With the rise of cryptocurrency, managing crypto assets is becoming increasingly important. Myetherwallet (MEW) is a secure and free open-source wallet that allows users to manage their Ethereum and ERC20 tokens, as well as other cryptocurrencies. This comprehensive guide will provide an overall understanding of MEW and how it can be used to safely store, send, and receive your digital assets.
Setting Up Your Account
The first step in setting up your MEW account is to create a password. It’s important to make sure your password is strong and secure; if you choose something too easy, someone may be able to gain access to your wallet. Once you’ve created a secure password, you will then be able to generate a keystore file for added security. This file will contain your private keys and should always be stored somewhere safe; if someone were to gain access to this file, they would have full access to your funds. Once these steps are complete, you can move on to creating a wallet address.
The MEW dashboard allows users access various tools such as transaction history tracking, gas price monitoring, network status checker etc., allowing them complete control over their transactions while keeping them safe from fraudulent activities on the blockchain network such as double spending or 51% attacks on cryptocurrencies such as Bitcoin Cash or Ethereum Classic etc.,
Managing Your Funds
Once you’ve set up MEW, you can start sending and receiving funds from other wallets or exchanges. To do this, simply select the “Send” or “Receive” option in the top right corner of the page. If you’re sending funds, enter the address of the recipient wallet along with the amount being sent. You can also add additional data such as a message or payment reference number for added security. For receiving funds, simply copy the address displayed on screen or scan the QR code provided.
Tracking Your Transactions
You can track your transaction history by selecting “Transactions” from the menu at the top of the page. Here you can view all incoming and outgoing transactions associated with your wallet address along with details such as date sent/received, amount sent/received, transaction fees paid/received etc. This feature allows users to keep tabs on their crypto portfolio and ensure that every transaction has gone through successfully without any issues or delays due to network congestion etc.
Conclusion: Myetherwallet (MEW) is an incredibly powerful tool for managing crypto assets in a secure manner. By following this comprehensive guide, users will be able to set up their account securely using passwords and keystore files for added security before sending and receiving funds from other wallets or exchanges easily using just their wallet address or QR code provided by MEW. Furthermore, users are also able to keep track of all their transactions easily with MEW’s built-in transaction tracking features so they know exactly what’s going on with their crypto portfolio at all times!