A private key is a piece of data that proves your ownership of an asset. In the cryptocurrency world, a private key allows access to your wallet and its funds. MyEtherWallet (MEW) is an Ethereum wallet that gives you the ability to generate new wallets so you can store your ETH & tokens yourself, not on an exchange. This means that only YOU hold the private keys for your crypto. Which also means that if you lose those keys, there is no way to recover your coins!
In addition to creating your own wallets, MEW also allows you access to view and interact with the Ethereum blockchain. This includes being able to view your current balance, create and send transactions, interact with smart contracts, and much more. With MEW you have full control over your funds at all times.
A key benefit of using MEW is that there are no sign-up fees or account requirements — you simply download the app and start using it. Plus, there are no fees for making transactions or viewing your balance. All of the data is stored on the blockchain, so it’s secure from any hacking attempts.
How To Safely Store Your Private Keys?
The first thing you need to do is get yourself a good quality hardware wallet like the Ledger Nano S or Trezor Model T. These devices are designed specifically for securely storing cryptocurrencies. They’re offline, which makes them immune to hacking attempts, and they come with a number of features to help keep your coins safe, such as password protection and two-factor authentication.
Once you have your hardware wallet, the next thing you need to do is generate a new wallet using MEW. This will give you a brand new set of public and private keys which you can use to store your ETH & tokens. It’s important that you keep these keys safe and secure, as anyone who has access to them will be able to spend your coins. One way to do this is by writing them down on a piece of paper and storing it in a safe place, such as a fireproof safe or safety deposit box. Another option is to store them on a USB drive or SD card which you then keep in a secure location.
Either way, it’s important that you have at least two backups of your keys in case one gets lost or damaged. And remember, if you lose your keys there is no way to recover them! So be sure to store them somewhere safe where you can find them easily if you need to.
A MyEtherWallet private key is a piece of data that proves your ownership of an asset in the cryptocurrency world. If you lose your private keys, there is no way to recover your coins! That’s why it’s important to keep them safe and secure, preferably in multiple locations. One way to do this is by writing them down on a piece of paper and storing it in a safe place, such as a fireproof safe or safety deposit box. Another option is to store them on a USB drive or SD card which you then keep in a secure location. Either way, just be sure to have at least two backups of your keys so you don’t lose access to your coins if one gets lost or damaged.