Understanding the Advantages & Disadvantages of Using MyEtherWallet

Cryptocurrency has grown immensely in popularity over the past few years, and with it, so have the range of tools and services available to help users store and manage their digital assets. One such tool is MyEtherWallet (MEW), a secure online wallet that allows users to store, monitor, and transfer Ether tokens on the Ethereum blockchain. If you’re new to cryptocurrency or are looking to start using MEW, this beginner’s guide will provide you with all the information you need to get started.

Creating a New Wallet

The first step when using MEW is to create a new wallet. Creating a wallet will generate two keys: a public key (which is your address) and a private key (which is your “password”). It’s important that you keep these keys safe as they are necessary for accessing your funds. The best way to do this is by writing them down on paper or storing them in an encrypted file. Do not share these keys with anyone else!

Once you have created your wallet, it’s time to add some funds! You can do this by sending Ether tokens from another account or exchange into your MEW wallet address. Any transfers made using MEW are free of charge—all you have to pay for is the network transaction fee associated with sending or receiving coins/tokens on the blockchain network itself. This fee can vary from one transaction type another—for example, ERC20 tokens generally require higher fees than Ether transfers.

Monitoring Your Balance & Transactions

MEW also makes it easy for users to track their balance and transactions within the platform itself. You can view your current balance at any time by going into “My Account” under “Balance History”—here, you can see all deposits and withdrawals associated with your account along with their respective amounts and dates of occurrence. In addition, you can also view detailed information about each individual transaction in this section as well as export data related to them in various formats. 

Sending & Receiving Funds With MEW    Once you have added funds into your wallet, it’s time to send those funds out! To do this, simply go into “Send Transaction” within the app itself and enter all of the relevant details including recipient address, amount being sent, gas limit (i.e., maximum amount of Ether used for completing transaction), etc.—make sure that all of these details are correct before confirming the transfer! Once confirmed, your funds will be sent out immediately and should arrive at their destination shortly after that. In order to receive funds into your wallet from other accounts/exchanges/etc., simply provide them with your public key (your address) which they can use for transferring money directly into your wallet.


Using MyEtherWallet (MEW) doesn’t have to be difficult—this beginner’s guide provides all the information needed for setting up an account on MEW quickly and securely so that users can start managing their digital assets right away! From creating an account and adding funds into it through monitoring balances & transactions up until sending & receiving payments—this comprehensive guide covers everything needed for getting started with MEW today! So don’t wait any longer—set up an account now and start taking control of your cryptocurrency future today!

David Watson

David Watson

Alan Watson: Alan, with his experience as a health journalist, provides informative and accessible blog posts on the latest medical research and public health news. His expertise and knack for simplifying complex medical topics make his blog a trusted resource for health-conscious readers.