Crypto Academy Week-5 Homework Submitted To Prof. @yohan2on. Understanding Decentralized Finance Part 2

MyEtherWallet

Source

MyEther Wallet (MEW) is an Ethereum based digital cryptocurrency holder that safely keeps tokens.
The token owners can decide to make transfers from MEW to another wallet, trade and also transact other smart contracts.
MEW ensures the safety and privacy of the details of its users. That's why it always advice its users to backup their passwords and keep them safe and also, it make it clear to users that it does not give free Ether so that its users will not fall victims in the hands of fraudsters who claims to do giveaway but in turn asks the wallet holder to send tokens first so as to receive more tokens.

HOW TO USE MEW
To start with, the first thing to do is to login to the official website of MEW and click on create wallet, from there, an option to download the wallet will pop up.

After the download, launch the app and choose a case-sensitive password.

After that, the chosen password needs to be backed up and from the backup process, a user gets to chose his/her keys which serves as the recovery password/phrase, which should in case the user's device gets missing. It is ideal to write the recovery phrase down and keep them in the home safe, not in the cloud because the cloud is not really safe.

After writing down the recovery phrase that will pop up, you click next, a little confirmation task will be given which you will need to pick the correct phrase number for each of the rows.
When that is done, you click on the highlighted FINISH at the top right corner. Your wallet will be automatically backed up.

A user can buy Ether with credit card by click on the 'Buy Ether'.

You can chose how much worth of Ether you need and click on buy now.

Then you can input your card details and purchase the Ether direct to your wallet.

To receive Ether, all you need to do is just a click on the "receive Ether" and then copy your wallet address and send it to the person that wants to send the Ether.

Worthy Of Note: Do not try calling out the wallet address because there might be a little mistake and the funds that was supposed to come to your wallet goes to another person's wallet and it can't be reversed.

Ether can be swapped for other tokens by clicking on "swap".

A user can earn Ether by providing public good to the community.

To learn more about Ethereum, a click on "Education" will educate a user more about the Ethereum blockchain.

If a user loses his device and wants to recover his wallet, it's simple provided those phrase keys are with you. Login to MEW website, on the homepage, click on access my wallet, then click on software, and then click on mnemonic phrase and type in those phrase you wrote down and your wallet will be recovered.

Thanks Prof. @yohan2on for looking through my work.

All images except stated are screenshots from my device.