Things to know before you create Monero wallet

It seems that Monero’s powered-up privacy features has been securing it a stable demand. Towards the end of this month, Monero (XMR) has made it as high as $4.23 billion in terms of market capitalization.

The crypto-community of Monero enthusiasts has grown as well, with the XMR supply totaling more than 17 million coins. More currency, of course, requires better means of storing it. Being a privacy-centric coin, Monero poses some strict demands to a storage tool that can support it. Here we are going to look closer at what you need to know for handling XMR transactions.

Core features of Monero

Security

Monero is a decentralized kind of digital coins, fully processed by a user’s network. Its security principle maintains that every transaction should be in line with distributed consensus. The blockchain tech is immutable at its core and eliminates the need to trust any third-party software. Your XMR wallet, then, is nothing more than an extension and a GUI/tactile tool to help you manage your digital means.

Untraceability

Both sender’s and receiver’s addresses get obfuscated in the Monero network. Transacted quantities remain opaque, while your real-world identity cannot be linked to any particular source or otherwise established. The exclusive privacy requirement makes Monero immune to blocking or blacklisting.

Scalability

Being unlimited, the Monero blockchain offers higher economic flexibility as opposed to Bitcoin. At the same time it is scalable and dynamic, which means using it a lot will not present you with huge fees. Finally, it is still profitable to use CPUs and GPUs to amass the assets.

Core weaknesses of Monero

As paradoxically as it is with many cryptocoins, almost all flaws of Monero come from its stronger sides.

Purchasing XMR and paying with it

Vendors can buy XMR on various exchanges that deal in cryptocurrency. The most popular ones supporting BTC/XMR (and occasionally USD/XMR) pairs are Binance, Bittrex, Kraken, and Bitfinex.

Certain marketplaces including Coinbase have chosen not to support XMR. Among those that have delisted it in view of some regulative issues are OKEx and BitBay.

An crucial thing to remember is that the above exchanges are centralized. Trading in cryptocurrencies on a centralized marketplace are safer only for some who do not bother with revealing their identities and trade data. Vendors who prefer to stay anonymous should observe care so as no to defeat the coin’s advantages of privacy.

Waves.Exchange and OpenLedger allow you to trade XMR without stepping on your anonymous toes. Other decentralized trading places include peer-to-peer exchanges, among which Bisq and LocalMonero are the commendable ones.

Spending Monero

A couple hundreds online services accept payments with Monero, about one third of which are merchants of a kind. Supporting the privacy of XMR are certain media merchandise shops; furthermore, they offer 10% to 15% discounts for XMR payments. This includes brand products by musicians and bands whose shopfronts are administrated by Manhead Merchandise.

Follow the lists provided by the Monero community to learn about websites and stores that trade their goods and services for XMR. Certain web hosting providers and gambling sites also accept it as payment.

The final and most convenient option is to convert XMR to a pricier and more widespread cryptocoin to get access to a purchase. Your Monero can be spent virtually everywhere where Bitcoin is welcomed.

Top 3 solid options of Monero wallet online

Atomic Wallet

The facilitation of atomic swaps is this tool’s chief mechanism, hence the name. This service gives you control over your cryptofunds via a desktop app. All the sensitive data including secret keys, phrases, and transaction details are kept on your computer rather than servers of any sort.

The Windows/Ubuntu app allows your PC to interact with the compatible blockchains. All your dealings with Monero will only be immediate, without keeping logs or recording histories.

Pros:

Cons:

Conclusion: this fund manager blends ease of use and versatility. It does not expect its users to wield technical skills, while presenting them with a range of powerful features, including the ability to deal in cryptocoins peer-to-peer directly, process individual ERC20 tokens, and utilize any supported decentralized order book.

Trezor

Trezor is known as the first ever hardware storage for Bitcoin. Developed by a firm called SatoshiLabs, this XMR wallet online has made itself a name by guaranteeing first-class security. As a little OLED screen-enabled device, it protects your funds against being stolen either physically or virtually.

Monero enthusiasts will find Trezor handy for storing offline their secret keys and authorize transactions. Its simplicity starts with inserting it in a USB port of your PC or phone. On first launch, the device displays a 9-digit pin code, prompting you to synchronize it with your machine’s operating system. This random symbolic series is your guarantee that Trezor will not be affected by malware on your PC, keeping your secret keys locked out at all times.

Pros

Cons

Conclusion: Trezor is all about the classic and reliable approach. In addition to the standard 24-word seed, it fits a passphrase for an extra layer of protection. Sticking to this 2-way authentication process will guard your Monero funds in case someone steals or finds the seed.

MyMonero

Looking at the cheaper side of things, MyMonero offers you a totally free yet respected and reliable service. This is both a fund managing tool and a place that hosts your Monero account. The developers team of MyMonero includes the creator of the Monero Ledger, so XMR vendors can be sure the smoothest possible integration and highest security are provided to them.

Originally browser-based, this tool has gone through several stages of development, ending up as a multi-platform solution. Now you can run it on Win, Mac & Linux and have little troubles concerning the program’s size and speed of operation. MyMonero simply addresses remote nodes and avoids transferring big packages of data.

Pros

Cons

Conclusion: The MyMonero desktop tool is unambiguous in its interface prompts and really hard to hack. Its availability on mobile platforms gives it an edge. Aside from operations with XMR on your smartphone, you can promptly draw up a disposable address with their web storage. It is possible to register an account in about a minute, with a 13-word login key handed out to you.

FAQs On XMR Wallets

  1. How many Monero wallets are there?

    You might encounter dozens of software solutions online; however, only few of those supporting XMR offer a hardware option (which is your safest bet). Also, it is better to stick to official crypto-guidelines so as not to compromise your Monero account.

  2. How do I choose the best Monero fund manager?

    ‘The best’ would probably mean that your wallet does the following: does not keep your secret keys; offers offline storage (including the hardware); does not record the transaction history. Free web, desktop, and mobile fund managers are not necessarily worse than their commercialized counterparts. Cold hardware wallets, however, are considered the safest, and that is why they cost quite a lot.

  3. How do I set up my Moneo wallet?

    Simply make sure to go to the corresponding official website and follow the directions there. Double check that you read authentic resources! If there is one golden rule in the cryptocurrency industry, it reads like this: do your own research (DYOR). Also, remember to update any piece of anti-virus and anti-malware protection your PC is enabled with.

  4. What are the benefits of a Monero GUI wallet?

    If you are a tech-savvy guy or gal, you will hardly see any. GUI software is a great find for technologically inexperienced users, though. These allow you to control your secret keys simply by following certain security measures and acting responsibly.