Having possession of cryptocurrencies is not a piece of cake. It involves the user to pursue the best security practices of the online and also the crypto world. To keep working with Bitcoins, the user needs to consider the important feature of wallets and figure out how to add/store tokens to them. It is ideal to set up a multi-currency digital wallet to have the option to utilize different currencies from the wallet and enjoy a hassle-free experience.
MyEtherWallet (MEW)
- MyEtherWallet is a well-known choice among cryptocurrency ICO (initial coin offering) investors as it can be utilized to sell, purchase, and store ERC20 tokens acquired from token deals. It is a smart choice since it is an online wallet, which offers offline hardware wallet support simultaneously.
- MyEtherWallet (MEW) offers three different ways to make a new ETH wallet. These are through MEWconnect, Keystore document, or Mnemonic expression.
- MyEtherWallet is a free, customer side, an open-source, hot wallet that enables the user to associate with the Ethereum blockchain. Furthermore, during this, the user stays in full control of their private keys and their funds. MyEtherWallet supports working with all ERC20 tokens.
- MEW wallet recommends suitable gas limit and gas cost while sending a transaction. Likewise, it has customized options to get the transaction confirmed quicker.
Platforms Supported by MEW
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MEW enables the user to interface with smart contracts in a private way. It does not collect any login data, nor does it need any registration to begin. It is a sort of self-hosted web wallet and can be utilized with any operating system or any browser. Additionally, it supports Chrome extensions, which are also accessible for MEW.
How Tokens can be Stored
ETH can be purchased in exchanges or on exchanges. Before buying, the user needs to consider where to store the procured tokens securely. Ethereum, like any other cryptocurrencies, can be stored in different kinds of wallets. Few types of wallets are,
- Cryptocurrency exchange wallets
- Cold, hot or multi-currency wallets
- Hardware wallets
How to add ICO in the Wallet
- To add an ICO in the wallet, open and unlock the wallet, at that point, find the “Send” item. In the window of the outgoing transaction, the user needs to specify the recipient location and the amount to be transferred. The balance amount in the wallet is shown in the lower right corner.
- The user can add tokens and see their balance utilizing the special menu situated on the right side of the wallet page.
- To send tokens, the user should have a positive balance in ETH to pay a small amount as the commission.
- After leaving the wallet, the user can gain access to their funds by clicking the “Transfer ether and tokens” button on the first page of the site.
Wrap up
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At a major level, MEW makes the handling of ERC20 and ETH tokens simple. In any case, if users want to trade crypto, using smart contracts, or taking part in ICOs, they can very well do this by using MEW.
