How to set up your MyEtherWallet to save your Ethereum

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Ethereum wallet

Let’s talk about MyEtherWallet (MEW), a free open source interface that allows us to create an Ethereum wallet. In addition, it interacts with the Ethereum blockchain in an easy and secure way giving us control of our keys and funds.

According to CoinMarketCap, ethereum currently has a market capitalization of approximately 125 billion dollars. Unlike bitcoin, ethereum can be used to create financial applications with all the transparency that blockchain offers, including online cryptographic security to create intelligent contracts.

When you start investing in Ethereum it is advisable and mandatory to open a wallet or wallet, to reliably store the Ether you just bought. It basically works as a set of private keys where these units are stored.

How to access to MyEtherWallet?

For Ethereum one of the most used wallets is MyEtherWallet hosted on the website https://www.myetherwallet.com/. It is extremely important to check the address that is accessed and verify that it is in https, but especially that it is in green. It is not only advisable to use markers for easier search, but also to avoid access through false links or sent to different digital platforms. In the same way, ads on the site should be ignored.

How to install and configure MyEtherWallet on desktop devices?

In relation to the above, once entered in the link, this page provides an option in the top right called “help” (this is to download the file). Later a series of options will be shown, by clicking on: Cold storage with MyEtherWallet?

  1. In the first option starting from “how to” appears a link which should be opened https://github.com/kvhnuke/etherwallet/releases/latest.
  2. The next option shows the file to be searched, in this case, dist-vX.X.X.X.zip.

Once entered in the link this will show a window with what to download, in case of two files (example: dist-v3.11.21.zip).

The most updated version must be downloaded. Once this step is done, proceed to the file and decompress. Then you can disconnect the internet. To start, you access the folder in the link (index.html) which will lead to generate the wallet.

First, a password containing 9 digits is requested, as a result of generating the paper address. In such a way that the key must be the most complex possible as long as it is remembered, additionally you click on “Create New Wallet”.

MyEtherWallet New Wallet

On the other hand, in the next screen it refers to the UTH file that is to be created containing the encrypted private keys. So if that record is lost, it takes the ETH with them and it can not be accessed, nor will there be a way to recover it, which is why all the information provided should be saved very well.

The file to download “Download File Keystore” must be stored on a USB stick outside the device together with the password, since it contains the secret keys. Once this is done, access the folder where the download is to verify that it is. To access the wallet it will be necessary to go to the page, at the top where it says “See Wallet Information”.

MyEtherWallet step2

As you have a generated UTC, the first option “Keystore File (UTC / JSON) is selected, you proceed to” Select wallet file “and select the file previously downloaded. The password is entered and unlocked. In the next window all the data will appear, to conclude it gives you the possibility to print the wallet as well as to save it digitally.

How to send and receive money in MyEtherWallet?

Once you have created your wallet and made the steps correctly, you can send the ethereum you want. To make this possible you would have to do part of the process again, that is, enter in the upper part where it says: “Send Ether and Tokens” from the MyEtherWallet menu, attach the downloaded UTC file and be able to access the funds with the password, if the password is correct, a button that says Unlock “Unlock” will be enabled.

MyEtherWallet Public Key

On the right side of the screen you can see the available balance of your account, which will be used to send the amount you want to another Ethereum address. Therefore, we proceed to enter the destination address “To Adress” and the amount. Finally, the transaction “Generate Transaction” is generated.

As in everything, a warning message is shown, that said ether will be sent. If you agree, you will click on “Yes, I am Sure!” And then “Make Transaction.” Finally, a green window will appear showing that the transaction has been sent successfully. Likewise to receive Ethereum, only the generated address is provided and the other party must repeat the process explained.

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