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How to store Monero (XMR): 5 Best Wallet to Store Monero

Thu, 05/17/2018 - 12:55
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George Shnurenko
The Ways to Store Monero (XMR) Successfully: The Best Wallets and Reviews
How to store Monero (XMR): 5 Best Wallet to Store Monero
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Monero is considered to be well-known cryptocurrency, which focuses on scalability, privacy and decentralization. Nowadays it gives preference to the so-called open source public ledger to the record transactions. In addition, it creates new units with the help of mining. The Monero important aim is to hide the sender and recipient’s details as well as and every transaction value.

Up to the present moment, this blockchain has been based on the “CryptoNote” protocol. This fact prevents men and women from tracing back transactions by the blockchain in order to reveal the person, who has sent or received coins.

The Monero system is able to obtain the high privacy level, with the help of the following points

  1. ring signatures,
  2. stealth individual addresses, and
  3. the so-called “ring confidential transactions” (RingCT).

The mentioned above ring signatures are able to help the sender to hide the data among the other transactions, the stealth addresses close the proper receiver’s address, and RingCT are used instead of the amount transacted. It makes the entire transaction the secret completely.

The success of this system in making all the transactions private arises the great interest among contemporary crypto-enthusiasts. The wiki is going to create the so-called Monero wallets review. It will help the future investors to choose one of the most profitable Monero wallets as well as to show them the most successful ways to keep Monero (XMR). However, we can’t but mention that this review is extremely important, because the ordinary amateur has to find out all the necessary answers before a Monero wallet selection.

Things to Know Before Selecting Monero Wallet

At the first sight, it may seem that the Monero Wallet web site appears legally, but its drawbacks are seen in the course of time.

Under some conditions, there is a conclusion that Monero Wallet hasn’t taken officially by the contemporary Monero community.

Of course, it is a quite inconvenient thing to find out that the required Monero Wallet is absent in the list of the official wallets.

In addition, we would like to remind that the main aim of the corresponding web site is just to explain the potential users about the Monero perspectives. The creators do not want to discuss any Monero Wallet typical characteristics. As a rule, this source does not contain any protocols or algorithms. The confidence and the safety of the stored coins are guaranteed.

In accordance with the legal perspective, the current Monero Wallet web site claims that all available rights are reserved by Monero. There is a common mistake that Monero has nothing in common with Monero Wallet. (Source: “Monero Wallet – XMR wallet scam Beware of,” BitcoinExchangeGuide, last accessed December 19, 2017.)

That is why in the case you are planning to find the best wallets to keep Monero, the current Monero Wallet should be unfortunately the last one in your personal list. To tell you the truth, it shouldn’t be in your list in general.


The list of the most convenient Wallets to Store Monero

In general, there are five various types of wallets, suitable for keeping Monero. They are the following ones: online web wallet, full node wallet, GUI wallet, hardware wallet, and paper wallet. And now we are going to investigate each of them in details:

  • Online Web Wallet:

    In fact, up to the present moment it has been simplest way to keep your Monero. Being called “MyMonero,” this wallet does not require any installation at all. It can be operated successfully on both your ordinary computer and on your mobile (with any Internet browser). The main disadvantage is that it is possible to see you Monero balance from any other MyMonero servers. It seems to be completely private, doesn’t it?
  • Full Node Wallet:

    This unit is usually used by those men and women, who are going to run the complete version immediately. As a rule, these people deal with this business completely. We can’t but mention that these users usually have the highest privacy level, fast and serious access to their funds. This wallet does not require a huge amount of processing computer power. A few gigabytes will be quite enough.
  • GUI Wallet:

    Initially we would like to mention that wallets GUI or Graphic User interfaces wallets are still in the beta mode. The second version (Beta2 version) has been launched recently.
  • Hardware Wallet:

    frankly speaking, up to the present moment there haven’t been any hardware wallets, compatible with Monero. However, the popular “Nano Ledger S” and “Trezor,” have been interested in adding the Monero support into their system.
  • Paper Wallet:

    To tell you the truth these types are not convenient for using, even if they are offline and seems to be safe. You see, you have to be online when you are sending your money to them. In addition the procedure is not free. You will have to pay up to 1 Monero fee each time.

The List of the Most Suitable Wallets to Store Monero (with Reviews)

Despite the fact that Monero is in the list of the most famous cryptocurrencies in the contemporary market, there are at least a few wallets, which are able to store Monero. Up to the present moment all the users, who are interested in keeping Monero should meet the following recommendations.

  • Monero Web Wallet: It is the only web wallet, available for Monero. Frankly speaking, it works like any typical account. As soon as you create an account, you will get this wallet as well. So you are able to log in online and to get the access to your funds. The advantage of this wallet  is that its MyMonero encrypts all your keys and keeps the data on its servers. However, it is not able to access your personal funds.
  • Monero Desktop Wallet: it is believed to be best and the unique desktop wallet for Monero. However, it is available only for the official client with a full node version. Of course, you are always free to download it. But do it from the official web site.
  • USB Monero Cold Wallet: In accordance with the specialists’ points of view, it is quite a good thing to keep Monero there, as this way is considered to be pretty reliable and safe. The well-known “Taushet USB Monero Cold Wallet Generator” need only 10 minutes to do it properly. It guarantees safely of your funds from any kind of harm.
  • Monero Paper Wallet: If you are going to have a reliable offline paper wallet, use service. The page will help you to generate a new Monero wallet, which will be self-contained. There are no any risking keys in this case. However, as a rule, this option is usually chosen only by people who are considered professionals in this complicated process.

Before you come to the conclusion and select the wallets from the list proposed above, there are some things you have to know about your Monero coin.

Some Pieces of Information for Successful Monero Storing

Nowadays the Monero keeping and transferring is based on two main cryptographic keys, which are represented by spend and view ones. Every key involves 64 characters. In order to authorize the Monero account fund transferring, you’ll need to use the particular spend key. The view key, as you can understand from the name, allows you to look through the balance in an account but it does not grant any access for fund transferring.

Together with the view and the spend keys, the Monero account has a public address as well as a mnemonic seed.

The public address is given to send Monero to your personal wallet.

The so-called mnemonic seed is a word line, which is given to you when you create your account for the first time. It is a special backup mechanism, which will be useful in the case of the account restoring.

To sum up, it is necessary to mention, that it doesn’t matter which wallet you choose for your Monero coin storing. The important thing is to write down several copies of your mnemonic seed (keys) and hide them in various reliable places.

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About the author

George Shnurenko is a Bitcoin and cryptocurrency enthusiast, financial analyst and writer. He's majoring in history but he believes that the digital currency which has taken the world by storm will bring about change to all us humans.