallet is a website which will let you create an Ethereum wallet within few seconds. However, you can make use of this wallet to store, receive and send Ether.
Technically, it doesn’t store your coins directly. It will give you an address at which you can receive coins from anyone. This address is referred as the public address for your wallet. You can think of it as your bank account number at which you can receive money from different people.
What If You Want To Send The Coins To Someone From Your MyEther Wallet?
In order to send the coins to someone you will need a secret password which is known as a private key. This key is unique number which is generated randomly. You should never share this private key with anyone. You can send your tokens and coins to other addresses by making use of this private key.
Private key is an important actually very important feature. Well, if you will lose your private key, you will lose all of your coins stored in the wallet. So, it is important to store your private key in a safe place. It is better to note it down on a paper.
This is a place where My Ether Wallet becomes even more useful. It will generate your private key, give it to you and suggest ways which will be helpful for you to keep it safe.
Reasons For Its Popularity
This wallet is one of the most favorite wallets that are loved by crypto community. The fact is that it is highly secure and it is one of the major reasons for its popularity. However, other reasons for its popularity are mentioned below:
Setting up the My Ether Wallet will take less than a few minutes. It is easy to use this wallet, you can simply make use of your web browser to create your own wallet. You will easily understand how to use it as it has an easy to understand user interface.
Easy To Use
Once you have set up your wallet, you can make payment by making use of coins which is very simple. One of the major advantages offered by this wallet is that it can also be used easily with other hardware wallets such as Ledger Nano S and TREZOR.
Free To Use
It is completely free to use for every single user. Isn’t that wonderful?
These are the features which make it very popular among people. You must be thinking about the security and is it secure enough to trust? Let’s take a look:
Is It Safe?
Even though you have created the wallet by making use of My Ether Wallet website, but, the whole process is done locally on your own computer.
Data like passwords and private key are not saved on the servers of this wallet. However, you can store the private key on a computer or any other hardware wallet like TREZOR Wallet.
This is the reason why this wallet is secure to use. You will have the complete control over your cryptocurrency as the private key is not shared with anyone else, even though it isn’t shard with MyEtherWallet.
There are several ways in which you can store your private key and make use of this key to access your wallet.
It is more complex to generate and use this wallet than other options on the market. However, it also offers much more flexible Ethereum platform.
New users will may face difficulty with the signup process as it seems to be designed for a more advanced audience.
The ability to make use of this wallet depends on where you have stored your private keys. If you keep them on a hard disk, the funds are only available from that computer. However, the Ledger and Trezor users will have the complete freedom to plug in and run the wallet application from any browser.
This wallet doesn’t offer functions like QR code popups or a quick scanner to send and receive funds. However, there isn’t even a receive tab which is confusing for some users, you can just make use of your public address to receive funds.
There are is wide selection of tokens that are usable in the market which is very important for Ethereum wallets. Many transaction of Ether are used for investing in various tokens and ICO’s. However, many users depend on accessing various tokens on Ethereum network.
My Ether Wallet is one of the popular and convenient Ethereum wallets. However, it is popular because you can make use of this wallet for much more than storing Ether. There are various things you can do with the help of this wallet as well as it also supports different coins on the market.
Store Ether And ERC-20 Tokens
All of us know that My Ether Wallet can be used for storing Ehereum, but what are these ERC20 tokens that we are talking about?
Developers can develop their own applications on Ethereum’s blockchain platform. ERC-20 tokens are similar to coins, but they belong to the applications that are developed on Ethereum.
For example, Civic is an identity app which was developed on the Ethereum blockchain. The currency of civic is known as CVC, it is an ERC-20 token. However, you can store them in your wallet because they are built on Ethereum. Not all the wallets accept ERC-20 but MEW accepts these tokens.
Add Custom Tokens
My Ether Wallet already has many ERC-20 tokens that are added to its list.
However, if you are unable to find the token that you are looking for then you can easily add any custom token to its network. You just need to put the address of a token, a decimal and token symbol. In order to find these details, you will need to search for the “token address” of a token that you are looking for.
For example, if you are looking forward to add Civic token in your wallet, you will need to search on Google in order to get “Civic token address”. Normally, the website of a token will show you the details and it will also who you how to add it on your wallet if you need further assistance. Just like adding your custom token in the list of My Ether Wallet, you can also access all of your ERC-20 tokens at one place by making use of this wallet.
Invest In ICOs
Many initial cryptocurrency offering (ICOs) are now making use of ERC-20 tokens which means you can make use of My Ether Wallet to participate in ICOs.
First of all, you will need to visit the website where the ICO is being launched. You will be able to find the wallet address on that website that you will need to send your Ether to. This is a method how you buy their tokens.
Once you know the ICO’s wallet address, it is very easy to send Ethereum from your wallet account to them. However, they will send you their tokens in return and the tokens will stay safe in your wallet.
This wallet is one of the easiest ways to invest in ICOs that are linked to the Ethereum blockchain.
This wallet is simple and effective as well as it offers many features. Once you have known what you can use your wallet for, it is time for you to see how it compares to different types of wallets.
Advantages And Disadvantages Over Other Ethereum Wallets
This review will be incomplete without comparing this wallet with some of the other options that are available in the market. We will compare this My Ether Wallet with other types of wallets and hardware wallets so that you can make a better decision for your needs.
Comparison With Online Wallets
As you can take an idea from the name, online wallets can store your private key online by making using of cloud service. However, these wallets can be easily accessed from anywhere and from any device with an internet connection.
As a wallet is online, so there is a high risk of being hacked or scammed. However, you can lose all your coins once your private keys are stolen.
Two of the most famous online wallets are: Blockchain.info and Coinbase
Pros of MEW When Compared To Other Wallets:
·The major advantage offered by this wallet is that it has much better security than other popular online wallets.
·It offers more control because you can create your own wallet and you will have full control over your private key. However, many online wallets are controlled by third party companies.
·It supports ERC-20 tokens, which many other online wallets don’t.
Cons of MEW When Compare To Other Wallets:
·Online wallets offer you access to cryptocurrency exchanges, which is not offered by My Ether Wallet.
·It can’t be accessed from all devices while online wallets can be accessed from any device.
·This wallet can’t be used for Bitcoins and other altcoins.
There are basically two very different viewpoints when it comes to My Ether Wallet.
On one side, hardcore users of cryptocurrencies generally offering their high praises to My Ether Wallet. However, some hardcore fans of Ethereum say that they could not live without this wallet as it is important for the adoption of Ethereum. However, it is free and open wallet which also supports Nano and TREZOR hardware, it covers many bases. It offers functionality for the best possible security regarding your wallet.
For the first time, Ethereum buyers will have to struggle with this wallet. It is not easy to understand the functionality of this wallet because this wallet is designed for more advanced and technical users. It is not as easy and friendly as some other wallets are offering like Coinbase. There are several complaints by users that the interface is sort of confusing and difficult to understand with little intuitive flow that newbies need.
My Ether Wallet is a flexible wallet which offers all the features that are necessary to interact with the Ethereum network.
The users are able to set their own security methods; none of them will leave their private keys online. However, it has the ability to integrate with hardware wallets which can store other currencies. This feature is ideal for anyone with large portfolios. Furthermore, ICO investors can make use of Ether for their specific needs.
Overall, it doesn’t offer super easy user friendly design but it offers built-in features for serious ether users.