If you’re interested in cryptocurrency, it’s important to understand the basics of how wallets work. A wallet is essentially a secure place to store your coins and tokens, and MyEtherWallet (MEW) allows you to create an offline wallet that can be used to store Ether (ETH) and ERC-20 tokens. In this article, we’ll walk you through the process of creating an offline wallet with myetherwallet.
Choose Your Network
The first step is to decide which network you’d like to use. MEW supports Ethereum Mainnet, Ropsten Test Network, Kovan Test Network, Rinkeby Test Network, Goerli Test Network, and Bitcoin Testnet. Generally speaking, the mainnet should be used for real transactions while one of the test networks should be used for testing purposes only.
Generate Your Wallet
The next step is generating your wallet. You can choose from a variety of options including Keystore/JSON File (UTC/JSON), Mnemonic Phrase, Private Key, TREZOR/Ledger Hardware Wallets or MetaMask/Mist Wallet. If you’re new to cryptocurrency wallets then it’s probably best to choose either the Mnemonic Phrase option or the Keystore/JSON File option as these are both fairly straightforward and easy-to-use.
Protect Your Wallet
Once your wallet has been generated it’s important that you protect it with a strong password. It’s also recommended that you back up your wallet in case something happens; this usually involves writing down your private key or mnemonic phrase on a piece of paper or saving it in another secure location such as a USB drive or external hard drive. It’s also important that you keep your private key safe and secure as anyone who has access to it will have full access to your funds!
View Your Address
Once your wallet has been created and secured with a password, you’ll be able to view your address by clicking on the “View Wallet Info” tab at the top of the page. This will display information about your wallet such as its address and balance (if any). You can also view other information such as transaction history here if needed.
Creating an offline wallet with MyEtherWallet is relatively simple once you understand the basics of how wallets work and what each network does. The first step is choosing which network you’d like to use; generally speaking this should be either Ethereum Mainnet or one of the test networks depending on whether or not you’re planning on making real transactions with your funds. Once you’ve chosen a network then all that’s left is generating your wallet using one of several available options such as Keystore/JSON file or Mnemonic Phrase; make sure that this is securely backed up (ideally via multiple methods) before proceeding! Finally, once everything has been set up correctly then all that remains is viewing your address so that others can send funds directly into your offline wallet! With just a few steps, you’ll be well on your way towards managing ETH and ERC-20 tokens safely and securely!