MyEtherWallet Guide (Beginner)

This Guide is for the Mobile Application Version of MyEther Wallet

Wallet Provider: MyEtherWallet (MEW)

Official Website: https://www.myetherwallet.com/

Compatible Operating Systems: IOS, Android, Google Play store

Description: MyEtherWallet is a popular wallet that is used for storing ETH, ERC-20 and ERC-721 tokens, which are based on the Ethereum blockchain. In addition to the renowned web wallet, MyEther had also has a mobile app, available for both Android and iOS devices.

MyEtherWallet or MEW Wallet app lets users buy and send cryptocurrencies with ease and mobility. Users can get the app on the Apple AppStore, Google Play, or Samsung’s Galaxy Store, create their wallet, and buy Ethereum (ETH) using the in house exchange.

Supported Cryptocurrencies: The current supported cryptocurrencies, which can be received to, sent from, and stored in MyEther Wallet are ETH, ERC-20 and ERC-721 tokens.

Step 1.

The first step in setting up a MyEtherWallet is to download it from the relevant app store.

Once located, you can then begin the download to your mobile device.

Once downloaded, you can then open the MyEtherWallet App.

The first screen you will see is the ‘Create a free wallet’ page. Here is where you can create a new wallet or recover an existing wallet. If this is your first MyEther wallet or you want to create a new wallet, you will need to click ‘Create a free wallet’.

If you wanted to recover an existing wallet using the recovery phrases, then you will need to click ‘Restore’.

Step 2.

The next step is setting up a pin for your wallet, this will be needed in order to access your wallet.

MyEther Wallet also has the ability to incorporate your devices existing security features such as Face ID and Touch ID for iPhone users.

Enabling these features will depend on the users security situation and how secure these features are for them.

Step 3.

The next step is to set up the recovery phrases. This is one of the more important steps as it is the most comprehensive security feature of the wallet.

It is highly advised that you complete this step. If your device is lost or compromised, this informaiton is your only means of reclaiming access to your wallet and its balances.

Write down the phrases in the order that they are displayed, ensuring you keep a hard-copy version in a safe place. It is recommended that you use pen and paper for this step and secure the paper is in a secure location and kept secure.

Once you have recorded the recovery phrases, you will then have to confirm that they have been noted down correctly.

MEW will then ask you to confirm a few of the phrases.

When you have confirmed the recovery phrases, you will have full access to your wallet and will be taken to the main home page of the wallet.

From this page you can send and receive coins. The two arrows displayed, pointing up (outgoing) and pointing inwards (incoming), is how you would do this.

The down arrow will display your depsoit wallet address. You will be required to copy and paste this and provide it to whoever is sending you coins.

Clicking the receive arrow will display your wallet address. This is what you will need to provide the sender of the cryptocurrency.

It is strongly advised that you copy and paste this information as typing it out may lead to errors and the loss of coin.

Step 4: Buy Cryptocurrency and send to your Wallet

You will first need to register with us: https://www.bcbitcoin.com/login/?register=1

Then you need to go to our website and click "Buy Coins" or use the following link: https://www.bcbitcoin.co.uk/buy/

You can purchase a wide range of Cryptoassets through our platform, compatible with MyEtherWallet.

To place an order for Cryptocurrency:

Select the Cryptocurrency you would like to purchase and enter the amount you would like to spend on the Coin.

In the field “Your Wallet Information” provide us with the Cryptocurrency Wallet Address where you wish to receive Cryptocurrency.

Complete your order and make a payment to our account.

Once you have doubled checked your order and wallet information click “next step” to continue.

We check all wallet addresses on the public blockchain to ensure they are valid wallet addresses.

If you are still unsure, please email/call us and we will be pleased to assist you.

MyEther Wallet Overview

Advantages

Simple and effective layout
Free to use
Includes beneficial information
Allows users to store any custom ERC 20 tokens
Allows the user control of the private key

Disadvantages

Can be potentially difficult for beginner users to set up
Only supports ETH , ERC-20 and ERC-721 tokens

Conclusion

MyEtherWallet is a great tool for users who are interested in Ethereum and its associated tokens. It allows huge accessibility to the Ethereum network and interaction with exciting features such as DApps and NFT’s.

Some of the drawbacks includes its limitation to ETH, ERC-20 and and ERC-721 tokens and that certain features may be of no use to beginners. In addition, being on the mobile platform opens up potential risks as the loss of the device can lead to the loss of all the assets in the wallet if the proper backup information has not been set up.

BC Bitcoin Resources

Articles: https://www.bcbitcoin.com/articles/
Twitter: https://twitter.com/bc_bitcoin
Buy Coins: https://www.bcbitcoin.co.uk/buy/
Register: https://www.bcbitcoin.co.uk/login/?register=1

Additional MyEtherWallet Resources

MyEtherWallet Social Media: https://twitter.com/myetherwallet
Contact MyEtherWallet Support: https://kb.myetherwallet.com/

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence. BC Bitcoin will not be held responsible for any investment or transaction decisions you make based on the information provided on the website.