Participating – Myetherwallet
How to set up your My Ether Wallet (MEW)
1. Use the Chrome browser, Safari generally doesn’t seem to work for setting up My Ether Wallet.
2. Go to www.myetherwallet.com
3. Click on ‘New wallet’ tab on the top left
4. Enter a password and write it down / keep it safe!
5. Click on the blue tab ‘Create new wallet’
6. It will take you to a next screen that says Save your Keystore file. There is a blue box saying ‘Download Keystore File’. Click on this. A long code will download starting with UTC. This code will also show on the right as per the insert shown below. Copy this code and keep it somewhere safe! Make sure you don’t lose it.
7. Then press ‘ I understand. Continue’
8. It will take you to another screen showing your private key (another long code). Save this private key with your life. This is what you need to enter My Ether Wallet.
How to log in to your My Ether Wallet
1. Click on ‘Send Ether & Tokens’
2. Click on ‘Private Key’ and a box will appear where you can enter your private key.
How to send Ethereum to your MEW/ My Ether Wallet:
1. Once you are signed in, on your right you will see your ‘Account Address’
2. From your Ethereum balance at an exchange or other, click on ‘withdraw Ethereum’ or ‘send Ethereum’ and then use your my ether wallet Ethereum public address to send your Ethereum from an exchange to this address.
3. If you are requesting Ethereum from someone else, make sure to only give them your public Ethereum address and never your private key.
To send Ethereum from My Ether Wallet to another Ethereum address:
1. To send Ethereum, first make sure you have the correct Ethereum address to send your Eth to. Check every digit to make sure it is exactly correct.
2. Enter the Ethereum address into the ‘To address’ column
3. Enter the amount of ETH you want to send in the ‘amount’. You can send any amount or fraction of Eth in any transaction. You must always have a little more Eth in your MEW than what you want to send, to cover the ’gas’ cost
Gas and Gwei
Gas and Gwei are like gas or petrol for a car- they are needed to send Ethereum and to get the transaction included on the Ethereum blockchain. The higher you set the Gas and Gwei to, the more you pay, the higher the incentive is for the transaction to be processed quickly, and so the faster your transaction is sent.
High Gas might be needed to get into popular ICOs or at times of Network Congestion on the Ethereum blockchain. ‘Gas wars’ have become quite common, with people setting higher and higher Gas levels to get into popular ICOs before others. However, if you are sending Ethereum without any particular deadline, there is no benefit to setting a higher Gas or Gwei level.
How to set a Gas Limit
Some ICOs specify a Gas limit – either by recommending a minimum limit of Gas that you should use, or a cap, above which, if you send a higher amount of Gas, the transaction will be rejected. For example, whilst the standard Gas limit is 21,000, an ICO might specify that you set your Gas to 250,000 for example. This costs more, but is significantly faster.
If this is what an ICO specifies, make sure to send the exact amount. Transactions sending the wrong Gas limit will be rejected.
If you want a transaction to be very fast, or if there is an ICO you really want to get in but are worried that it will sell out very fast, then if they haven’t specified a Gas limit, you can set your gas to higher, in this case you might try a 300,000 gas limit. You can make it much higher than this, 1,500,000 if you wish, but usually this isn’t necessary.
If you use excess gas and it isn’t all used, you will be refunded the difference. But if you send ETH and don’t get into the ICO, you will get your ETH back but your gas won’t be refunded.
In most cases you won’t have to alter the Gwei, which is in the top right of your account page.
You can click on the Gwei tab and use the slider to change it up to 60 Gwei which is fastest but costs most. Again, I’d only really change the Gwei to above 21 if it’s for an ICO I really wanted in which I thought was going to sell out almost instantly.
How to add your tokens to your My Ether Wallet:
Most ERC20 token sales will send your tokens straight to your MyEtherWallet (if that is where you sent your Eth from). Sometimes you have to add them manually.
At the bottom right of your ‘Send Ether and Tokens’ page, it will say ‘Token Balances’. You can then click on ‘see all tokens’. Scroll down and click on ‘Add custom token’.
If you have to add token details manually, the ICO will give you the below details needed. The tokens should then appear in your balance after the ICO is finished.
Safely storing your private key
If you lose your private key, you could lose all your Eth and tokens in the wallet.
There are many scams around trying to trick people into giving away their private keys – never show your private key to anyone.
There are also several hacks gaining access to peoples’ computers, where they have stored their private keys somewhere unsafe (such as Evernote).
If you store your private key electronically, make sure it is stored on a computer only you have access to, that is heavily protected by VPNs and anti-malware, and that it is safely backed up.
There are options to print it and store your private key only on physical paper, rather than electronically. If you do this, make sure you store more than one copy, and keep the copies very safely, in a safe deposit box or so.
One option, is getting several encrypted USB sticks. Private keys and other personal data can be stored on these, and these can then be locked in safe deposit boxes. Always make sure to have more than one backup.