Review of MyEtherWallet
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Storing coins in a crypto exchange is pretty risky. This is because exchanges hold your coins for you in their digital wallets once you have purchased them. So technically, they operate like a bank. The only problem is that they are vulnerable to attacks, which can result in a loss of coins.
Crypto exchanges are still in the infancy stage and so it may take a while before developers can find a full proof way to guard them against attacks. This is why it is better to store your coins yourself in a place that only you can access.
Being able to have full control of your private keys and passwords means that you have real ownership of your digital coins. But, to have control of your passwords and private keys, you have to have your own wallet. This is what is amazing about my Etherum Wallet because it enables you to own your own wallet and manage your own passwords and private keys. Not many wallets are capable of providing such an incredible service.
What is myEtherWallet?
MyEtherWallet is an open-source tool that allows you to create a new Ethereum wallet to store your ether coins. It was launched in 2015 by kvhnuke and tayvano and it has gained popularity over the years owing to the rise in the value of the Ethereum coin.
The need to create a tool that would help Ether traders create digital wallets came about owing to security issues. You see, crypto trading exchanges are vulnerable to attacks. There have been many cases of exchanges been hacked and coins worth thousands of dollars stolen.
With MyEtherWallet unlike most wallets, you do not create a wallet on the platform’s servers; instead, you create it on your computer. All your data is stored on your computer and not on an exchange. So you are responsible for safely backing up your wallet(s).
What MyEtherWallet enables you to do is store your data and information on your computer without any hassles. It then provides you with a venue where you can access your information as well as do other things.
You also have the option of creating your wallet on your browser using MyEtherWallet CX Chrome plugin. But, the plugin only supports software and not hardware wallets for vague reasons, but maybe in the future, this could change. But, generally speaking, the Chrome plugin does offer plenty of functionality.
When you generate a wallet using MyEtherWallet, a private key for that wallet is generated as well. You then need to store that private key by downloading the .JSON file where the private keys are stored. There is an encrypted (Keystore) and unencrypted version of the file. The encrypted version is decrypted using a password. Both the private key and the password are stored in the Keystore file.
It is up to you which version you want to download, although the encrypted version is highly recommended because it adds a second layer of security to your wallet.
There are no deposit or withdrawal limits on MyEtherWallet.
MyEtherWallet supports the following cryptocurrencies Ethereum (ETH), ETC, Tesnet, UBQ, EXP, MUSICOIN, RSK and all ERC-20 tokens (Ethereum standard tokens).
Does MyEtherWallet Requires Verification?
MyEtherWallet is a client-side application, so the 2-factor authentication feature does not apply because it’s only used for server-side applications mainly as an extra layer of security. With MyEtherWallet, you get a private key. The key is of utmost importance because it contains information that enables you to access your wallet. If you lose this key, there is no way of recovering it. Even myEtherWallet cannot help you recover it.
If somebody obtains your private key, you’re pretty much doomed because they can access your account and do whatever they want. Unfortunately, the only thing you can do is count your losses because there is nothing you can do to stop or cancel transactions and neither can your reset the passwords.
There is a transaction fee for miners, which is 0.000441 Ether. This fee is calculated in Gas and then paid in Ether. There are no deposit or withdrawal fees.
- MyEtherWallet supports a number of hardware wallets as a measure to increase the level of security. These include TREZOR, Ledger Nano S, Jaxx wallet, Mist, Geth, and Metamask. So you can use any of the hardware wallets and still be able to receive and send coins and ERC-20 tokens via the MyEtherWallet platform. Not many wallets offer this feature, which is surprising.
- MyEtherWaller allows you to buy Ethereum Gas, which without it, you cannot create Ethereum smart contracts.
Is MyEtherWallet safe?
You must be asking yourself- Is MyEtherWallet legit? Can I trust MyEtherWallet?
MyEtherWallet is an open source tool, which means that you may encounter bugs and other issues, which developers are constantly working to fix. The problem with open-sourced applications is that you have to wait for a bug to be fixed. Another issue is that they are vulnerable to attacks. But, developers are working to improve and fix any issues that develop with myEtherWallet.
When it comes to your wallet’s safety, you are the only one solely responsible for ensuring that your wallet is well-secured.
How to use MyEtherWallet?
It is easy to use myEtherWallet. You simply visit the official website and follow the instructions. A few basic things you need to know:
- When you download the private key for your wallet, do not share it with anyone.
- Do not save your private key in your email or some place that is easily accessible.
- You can set your own gas limit.
- You can store coins on a Ledger Nano S and TREZOR hardware wallets.
- You can create more than one digital wallet.
- You can send and receive ether coins and other digital currencies.
- You can purchase Ethereum smart contracts using Ethereum Gas.
- You are responsible for the security and safety of your wallet.
- MyEtherWallet is not an exchange, so you won’t be able to purchase coins. However, you can purchase them from another digital wallet and then transfer them to the myEtherWallet.
Generally, setting up a wallet on your computer is pretty straightforward if you follow the instructions. What is crucial to remember is that if you lose your private key, MyEthereumWallet cannot help you recover because it is not responsible for storing your key. It is only an interface where users and the Ethereum blockchain can interact.
Pros and Cons
myEtherWallet is incredibly useful especially for users who want to take charge of keeping their coins safe. It offers a number of features that make it easy for the user to use it. It is also easy to install and use even for beginners. But like all other wallets, MyEtherWallet has its problems.
One major issue is how easily its service can be compromised. If the Ethereum Network experiences high traffic, this could lead to congestion and as a result, its service could literally come to a standstill. This means that it can take hours before transactions are confirmed until the congestion eases up.
- It is open source.
- Its compatible with TREZOR and Ledger Nano S hardware wallets.
- It is legit.
- It has an interactive and user-friendly interface.
- Secure and easy interaction with the Ethereum Blockchain.
- Great customer support.
- Hardware wallets not supported by the MyEtherWallet CX Chrome plugin.
- Network congestion-related issues.
Who should use myEtherWallet?
MyEtherWallet is ideal for ICO investors, Ethereum traders, and users who are serious about cryptocurrency trading. But, I believe that it is ideal for anybody who wants to have full control of their own wallet and coins- both starters and experts.
Thank you for checking out this MyEtherWallet review. Hopefully, it was useful for you and from now on you can store your Ether safely and easily. Check out our website for more articles about similar topics.