MyCrypto: guide for the Ethereum and ERC20 wallet
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MyCrypto: guide for the Ethereum and ERC20 wallet

By Emanuele Pagliari - 28 Jul 2019

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MyCrypto is a wallet for ethereum and ERC20 tokens that was launched in February 2018 by the well-known MyEtherWallet. It can almost be called a fork of MEW, since the interface is basically the same.

The MyCrypto branch was born as a result of a conflict of interest and objectives of the MEW developers, who decided to split into two factions, thus creating MyCrypto.

Like MEW, it is a functional wallet for ethereum and ERC20 tokens, very comprehensive and well supported by the community, considering also the integration with the Ledger Nano S, other major hardware wallets and the desktop application.

MyCrypto supports all ERC20 tokens (and not only) on ethereum. Among other features, it includes swap functionality to exchange ERC20 tokens directly from the wallet not only between tokens and ethereum but also between tokens and bitcoin, using the integrated service.

MyCrypto is available for both desktop and mobile. 

First step: downloading and installing the MyCrypto wallet

First, it is necessary to proceed with the download from the official website (HERE‘s the link), making sure to choose the version suitable for the operating system.

After that, it will be sufficient to start the installation following the instructions of the step-by-step configuration. At this point, all that remains is to start the newly installed MyCrypto application and move on to the phase of creating and accessing the wallet.

On the first boot, click on Next until the last screen appears, where it will be necessary to click on Done. At this point, the wallet has effectively been installed.

Second step: creating and accessing the wallet

This is how to create a personal wallet. It is possible to set a preferred language to make operations easier. Simply move to the lower left part and select the language menu, where the Change Language option appears.

Moving to the Create New Wallet section, the option to create the wallet will appear. If you do not have a hardware wallet or an old wallet to restore you will have to click on Create New Wallet.

Now it is possible to decide whether to create a 12-word mnemonic SEED or to use a Keystore file for future access. In this guide, it was chosen to create a Keystore file, and that is why the Generate to Keystore File option was chosen.

Now you are prompted to enter a password of your choice with a minimum of 12 characters, one numeric and one uppercase. After that, just click on Create New Wallet.

At this point, you will be notified about the importance of downloading the file. Obviously, it should not be lost and should be kept secret as it contains the private key of the wallet.

Click on Download Keystore File to save the file. At this point, you will need to click on Continue and carry on with the procedure.

There is now a crucial step that needs to be taken. The private key must be stored securely. The private key is unique. It will have to be saved and, of course, protected. It is possible to press the Save Paper Wallet key to download a copy in PDF format.

Now that the wallet has been created, it can be accessed by moving to the View & Send section at the top left.

At this point, you will be asked how to access the wallet to perform the operations. You can use either the Keystore file created before or the private key directly, but it is advisable to use the Keystore file. If you have chosen to create a SEED, you can use it by using the Mnemonic Phrase access function.

By choosing the Keystore File, as in the case shown here, you will be prompted to select the Keystore file from the PC. Once selected and opened you will need to enter the password and then click on Unlock.

A screen with all the information about the wallet will then be visible. More in detail, at the top you will see the address for making deposits, valid for both ERC20 and ethereum tokens. On the right, the funds available on the wallet and the token section.

Finally, the equivalent balance sheet in the main currencies, including the euro, is shown below.

Third step: transferring funds and redeeming tokens

Here is how to transfer ethereum from MyCrypto to another wallet. First of all, in the MyCrypto home screen, select the option to send Ether and tokens (View & Send). You will then need to log in as shown above.

At this point a screen will appear in the central part of the window where it is possible to enter the recipient’s address, the amount to be sent and the token desired.

By clicking on Advanced, it is possible to manually set the price of the GAS. Once this is done, just click on Send Transaction.

The transaction to be confirmed will now appear. Now click on Send.

The transaction will then be executed. At the bottom of the app, you will see a successful message with a link to Etherscan to track the transaction and verify the confirmations.

Fourth step: redeem ERC20 tokens

There are two ways in which you can redeem tokens on MyCrypto: the first is where the tokens are already known to MyCrypto and so by clicking on Scan tokens at the bottom right they will be automatically detected.

Once identified, it is possible to select which tokens to add to the wallet by checking the boxes to the left of the list of the detected ERC20 tokens.

By clicking on Save they will finally be visible from the Wallet and ready to be transacted.

However, it may also be the case that you are dealing with tokens that are not automatically recognised yet. In this case, manual registration is required.

First of all, go to the Etherscan site in the token section. Once the search has been carried out, it is necessary to copy the Contract Address and the number of decimals, as well as the token symbol.

Coming back to MyCrypto, in the same token section at the bottom right, you need to click on Add Custom Token.

By filling in the fields with the token data seen before on Etherscan (Contract Address, number of decimals and symbol) it will be possible to click on Save and the token will be added to the list.

Additional functions

MyCrypto also offers other interesting features. One of them concerns the monitoring of transactions. By inserting the hash of the transaction, it is possible to check its status and how many confirmations it has reached.

Another interesting tool is the integrated exchange service, which allows converting ethereum to bitcoin or ERC20 tokens on the go. For developers, there is also a section dedicated to the creation and addition of new Smart Contracts on the ethereum blockchain. Finally, there is also the possibility of transmitting transactions created and signed offline.

 

Emanuele Pagliari
Emanuele Pagliari

Telecommunications engineer with a strong passion for technology. His adventure in the world of blogging started on GizChina.it in 2014 and then continued on LFFL.org and GizBlog.it. Emanuele is in the world of cryptocurrency as a miner since 2013 and today he follows the technical aspects related to blockchain, cryptography and dApp, also for applications in the Internet of Things.

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