MyEtherWallet Classic is one of the most popular services for storing digital money. Users can replenish their wallet account using ethereum or other tokens developed in accordance with the ERC 20 standard. Many popular coins are now issued in such a way that extends the capabilities of MEW users.
How does MyEtherWallet work
The official wallet website is myetherwallet.com and it can be integrated with some storage hardware like Ledger, Trezor, Secalot, or digital beatbox. MEW doesn’t have a mobile application on Android or iPhone, but you can get access to your wallet through a browser on your computer using the MetaMask extension.
One of the advantages of this resource is the ability to replenish even the smallest amount of funds. This is especially convenient for those who make money online using cryptocurrency faucets. With MEW, you can transfer any amount of Ethereum to your account.
In addition, a currency exchange is available inside the wallet so that you can easily exchange ether for available tokens. There is also the possibility of storing funds offline.
Unlike most digital money with a commission payment in foreign currency during transactions, in the case of Ethereum a special currency is charged “gas”.
The user will be shown the amount of “gas” that he will need to pay for the transfer when registering any transaction in MyEtherWallet. On this platform, traders can also lower gas prices by lowering transaction fees. This is a kind of loyalty system for regular users.
Exchange in MyEtherWallet wallet is very simple. For this procedure, you just need to enter the amount and type of cryptocurrency.
Another option for this service is working with smart contracts. Previously, such operations could be performed only on the official Ethereum wallet, but not so long ago this function appeared even on the MyEtherWallet wallet.
They can be used to participate in various ICO projects. For example, you can enter the address of the contract or select an existing contract in the list.
MyEtherWallet also offers users a unique opportunity to create an address for themselves. In fact, this is not so practical, but it can simplify your work and create a commercial image.
The advantages of MyEtherWallet include storage of not only Ethereum, but also tokens created according to the ERC 20 standard. In fact, this platform can be considered for storing your tokens from the ICO in which you invested. In addition, almost all new coins are suitable for this system. Also, MyEtherWalle has integration with hardware and system wallets of other services. This extends the use and storage of cryptocurrencies. It is possible to store savings in a cold store. This option will allow you to significantly increase the security of money and protect them from hackers. Another plus is the user-friendly interface and a fairly simple website in many languages. Using such a resource for work is very convenient.
Among the shortcomings of the MyEtherWallet wallet is the lack of two-factor authentication. This slightly reduces the security of using the wallet if you do not use additional methods of protection. There are no Android or iOS apps yet.
As you can see, the MyEtherWallet wallet is great for working with cryptocurrency and therefore has become quite popular among traders. You can easily start using it, especially since registration takes place in a few minutes.