Myetherwallet aims to simplify all of that for the average user. Before Myetherewallet, owning Ether meant using command-line programs like Geth and Eth to send and receive transactions. Except for Linux users, learning to use the command-line is like teaching your great-grandmother to use an iPhone. While some people prefer to use the daunting black-box of code, most users don’t have the time or the interest to learn a new, unintuitive interface. According to a recent reddit post by the MyEtherWallet creators, “[MyEtherWallet] has been used successfully (by more people than [they] ever imagined) to transfer Ether, print paper wallets, move funds from exchanges into cold storage, and more.”
With Myetherwallet the process of creating a wallet is easy. Simply type a minimum 7 character password and your wallet is generated in JSON, private key, and QR code form. Sending ETH is just as simple. Most importantly, the code is all client side. None of the data that is created by MyEtherWallet is stored on their servers.
The importance of cold-storage‒storing Ether locally on a computer or on paper‒can not be understated. Storing cryptocurrencies on exchanges like Poloniex or Kraken, or using other online based wallet services, is fundamentally counter to the inherent safety of decentralized currencies. By keeping your wallet secure and local, you are in full control of your funds. While reputable exchanges can seem secure, they do not have the inherent security of the blockchain, and who knows how good their auditing and cyber defenses really are.