MyEtherWallet (MEW) is a user-friendly, open-source wallet that allows users to store, manage, and interact with Ethereum and ERC-20 tokens. In this guide, we will discuss the features of MyEtherWallet, how to set up and use your wallet, and why it is a great choice for beginners.
What is MyEtherWallet?
MyEtherWallet is an open-source wallet for Ethereum and ERC-20 tokens. It was created in 2015 by kvhnuke, who wanted to make it easier for people to store and manage their crypto assets. The wallet is browser-based and does not require any downloads or installations. You can access your wallet via the MEW website from any internet device.
MEW offers several features that make it appealing to users — especially those who are new to the world of cryptocurrency. For example, users have full control over their private keys when using MEW so they don’t have to rely on a third party custodian like a bank or exchange. Additionally, MEW provides support for multiple cryptocurrencies as well as decentralized applications (dApps). This makes it easy for users to interact with various dApps without having to switch wallets or providers.
How Do I Set Up My Wallet?
Setting up your MEW wallet is simple and straightforward — even if you’re new to cryptocurrency! All you need to do is visit the MEW website and create an account using your email address or phone number. Once you’ve done this, you’ll be given a unique address that you can use when sending funds into your new wallet. After that, all you need to do is back up your private key so that you can restore access if something happens to your device or account.
Interacting With Your Wallet
Once your wallet has been set up and backed up, you can start interacting with it! You can send funds out of the wallet by entering the recipient’s address into the “Send” tab on the main page of the website. You can also view all of your transactions history by clicking on the “Transactions” tab — which makes it easy to keep track of all of your activity in one place. Additionally, you can easily exchange one currency for another by utilizing MEW’s built-in exchange feature which allows users to swap between ETH/ERC-20 tokens at competitive rates! Finally, when you want to add additional coins or tokens into your portfolio — simply click on the “Add Token” tab which will allow you enter any ERC-20 token contract address in order for them show up within your wallet interface!
MyEtherWallet (MEW) is a great choice for those who are new to cryptocurrency because it has several user-friendly features such as full control over private keys without relying on third party custodians like banks or exchanges; support for multiple cryptocurrencies; decentralized applications (dApps); simple setup process; ability to view transaction histories; built-in exchanges; and add token capabilities . If you’re looking for an open source Ethereum/ERC-20 token compatible digital asset storage solution – look no further than MyEtherWallet!