Bitcoin Forum

Hi,
I am new to this and have a fundamental question: Why do ICOs ask us to send ETH using myetherwallet?
Why can't I send them directly from kraken.com?
Thanks in advance

Myetherwallet is very okay for me, since I can access it via web anywhere.  You control your private keys. MyEtherWallet gives you the ability to generate new wallets so you can store your Ether yourself, not on an exchange. This process happens entirely on your computer, not our servers. Therefore, when you generate a new wallet, you are responsible for safely backing it up.

they are doing that because their coins/tokens are not yet listed on online exchanges  and you cant still withdraw or trade it ,thats why you must hold it first on your eth wallet specifically myetherwallet because it is the most stable and the best eth wallet that suports all new and old erc20 tokens as well as eth.

the wallet ethereum address of MyEtherWallet (MEW) is public, so can accept the newly launched altcoin (new contract). while for the exchanger is not public, later altcoin newly launched can not enter.
except if exchanger supported ERC20, like etherdelta.

Because when the exchange sends the ETH you never know what address they are going to send from. You get tokens when the ICOs end to the address which sent the actual ETH, so sending via an exchange just doesn't work.

Therefore, they tell you to use myetherwallet, which supports most ERC20 tokens.

It's like why you don't send from an exchange when doing on-chain betting.

If you use MyEtherWallet then you have the private key & you control your funds and your key. You do not rely on Coinbase or Gemini sending your funds from their account to yours. If you use an exchange Kraken then you have any account with that company, and they hold your ETH and your keys for you. They have their own account on the blockchain with all their and their customers' funds in it. Then you have a username / password with them, on their servers, and they keep track of how much ETH they "owe" you.
This allows you to have the more traditional username / password situation and do things like reset your password if you forget it, change your password if your password is compromised, and turn on 2FA. However, it also means that if the exchange loses ETH, it's your ETH that is lost.

exchange wallet is not good ,,
your token will be lost if you use an exchange ethereum wallet
just use MEW it is easy to use,,

i think because dev can control the token received or not and if there is pending transaction can complain
and if dev use market address like kraken, bittrex or poloniex you can lose your balance

sorry for asking dumb question, but how can you say the exchange wallet will take all of your money ? as far as i know i never lost my coin if i use the exchange wallet,
the only think i got from exchange wallet is you can't hold the private key, just that.

because if you want transfer token and other things you need private key. exchange wallet doesnt give you private key

most replies have answered your questions pretty good, to make it simple & clear:
1. using ETH via MEW (myetherwallet) proves you are the owner of that sending address
because using mew requires user to have privkey or something to control that address
2. The dev ICO will need your address to distribute the tokens once ICO finished
3. MEW supports all ERC 20 Tokens including custom, other wallets might not support certain tokens
so those 3 basic needs will be fulfilled at once by requiring "send ETH using MEW"

They make a contract automatically, so you should sent from your account (send by account, get coin on that account) and avoid confusion or have someone else said  it as their transactions. There may be other reasons but I do not know.

Since many ICOs run on the ethereum platform or ERC20 and myetherwallet one of the wallets are compatible with it, so you can add custome token in myetherwallet.

Otherwise you can lose your money.

bcos most of them are using eth erc 20 tokens

With myetherwallet you control your own private keys. This means that your sending & receiving address are the same. This makes the distribution process once the ICO ends(i'm assuming they are distributing tokens on the ETH network once the ICO ends) much easier than if you did it through an exchange since the address that sends your withdrawal isn't necessarily your deposit address.

It's got nothing to do with security of funds whatsoever.

Myetherwallet is its own wallet. Everyone would promote their own applications or sites to represent their products to gain more profit in a short span. The more they draw people towards their products, applications and sites, their market and their profit increases.

You must have the private keys of your address to receive tokens. You don't have the private keys if you use exchanges.

You could use desktop wallets too

Myetherwallet can automatically receive and distribute any coin on the Ethereum network using smart contracts. If you use an exchange and the coins are sent to the exchange, odds are some of those exchanges will not list that specific coin, and/or the process needs to be done manually.

Very basic stuff first. ICO works on the smart contract in correlation with the ethereum blockchain. They have easy implementation on that blockchain. As a part of this they have to maintain the standard of their token to a specific standard names as ERC20 which is relayed by ERC20 supported exchangers or wallets more often. To add this tokens the ERC20 protocol has to be merged with supported wallets and myetherwallet is one of them. That's why use myetherwallet. Oh yeah plus, it is most popular too. ;-)

The most reasons why not on the exchange because most ICO's is not yet in the exchange. However, it is recommended most to use the myetherwallet. Just save private keys and it is secured.

Thank you very much for THIS answer. I am also relatively new to the game but even I can identify that most of the previous ones where just "educated guessing"

It's pretty easy to explain. ICO usually asks to send contribution from any your own wallet that supports ERC20 tokens. If you use exchange to make contribution therefore the reward will be send to exchange ;)

YOu will loose your token if you use exchanger wallet, it is said in the ICOs that the investors and bounty hunters should use wallet that you hold PV key, exchanger wallet not having pv key, the holder is exchanger host.

I 've seen people on telegram chat, saying they sent their tokens from an Exchange.. But some people received their tokens.. I guess is not something you would risk on doing.

Yes I agree. I think Myetherwallet is a good wallet in storing your eth and other tokens. But I would recommend using Ledger Nano S if you plan on holding to your tokens.

It is very important. Coins can not be taken along with, some time it takes to save, Myetherwallet for the best of storage. And most of the campaigns want Myetherwallet's address. So myetherwallet is needed.

Because the funds should come from your wallet, not an exchanger, and myetherwallet is one of the best choice for an eth based wallet.

