Understanding How Fees Work on MyEtherWallet

Cryptocurrency has become an increasingly popular form of payment in the past few years. With its growing popularity, cryptocurrency users often need a secure way to store their currency. One of the best options for safely storing your cryptocurrency is the Ethereum online na wallet known as MyEtherWallet (MEW). This article will explain what MEW is, how it works, and why you should use it. 

What Is MyEtherWallet? 

MyEtherWallet (MEW) is a free open-source wallet that was created in 2015. It was designed as a secure online platform for people to interact with the Ethereum blockchain. It allows users to generate wallets, store and send Ether (ETH), and also to interact with other tokens built on the Ethereum blockchain such as ERC20 tokens. 

MEW is not a company or an organization – it’s an independent project supported by donations from the Ethereum community. The codebase used by MEW can be found on GitHub, making it open source so that anyone can review its code to make sure there are no security flaws or malicious code present in the program. This makes MEW one of the most secure wallets available today. 

How Does It Work? 

MEW works similarly to other wallets in that it allows users to generate a wallet address and store their Ether or ERC20 tokens in it. Users can then send transactions using their wallet address from within their MEW account interface. When sending transactions, all users need to do is input their recipient’s address and the amount they wish to send – then hit send! Easy as that! 

The most unique thing about MEW is that it allows users to generate wallets without having to download any software or install any applications on their computers or mobile devices – making MEW one of the most user-friendly wallets around. All users need to do is simply go online, enter some basic information into the website’s interface, and they’re good to go! This makes MEW ideal for newbies who are just getting started with cryptocurrency trading and investing. 

Why Should You Use It? 

There are several reasons why you should consider using MEW over other wallets when storing your Ether or ERC20 tokens:  

1) Security – As mentioned earlier, because all of its codebase is open source and publicly available on GitHub anyone can audit it for potential security flaws; 

2) User-Friendliness – As stated above, MEW does not require any downloads or installations making it one of the easiest wallets out there; 

3) Low Fees – Unlike many wallets which charge fees when sending transactions, MyEtherWallet does not charge any additional fees; 

4) Versatility – In addition to being able to store Ether (ETH) & ERC20 tokens on MyEtherWallet, you can also use it for participating in ICOs & interacting with decentralized applications (dApps). 

MyEtherWallet (MEW) has become one of the most popular Ethereum-based wallets due its ease of use, low fees structure, high security features, and versatility when interacting with decentralized applications.