MyEtherWallet is one of the most popular wallets to store Ether and make transactions. MyEtherWallet is a Wallet with a web interface, but you save the keys offline. This way you have control over your Ether and not have to rely on a third party service which is exposed to hacks.
The first step is to create a wallet. You can create an unlimited number of wallets on MyEtherWallet. Go to MyEtherWallet, and you will be able to create a new wallet right on the landing page. Enter a strong password and click Generate.
Once that is done, download the keystore file in JSON. This is your key to authenticate yourself to the Blockchain and identify yourself. You’ll be able to use this JSON file to access your wallet on other softwares also like Mist and Geth.
In the next screen, you’ll be given an option to copy your private key. Be very careful with the Private Key since anyone with it can access your wallet without requiring a password. It is required in case you end up losing your JSON file. Copy the Private Key to a piece of paper and store it somewhere safe like a locker.
Now that your wallet has been created, you can start receiving funds on it. Select ’Send Ether & Tokens’ on the top. Select ‘Keystore / JSON File’ under it. Here, you’ll have to upload the JSON file you previously downloaded and enter the password.
Once you’re in, you’ll be able to view your wallet address to the right and the amount of Ether in the wallet right under it. If you want to send Ether from the wallet, enter the wallet address to the left and the amount of Ether directly under it. Gas Limit is the transaction fees for sending the Ether which can be left in its default values.
MyEtherWallet is one of the most convenient ways to use Ether and ERC20 tokens. Make sure you store your JSON file and the private key safely. The JSON Key can be stored on your computer or a flash drive since you’ll be using it frequently. The private key, on the other hand, should be put in a safe since you’ll only be needing it to retrieve your wallet when you loose the JSON file.