MyEtherWallet Beginners Tutorial: In this tutorial, I show you how to generate a new wallet, view your ETH addresses, how to send and store your Ethereum and ERC20 tokens. Also, I explain how to export your private keys from Blockchain into MyEtherWallet.com. I have created a number of other MEW related tutorials around Gas Transactions, checking MEW to a Hardware wallet such as the Ledger Nano and MetaMask.
What is MyEtherWallet?
MyEtherWallet (aka MEW) was created in 2015 by Taylor Monahan and Kosala Hemachandra and is a free, open-source, client-side interface. Allowing you to interact directly with the blockchain whilst remaining in full control of your keys & your funds. You and only you are responsible for your security.
MyEtherWallet is an Interface
When you create an account on MyEtherWallet you are generating a cryptographic set of numbers: your private key and your public key (address). The handling of your keys happens entirely on your computer, inside your browser. MEW will never transmit, receive or store your private key, password, or other account information. MEW do not charge a transaction fee. You are simply using their interface to interact directly with the blockchain. If you send your public key (address) to someone, they can send you ETH or tokens. 👍 If you send your private key to someone, they now have full control of your account. 👎
What is Blockchain?
The blockchain is like a huge, global, decentralized spreadsheet. It keeps track of who sent how many coins to whom, and what the balance of every account is. It is stored and maintained by thousands of people (miners) across the globe who have special computers. The blocks in the blockchain are made up of all the individual transactions sent from MEW, MetaMask, Exodus, Mist, Geth, Parity, and everywhere else. When you see your balance on MyEtherWallet.com or view your transactions on etherscan.io, you are seeing data on the blockchain, not in our personal systems.
MyEtherWallet is not a Bank
When you open an account with a bank or exchange, they create an account for you in their system. Banks keeps track of your personal information, account passwords, balances, transactions and ultimately your money. They charge fees to manage your account and provide services, like refunding transactions when your card gets stolen. Banks allow you to write a cheque or charge your debit card to send money, go online to check your balance, reset your password, and get a new debit card if you lose it. You have an account with the bank or exchange and they decide how much money you can send, where you can send it, and how long to hold on a suspicious deposit. All for a fee!!
Since the beginning of 2018, MyEtherWallet has forked and the co-founders have gone their separate ways with Taylor Monahan now creating a rival service named MyCrytoWallet. MyCrytoWallet Tutorial.
Please take some time to understand this for your own safety. Your funds will be stolen if you do not heed these warnings.
MEW cannot recover your funds or freeze your account if you visit a phishing site or lose your private key.
Check out the MyEtherWallet for yourselves and let me know what you think…