Since Monero is one of the leading currencies in the privacy-coin world, it has become increasingly important to be able to use your coins. This article will give you an insight into how to choose a Monero wallet for yourself.
What is Monero, and what are its features?
Monero (XMR) is a secure, private and untraceable cryptocurrency. It is open-source and accessible to all. Transactions on this blockchain cannot be linked back to any particular user or real-life identity. By taking advantage of ring signatures and stealth addresses, Monero makes sure that nobody can find out where you spend your coins or whom you are sending them to.
Ever since its creation in 2014, Monero has undergone rapid growth in value and users, creating more of an incentive for people to use it for everyday transactions. You can find more information on the many features that have made this cryptocurrency so popular here.
How do I get started with Monero?
Getting started with Monero is as easy as buying the coins. You can find various websites and exchanges where you can buy, sell or trade XMR, such as Poloniex, Changelly and Bitfinex. When using these sites to purchase Monero, be sure that you transfer your funds directly to your own wallet.
Why do I need a Monero Wallet?
A Monero wallet is the only place where you can receive or spend your funds. Just like any other cryptocurrency, the wallets store view and spend keys. Coins associated with each account are recorded in Monero’s ledger. Unlike traditional banks, though, wallets are decentralized, which means they don’t have to follow any rules set by governments. This gives each user full control over their private key and funds.
How do I choose a Monero wallet for myself?
When choosing a Monero wallet, you should prioritize security features. First and foremost, the private key used to access your funds must be entirely offline. This is usually done by adding an extra layer of security that requires two passwords: one for accessing the wallet itself and another one to unlock the private key.
You should also look for additional security features like two-factor authentication (2FA), multi-signature support, and cloud backup. At the very least, your Monero wallet should be protected by a strong password.
Another thing to consider when choosing a Monero is its user interface. Ideally, choose a wallet that allows you to access your funds with just one click.
Multi-currency wallets are compatible with several digital currencies, which can save you money on conversion fees and make it easier to use more than one cryptocurrency for transactions.
Now that we’ve got the basics covered, let’s look at some of the best Monero wallets on the market today.
Edge Wallet – Edge is a mobile wallet with user-friendly features, top security, and the ability to store coins aside from Monero, such as ETH and XRP.
Ledger Nano S – This is a hardware wallet that, combined with a Monero application installed on your PC, allows you to hold assets securely offline. Your private keys are never exposed directly to your computer or the internet, which means your currency is protected from hackers, malware, and other threats to security.
Exodus Wallet – As one of the first multi-currency wallets on the market, Exodus has been around for a while. It includes a built-in exchange with ShapeShift integration so you can quickly convert currencies without leaving the wallet or logging into an external exchange.
Tips for keeping your Monero safe
- Never click links to social media or Reddit – this is a common tactic used by hackers to gain access to your wallet and keys for malicious purposes. Always type in the Monero website address directly into your web browser.
- Only download the Monero GUI from the official monero.org website, not from any other source. Virus check any files you download, as there have been some reports of malware infecting computers that mine Monero without the owner’s knowledge.
- In your first few days with Monero, it is recommended that you send a small amount to test on a new wallet and check for any problems with transaction fees or delays in the transaction being displayed in the wallet.
- If you are given a choice of wallet words or mnemonic seed when creating your Monero wallet, always write down both in order to keep them secure. Store the written copies somewhere safe in case they are lost, stolen or destroyed.
Conclusion
In conclusion, as with any other cryptocurrency wallet, make sure you do adequate research before using a Monero wallet provided by an exchange or third party. If your computer is infected with malware which aims to mine crypto, it might be possible for the malware creator’s virus protection software to see the transaction and even reverse it, causing you to lose your coins. In order to avoid this, use a clean computer when looking for a Monero wallet and only download wallets from the official website of the wallet you want to use. Think security!
