Monero (XMR) is currently one of the most popular privacy coins on the market. It uses a number of cutting-edge technologies to conceal the addresses of the sending and receiving parties, as well as the amount of money involved. In this tutorial, we’ll go over the fundamental features of Monero and how to store your Monero properly.
What Is Monero?
Among privacy-focused coins, Monero has the highest market cap. On June 8, 2021, the capitalization of Monero topped $4.2 billion.
While Bitcoin was first marketed as an anonymous payment method, transactions and participants can still be traced. Monero was created as a private payment network.
Monero employs the CryptoNote protocol. Because of the lack of accessible history, Monero currencies are non-fungible, making them safer than most other cryptocurrencies.
Monero’s development team has included a number of additional features to ensure untraceability and unlinkability. Ring signatures, also known as Ring Confidential Transactions, are a 2017 technology. RCT conceals the source, destination, and value of the transaction. Dual-Key Stealth Address Protocol (DSAP/DKSAP). Because each transaction has its own stealth address, it is hard to connect them. By default, the Dandelion++ technology conceals the IP addresses of those submitting XMR transactions.
Despite the obfuscation, the Monero network lets members provide third parties with the private view key, allowing transaction audits. There is a method for a third party to validate payment information. The sender may also provide a transaction key to demonstrate that coins were sent.
All of these privacy and security measures can be rendered ineffective if you use an insecure wallet. When you buy Monero with USD or other local currencies, you need to know how to keep it secured. Here are our solutions to keep your XMR coins safe.
The Most Recommended Wallets for Monero Storage
Even though Monero is one of the most well-known cryptocurrencies on the market today, only a few wallets can hold it. All users who want to keep Monero should follow these rules until further notice.
Monero Web Wallet:
Currently, this is the only web wallet for Monero that is available. It works just like any other account. This wallet will be sent to you as soon as you create an account. As a result, you can access your funds online by logging in. This wallet has the benefit of encrypting all of your keys and storing the data on its servers. It cannot, however, gain access to your own funds.
Monero Desktop Wallet:
It is widely regarded as the best and only Monero desktop wallet. However, it is only available in the official client’s complete node version. You can, of course, download it whenever you like. You must, however, do so through the official website.
USB Monero Cold Wallet:
According to experts, keeping Monero there is a good option because this approach is thought to be fairly trustworthy and safe. It simply takes 10 minutes to learn how to use the well-known “Taushet USB Monero Cold Wallet Generator.” It assures that your money is safe from harm’s way.
Monero Paper Wallet:
Create a secure offline paper wallet using the MoneroAddress.org service. The website will walk you through the process of building a self-contained Monero wallet. There are no dangerous keys in this case. People who are considered experts in this complex operation, on the other hand, are more likely to choose this option.
Before you choose a wallet from the list provided above, there are a few things you should know about your Monero coin.
Important Note
Monero is now stored and transferred using two main cryptographic keys, represented by the spend and view keys. There are 64 characters in each key. You’ll need to employ the specific spend key in order to authorize the Monero account fund transfer. As its name suggests, the view key allows you to look at an account’s balance, but it does not allow you to move money.
The Monero account has a public address as well as a mnemonic seed, in addition to the view and spend keys. To send Monero to your wallet, you’ll need the public address.
The so-called mnemonic seed is a word line you are given when you initially create your account. It’s a unique backup system that will come in handy if the account needs to be restored.
Conclusion
To summarize, it is unnecessary to state that it makes no difference whatever wallet you use to store your Monero coins. The most crucial thing is to write down numerous copies of your mnemonic seed (keys) and keep them safe in several locations.
