Monero has over the years attracted all kinds of attention in the media. To a great extent, this has to do with the fact that it is one of the longest standing privacy-centric cryptocurrencies in the market.
It was specifically designed to address the weaknesses in Bitcoin and other popular cryptos which claim to be anonymous, but which fact is often debated upon. Monero uses a combination of technological approaches to seal the anonymity gaps in other currencies and offer true privacy.
[no_toc]The developers behind the project say that Monero stands for three core values: security, privacy and decentralization.
If you are a firm believer in these core values, you might want to find out how it achieves this and how you can keep your Monero holdings in the best possible way. Read on to discover answers to these and other interesting facts about Monero.
What is a Monero Wallet?
In spite of the emergence of countless privacy-centric crypto coins, Monero remains one of the most popular for crypto users looking to operate anonymously. The coin makes use of a special type of cryptography to make all of its transactions untraceable and unlinkable.
Everyone who owns Monero uses a digital Monero wallet to keep track of it. Cryptocurrency wallets can be used to:
- Send Cryptocurrencies
- Receive Cryptocurrencies
- Trade Cryptocurrencies
- Spend Cryptocurrencies
- Withdraw Cryptocurrencies
Each Monero and cryptocurrency uses blockchain technology to complete transactions. However, crypto wallets cannot:
- Send Monero to any non-Monero crypto address
- Share user information with 3rd parties (not recommended)
- Withdraw or access bank funds (only Bitcoin ATM)
Monero forked from a cryptocurrency known as CryptoNote in 2014 and is based on a protocol known as CryptoNight Proof-of-Work hash algorithm. The protocol incorporates Ring Signatures, which mix every user’s input with a group of other transactions making it hard to link them.
Furthermore, the network generates stealth addresses for every transaction making it hard to track the sender and recipient. And finally, it implements ring confidential transactions mechanism to conceal the transaction amount.
There are seven core developers leading the Monero team, five of whom remain anonymous, and the other two are Riccardo Spagni (“Fluffypony”) and David Latapie. The project is crowdfunded and open source.
Its strong adherence to privacy features has kept Monero in the top 25 coins by market capitalization since its inception. At the time of this writing, it was in the 13th position on the charts.
Though initially there were few wallets supporting the coin, the number is gradually increasing with its rising popularity. Monero wallets are designed to allow users to send, receive and store Monero. Let us look at some of the top choices.
Best Monero Wallet Providers
Binance is one of the most popular crypto trading platforms globally. Though it had its origins in China, the exchange later moved to Malta, the renowned crypto island.
It has only been in existence since 2017 but in that time, has managed to gain massive popularity.
This has partly to do with the fact that it offers one of the most competitive trading fee systems. It also has a highly charismatic CEO, Chnagpeng Zhao, and an active online presence.
Binance offers basic and advanced trading options, though neither is suited for complete novices.
To create your own exchange wallet on Binance, follow these steps:
Step 1 – Create Your Binance Account.
To start with, enter your email address and create a new password so as to register an account on Binance.
Binance will send you an email, click on the link in the email to access your account.
Before you can unlock full functionality, you will need to supply a little more information about yourself.
Note: You can’t buy Monero with fiat money (like USD) on Binance.
Step 2 – Go to “Funds” > “Balances”
On this page, you will find all of your accounts wallets.
Anytime you buy a cryptocurrency on the site, your order will reflect in one of these wallets. The wallets are organized starting with those that have coins in them at the top of the pile.
To send Monero to the Monero wallet address, simply click “Deposit”. Once you deposit funds in the wallet, you can start trading Monero in the pairs listed on the exchange.
Exodus has made a big name for itself as one of the most popular software wallets for desktop and mobile use.
Some of its top highlights include the fact that it supports a wide array of coins and has a user-friendly interface, particularly suitable for beginners.
Clean design and intuitive steps for performing most actions make it difficult to get lost when carrying out transactions in the wallet.
