Hey all. I downloaded the myetherwallet. However im having a few issues and would like if someone can answer my questions.
1. It asks for me to put a password. What is the point of this password?
This password is only needed when opening myetherwallet though the keystore file right?
2. It ask me to download this keystore file. I did this. Then i clicked continue. However, i cannot find this file on my laptop. Where is this? Any file i download should always to go my downloads folder on my windows computer. Can someone tell me where it is?
I have this file. I also sent that file to the desktop so i have 2 of these files. Do i need to delete any of them? The other file is in the downloads folder. Also when i try to open either keystore file, it ask for the password. So that means i encrypt this file correctly right?
3. I went on the part where it says
Send Ether & Tokens
And it asks how i would like to access my wallet
Keystore File
Private Key
Mnemonic Phrase
Ledger Nano S
Trezor
I clicked on keystore file. Then it ask to select your wallet file. I do not see this file. Where is it located at? The thing was after i had downloaded the keystore file... before i clicked I agree... i tried to open the file with adobe but it says error can't open it with adobe. But not sure where the file is right now.
I see this file now.
4. I then clicked on private key instead. I then copied and pasted the private key and when i did this, it seemed to go to my wallet. So basically assuming you don't have a ledger nano s or trezor, then its basically keystore file or private key right? Which one of these 2 do most people use? The thing is i don't have a problem with just copy and pasting my private key to it and accessing it this way. But i assume keystore file is what most ppl do?
I read that its actually preferred to open it with the keystore file as oppose to the private key. Is there a reason why? It would be a bit quicker for me to open it via private key since it just requires me to copy and paste. Keystore would require me to open that file and then copy and paste the password. So curious on this.
5. I read you should backup the keystore file in many places. How many places should you back it up besides your laptop? The thing that confuses me is if someone has your keystore file, then that means they have access to all your wallet? So if you put it on your external hard drive and say icloud... if someone has access to it, they have access to your wallet? But could you encrypt that file so if anyone were to access your computer, they can't open it without a password etc? In general im guessing you should have this copy on your laptop... a backup on an external hard drive and a backup online in case something happens to your computer/hard drive etc? It also ask if i wanted to print the wallet. I do not have a printer. So if i did not print it earlier, i cannot print it later on? How important is this printed wallet? Im confused what is the point of this.
I would like someone to answer this. Right now i have a copy of it on my laptop and external hard drive. I should have a copy in my icloud or other online storage site right as an online backup?
Wouldn't just having the private key be enough as long as you have that saved? Thus the keystore file is not necessary if you make sure you backup that private key in a few places... such as on keepass and say keepass online in dropbox etc?
6. If you just had your private key that was given to you... the long password that is generated and copied it... wouldn't that be all that is needed? For example if you put that in your keepass and that is all that is needed? Thus you dont even need that keystore file? Say you backup on your password on keepass and did this in few places, well does that mean your fine? Or you always need that keystore file? What confuses me is it says if you lose your keystore file, you lose your wallet. But that doesn't make sense since i just logged into my wallet with my private key?
So if you don't have your keystore file anymore... as long as you have private key, thats good enough right? I say this because i could access myetherwallet with just that private key.
7. Related to the 1st question. But what is the point of that password i created in the beginning? Is that in case i dont have my keystore file? Im really confused what that is.
This is basically to encrypt the wallet right? Also when i send ETH, will it require me to type that password again when sending ETH or not? And if so, is it the same password or is it going to be another password you going to have to create?
8. What other security things should one do with this wallet? Also is there a feature like Electrum with bitcoin where before you send ETH... you have to put a password first before you could send the bitcoin?
Any other suggestions?
Thanks all.