The whole world seems to be obsessed with bitcoin, and only occasionally information appears on the news about the ethereum and litecoin, although the real sharks of the cryptocurrency business know the price of XMR and the best monero wallet is always at their disposal. Why this cryptocurrency is so attractive, how are the transactions with its participation carried out, and where are monero coins kept? Both potential buyers and XMR active users would like to know what the prospects monero has got, and what its developers are doing in order to preserve the anonymity of the transactions.
A little about Monero
The issuance of this cryptocurrency type was announced on April 18, 2014. The creators of the coin immediately drew attention to the fact that monero is a very distant relative of the bitcoin and by no means its fork. The coin follows the footsteps of bytecoin. “Ancestor” has almost exhausted its resource, so the urgent need for the new coin release has arisen. Monero developers have bet on anonymity which is very alarming to the public: will the popularization of the novelty lead to the active trading in banned goods and services? By the way the question remains open, and at the same time, monero achieved high market capitalization and entered the top list. Here are some interesting facts:
- The name “monero” in Esperanto means “coin”
- The launch of the crypto currency started without the involvement of mining
- In the year of its “birth” monero withstood a powerful network attack
- The software is based on an open source code
- The emission of the monero is not limited unlike bitcoin
- The technology of “passive transaction mixing” provides anonymity
Types of wallets for XMR
Although XMR differs from BTC and many of its altcoins, wallets for transactions, storage of addresses and private keys remain the same. If you are already familiar with the article about the best wallets for bitcoin, the information below will not be new for you. An important point is that such manufacturers of hard wallets as Ledger and Trezor do not work with Monero. The Trezor 2 device is being developed, in which this possibility will be realized. In the meantime, XMR holders use desktop and online wallets and, if compared to bitcoin, their choice is not so great and various.
Desktop monero wallet
Let’s consider a variant of a desktop wallet using the example of the Monero GUI wallet – the so-called program which should be downloaded from the official resource and installed on a PC.
Each step of creating a wallet is accompanied not only by detailed instructions, but also by colorful illustrations. Think and remember the phrase mnemonic “seed” which includes 25 characters. It will help you recover data at any time. Also the name is assigned to the wallet itself. You can use your name or initials. Nobody sees this information and it will not become a loophole for scammers.
The private key is what thieves are interested in, but it will be under the reliable protection of the phrase seed, and additionally closed with a password, which also has to be come up. The password will only protect the program on the computer, and to restore the purse it will not be needed. Next the wallet is to be synchronized with the monero network, which is also provided with a special function in the program.
In order for someone to transfer funds to you, this person must know your public address and vice versa: if you send the XMR the addressee informs you. The transactions are anonymous, but it is possible to specify your payment ID if such a need arises. The program interface is clear and intuitive. All processes and options are easily accessible even for inexperienced users.
Online service for XMR
Despite the advantages of the program, the online service is considered by many to be the best monero wallet. This resource is created and controlled by the developers of XMR, in particular, Riccardo Spagni. As for the registration everything is very simple: you need to go to mymonero.com and follow simple instructions. In a few minutes your account will be ready to use. The keys will be stored not on your hard disk but on the remote service.
Is it possible that the so popular coin as monero does not allow the use of cold storage facilities? Of course, it is quite able. For example, one can create a paper wallet. For this purpose moneroaddress.org is provided. There is also a detailed step-by-step instruction.
Another option for storing keys is Taushet USB Monero Cold Wallet Generator. The program is presented as a file taushet-USB-wallet-gen .zip. With its help a cold storage is created. The procedure is described more than once in thematic forums.
At the moment – the beginning of 2018 – the situation with wallets for XMR looks like this. Which of the services described above will be the best monero wallet is decided by each user individually. Undoubtedly the choice of services isn’t large. Whether it will expand depends on the reputation of the coin itself. Anonymity is a weighty advantage and nobody wants to open their pockets for prying eyes. On the other hand hidden transactions are very attractive for all sorts of scams and dishonest dealers, so XMR developers, in order to give the future of their invention, must create the ways of controlling the process.