It has been in existence since 2016 and currently supports more than 100 cryptocurrencies and can display balances in over 30 fiat currencies.
To open your own Exodus wallet and store Monero, follow these easy steps:
Step 1: Download Exodus.
Download your desktop (Linux, Windows or Mac) or mobile wallet from Exodus.io and follow the on-screen prompts to install it.
Step 2: Open Your Exodus Monero Wallet.
Once you open your Exodus wallet, you will be able to view all of the currencies it supports. Open your Monero wallet by clicking “Wallet” on the left and then selecting Monero.
Launch the wallet to view your wallet address, balance and any other relevant information.
Guarda wallet is a multicurrency light wallet available for use on the web as well as on mobile platforms, Android and iOS. It supports a good number of coins and more are added all the time.
It facilitates cryptocurrency purchases using bank cards and offers a built-in crypto exchange. The user gets full custody of their wallets including the private keys.
The wallet is easy to use and features an intuitive user interface. To enhance its convenience, it has partnered with Changelly for fast and easy crypto conversions within the platform.
Open your own Guarda Monero wallet by following these steps:
Step 1: Create a Guarda Wallet
Visit Guarda.co and click “Create Wallet.” As already mentioned you can use it as a web wallet or download an app to use it on your Android or iOS mobile device.
Once you create your wallet, make sure to create a backup in case you lose access to the wallet. You can use the backup to recreate your wallet if you ever get locked out of your account.
Step 2: Access your Monero wallet
Your Monero wallet will already be active within Guarda wallet the moment you launch it. As soon as you azccess the account, you can start sending XMR to the wallet, sending it to other users or storing the coin as an investment.
Atomic wallet is a desktop wallet with a focus on security, decentralization and anonymity. Just like Guarda, it gives full custody of private keys to the users, placing account safety within their control.
As its name implies, the wallet was created to leverage the concept of atomic swaps for fast and efficient currency conversions. Though that makes it sound complicated, the wallet remains easy to use and friendly.
Users can buy crypto using credit cards on the platform though this comes at a hefty fee. It is integrated with Changelly and ShapeShift, further enhancing its convenience.
The wallet is available in different versions for Windows, Mac OS, Ubuntu, Fedora and Debian operating systems. To download and install the wallet, follow these steps:
Step 1: Download Atomic Wallet
Go to atomicwallet.io and download the latest version available for your operating system.
Follow the on-screen instructions to install the wallet, create a password and write your backup phrase
Step 2: Access Your Monero Wallet
To access your Monero wallet, log in to your wallet and on the list of supported coins, find Monero.
Next to it, click on “Your Address” to view the wallet’s public address and use it to send XMR to your Atomic wallet.
Best Monero Wallets in Your Country
For residents of the UK, there are countless cryptocurrency wallets to choose from.
With the passing of time, more service and possibilities will emerge for buying/trading Monero and other cryptocurrencies.
For a long time, Binance was unavailable to crypto users in the US as it had yet to get licensing to operate in the region.
Fast forward to the present day and it has gained lots of popularity in this market.
In addition to providing support for web services, it is available for download as a mobile phone or desktop app.
Best of all, it has a wide array of features that allow both novices and experienced users to enjoy trading and access to other facilities on the site.
In Australia and New Zealand Binance is one of the most popular wallets. However, due to the fact that it is an exchange wallet (hot wallet) it is not the most secure option for long-term storage.
Rather, one should only hold those digital coins that are in use at any given time. But users should store the majority of funds in a more secure wallet.
Differences Between Exchange, Hardware and Software Crypto Wallets
We have mentioned a number of different types of Monero wallets. Let us go through the main types to further shed light on the best Monero wallet for you.
Exchange Wallets
On cryptocurrency exchanges, users get access to Monero exchange wallets. These are specifically meant to store newly purchased coins before one transfers them to a more secure option.
Due to the convenience, it might be tempting to store coins in exchange wallets. But these are more prone to hacking and user loss of funds. Rely on more secure options such as Monero hardware wallets for long term storage.
