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How does MyEtherWallet work?

Myethereum wallet : i is a wallet for Ethereum and extremely secure erc20 token.

How it works this wallet for Ethereum?

Ethereum, crypto created by Vitalik Buterin, is considered the alter ego of Bitcoin although it does not represent only a digital currency. Ethereum is a real economic system neither more nor less like Ripple.

What is your wallet, MyEtherWallet for? We sifted through MyEtherWallet opinions and reviews and drew our own conclusions.

Is it a scam or a valid system to trade in cryptocurrency?

Let's start with question number one: what is MyEtherWallet?

MyEtherWallet: how does it work and what is it?

Those who use Ethereum or ERC20 tokens know well what is MyEtherWallet (MEW). It's a wallet launched in 2015 and has become popular over the years. IS' free, client-side and open-source, allows you to interact with the blockchain of Ethereum.

What does it mean client-side? It literally translates to 'customer side'. Once the user has obtained the private key, he has the full control over both the key and the funds and no one can take it away. This feature has its own pros and cons. On the one hand, the risks of violation are reduced to the bone.

On the other hand, if the user loses the private key, he cannot recover it in any way. Together with the key he loses his password and his wallet. In short, he loses ownership of the account and will no longer be able to perform transfers.

This feature makes MyEtherWallet different from other wallets linked to trading platforms cryptovalute like Coinbase, Creak, Bittrex.

If you use MyEtherWallet we advise you not to save the digital coins on a cloud storage or the keys on other websites, social networks or e-mail.

How the MEW wallet works? Read on and you will find out.

The MEW wallet for ETH and ERC20 tokens

Il MEW wallet supports Ethereum and all ERC20 tokens, thousands of cryptographic tokens thanks to a single very simple, easy and intuitive user interface.

The platform has an amount limit for sending transactions. For ETH and ERC20 tokens, you can customize the options to confirm transactions more quickly.

Thanks to MyEtherWallet you can access different wallets such as Trezor, Digital Bitbox, Keystore, Private Key e Ledger Nano S. Being able to manage and control several tokens and ether from one interface it's really useful.

You can connect privately, you do not have to register or communicate personal data to start using it and it can be used with any operating system and browser. Chrome provides extensions for MEW.

MyEtherWallet makes managing ERC20 and ETH a lot easier, but if you want to use encryption, join ICO or implement smart contracts nobody forbids you.

All cryptocurrencies supported by MyEtherWallet

As of 2018, there are approximately 21.000 ERC20 token contracts.

MEW supports all ERC20 tokens, including cryptocurrencies like ETH, ETC, EXP, RSK, UBQ and MUSICIN.

What does ERC20 mean?

Technically, this standard is used on blockchain for smart contracts for the purpose of creating tokens. ERC is the abbreviated code of Ethereum, while the number 20 is associated with the request.

Lo technical standard ERC20 it allows developers to predict interactions between tokens in a precise way by indicating the rules referring to Ethereum tokens. Rules associated with tokens or how to use cookies to offer the best user experience on the site.

The safest method to invest in cryptocurrencies ever is to rely on the best brokers, authorized and regulated platforms such as eToro, FXTB, Plus500 and Trade.com.

Are you wondering if MyEtherWallet is a scam? Opinions

MyEtherWallet is not a scam.

This popular Ethereum wallet had to overcome a moment of difficulty and several criticisms for a fact beyond its control.

For a while, i hacked wallets and phishing attacks they also hit MEW.

It must be said, however, that the directors were able to manage this critical moment well and promptly. They educated users by publishing specific safety guidelines.

in guidelines, MyEtherWallet explains in detail how:

- install MyEtherWallet Chrome Extension in order to block malicious websites.

- install Metacert EAL, MetaMask or Cryptonite;

- make sure the URL has MyEtherWallet INC in green;

- install an AdBlocker avoiding clicking on ads from the search engine;

- be wary of links or messages sent by email, Twitter, Reddit, Slack, etc. It is advisable to access an official website directly before entering personal data, avoiding clicking on a link from an e-mail or message.

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Jacqueline Facconti

Graduated in Business Economics and Strategy, Management & Control with 110 cum laude from the University of Pisa, editor and editorial collaborator for various blogs and Economic and Business sites

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