How to

Learn to interact with the Ethereum blockchain through MyCrypto

Key facts:
  • We can also sign transactions, buy .eth domains, encrypt messages, etc.

  • By using our MetaMask wallet from the platform.

MyCrypto is a wallet that enables us interact with the Ethereum blockchain in a special way. Through this platform we can manage our funds, either in ETH or any other token that works under the smart contracts of this network. We can also sign transactions, buy .eth domains, encrypt messages, exchange tokens (via ShapeShift) or use our MetaMask wallet from the platform.

To learn more about MyCrypto, we must first know that this platform was created as a fork of MyEtherWallet, by Taylor Monahan, who was the founder of this project. The first version was released in February this year, and in July version 1.2.0 was released, with interesting updates to the desktop application.

With the latest update received, it is no longer possible to create our wallets in the browser, we have to download the app and, once here, we can create our addresses there. So provides greater security to the usersince our seed key data is not uploaded to the Internet.

However, you can interact with Metamask, Trezor or Ledger directly from the web portal. Likewise, we can enter our private keys on the web platform (although this is not recommended) and then we can use the MyCrypto platform from the site.

In this tutorial, we will learn how to create our Ethereum wallet from MyCrypto and how to manage our private keys from the different tools offered by the platform. Likewise, we will learn other features that MyCrypto offers us.

MyCrypto wallet download

Although MyCrypto wallet is a web service to which we can connect our cold wallet or our MetaMask plugin to perform transactions from the site, we can create new private keys from the desktop application. This is done to prevent the browser from generating any data and compromising it. To begin with, let’s go to director of the portal de MyCrypto.

MyCrypto main portal. Source: MyCrypto.

First of all, if the English version opens, we can change the language in the language button in the upper right corner.

In the previous image we can see: at the top, the menu where we will find each of the functions that we will explore later. In the middle section, there will be different ways to connect to MyCrypto, from using our MetaMask plugin or using some cold walleteven importing our private keys or mnemonic phrases (which is not very secure).

But what happens if we want to create a new portfolio? To do this, we must download the application and select the option Don’t have a wallet?

Source: MyCrypto.

In this section we will have available options for the new portfolio. The first option is through a hardware wallet. Second, we have the use of browser plugins like MetaMask or Mist. Then we have the Parity Signer tool, which allows use our mobile device as a cold walletas explained below.

Finally, at the bottom we have the option to download our desktop application, which will allow us to generate new addresses.

Source: MyCrypto.

To start the download, you only need to select our operating system and select the Download button, wait for the download to finish, execute and that’s it, we will have the application installed.

The desktop application is launched. Source: MyCrypto.

Before you start using the app, a series of safety tips will appear. Among them, they clearly define that:

  • We are the masters of our own security; The platform cannot recover lost funds.
  • MyCrypto is not a bank. They put great emphasis on this premise.
  • MyCrypto is just an interface that allows us to interact with the Ethereum blockchain, that’s why they tell us that they don’t store any information. So we have to be careful with our private keys.
  • They tell us, and they emphasize it quite a bit we are the ones in charge of our safety and, therefore, things like: refunds, private keys return, transaction reversals cannot be requested from MyCrypto.
  • Finally, it gives us a series of tips on how we can protect ourselves from identity theft and fraud, as well as the loss or theft of funds.

The next step is to create a portfolio. But first, let’s do a little research. First of all, we will change the language, for this we go to the bottom of the left menu, Change language, we choose Spanish and that’s it.

The first thing we will find, as was the case when entering the web version, is the section How would you like to access your portfolio? We will have different options with which we can connect to the Ethereum blockchain through MyCrypto. As you may have noticed, the Web3 option, which is browser plug-ins, is disabled because we are using a desktop application. It’s time to create our wallet. For this we will go to the Generate Portfolio section.

New portfolio generation section. Source: MyCrypto.

For this step we will generate a portfolio. Later we will learn how to use Parity Signer (for now the application is under development). So to start we will choose Generate Wallet. Before generating we will have two options. The first is the Keystore File, an encrypted JSON file that will allow us to have the recovery key in this format.

The disadvantages are that we can only use wallets that accept this type of files and that in order to make a backup, we have to have them on a USB storage device and save them. On the other hand, if we choose Mnemonic Phrase, the recovery phrase will be created from 12 random words, which will allow us to recover our wallet much more easily.

You can copy these 12 words on paper and keep them in a safe place. For the purposes of this tutorial, we will choose Create Mnemonic Phrase.

This recovery phrase should be kept in a very safe place. Source: MyCrypto.

