Hello Steemians! This tutorial will walk you through, step by step, how to set up and use MyEtherWallet, an online wallet which many people use to send ETH and ETH tokens safely. This guide is for complete beginners who have no idea how to use Ethereum.
Before we start, what is cryptocurrency? Cryptocurrency is essentially a digital currency which uses a blockchain, a secure ledger that shows a list of all transactions ever made on the ledger. In order to process the transactions, people use their computer's processing power to solve extremely difficult mathematical equations in order to securely verify the transaction's authenticity. They receive a small piece of the transaction for doing so. There is a lot more going on than just that, but those are the basics.
Another thing before we begin. MyEtherwallet is a third party, and as such it is possible that they can be hacked or run off with your money, just like any exchange can. Now, this likelihood of this happening is low, but it is certainly possible, so if you want to store large amounts of money in ETH you should probably just use the Ethereum wallet.
So Let's Begin!
Step 1: Go to https://www.myetherwallet.com/ It is very important you get the URL exactly right. There should be a valid certificate on the URL stating that it is secure and from MYETHERWALLET LLC [US]. If the message is not exact, it might be a different website trying to scam you out of your ETH.
Step 2: Once you have verified that the URL is correct, you will be on the Create New Wallet page by default. It will ask you to enter a password. Write a strong password and store it somewhere secure.
Step 3: You will be met by a new page telling you to download your keystore file. This file is very important, as it can be used to recover your wallet if you lose the private key or password. Keep it secret, keep it safe.
Step 4: You will then be told to save your private key. This string of numbers and letters will allow you to access your wallet, so keep it safe. NEVER tell anyone your private key under any circumstances.
Step 5: Print Paper Wallet(optional) Printing a paper wallet can be useful, but is not very secure. If you want to, print out the paper wallet and use it as you wish.
Step 6: Your wallet is generated! In order to access it and send funds, hit the Send Ether&Tokens button and enter your private key or Keystore file/password.
Step 7: You will enter a screen like this:
In order to send, just enter the address of the person you wish to send it to, specify how much, and enter a gas price. Gas is used to process your transaction. Think of it as a transaction fee. The higher gas you pay, the faster it will go. The minimum should be fine usually.
Step 8: Done! You now know how to generate wallets and secure your keystore files/private keys, as well as how to send ether and other tokens. If this guide was helpful, please upvote it!
Follow me on Steemit/Twitter:@cryptobrodog for more news, tips, and advice!
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