MyEtherWallet vs. Other Ethereum Wallets – Which Is Best?
With the rise of cryptocurrency, there has also been a rise in the need for secure and reliable wallets. MyEtherWallet is one such wallet that has grown in popularity due to its ease of use and encryption capabilities. In this article, we’ll go over everything you need to know about using MEW safely and securely for your cryptocurrency transactions.
MyEtherWallet is an open-source client-side interface website used for storing, sending, and receiving Ether (ETH) or Ethereum tokens (ERC20). You can think of it as a “digital wallet” for your Ethereum coins or tokens. It was created in 2015 by Kosala Hemachandra and Taylor Monahan as a way to make it easier for users to store their Ether without having to rely on third-party applications or services.
The great thing about MEW is that there is no need to download any software onto your computer—all you have to do is visit the website, create an account, generate a public address, and then start transacting with ETH or ERC20 tokens. It’s incredibly simple and straightforward.
Security Features of MEW
The security features of MEW are what make it so popular among users. Unlike other wallets where all you have is a username/password combo for logging in, MEW uses two-factor authentication (2FA) as an additional layer of security. This means that when you log into your account from a new device or browser, you will be required to enter both your username/password combo as well as a unique code sent via text message or email before you can access your funds. This makes sure that no one else can access your funds even if they have somehow gained access to your username/password combo.
MEW also allows you to store all of your private keys locally on an encrypted USB drive instead of having them stored on their servers where they could be vulnerable to hackers or data theft. This gives users complete control over their funds since only they know the private keys associated with their wallets—not even MEW itself has access to them!
Using MyEtherWallet Safely
Using MEW safely requires users to take several precautions before getting started. The first step is making sure that you are visiting the official MyEtherWallet website—this can easily be checked by looking at the URL bar in your web browser for https://www.myetherwallet.com/. If the URL does not match exactly what’s listed here, then chances are you’re being redirected through a malicious link which could steal any information entered into the site including passwords and private keys! Additionally, always use two-factor authentication when logging into your account from a new device or browser—this will ensure that no one else gains access even if they have somehow obtained your credentials somehow. Finally, never share any information related to your accounts with anyone else—not even family members! Doing so could put all of your funds at risk if someone were able to gain access using that information!
Conclusion: Using MyEtherWallet safely requires following some basic guidelines such as verifying the URL before entering any information into it; enabling two-factor authentication every time you log in from a new device; and never sharing any information related to your accounts with anyone else – not even family members! By following these steps, you can rest assured knowing that all of your cryptocurrency transactions are safe and secure with MEW! So what are you waiting for? Create an account today and start taking advantage of all that MyEtherWallet has to offer!