In the next tutorial we will explain how to create a virtual wallet MyEtherWallet. But first, let’s explain in detail what MEW is and to finalize some safety recommendations. We start!
What is MyEtherWallet (MEW)?
MEW (https://www.myetherwallet.com/) is a free client interface that allows you to interact directly with the blockchain while maintaining complete control of your keys and funds. Unlike other wallets, you and only you are responsible for their security as it is not possible to recover the funds in case of inappropriate use, or loss of the private key.
When you create an account in MEW, you are really generating a set of cryptographic numbers, a private key and a public key (address). The management of the keys happen exclusively on your computer, specifically in your web browser:
- If you send your public key (address) to another person or system, they can send you to your ETH address or other tokens.
- Be careful if you send your private key to another person or system, since they can have full control of your account
Never transmit, receive or store the private key, password or other information to the MEW interface. Only MEW is used to interact with the blockchain.
How to create a wallet?
First, when you access the website, you will be asked for a password to create the wallet. Make sure the password is complex:
Subsequently, store your keystore (.JSON file with the encrypted version of your private key) in a safe place:
Finally, print or save the private key:
From this moment you will be able to operate with your wallet:
How to connect your wallet with Metamask?
As you have seen in the previous screenshot, there are several options to unlock and manage the wallet. Here we will detail how to do it with Metamask:
According to the information it indicates when clicking on “Metasmask / Mist”, it is that the extension must be installed in the web browser. As an example, we’ll show you how to do it with Chrome. By clicking on the link “Download Metamask for Chrome”, redirect to a new page to install the plugin:
Click “Add to chrome” to install it. Once installed, we will see that the icon is added in the browser bar.
Will request to create a password to access Metamask:
Once the vault is created, it provides the option to recover access in case of loss of the key, by means of 12 words shown in the following capture:
Make sure you save the words safely and then select “I’ve copied it somewhere safe” to continue:
At this time we can connect Metamask with our wallet created in MEW. We can do it by clicking on “Connect to Metamask”.
From here we can operate with it, but make sure you are using your wallet (you can verify it by checking that the public key is really yours):
In the same way, you can obtain the public key by clicking on “Copy address to clipboard”, which will copy this key to your clipboard.
Finally, always remember to log out of Metamask once you have completed the steps you have taken:
How to protect yourself from losses
- Make backup copies of your private key and password. Do not store it only on your computer. Store it on paper or store it on an external media (USB).
- Save the paper or USB in a different physical location.
- Do not store your private key in Dropbox, Google Drive or any other storage in the cloud.
- Consider the option of obtaining a physical wallet (Ledger or Trezor).
How to protect yourself from phishing attacks
- Use the Chrome EAL or MetaMask extensions to block access to malicious websites.
- Check that the URL you are accessing is legitimate: https://www.myetherwallet.com
Make sure that when you access the URL, “MyEtherWallet Inc [US]” appears in green.
- Do not trust messages or links that can be sent to you by mail, Slack, Reddit, Twitter, telegram, etc.
- Always browse on a website before entering information. Do not enter information immediately after clicking on a link in a message or email.
- Install AdBlocker and do not access ads on your search engine (For example, Google)
How to protect yourself from scams
- Investigate and search information on different websites and forums before sending money to someone or investing in a project.
- Ask if you do not understand something or it does not seem right.
- If they tell you something is urgent, ask yourself the reason for this urgency first. They may try to make a hasty decision that may not be of interest to you.
And here’s the tutorial on how to create a virtual wallet MyEtherWallet. You can consult other tutorials to get more information about the world of cryptocurrencies. We wait for you!