Following the increased popularity of Ether (ETH) as a cryptocurrency, MyEtherWallet introduces a whole new way of storing your Ether tokens. And since this company is concerned of the safekeeping of your virtual money, it provides you with an extra layer of security. You even get a guarantee that its servers follow the hands-off policy toward all of your Ethereum transactions. Now worry less about handling your Ether, MyEtherWallet has got your back.
MyEtherWallet: not a standard web wallet
When you use standard web wallets, you authorize the service provider to stock your ETH on their servers. This is not the case for MyEtherWallet. Here, you do not have the authority to create a new account and store your ETH on the site’s servers. Rather, you get the ability to procure your own wallet which you can fill with ETH yourself.
Whether you just intend to use your newly generated wallet to store ETH or to transfer the same, the whole process shall happen on your computer. The process shall not leave a trace on the site’s servers. This means it is personally you that get to have a direct interaction with the Ethereum blockchain. You can, then, rest assured that any sensitive information you provide the site with shall not leave a trace onsite.
Added layer of security for your Ether
As you may know, each Ethereum transaction you make on the blockchain will require your private key. If the wallet you are using is not secure, you might end up having your private key hacked and eventually losing all your Ether balance. But if you use a wallet generated through MyEtherWallet, you get a promise of tight security.
The site presents the Keystore feature. This feature is what keeps your virtual money farther away from theft. As you send or receive ETH, you have the option to undertake the transaction using an encrypted version of your private key. This means that even if someone is behind you watching you key in some characters on your computer, he will not be able to steal your private key. You can even make a transaction offline, in case you are afraid to expose your key all over the web. And whether you go online or offline, decrypting such key shall require a password which only you possess.
Top-level security still in your own hands
There is, however, one important advice you should never forget to apply: Keep a record of your password and private key. Whether you write these sensitive details on a sheet of paper or type them on your phone, you have to keep them to yourself. Never lose them as they are necessary in each transaction you make.