Wallets play an important role in the cryptocurrency world. MyEtherwallet is an example, which is used to store the digital currencies. In this article, we are giving the MyEtherwallet Review. And compare if it is compatible to use or not.
But before we start you should have an overview of MyEtherwallet.
MyEtherwallet (MEW) was launched in 2015. It is an open source wallet which has gained the popularity over the years. It can be considered as the tool for the client side as you can have the complete control over the wallet. And is safe from the attacks as you have the private key which is not controlled by other than you.
There are various factors which can help you decide if it is good for the use or not. Some of the factors are:
Storing the cryptocurrency in the exchanges can be a risky thing to do. So MyEtherwallet is the option for you which can be helpful for you. Here you can store various digital currencies.
It provides you the private key which is controlled by you only. This gives you the advantage over the hackers as it reduces the chance of hacking your account.
The only problem with the private key is – if lose it then there is no way for you to recover it.
It is sometimes said that it is not safe to store the currency in the wallet also. As it does not store the currency in the cold storage which increases the chances of hacking. However, the reasoning given by the MyEtherwallet is that it reduces other problems like a computer crash, an accident that can damage the wallet physically and so on.
When you store the cryptocurrency in the exchange it means that your currency is accessible to the exchange also. But this not the case in the MyEtherwallet. In this when you store the currency it is controlled by you only. This gives you the complete anonymity over the currency.
There can be a limit in some exchanges or cold storage wallets to store. But the plus point in MyEtherwallet is that there is no deposit limit you can store as much coin as you want.
Cryptocurrencies it support
There currencies which MyEtherwallet support are:
- Testnet ETH
If you are not aware of the ERC20 then it the abbreviation for the Ethereum Request for Comment, whereas 20 is assigned to the request number.
For the verification, you do not have to go through a complex process. There is no need for you to submit your government ID or email. All you need to do is set your password and you can do your work from there.
It is a client-side wallet there is no facility of 2-factor authentication feature.
MyEtherwallet is free for the users to use.
But you will have to pay the transaction money and even that money does not go to the Ethereum Blockchain. The money is transfer to the miners.
From the above topics, we can conclude the MyEtherwallet Review. So the summary for it is that it is quite safe and easy for the client to use the MyEtherwallet. The problems that you will face are transaction speed, as it might take hours to transfer.