We at GCA use myetherwallet to access our Ethereum based coins on our Ledger Nano S hardware wallets, participate in airdrops, and so much more.
Although, the Myetherwallet team had a bit of a snafu leading to the creation of another parallel platform.
MyEtherWallet Changes to MyCrypto?
Unlike most wallet platforms, MEW (myetherwallet) is a central entity.
Meaning that it is controlled by a unified central party, but with MEW they do not hold funds.
One of the most common misconceptions is that MEW is a wallet platform, but in fact, it acts more like an ATM or a way to retrieve your money from the blockchain.
Anyone can take their ledger nano s, their private key or JSON and access their funds on MEW.
Meaning that, while we store money “on MEW” it is just recording the access to our account in the blockchain.
The MyEtherWallet team was fed up with MEW and had a bit of a split.
Which lead to the MyEtherWallet twitter (which is verified) being changed without the user-base knowing from MyetherWallet to MyCrypto.
Here is the old/new profile:
Now, while the transition was unprofessional, the side of the crypto community who knows Taylor said that it was just poorly executed.
Being her public account, it is something that is in a grey area as to what is acceptable by the community.
So, now there are two platforms that we can use.
Which one should you use? It is completely up to you, but most of the developers and team from MEW has transitioned to MyCrypto.
Making us bring up a more important point.
Hold your funds yourself, keep your private keys, and make sure everything you have is safe.
With NANO suffering from a Bitrail incident, Binance being down for over 24 hours and much more going to happen in the community, it reminds us of the reason for the cryptocurrency.
To own your funds and control them completely.
Thanks for reading,
The GCA Team