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General Knowledge

36 articles

General Knowledge

Blockchains and the Ethereum ecosystem can be pretty intimidating topics to get a foothold on. MyCrypto has you covered for learning the fundamentals.

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MyCrypto Membership Information

Ethereum gas fees can be a high barrier of entry to purchasing a MyCrypto Membership at times, so we've added support for purchasing memberships on the xDai and Polygon networks! Owning a MyCrypto…

Differences Between Wallet Types (e.g., Private Key vs Keystore)

Cryptocurrency might be home to some of the most confusing naming conventions on Earth. What's the difference between "wallet" and "account"? Isn't MyCrypto a wallet? What's the difference between a…

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Membership Rewards

The MyCrypto Membership is a way to support MyCrypto's mission of making this industry more accessible, safe, and secure every single day. It supports the products and our team who build them…

What Is Contract ABI?

An Application Binary Interface (ABI) allows the MyCrypto interface to get very basic information about the functions and function types that are available in a smart contract. It is able to show…

MyCrypto Membership Information

Ethereum gas fees can be a high barrier of entry to purchasing a MyCrypto Membership at times, so we've added support for purchasing memberships on the xDai and Polygon networks! Owning a MyCrypto…

Does MyCrypto Support Bitcoin or Other Coins (LTC, XRP, XMR)?

MyCrypto supports ETH , ETC , all testnet networks (Ropsten, Kovan, Rinkeby), any other Ethereum-based network ( EWT , UBQ , EXP , POA etc.), and any Ethereum Standard Tokens - also known as…

How Can MyCrypto Send Offline?

One of the important things that you need to understand is that every address already "exists". When you "create a wallet" you are not actually doing anything on the blockchain or communicating with…

Ethereum Account Generation & How MyCrypto Gets Entropy

MyCrypto uses the window.crypto method which is a cryptographically secure pseudo-random number generator. It does not matter if you are online or offline. A key will not be generated if this method…

How Do Secret Recovery Phrases Work?

A Secret Recovery Phrase , mnemonic phrase , or Seed Phrase is a set of typically either 12 or 24 words, which can be used to derive an infinite number of accounts. Often times these phrases are…

Differences Between Wallet Types (e.g., Private Key vs Keystore)

Cryptocurrency might be home to some of the most confusing naming conventions on Earth. What's the difference between "wallet" and "account"? Isn't MyCrypto a wallet? What's the difference between a…

Intro to NFTs & NFT Token Standards

What does Non-Fungible Token actually mean? Fungibility is defined by Merriam-Webster as: "being something (such as money or a commodity) of such a nature that one part or quantity may be replaced by…

Is the Blockchain Private?

Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic…

Should I Keep My ETH and Tokens in a Single or Multiple Addresses?

MyCrypto is a front-end interface that enables you to interact directly with the Ethereum blockchain. MyCrypto enables you, through the interface, to send tokens from your address, view your token…

What Are Internal Transactions?

Internal transactions, despite the name (which isn't part of the yellow paper but is a convention people have settled on), are not actual transactions. They are also not included directly in the…

What Is a Derivation Path?

If you use a Secret Recovery Phrase or hardware wallet, you may come across the term "derivation path." In short, it specifies which private key (and thus which address) is used. A derivation path…

What Is EIP-1559?

August 5th saw the deployment of the London hard fork, which includes various changes to how transaction fees are handled on Ethereum, aiming to make them more predictable. These changes are part of…

What Is Gas?

Ethereum is the network, also known as the blockchain. Ether (ETH) is the fuel for that network. When you send tokens, interact with a contract, send ETH, or do anything else on the blockchain, you…

What Is WalletConnect?

WalletConnect is an open protocol made to facilitate a secure connection between mobile cryptocurrency wallets and desktop applications, such as dapps. Transactions are made through an encrypted…

Investing Responsibly (by Brian Armstrong / Coinbase)

We at Coinbase couldn’t be more excited by the explosion of interest in digital currencies. The last few weeks has seen an unprecedented increase in the price of digital currencies. More people are…

What Is an ICO?

