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Keeping Your myetherwallet Account Secure

GitHub - MyEtherWallet/etherwalletCryptocurrency is the new way of trading and investing, and understanding how to use wallets is an important part of the process. This guide will help you understand what a myetherwallet is, why it is important, and how to set one up. With this information in hand, you can be sure that your cryptocurrency investments are secure and that your funds are safe. 

 

What is myetherwallet ? 

Myetherwallet (MEW) is a free, open-source platform for managing Ethereum tokens and other digital assets. It allows users to create their own wallets, store cryptocurrencies securely, and access decentralized applications (DApps). The platform supports the ERC20 tokens which are the most popular type of cryptocurrency used today. It also enables users to purchase Ethereum from exchanges such as Coinbase or Gemini. 

 

Benefits of Using myetherwallet 

The main benefit of using MEW is that it provides users with full control over their digital assets. Unlike traditional banks and financial institutions, MEW does not have access to any user account or wallet funds; instead all data is encrypted on the user’s device or browser. Furthermore, MEW allows users to interact directly with blockchain networks without having to trust any centralized third party services. This eliminates the need for costly fees associated with transferring funds from one account to another. 

How to Create a myetherwallet Account Creating an account on MEW is easy! First, you will need an Ethereum address – you can either generate one through MEW’s website or use an existing address from another wallet service like Coinbase or Mycelium. Once you have your address ready, go ahead and create your account. All you need to provide at this stage is your email address and a secure password – then click “Create New Wallet”. From here you can download your keystore file which contains all your private keys needed for accessing your wallet in the future. You should save this file somewhere safe such as a flash drive or external hard drive as it will be needed if you ever want to restore access to your wallet in case something happens like losing access due to forgetting your password or losing your device containing the keystore file. 

Conclusion: 

myetherwallet provides users with a secure way of storing their digital assets while allowing them full control over their funds without needing any centralized services or intermediaries between them and their accounts/wallets on the blockchain networks they use for trading or investing in cryptocurrencies like Ethereum tokens etc.. Setting up a myetherwallet account requires just an email address and password followed by downloading the keystore file before saving it somewhere safe such as an external hard drive/flash drive in case something happens like forgotten passwords or lost devices etc.. With this comprehensive guide on understanding myetherwallet under your belt, now nothing should stand between you and successful crypto trading!