Myetherwallet: how safe is it?

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Avatar for Abothe
Written by
3 years ago

People are still confuse about which wallet is the best cryptocurrency wallet regarding ethereum. And this is mainly for those people who want to clear their confusion and misconception.i had publish the same article at publish0x.

If you have ethereum cryptocurrency and confuse about which wallet to open try MYETHERWALLET. It is a web wallet where you can access in a web browser and no installation of additional software is needed in this type of wallet

MyEtherWallet  also known as MEW is one of the most popular ethereum wallet and is also a highly flexible user interface to access the Ethereum blockchain network.This wallet is always among the top 10 most popular ethereum wallet recomended by many users.

Which cryptocurrencies can I store in Myetherwallet? Is it safe?

As per my research on google and many other plat forms.Here are all the currencies you can store at myetherwallet

  • Ether (ETH)

  • Ethereum Classic (ETC)

  • Any standard Ethereum token (ERC-20) issued on the Ethereum platform

According to the response from various acount holders i can give some of the advantage and disadvantage of MEW

Advantage

  • Easy to use

  • Its Free we dont have to pay anything

  • Good user interface with video tutorial.

  • Accessible through the web also called web wallet

  • Compatible with many popular hardware wallets like ledger, trezon. Increasing the level of security.

  • One of the most unique feature is it supports offline transactions

Disadvantage

  • One of the most common disadvantage of cryoto wallet is that Users are the easy target of hackers. And pshing attack most occurs worlwide.

When i goes though various forum. I find all this positive commont from various users

  • You got your private keys, very easy to use, once you learned, perfect for ERC20 Tokens and ETH

  • Easy to set up and use, make a paper wallet from it if you choose. Can store tokens, you can increase gas limit for faster transactions. Very happy with MEW

  • MyEtherWallet is easy to use, quick setup and quick to get your head around.

What makes Myetherwallet unique from other wallet?

One of the most unique userfriendly feature of this wallet is that all the datas like private key and passwords are NOT stored on the MyEtherWallet servers. We can store the private key on our computer or on another hardware wallet like Ledger Nano S. Which is considered to be highly secure.

There are multiple ways in which you can access this wallet like

  • Accesing with hardware like ledger

  • Accesing with your private key

  • Accesing with metamask

Finally My view regarding Myetherwallet

So after all this response from the users and a thorought research on various advantage and disadvantage.here is my conclusion regarding Myetherwallet.

I would recomend this wallet but under user understanding about its risk and safety.MyEtherWallet is safe to use and is considered as one of the most popular and recomended ethereum wallet till dates, and its safety also depends on how  users handle the wallet after understand the risks of inputting their private keys or passwords to other website. And is still also one of the best options for storing, sending and receiving, both Ether and Ethereum related token. And is still a trustworthy.

When it comes to storing or receiving  different ether (ETH) tokens and other digital assets issued on the Ethereum platform,Myetherwallet is among the best wallet type as it can store all 20 types of ETH token and also let users interact directly with the blockchain while giving full control of private keys making it more user friendly.

Apart from myetherwallet you can also try Atomicwallet,mycrypto walet,metamask etc.

You can go and  create an account  if you find this wallet to be safe for you after knowing its safety and risk involve.

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$ 0.00
Avatar for Abothe
Written by
3 years ago

Comments

Yes, myetherwallet is one of the best online wallets for Ether and ERC-20 tokens. It is safe, provided you keep your seed phrase well.

$ 0.00
3 years ago

Yes it is but at the same timr being a web wallet. It more prone to various cyber attack. So we need to be more careful for that

$ 0.00
3 years ago

Yeah that's another point. It is appreciated as an encouragement to learn more. I always like to learn.

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3 years ago

Thanks for your support

$ 0.00
3 years ago