Are you brand new to the world of cryptocurrency? If so, you’ve probably heard of the popular Ethereum wallet, myetherwallet. It’s a secure wallet that allows users to store, transfer and receive Ether (ETH) and other ERC-20 tokens quickly and easily. But for those who are completely new to the cryptocurrency world, getting started with MyEtherWallet can be a bit intimidating. That’s why we’ve created this ultimate guide to help you get started!
Before You Begin
Before you jump in blindly and start using MyEtherWallet, there are a few things that you should know first. First and foremost, cryptocurrencies like Ethereum (ETH) are incredibly volatile investments. They can go up or down by a significant amount in just a matter of days or weeks. This means that investing in ETH is not for the faint of heart – it requires an investor who is willing to take risks in order to potentially gain rewards. Additionally, since cryptocurrencies are decentralized from any government or financial institution, there is no safety net if something goes wrong with your investment. With that being said, it’s important to do your research before investing into cryptocurrencies and make sure you understand the risks associated with them.
Getting Started With MyEtherWallet
Now that we’ve gotten the warnings out of the way, let’s dive into how to get started with MyEtherWallet! First off, head on over to their website at https://www.myetherwallet.com/ and click on “Create New Wallet” at the top right corner of the page. From here you will be prompted to enter a password for your wallet which should be strong and secure – don’t forget this password as it cannot be recovered if lost! After entering your password click “Create New Wallet” again and then download your Keystore File onto your computer (make sure it’s saved somewhere safe). Then click “I understand” followed by clicking “Next: View Your Address” at the bottom right corner of the page which will prompt you to view your unique ETH address as well as all other ERC-20 tokens stored within your wallet.
To keep track of the funds stored in your wallet it is recommended to write down both your public address (which others will use when sending funds into your account) as well as private key (used when withdrawing funds from wallets). Both these pieces of information should also be stored securely somewhere as they will allow access into any account linked with them – do not share either piece of information with anyone else!
Finally once all steps have been completed users can go ahead and send Ether (ETH) or any other ERC-20 tokens directly into their wallets using their unique ETH address – transactions usually take around 10 minutes depending on network congestion however they could take longer during peak hours so please ensure patience while waiting for transfers!
MyEtherWallet provides users with an easy-to-use platform for storing their Ethereum (ETH) coins safely without having to worry about third parties gaining access or malicious actors stealing their funds due its advanced security features such as two-factor authentication & encryption technology which protect user accounts from being hacked even if someone was able to gain access into them physically through keylogging attempts etc.. Additionally users can rest assured knowing that all transactions sent via MyEtherWallet are permanently recorded on Ethereum blockchain making them irreversible & immutable thus protecting users against frauds & scams associated with digital currencies online nowadays! Hopefully this guide has been helpful in getting started with MyEtherWallet; happy trading!