ICO stands for "Initial Coin Offering," and is also known as a “token sale” or "crowdsale." It is an unregulated fundraising method for startups. Startup companies use these funds to further develop…

Why Am I Getting Random (Airdropped) Tokens in My Wallet?

Lately, a lot of blockchain projects on Ethereum have been 'airdropping' tokens in the wallets of users. This is done to either spread the distribution of tokens, or to advertise the token to users…

How to Connect an xDai Account to MyCrypto

If you want one place to view and manage all of your xDai accounts at once, you’ll want to get set up with MyCrypto. Visit app.mycrypto.com/add-account Select the wallet you’ll be connecting to…

How to Get xDai

Since xDai is based on the EVM (Ethereum Virtual Machine), any Ethereum account can also be used on the xDai chain. This means that if you have an Ethereum account, you also have an xDai account and…

What Is the xDai Chain?

The xDai chain is an Ethereum-based sidechain that uses a Proof-of-Stake mechanism. It has been live since late 2018 and uses a stablecoin, xDai, as its native cryptocurrency. As the project’s site…

Do I Need Multiple Addresses for Every Token Sale?

You do not need multiple wallets for every token sale. You can receive multiple ERC-20 tokens in a single address. If you wish to use multiple address, please note that you will need a small amount of…

Best Ways to Avoid Missing Out on That ICO

Create a new wallet and back it up in triplicate in physically different locations. (Your house could catch fire and you don't want to be without your backups). Throw whatever ETH you want to invest…

More Help, Support, and Communities

General Questions and Ethereum General Information: Ethereum.org Questions: /r/ethereum Questions: Stack Exchange Getting Started: Reddit Guide for Noobs: /r/ethereumnoobies for Development: /r…

What Are the Different Units Used in Ethereum?

When using Ethereum, you may encounter different units, such as Wei and Gwei. In this article, you'll find an explanation of the different units used, and a converter for all the different units. The…

On Keypairs & Encryption

The Ledger (and other hardware wallets) are essentially USB sticks but with really really really really really really hardcore software / firmware / hardware that makes it so your key cannot be…

A Glossary of Common Terms in the Ethereum and Crypto Space

Words are Hard This is a list of terms you might encounter when using the MyCrypto interface. Account A public and private key pair that "holds" your funds. Your funds are actually stored on the…

Why Is Gas?!

When sending a transaction on the Ethereum network you may be startled by the cost to send said transaction, especially if you are returning from a cryptocurrency hiatus. Why are the gas fees so damn…

What Are Protected Transactions?

Protected transactions help you to send your funds in a safe way. When you protect a transaction, MyCrypto will automatically check the transaction, and everything around it, to ensure that your…

Which Networks Does MyCrypto Support?

MyCrypto supports a wide variety of different networks, better known as blockchains. The different types of networks that MyCrypto supports are all based on the original Ethereum codebase, with some…

Do You Have a Minimum Requirement to Transfer Out of MyCrypto?

There is no minimum to transfer as MyCrypto is not an exchange and has no way of blocking your withdrawals or deposits. The minimum is the minimum amount of gas needed to complete the transaction. For…

What's the Difference Between an Exchange and MyCrypto?

Your ETH & tokens are on the blockchain, regardless of what service you use to access them. When you move them, you are sending them from one address on the blockchain to another. These are simply…

Ethereum Address Has Uppercase and Lowercase Letters

There are two versions of Ethereum addresses: one that contains uppercase letters and one that does not: 0x7cb57b5a97eabe94205c07890be4c1ad31e486a8 0x7cB57B5A97eAbe94205C07890BE4c1aD31E486A8 The one…

What Is Nonce?

In Ethereum, every transaction has a nonce. The nonce is the number of transactions sent from a given address. Each time you send a transaction, the nonce increases by 1 . There are rules about what…

Getting Through the Shit Times

Sometimes, crypto really, really, really sucks Believe it or not, most of us have been there. Whether you lose your private key, get phish'd or hacked, make a bad trade , or send to the wrong address…

MyCrypto is an open-source tool that allows you to manage your Ethereum accounts privately and securely. Developed by and for the community since 2015, we’re focused on building awesome products that put the power in people’s hands.

© 2021 MyCrypto, Inc.

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