Here are our favorite Monero exchange wallets:
- Binance Wallet
- Coinbase Wallet
Hardware Wallets
These are widely considered as some of the safest wallets as they are usually offline unless during funds transfer.
As such, Monero hardware wallets are almost completely hack-proof and a great choice for long-term storage of big amounts of crypto.
Though all hardware wallets are innately secure, only buy yours from an authentic source to avoid ending up with a counterfeit.
Here are some good examples of Monero hardware wallets:
- Ledger Nano S
- Trezor
- KeepKey
Software Wallets
These include mobile and desktop wallets which store currencies on your phone or computer.
They are more secure than exchange wallets but due to their connection to the internet, Monero software wallets are not as safe as hardware.
What makes them ideal, however, is the fact that they allow for convenient access to funds for everyday transactions. A great rule to follow is to store small amounts of crypto on these software wallets for everyday use but to keep the bulk of funds in hardware wallets.
Here are some good examples of Monero software wallets:
Best Monero Wallet on Mobile
Best Monero Wallet Apple
Infinito Wallet is one of the best wallets for Apple iOS users. It supports a good number of cryptocurrencies and offers lots of buying and trading options to suit users at different levels.
If however you are interested in getting a higher variety of currencies, Exodus is another choice.
Best Monero Wallet Android
Exodus wallet is also among our top picks for Android users, both for its user-friendly design and its wide range of coins to choose from.
There are hundreds of Monero wallets available on mobile devices. Most of them are not worth your consideration. Here are the things to consider when choosing Apple and Android crypto applications:
Apple
- Only compatible with Apple apps
- Many crypto apps are instantly banned by Apple due to T&C violations
- Apps from anonymous publishers will not be accepted
Android
- Android is application-agnostic
- All apps appear in the Play Store, even the scams
- Android apps can mine certain cryptocurrencies
As you have seen from the foregoing, there are lots of options when it comes to Monero wallets. But in your evaluation process, there are some important points you need to keep in mind.
First, security is one of the most important features to look at. Consider the safety features on various platforms as well as the history of each one before making a choice.
Keep in mind that regulated platforms will always offer a higher measure of security than unregulated ones. This is because they adhere to more stringent requirements from various licensing bodies.
Secondly, consider the versatility of a platform so as to avoid having to keep shifting from one to the other to access various features.
Notably too, it is important to visit online forums and check out what users think of a particular service provider. These are usually the most honest first-hand experiences of a platform and could guide your decision.
Ultimately, once you make your choice, remember that the security of your funds is in your own hands. Keep a backup of your wallet and remember not to share personal details with anyone else. Happy trading!
FAQs
How is Monero ASIC-resistant?
Unlike coins such as Bitcoin, Monero is not designed to be mined using Application-Specific Integrated Circuit hardware. Rather, it is mined more efficiently on regular consumer-grade hardware. The cost of making and using ASICs for Monero would be so high that it would not be worth it.
Why does Monero have multiple keys?
Most cryptocurrencies have a single private key and a single public key. But Monero has a public view key for generating addresses for sending coins, a private view key for tracking incoming funds on the blockchain, a private send key for creating a key image when sending funds and a public send key for verifying the key image signature. All of these work together to keep transactions private.
How does Monero’s privacy differ from that of other coins?
Monero uses ring signatures, stealth addresses and ring confidential transactions to hide the sender, amount and address of a transaction.
How does Monero differ from Bitcoin?
Monero is not related to Bitcoin, but rather, it is based on the CryptoNote protocol. Bitcoin is fully transparent while Monero is privacy-centric. Monero is also ASIC-resistant though it uses a Proof-of-Work algorithm.
Does Monero have a block size limit?
No. Monero’s block sizes can increase or reduce based on network conditions and demand. But to prevent outrageous growth, it is capped at a certain growth rate.
What is the maximum supply of Monero coins?
The maximum supply for Monero (XMR) is 18.4 million XMR.
