Monero is a digital currency that uses ring signatures to make transactions untraceable. It’s also one of the most popular cryptocurrencies in 2019, with its value increasing by over 1,000% in the last year. Monero wallets are essential for anyone wanting to use this cryptocurrency.
The best monero wallet for mining is a question that comes up often. There are 6 different wallets that we will be looking at today.
Monero is an intriguing cryptocurrency that places a premium on privacy and anonymity. Because of these characteristics, XMR has its own blockchain and is not interoperable with traditional crypto wallets.
As a result, finding a suitable crypto wallet to store your Monero tokens may be challenging. When it comes to Monero, the storage options you love and utilize for more common digital assets are worthless, therefore you’ll have to search for another place to save your anonymous money.
You’ve come to the right place. For your Monero (XMR) tokens, here are some of the finest crypto wallets.
Wallet for Monero in Graphical User Interface
What Is Monero GUI Wallet and How Does It Work?
Most Monero users prefer the unimaginatively titled Monero GUI Wallet for one simple reason: it was built by the same open source group that created the privacy currency itself.
It is a desktop-only wallet, as is customary with official wallets (but applications are available for Linux distros and Macintosh as well), so you may use it on any PC.
It’s also a full node wallet, which means the software works with a direct connection to the Monero Blockchain. Because no servers are engaged in the middle, Monero GUI is a highly secure and trustworthy wallet.
Here are some more advantages:
- Fast Transactions: Because Monero GUI is a full node wallet, all transactions are sent straight to the Monero Blockchain. This speeds up transaction processing and updating compared to a light wallet, which requires a server to do the same task.
- Secure Blockchain Connection: Being a full node wallet has certain advantages in terms of security, since your transactions are not sent via an unsecure server. Monero GUI guarantees that your money are handled exclusively via well proven methods by connecting directly to the Blockchain.
- Monero Mining: Getting started with cryptocurrency mining usually entails downloading and installing the necessary mining software on your computer. However, since the Monero GUI is already a complete node of the Monero blockchain, mining may be done directly from the program without the need for any additional software.
- Sign Files and Messages: Monero GUI allows you to securely sign your messages and files with your private key, which is another basic function of a blockchain. The recipient may then verify that they have received the original, tamper-proof files. A useful tool for securely transmitting sensitive financial information.
See our comprehensive XMR GUI tutorial to learn all there is to know about the king of Monero wallets.
What is MyMonero?
While the Monero GUI is nice, there are instances when a full node wallet is too taxing on hardware resources. A light wallet will come in useful in this situation. Because these wallets don’t have a direct link to the blockchain, they’re less resource-intensive.
When it comes to Monero lite wallets, only MyMonero can compete with MyMonero.
This is because MyMonero is a lightning-fast, feature-rich application that streamlines the Monero experience without sacrificing security or functionality. MyMonero’s transactions are managed by its own servers, leaving your device to focus on providing an easy-to-use interface.
- Quick and Simple Setup: MyMonero’s first setup procedure is simple and straightforward. There is no need to wait hours (or even days) for terabytes of data to sync since there is no Blockchain to download; a new wallet can be established practically instantly.
- What good is a Light Wallet if it can’t be used on the go? iOS, as well as major desktop operating systems such as Windows, Macintosh, and Linux, are fully supported by MyMonero. The development of an Android application is still ongoing, however in the meanwhile, the mature and fully functioning online wallet is accessible for usage on any device.
- Fast and Efficient: Transactions on MyMonero are lightning fast, and the software does not deplete your device’s battery by performing complicated operations. Because the app just transmits information for your transaction and not for the whole blockchain like a full node wallet does, data consumption is substantially reduced.
- Import Transactions from Paper Wallets: Many of us still have our initial crypto hoard tucked away in a paper wallet. While we may want to import those accounts and their transaction histories to a more useful hot wallet, most apps lack the necessary capability. Fortunately, MyMonero provides a feature that allows you to import your previous transactions into the app. Only a little developer charge and a few easy procedures (described in our tutorial) are required to restore your previous account information to a MyMonero account.
There are many benefits to MyMonero’s simplified approach. MyMonero’s full analysis and review can be read here.
What Exactly Is Monerujo?
At the best of times, finding a decent Android wallet may be tough. On Android, where can I get a decent Monero wallet? Let’s simply assume you’re in a tight spot.
Monerujo is a high-quality Android app accessible on the Google Play Store that provides every possible function for transacting XMR.
- Flexible Restore Size for Faster Syncing: We sympathize if you’ve ever attempted to restore an older account on a fresh wallet. Because the program must scan the blockchain for records of any previous transactions or money held by the account, the synchronization process may take anywhere from a few hours to a few days. Monerujo allows you to restore from a certain date, which may drastically reduce restoration time by eliminating the need to go through old transactions. This makes Monerujo an excellent wallet for transferring your previous desktop accounts.
- Manage Multiple Wallets at Once: One of the main reasons people use Monero is because of its blockchain’s privacy characteristics. Power users prefer to utilize several wallets for various types of purchases and transactions, dividing their money into separate layers. However, this expanding network of accounts, as well as the transactions required to transfer money between them, may soon become overwhelming. Monerujo is a user-friendly interface for managing several wallets at once and transferring money between them.
