The Ethereum blockchain is continuously growing, and it’s taking its place in the world of crypto.
Its market capitalization is over $200 billion, making it the second-largest cryptocurrency, after Bitcoin.
What makes the Ethereum blockchain stand out is that it supports an ecosystem of dApps, smart contracts, and decentralized finance (DeFi) platforms.
It’s not just a single crypto asset.
There are over 1.3 million active Ethereum addresses and more than 1 million transactions are processed daily.
MyEtherWallet is one of the leading Ethereum platforms. But, is MyEtherWallet (MEW) safe?
With all this activity and digital investments taking place on the Ethereum blockchain, the need for a secure wallet is crucial.
Since the blockchain is decentralized, that means that you and you alone are responsible for the security of your own assets.
There is no bank or institution that you can hold responsible if you fall victim to a hacking scheme.
So finding the most secure wallet solution should be your #1 priority.
Brief History of MyEtherWallet
MEW was created in 2015 by Kosala Hemachandra and Taylor Monahan. It was designed to provide a simple and secure way to create and manage Ethereum wallets.
It was a side project that quickly gained popularity in the crypto community. Over the years, the platform has continued to grow and is now one of the most popular within the world of the Ethereum blockchain.
What is MyEtherWallet
It’s a free, open-source, software wallet that allows you to interact directly with the Ethereum blockchain.
Created in 2015, this online wallet allows you to generate a software wallet and send and receive Ether (ETH), ERC-20, and ERC-721 tokens. You can also interact with smart contracts and dApps.
With MEW you can also lend, borrow, and stake through the DeFi platforms on the Ethereum blockchain.
Key Features of MyEtherWallet
- ▪️ Access to dApps and DeFi.
- ▪️ Supports various networks: You can switch between the Ethereum networks (mainnet, testnets, and others).
- ▪️ Use of MEWconnect: a mobile app that gives you the ability to access your wallet and manage transactions.
- ▪️ Compatible with hardware wallets: Easily integrated with popular hardware wallets for enhanced security of your private keys.
Is MyEtherWallet (MEW) Safe?
MyEtherWallet was designed for online protection, using encryption protocols and two-factor authentication. Unfortunately, these measures are not always enough to truly safeguard your assets.
Yes, the platform is open-source, which is a great tool for users to audit and implement improvements but using a trusted hardware wallet along with the MEW is the best choice to help you adhere to crypto security best practices.
This will help to keep your ETH and other assets safe from phishing scams, malware, and hacks.
Common Cyber Attacks and How to Avoid Them
1️⃣Phishing Scams: Usually attempted through fake websites or emails that can trick you into entering your private information such as your private keys.
2️⃣Malware and Keyloggers: Be aware of software that can be unknowingly installed on your device that can track your keystrokes and steal sensitive information and your private keys.
MyEtherWallet gives you many opportunities to interact with the Ethereum blockchain, but its characteristics as a software wallet make it vulnerable to online attacks.
Pairing it with one of the best hardware wallets is your best choice for top security.
Why Do You Need a Hardware Wallet?
Relying on a hardware wallet vs a software wallet can be confusing, especially for new crypto investors.
A hardware wallet simply breaks down into a physical device designed to secure your cryptocurrency assets.
There are different types of hardware wallets to consider, such as paper wallets, electronic hardware wallets, non-electronic, and cold metal wallets.
Unlike software wallets, which store your private keys online or on your device (computer, tablet, or phone), a hardware wallet stores your private keys on the device itself.
To truly be considered an offline hardware wallet, you need to use a cold hardware wallet, such as Material Ether.
Other hardware wallets that have electronic components, such as Leger or Trezor, still rely on some sort of software to transmit information.
With cold storage, your private keys are kept offline.
Material Ether & MyEtherWallet Together: Safest Solution
Material Ether is a cold hardware wallet that was made to securely store your ETH.
It’s made from AISI 304L stainless steel, making it highly durable. It stores your private keys 100% offline and is therefore unhackable!
How Material Ether Works With MyEtherWallet
Material Crypto Ethereum Cold Wallet enhances MyEtherWallet’s security by storing your private keys completely offline.
This combo gives you the perfect mix to manage your Ethereum assets while also protecting them in the best possible way.
How to Use MEW with Material Ether
1. Set Up Material Ether:
- Scan the QR code on your Material Ether and follow the prompts.
- During the initial setup, you will generate a seed phrase. This is vital for your crypto recovery and should be stored safely on a metal crypto wallet.
2. Connect to MyEtherWallet:
- Open MyEtherWallet and select the option to connect to a hardware wallet.
3. Access Your Wallet:
- Scan your Material Ether.
- MEW will display your wallet’s address and balance without exposing your private keys.
4. Make a Transaction:
- Use MEW to send ETH to Material Ether.
- Scan the QR code on the physical metal wallet or manually enter your public address into the MEW platform.
Securing Your Ethereum with MyEtherWallet and Material Ether
MEW provides a well-rounded platform for managing and interacting with Ethereum assets, but pairing it with a secure cold hardware wallet, like Material Ether is the winning combination for protecting your assets.
Currently, there are over 273.28 million Ethereum addresses. With the number of Ethereum users growing and making transactions on the network, there are plenty of opportunities for hackers and scammers to have their go at all the unprotected digital assets stored online.
Don’t fall victim to a cyber attack. Prioritize your crypto’s safety with Material Wallets.
FAQs
How do I access MyEtherWallet?
- Go to the official MyEtherWallet website and select “Access My Wallet.” Pick your preferred method (hardware wallet, MEWconnect, MetaMask, etc.), then follow the instructions to unlock your wallet.
How to find MEW wallet private key?
- Access your wallet through MEW and go to the “View Wallet Info” section. You will see your private keys shown in the wallet details. Undoubtedly, as your private keys are accessed through the website, we highly suggest storing your private keys in a cold wallet.
Is MyEtherWallet trustworthy?
- The cryptocurrency community holds MyEtherWallet in high regard for its open-source nature. However, it becomes better protected when paired with a cold hardware wallet.
MyEtherWallet’s app safe?
- MEWconnect is the MyEtherWallet app and it uses advanced security measures. But, since it’s a software wallet, it will always be exposed to online vulnerabilities.
Is MEW a safe wallet?
- Yes, MEW is safe if used correctly. Always use it hand-in-hand with cold storage.
Who created MEW Wallet?
- Kosala Hemachandra and Taylor Monahan created MyEtherWallet in 2015.
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