Since cryptocurrency exchanges remain on the target of hackers, the security is a huge concern for the crypto investors. Keeping the cryptocurrencies in online exchanges is not a smart way. There are many other ways which offer increased security, one of the most secure ways is cold storage. In cold storage, the users can generate and store the private keys of the cryptocurrencies offline. Cold storage provides the best security to your cryptos. MyEtherWallet (MEW) is one of the best places to store your cryptocurrencies securely. The paper wallet generated using MyEtherWallet.com is a popular choice for storing ERC-20 tokens. ERC-20 tokens have a standard rule that they must follow to run on the Ethereum blockchain. You can even find the list of the supported ERC-20 token on the website. In this guide, we are going to tell you, What is MyEtherWallet and how you can create a Paper Wallet on Myetherwallet.com
What is MyEtherWallet
MyEtherWallet is a free, open-source, client-side interface which allows the users to interact directly with the blockchain. The users can remain in full control of keys and funds with MEW. On MyEtherWallet only users are responsible for their security.
Ether Paper Wallet is just like the ordinary wallet which is printed on the paper. You can store this wallet in a bank locker or at your house. As the paper wallets are not a part of the internet so, no online hacker can get access to the paper wallets until the hacker find your paper wallet in your house. If you want to hold your cryptocurrencies for long-term gain, MEW is the best place to store them. You can hold the cryptos in MEW until you need them online.
How I Can Create a Paper Wallet on Myetherwallet.com
Create your wallet password
To create the paper wallet on Myetherwallet.com, first, open the webpage Myetherwallet.com.
On the home page, you will find the option of entering the password. Enter a strong password and then click on the ‘Create New Wallet’ tab. It is recommended that you create the password of at least 15 characters. The password must be a combination of upper case and lower case letters, numbers, and special characters. Do not forget to note this password outside your computer and other devices.
Download Keystore file
Now it’s time to download your keystore file. Click on ‘I Understand, Continue’ button.
Print your paper wallet
Once you have downloaded the keystore file, now you need to save your private key and print your paper wallet. Make sure you store the paper wallet at a secure place. Paper wallets are susceptible to being lost, destroy, or stolen so make sure you have store the wallet properly. It is essential to keep your keystore private all the time. For the security reasons, you should not upload this file any public machine or cloud storage providers. The password which you have filled in the previous step will act as the encryptor for this file, so it is important to keep this file secure. If you have a thumb drive, you can move this file from your computer to the thumb drive.
Once all is done, click on the ‘Save Your Address’ button.
Your wallet is created now. You can use the wallet to receive and send Ether and other cryptocurrencies. When you buy Ethereum or other cryptocurrencies, do not forget to transfer them to your paper wallet because here your digital assets are more secure. We have described the ways to buy Ethereum in our previous post. If you want to know how to buy Ethereum, check out our post.
Things to remember
- You can unlock the paper wallet from the Keystore / UTC file on your USB drive or via private key which you have printed. When you access your paper wallet, do not leave it open.
- Ensure you have recorded all necessary information carefully and securely.
- It is recommended to write the information two-three times; it decreases the chance your messy handwriting will prevent you from accessing the paper wallet in future.
- Store the backup of both forms of your key (the paper wallet version and Keystore / UTC file version) in a physically separate and offline environment. It will prevent loss of the private key and password because of the dead hard drive, lost USB or some other reasons.
- MEW is not a web wallet so it cannot recover your private key or password which you need to access your account, recover funds, or move funds. MEW cannot even cancel or reverse any transaction.