Because wallet that supports ERC20 tokens like Myetherwallet that can receive back tokens that we have purchased at ICO, the Ether address in Myetherwallet is the address for Ethereum and also address for all tokens that use MEW platform. While the wallet address Ethereum on the exchange is only for ETH only, so if we use ETH address in exchange when buying tokens during ICO token will definitely lost.

You cant send them directly to exchanges just because your tokens needs to be sent first to a wallet that the investor control if it is not added from certain exchange. Since it comes directly from ICO, the possibility of it not being listed by the time of distribution is high and that's why it needs to be stored first on erc20 compliant wallet in order to add custom token and hold it there. If it was sent directly to exchange, then they won't credit it in user's balance.

Well, you supposed to be thankful to that ICO because myetherwallet is a very safe one to use as ethereum wallet address compare you are using eth from the exchange. It is their rules too when you join to their campaign. And I think you don't need to worry anyhow about it.

They ask you to send ETH using myetherwallet is because they have to send the tokens back to the address from which they recieved the ethers, that's why they say that don't send ether from an exchange and also in case of a conflict or confusion you would not be able to provide enough evidence to support your claim, also don't forget that myetherwallet wallet is one of the best wallet provider for ethereum. And it is always nice to be in control of your funds as the exchanges can be hacked due to a security breach.

Because you need to add new token (which is created by an ICO project you want to participate), also you have a private key!! if you contributed from an exchange, you dont have the private key nor can add new token!

Because you could use myether wallet to store all y our ether based tokens including the Ethereum. It is in cloud and you need to unlock every time to view your wallet using private key that generated first time when you used the my ether wallet.

because myether very simple wallet and powerfully , indeed we need to be careful in using myether wallet but I think it is not a big problem as long as we know between the original and fake wallet

myetherwallet is very easy to use, safe (atleast for me) and it support tokens. I am not sure about other Ether Wallet as MEW is the only wallet i have tried so far. And will stick in to this. I will also search for other wallets that are ERC20 and has a mobile application with out sacrificing the security of your funds. Any recommendations will be appreciated as well :)

Because etherium wallets in use in general, and the organizers use it because it is easy to use.

Only your own wallet address can control tokens, other addresses cannot

My reasons:
- Ease of use, one wallet for multiple coins
- My wallet is under my own control
- Can use it anywhere

It's simple :)

Hello there, There is a reason why most of the ICO's use myetherwallet as a required address. It is because myetherwallet supports ERC20 tokens that can accept their token as payment for the bounty ICO. Therefore you can view your received tokens via smart contract that only myetherwallet are compatible and accessible to this modification. Also myetherwallet is easy and has unique access unlike any other.

because MEW supports ERC20 tokens :)

i think the ICO is not yet released in the market and myetherwallet is support with many ERC20 tokens so its like temporary wallet before the ico is launch. beside that, today most ico is using ethereum base so i guess only myetherwallet that could save the tokens and so far, that site is safe and good for keep the tokens. and like the others, you need to save your private keys in safe place because you responsible with your own tokens and when the ico is launch, make sure you have gas to send the tokens to the market.

ICOs ask us to send ETH using myethetwallet because some coins are not directly recognize  and direct transaction is not that secure thats why they prefere to send it using myetherwallet. Because in using myetherwallet you can secure your own private keys

Why MyEtherWallet? Why not? there is nothing wrong with MyEtherWallet. I have no problem with it, in fact their security is great, they have the keystone that we need to download and we are the one that can only open that wallet because they have a lot of option on how we can open that wallet. For me, this is great.   ;)

Because it is ERC20 token ICO and ERC20 tokens are using ethereum.
You don't need MEW, what you need is your ether address with private keys.
Don't use ether address from exchange because you won't receive tokens to it.

This is a really important fact. I have seen many crypto newcomers (including me a while back) which had no idea that you do not have acccess to your private keys on exchanges.

myether wallet is good for use. most of the people investing they coins in to this site. so once you have to check and use this coins. actually i had seen many crypto currency sites but in that few sites are fake and few sites are secure in the secure sites it is one of the site. this wallet can secure to our private keys also. so you have to choose and invest in to a best site.

It is not because MEW is good for use, it is because you have access to your private keys.
Nobody is investing money in MEW, it is wallet.  
What does this even mean? Stop shitposting if you don't know what you are talking about.

Myetherwallet  is a major platfor for ethereum,it is much easier to acces your wallet from this platform and majority of  transaction and wallet use take s place from there,few ICO accept other wallet,different ICO with diversity of  wallet they use,just ensure you follow instructions.

Most of ICOs preferred using myetherwallet it is because its the best wallet who are compatible on storing ERC20 tokens
Most of wallets are just fixed to some coins only.
And also some coins are not listed and can't be stored on the other wallet unlike on myetherwallet if your coins is not been listed in their site you can still store it by simply adding it to add custom section of myetherwallet.

Because  the ethereum wallets other than myetherwallet.com doesn't support Erc20 tokens and it is must to contribute your ether from the wallet you are sure for its Erc20 token support.
If you send from exchanges like kraken,bittrex, the ICO developers will send tokens to your address but you will not be able to see those tokens.
Myetherwallet can hold all erc20 tokens and ether as well. So, it's compulsory to use MEW while you buy any tokens

because myetherwallet is a very secure wallet by using privatkey or keystore we can safely store tokens that we have, and all the keys we have to save well because it is not until others know the key that we have to our tokens safe from hacking

As each bounty prefer to transfer coins to MyEtherWallet. So most users tend to transfer through MyEtherWallet

Most of the bounty campaign's now do prefer to make their own altcoins/tokens through ERC20 tokens. And that's why it's better to use Myetherwallet for it. This has been flexible and well known wallet for those tokens that will be distributed by the campaign that you are with or by the tokens that you had invested on them.