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MyEtherWallet Pt. 1 — Creating one
This a simple step-by-step guide in understanding what a MyEtherWallet (MEW) is and how to create one.
When I went through the process of walking my friends, family, colleagues, and others on how to set up their first MyEtherWallet (MEW), I noticed the same questions popping up so I wanted to create a simple step-by-step guide with screenshots to help you.
What is a MyEtherWallet (MEW)?
It’s a free, open-source, client-side interface for generating Ethereum (ETH) wallets and storing your Ethereum (ETH) & ERC-20 token.
**Note: For those of you who don’t understand ERC-20 tokens have no fear — I will be writing a separate piece on it
What’s the difference between a MyEtherWallet (ETH) wallet and a bank?
When you open an account with a bank you are automatically enrolled in their system. They keep track of all of your accounts, personal information, and money. When a bank provides you a service — there are fees (e.g. fees for wiring funds, writing a bank draft, sending an e-transfer, and more). They also decide how much money you can send, when, and where — and with that there are fees that can accumulate. MyEtherWallet (MEW) is not a bank.
Having a MyEtherWallet (MEW) gives you the power to move your Ethereum (ETH) and ERC-20 tokens at any time and allowing you to decide how much you’d like to transfer as well. That is the point of decentralization and the blockchain.
Creating a MyEtherWallet (MEW)
Step 1: Grab a USB stick and plug it into your computer
Step 2: Go to https://www.myetherwallet.com/
**Note: Please take the time to read their small tutorial to protect yourself
Step 3: Create a password that you will remember
a. Click on “Create New Wallet”
Step 4: Download your “Keystore File”
A Keystore File is used to recover or restore your wallet. You can also use it to access your MyEtherWallet (MEW), which I will walk you through in MyEtherWallet Pt. 2— How to use
a. Transfer the file to your USB stick. The file will look something like the image below
b. Click on “I understand. Continue.”
*Note: I highly advise you to back up your Keystore File:
- Write it down and keep copies of it that only you can access — I have seen several people lose all of their funds
- Do not share it with anyone
Step 5: Save your “Private Key”
A Private Key is like a PIN number you use to access your bank account, and it is important to ensure that only you have access to it.
Step 6: Click on “Print Paper Wallet”
You will be taken to an attachment like the image below.
**Note: I highly advise you to:
- Write it down and print copies that only you can access — I have seen several people lose all of their funds because they did not back up their Private Key
- Save the file on your USB
- Do not share it with anyone
Congrats! You have created your first MyEtherWallet (MEW), but now what? Read MyEtherWallet Pt. 2 — How to use, which will show you how to access and use your MyEtherWallet (MEW).
*Important**
Protect yourself and back up your information. You are responsible for your security. You’ll see phishers posting links to a websites that looks just like MyEtherWallet attempting to steal your information and money.
- Keep your private key and password safe.
- If you lose your private key or password — you cannot recover it
- If you enter your private key on a phishing website — your funds will be taken
- Make a backup of your private key and password. Do not store it on your computer. Print it out on a piece of paper or save it to a USB drive.
- Store your back ups or USB drive in a different physical location that you will remember.
- Do not store your private key on any platforms such as: E-mail, Google Drive or other cloud storage, cell phone or texts. If your account becomes compromised — your funds will be stolen.
If you have any other questions or if you would like me to walk you through specific steps please feel free to contact me. Thanks for reading :)
Email: jacqueline@heyjkp.comLinkedInTwitterInstagramWebsite
Helpful Sources:
MyEtherWallet Pt. 1 — Creating one was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
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