Tips for Using Myetherwallet  to Store ERC-20 Tokens

Myetherwallet (MEW) is the most popular Ethereum wallet right now. It allows users to store, send, and receive digital funds securely in a decentralized manner. If you’ve been wanting to get started with MEW but aren’t sure how to do it, this guide will walk you through setting up a secure and efficient MEW account. Read on to learn more! 

Step 1: Go to myetherwallet .com and download the official version of the app. 

The first step in setting up your MEW account is to go to myetherwallet .com and download the official version of the app. This ensures that you are downloading the authentic application from an authorized source and not some malicious one. Once you have downloaded the app, install it on your device following all on-screen instructions. 

Step 2: Create a secure password 

Once you have installed MEW, it’s important that you create a secure password for your account before proceeding any further. This password should be unique and hard-to-guess so that no one else can gain access to your funds or personal information stored in MEW wallet. Make sure to write down this password somewhere safe or store it in a password manager so that you can easily retrieve it if needed later on. 

Step 3: Back up your wallet data 

  After creating a secure password, back up your wallet data as soon as possible too prevent any loss of funds or data if something were to happen to your computer or mobile device where you store your account information (e.g., theft, damage, etc.). To back up your data properly make sure that you save both public and private keys—these are what grant access to funds stored in MEW wallets—in multiple locations (e.g., USB drive). Additionally, make sure that those locations are secured with additional layers of protection such as encryption software or other security measures like biometric authentication systems if available to ensure maximum protection against potential threats like hackers or malware attempts at stealing sensitive information from them.  You may also want to consider storing these keys offline as well in order for them not be vulnerable online attacks either way though it’s not necessary but highly advised especially if dealing with large amounts of money/cryptocurrency regularly! 

    Step 4: Get familiar with gas fees

    Gas fees are an important part of using Myetherwallet as they help cover costs associated with transactions made within the platform such as computation fees associated with running code on Ethereum networks or when exchanging cryptocurrencies between wallets; these fees are typically set by miners who process transactions through special algorithms called Proof-of-Work . In order for transactions made using MEW wallets go through smoothly without any hiccups due delays in processing time due insufficient gas fees being paid out – which would end up resulting failed transaction – users need understand how much gas needs be paid out depending on their usage needs so make sure familiarize yourself about specific rates ahead time before making transfers/transactions! 

  Step 5: Set up two-factor authentication (2FA)    Two-factor authentication (2FA) is an extra layer of security used by many platforms today including MEW wallets which adds another step during login process requiring user input two pieces information instead just one; usually done form entering username/password followed by randomly generated code sent via text message phone number associated account being accessed protect against unauthorized access even if someone were able guess correct credentials they still wouldn’t able gain entry into system unless had possession second form identification! Setting 2FA provides users peace mind knowing their accounts protected against potential intruders since requires additional verification prior successful logins making much harder hackers penetrate system successfully! 

  Conclusion:   

  Setting up a Myetherwallet can seem intimidating at first but following these steps will help ensure that your account is set up efficiently and securely so that you can use it without worrying about potential problems arising from improper setup procedures or lack of knowledge about certain aspects related its usage such as gas fees charged miners when processing transactions etc.. So take time learn more about different features offered by MEW wallets before getting started using them yourself – happy trading!       In conclusion setting up Myetherwallet can be intimidating at first but taking time familiarize yourself different features included within platform beforehand will help maximize efficiency security provided users when accessing their accounts without worry potential issues arising improper setup procedures lack knowledge certain aspects related usage such as gas fees charged miners when processing transactions etc.. So take time learn more different features offered by MEW wallets before getting started using them yourself – happy trading everyone!!

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