MyEtherWallet Guide & using your ERC-20 Tokens

In this guide we will help you make your own Ether wallet using the website myetherwallet.com. An Ether wallet is a digital wallet to store and send your Ether & ERC20-tokens (An ERC20 token is a token built on the Ethereum blockchain). In this section I will briefly explain the basics, the next sections contain useful demonstration GIFs.

While making a wallet, you will have to notice that you will have to securely store a few things:

– Password

– Keystore file

– Private key

The password is used together with the keystore file, this keystore file contains the private key but it is encrypted. To decrypt it, you will need your password while attempting to access your wallet on myetherwallet.com. Alternative method to access your wallet is by entering the private key, this way no password is required but brings with it a bigger risk, e.g. if someone steals your private key you will lose your wallet contents, but if the keystore file is stolen, a password is still required!

A good and simple method to keep your ether wallet safe is to memorize the password, put the keystore file on a USB stick & write down the private key on a piece of paper and hide the paper somewhere safe. When you want to access your wallet, plug in the USB stick, upload the Keystore file to myetherwallet and the website will ask for the password. If you forget the password, you can use the private key that you wrote down on the piece of paper.

Making the wallet

The GIF below demonstrates the creation of a new wallet, using myetherwallet.com. Directly after creating the wallet, it is accessed with the private key. Be aware that if your Windows contains a logger (malware), you should refrain from copying Private keys. It is advised to scan your Windows with a virus scanner before making a wallet.

Notice that once you have accessed your wallet, the wallet address is displayed. This is the address that is requested in Airdrop forms and is perfectly fine to share with others, as they need your wallet’s address in order to send funds. An ETH address always starts with 0x, a useful mnemonic to distinguish the address with the private key.

Accessing the wallet

This GIF demonstrates how you can access your wallet by using the Keystore file & password

How to see if you have tokens

So, let’s say you participated in an airdrop and received tokens, how can you see which and how many tokens you have received? Well, the Ethereum Blockchain explorer https://etherscan.io/ does just that!

Check out this GIF for a demonstration:

How to send tokens using myetherwallet

You might have noticed that according to Etherscan, you’ve got tokens, but MyEtherWallet does not display them. The following demonstration shows how to add the custom token so that you can transfer it to another address:

Usually the token is already in the list which appears when you click ‘Show all tokens’, if this is the case, just click on it in order to be able to transfer those tokens.

We hope this guide has been helpful, if you have questions you can contact us at support@airdropstats.com

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