I have created a wallet on MEW (
https://www.myetherwallet.com/) and I have a number of questions / clarification needed:
1) To my understanding, this is not an online wallet: the website simply generate a wallet address, and gives me the public and private keys, which I can then safely store offline or on a piece of paper, if I wish so, right?
2) Once I have the address generate at 1) above, I can then send ETH and/or a number of ETH tokens to this address, right?
3) the blockchain knows that this address has received this amount of ETH and that amount of tokens. If I'm in control of the private key, then I can use my ETH and/or token for whatever I please: transfer them to another user, another wallet, an exchange etc ... Correct?
4) Even though I store on my address different tokens and/or ETH, I only need one private key right? I.e. once I know the address and my private key that unlocks my wallet with all the content which I can then use as I prefer.
Thanks for helping to understand!
Cheers,
Jay
1. It is true that MEW is a web based wallet, this also mean that this is an online wallet because it practically works online, transactions such tranferring is done through online so I consider MEW as an online wallet.
2. Yes you're right, this address singnifies the identification of your wallet. You can use this address to send or receive ET or even other coins supported by MEW.
3.The use of your private key for your security information whenever you open or unlock your myetherwallet. Yes you can transer to another wallet through the use of your wallet address.
4. Yes you're right your private key is the only one who can unlock your MEW while the address is the one you use when having transactions.