Ethereum is a pretty awesome coin. Maybe even the best on the market right now. And the best coin needs the best ethereum wallet. We’re guiding you through on how to send and receive funds on an online ethereum wallet.
Stay Away from Fake Sites
There are fake phishing copies of MEW on the web. As far as we know, there aren’t phishing sites for any of the alternative wallets yet. Regardless, always make sure your URL matches the site you’re trying to use:
Users have lost thousands of Ether by using fake copies, and there are quite a few fakes for MyEtherWallet. The worst part is that these sites aren’t immediately being taken down from Google Ads. This means anyone not paying attention can get baited and lose all their ETH. MEW’s developers are very triggered. One user even lost 3k+ Ether from one of these sites, so be careful!
Generating a Wallet
Enter a good password. This will secure the keys in a format that can be used with Mist/geth (offline ethereum wallet). Some might even say that the best ethereum wallet is one that is offline. On the other hand, many users prefer convenience over downloading a massive blockchain.
Great! Now just download the recommended keystore file. This is compatible if with geth if you decide to use an offline solution in the future. For now, keep this file secure and stable.
Blockchains are the latest craze. Huge companies are putting big bets into ideas related to the blockchain, and startups are receiving a ton of funding for their blockchain related ventures.
Blockchain explorers contain a ton of useful information stored on the blockchain. You can view any block and see which transactions have taken place, in addition to some other information such as who mined the block, how much the block reward was, and more.
Whenever ETH through the best ethereum wallet is sent to you, it will be through this address you saved above. You can easily check your balance and history using Etherscan.io or Etherchain. These are Ethereum blockchain explorers. Just type in your public address from the steps above, and you should see all the transactions that have taken place related to the account. Anyone can view these details.
To send Ethereum, you need the key file generated previously. This contains the private key, which is required to send Ethereum to other addresses on the network.
Navigate to the ‘Send Ether’ tab and upload the JSON file. Enter the password and unlock the wallet as needed.
From here, the online application should display to you all the details regarding the account balance and transactions. Feel free to send Ethereum from here. It does require the MEW node to be online and working.
What to buy
Crowdsales are very popular with the Ethereum community. Users absolutely love these, no matter what product it is. The DAO raised a huge amount of funding from users, though it was tragically hacked later on. Recently, a crowdsale for the development of an app called First Blood was held. $5.5M worth of Ethereum was raised for the application in less than 10 minutes. The idea itself holds some potential as eSports have gained popularity in recent years. We’ll see how things play out.
There are a number of other credible wallets which exist for Ethereum. Sometimes, the node that one wallet runs on could fail – and users should still be able to manage their funds using a different platform. It’s recommended to use the best Ethereum wallet for your system. Mobile users should use Jaxx, as the other options are less trustworthy. Desktop users can use Mist as a good offline option.
Buy lots of Ethereum, invest lots of Ethereum, and have fun making bank! Building and using decentralized applications are vital to the future of this currency, and to overtaking the competition. ETH is truly a game changer with the smart contracts, and has a huge advantage over most of the competition both in adoption and market cap.
Comment below with cool ideas to add to this guide.