What we see in the picture above is our 12 words of recovery. We must write them down, preferably on paper, to avoid storing them on our hard drive, where they will be more susceptible to hacking. After they are written in the same order in which they were generated, we proceed to confirm the phrase and that’s it, we now have our portfolio created.

Now we have to unlock it. For this we will go to the View and Send section. While we’re here, we’re going to select the Nmnemonic Phrase section. In the box above, we’ll enter our recovery phrase, separating each word with a space. We will enter the password in the field below, although this is completely optional. To finish, select Select address to select an address.

Addresses generated from our recovery phrase. Source: MyCrypto.

Next, we’ll select the wallet address to use. Remember that our recovery phrase will generate a number of addresses and we can store funds at each of them. To select it, just highlight it and select Unlock. Ready, we have already generated and added our new portfolio.

Explore our MyCrypto wallet

By this step we must already have a portfolio, now we will see how we can manage our funds from MyCrypto.

Something we have to take into account is that every time we exit the application or change sections in the menu, we have to re-enter our password. Although it can be a bit annoying at times, this is due to security measures.

General information about our portfolio. Source: MyCrypto.

What we see in the previous picture is our portfolio. We are currently in the View and Submit section. From here we can manage our funds.

The section is divided into: Send and Receive Tokens, Request Payment, View Wallet Information, Recent Transactions and, finally, Address Book.

The section shown in the image above is the section for sending and receiving funds, either ether or tokens. On the right side, we will see the public address of our wallet, the balance on it, both in ether and in different Ethereum tokens, and finally, the transaction history.

At the bottom we will have the token balance of this address. To visualize it, we must first address scan to find out if you have them, so let’s select Scan for tokens.

Source: MyCrypto.

Since we have no funds, we will be presented with the option No tokens found. On the other hand, we have two options, either add a custom token or rescan. In the last section we will look at the current equivalent values, in fiat currency.

Section for requesting payment with a specified amount. Source: MyCrypto.

In the Payment Request section, we can generate an address where our wallet will be included, as well as the exact amount we want to receive by scanning this newly generated address. After we add the amount and currency, the new address will be generated at the bottom, in the QR code and URI.

The section where the secret key of our wallet is displayed. Source: MyCrypto.

On the other hand, in the Wallet Information section, we will see our wallet address and our private key. It must be taken into account that this key must be well guarded, because whoever has access has access to our funds. In the lower part, we go to our address, in the QR code. Finally, we’ll look at some tools to generate a paper wallet or generate a KeyStore file.

Source: MyCrypto.

In this part it will be all completed transactions for the wallet. The browser used in this section is Etherscan.

Receiving and sending funds to MyCrypto

To receive funds, we will need the wallet address, which we find on the right side of our application. If we want to generate an address for a certain amount, we can use the Payment Request section, as explained above. We just have to wait for our funds.

If we want to send, there are some things we need to pay attention to.

Source: MyCrypto.

The first thing we need to enter in order to send a shipment is the destination address. Second, we have to enter the amount and on the right side we will choose which cryptocurrency or token we want to send. Finally, we have Transaction free or Transaction Commission. Logically, the higher the commission, the faster the confirmation. To finish, we just need to send and that’s it.

Additional options for MyCrypto

In MyCrypto we can have some very interesting additional features which we will review below:

Exchange with ShapeShift

MyCrypto exchange section. Source: MyCrypto.

In the Exchange section, we can make changes between different cryptocurrencies and tokens managed by MyCrypto. We just have to choose what to send and what to receive and Shapeshift will do the work.

Manage contracts with MyCrypto

A section for interacting with Ethereum smart contracts. Source MyCrypto.

Through our wallet we can interact with Ethereum smart contracts. There are two sections: first we can interact with an existing contract, we just have to select it. On the other hand, we can apply our own contract.

Buy .eth domains with MyCrypto

You can easily buy .eth domains from MyCrypto. Source: MyCrypto.

The interesting part of MyCrypto is that it allows us to buy .eth domains directly from the platform. This only works from the web platform, but from the app we can check if the domain is available.

Encrypt messages with MyCrypto

Source: MyCrypto.

MyCrypto allows you to encrypt or decrypt messages using our private key.

MyCrypto Considerations

MyCrypto is a pretty complete interface. Note that I say interface, not wallet, due to the fact that, as you may have noticed, MyCrypto does not store anything. This platform only allows us to interact with the Ethereum blockchain through our secret keys, our recovery phrases, MetaMask or any other option.

To a large extent, MyCrypto is a fairly complete platform, given that it is part of the MyEtherWallet fork. One of the interesting aspects is the number of updates that the platform receives, and security is always the main premise.

If you want to see a video tutorial, you can visit our YouTube channel:

Featured image from MyCrypto

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