Assalaamu'alaikum Wr Wb!
What Is MyEtherWallet (MEW)?
MyEtherWallet may be a free, ASCII text file client-side interface.MyEtherWallet permits you to move directly with Blockchain whereas still having complete management over your keys & funds.
You and solely you're accountable for your security.
MyEtherWallet Not Bank
When you open an account with a bank or exchange, they create an account for you on their system.The bank stores your personal information, account passwords, balances, transactions, and ultimately your money.
Banks charge fees for managing your account and providing services, such as returning transaction funds when your card is stolen.
The bank permits you to put in writing checks or charge your open-end credit to send cash, on-line to see your balance, reset your positive identification, and acquire a replacement open-end credit if you do.
The bank permits you to jot down checks or charge your revolving credit to send cash, on-line to envision your balance, reset your word, and obtain a brand new revolving credit if you break down.
You have an account at a bank or exchange and that they decide what quantity cash you'll be able to send, wherever you'll be able to send it, and the way long to carry suspicious deposits. All at an additional cost.
MyEtherWallet Is An Interface
When you create an account in MyEtherWallet you create a collection of cryptographic numbers: your private key and your public key (address).Handling your keys occurs entirely on your computer, in your browser.
MyEtherWallet never sends, receives, or stores your personal key, password, or other account information.
MyEtherWallet Does Not Charge Transaction Fees
You only use the MyEtherWallet interface to interact directly with Blockchain.If you send a public key (address) to someone, they can send you an ETH or token.
If you send your personal key to somebody, they currently have full management of your account.
✋Wait, WTF What Is Blockchain?
The blockchain is like a large and decentralized global spreadsheet.It tracks who sent how many coins to whom, and how many balances each account is.
It is stored and managed by thousands of people (miners) around the world who have special computers.
When you see your balance on MyEtherWallet.com and see your group action in Etherscan.io, then you're observing information on the Blockchain, not on the MyEtherWallet personal system.
🔁Again: MyEtherWallet not a Bank.
Why Do You Have To Read All Of This?
Because MyEtherWallet needs you to know that MyEtherWallet cannot:1. Access your account or send funds to you.
2. Restore or amendment your personal key.
3. Restore or reset your secret.
4. Reverse, cancel or refund the dealing.
5. Freeze account.
You and solely you're to blame for your security.
Be diligent to stay your personal key and secret safe. Your personal secret's typically referred to as your method phrase, file keystore, UTC file, JSON file, wallet file.
If you lose your personal key or secret, nobody will recover it.
If you enter your personal key on a phishing website, you'll lose all of your funds.
If MyEtherWallet Can't Do These Things, What's The Point?
Because that's the point of decentralization and Blockchain.You don't need to depend on a bank, government, or other people when you want to transfer your funds.
You do not have to rely on exchange security or banks to maintain the security of your funds.
If you do not realize these items valuable, raise yourself why you're thinking that Blockchain and cryptocurrency are valuable?
If you do not like this article, think about employing Coinbase.com or Blockchain.info. They have accounts that are more familiar with usernames & passwords.
If you are afraid that want to use MEW, get a hardware wallet! This keeps your keys safe.
How To Protect Yourself From A Phisher?
Phishers send messages to you with links to websites that look like almost MyEtherWallet and EtherDelta, but not the actual website. If you are careless then you will be trapped by a phisher, first they steal your information and then steal your money.My advice, install EAL or MetaMask in Chrome Extension to block malicious websites or phishers.
Always check the URL: https://www.myetherwallet.com.
Always make certain the address bar has MYETHERWALLET opposition in inexperienced.
Do not trust messages or links that square measure sent to you willy-nilly via email, Slack, Reddit, Twitter, etc.
Always point directly to the site before entering information. Do not enter information after clicking the link from the message or email.
Install AdBlocker and don't click on ads on your search engine (such as Google).
How To Protect Yourself From Fraud?
People will try to make you give them money without any reward.If it's too good, it's Probably Is.
Research before sending money to someone or several projects. Search for information about various websites and forums. Be careful.
Please raise queries once you cannot perceive one thing.
Don't let worry, FUD or FOMO convert logic. If there is something very urgent, ask yourself "why?" Maybe to make FOMO or prevent you from doing research.
How To Protect Yourself From Losses?
If you lose your personal key or password, it's gone forever. Don't lose it.Back up your personal key and password. DO NOT save it on your computer. Print on a sheet of paper or save it to a USB drive.
Save this personal key or password paper or USB drive personal key or password in a different place. This personal key or password paper or USB personal key or backup password is useless if it is destroyed by fire or flooded with your laptop.
Don't save your personal key in Dropbox, Google Drive, or different cloud storage. If the account is compromised, your funds are going to be purloined.
If you have more than 1 week worth of cryptocurrency payments, get a hardware wallet. No reason. It's worth it. MyEtherWallet promises.
Alhamdulillaah, I think this is enough that I can tell you in this article.
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Wassalaamu'alaikum Wr Wb!
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