How to setup MyEtherWallet to start collecting Airdrops
Maybe you want to start collecting free cryptocurrencies through Airdrops, but you don’t have a wallet set up yet. Or you are merely looking for another way to store your crypto. Either way here is a simple guide to getting an Ethereum wallet set up.
What is MyEtherWallet (MEW)?
There are several ways to set up an Ethereum wallet. It’s important to understand the two different types of digital wallets. Those that run a full node, and those that don’t. Those who run a full node are essential to the cryptocurrency ecosystem, but typical users don’t have the resources to run the full node because of the storage it requires. Thus they use web application wallets that don’t require the user to validate the entire Ethereum Blockchain.
A popular alternative many use is My Ether Wallet (MEW). MEW allows users to interact with the Ethereum Blockchain and store all their information and funds on the users own device. MEW allows for simple and easy set up that many online wallets offer, but MEW eliminates the risks that come with storing your funds on an online wallet. Another reason why MEW is very popular is that of its compatible with Mist, Geth, Jaxx Wallet, MetaMask, TREZOR wallet, and Ledger Nano S hardware wallet.
MEW users can store Ether (ETH), Ethereum Classic (ETC) and other Ethereum Tokens (ERC-20). For instance, if you find an airdrop on Airdrop-Review.com that you like, you can sign up for it using your MEW wallet address to receive your free ERC-20 tokens once the tokens are distributed.
Creating a Wallet To Use When Signing Up For Airdrops
If you have not yet generated a wallet, go ahead and navigate to the MyEtherWallet website to get started.
You’ll start by creating a strong password. Make sure you secure this password somewhere safe and do not share it with anyone. After you enter a password, go ahead and generate the wallet.
Next, a JSON file will be generated and stored on your machine. You will see this save similar to the way a downloaded file is saved.
You will then find a private key generated. Save this private key somewhere safe. Never share you private key. If someone else compromises it, you will be at risk of losing all the funds in your wallet.
Like mentioned earlier, a great part of MEW is the fact that it is compatible with many other points of access. In this next step, you will be asked to connect your MEW account with a specific point of access. One of the favorite options is the MetaMask wallet. You can connect directly to you MetaMask account through MEW. If you do not have a MetaMask account set up, check out this quick article on how to get started.
After you’ve linked your MEW account to a MetaMask wallet or another point of access, you’re done. You can do a test such as sending ETH from an exchange or another wallet to the address you just created. Be cautious and only test by sending small amounts of ETH. After completing test transactions, you can verify those transactions on Etherscan. Search for your wallet address (NOT private key) that you just created and sent the test transaction to. You will find that test transaction there if it worked. You can also use Etherscan to see when your ERC-20 tokens arrive after you sign up for an airdrop.
Now you’re ready to go collect free cryptocurrencies through Airdrops on Airdrop-Review.com!