- Pay BTC Addresses: We’ve all heard about how fast cryptocurrency is becoming popular. A growing number of companies are accepting bitcoin as a legitimate method of payment, extending the range of applications for your digital assets significantly. Unfortunately, Bitcoin, the most well-known cryptocurrency, is accepted by the majority of these establishments. As a result, unless you utilize Monerujo, it may be difficult for a Monero user to take advantage of this increasing trend. Monerujo allows you to transfer money to BTC addresses, which are then turned into Bitcoin without any further effort on your side.
- Integration with the Nano S Ledger: Everyone knows that keeping cryptocurrency in a hardware wallet is the safest option. However, you lose the ease of sending transactions fast as well as other valuable features that a hot wallet provides. Monerujo, on the other hand, comes with a ready-made answer. The software has been linked with the famous Ledger Nano S, allowing you to utilize your Monerujo wallet for transactions while keeping your money secure on your Ledger.
For more information, see our dedicated Monerujo review and our tutorial on how to build a Ledger-based wallet on Monerujo.
Guarda is the Swiss army knife of Monero Wallets, and it’s the one you turn to when you’re sick of juggling several apps to keep track of all your coin. Guarda is a multi-cryptocurrency wallet that works with a variety of currencies and blockchains (or even different frameworks entirely, as in the case of IOTA).
The design and security features are exactly what you’d expect from a top-tier wallet software, with no flaws or problems.
It also allows you to trade your tokens directly from the app, without the need for any of the time-consuming paperwork or KYC that other crypto exchanges need.
It’s right, you read that correctly. A multi-currency crypto wallet that enables quick and painless token exchanges. Guarda, if you’re interested.
- Truly Universal: There are numerous wallets on the market today that claim to be “universal,” but only a handful can back up their claims. Most apps can only handle Bitcoin and Ethereum, the two most popular blockchains. They may grow to encompass the sea of ERC-20 Tokens and Bitcoin splits like Bitcoin Cash and Bitcoin Gold at most. Guarda, on the other hand, distinguishes out from the rest by supporting nearly all cryptocurrencies, including those from radically different blockchains like Monero and IOTA, as well as all the functionality you need.
- Available on All Platforms: Gone are the days when the finest wallets could only be found on Windows or iOS. Guarda works with every major desktop and mobile platform, including Linux, Macintosh, and Android. Even better, it includes a fully functioning online wallet that includes all of the bells and whistles available in the native clients without jeopardizing your money’ security.
- Integrated Crypto Purchases: Most wallets need a detour to a crypto exchange such as Coinbase or Binance to be funded. This may be a lengthy procedure. The Guarda software simply allows you to buy cryptocurrencies using your credit card, reducing the bother and danger of losing your money in several transactions and making things a whole lot simpler.
- Hassle-Free Token Exchanges: How many times have you lamented the lack of simple ways to exchange your tokens when one of your riskier investments has gone into the red? Finally, we have a response. Guarda allows you to transfer your tokens from one crypto to another without having to wait for long periods of time to complete KYC processes.
Still not convinced? Everything you need to know about Guarda may be found in our review.
Ledger Nano S
The crypto community erupted in applause when Ledger Nano S announced Monero support. The rationale is simple: although hot wallets are fine for short-term storage of a small number of tokens, nothing matches a hardware wallet for long-term storage of a large number of tokens.
At the end of the day, an application-based wallet is a piece of software that can be broken into and hacked, no matter how secure it is. A hardware wallet, on the other hand, is a self-contained device that physically locks itself shut, is seldom linked to the internet, and cannot be readily tampered with.
Now that you’re persuaded of the benefits of keeping your Monero holdings on a Ledger, let’s get started on the procedure.
How Do I Install Monero on the Ledger Nano S?
Getting your hands on a Ledger is the first step. The startup instructions included with the device should guide you through the process. We can get started only once you’ve established a PIN and copied down your recovery phrase.
There are a variety of methods to connect your Ledger to the internet and download the Monero program. However, using the Chrome app is the simplest (at least in my view). It’s available for purchase here.
Then, using the USB cord that came with it, connect your Ledger Nano S to your computer. When you enter your PIN, you’ll be sent to a page where you may choose from a variety of Ledger applications to download. To download the Monero app, scroll down until you find it and click the green arrow next to it.
The Monero App requires the Monero CLI package, which you can get here.
After extracting the downloaded file to an empty folder, go into it and start a command window.
Yes, the ‘commands’ window may seem frightening at first. There’s no need to be concerned; we’ll tell you exactly what instructions to enter (or even copy-paste if you are not feeling confident in getting it right). To begin, enter the following into the command box.
–generate-from-device.monero-wallet-cli.exe –subaddress-lookahead 3:200 YOUR WALLET NAME HERE
YOUR WALLET NAME HERE serves as a placeholder for anything you choose to call your wallet.
The software will next ask you to establish and confirm a password for your wallet. This allows you to sign into the wallet itself.
The wallet must sync with the Monero Blockchain before you can use your fresh new Ledger. That’s when the hard part starts.
There are two approaches you may take. You may either download the blockchain locally, which will take days due to the terabytes of data involved (yes, you read that right). Alternatively, you may forego the whole procedure and depend on a distant node to do the task. Because all of the syncing takes place over the network, it’s conceivable that a hacker may record your IP address and jeopardize your transactions if you choose this option.
So, what are your options?
Because top-notch security is the primary reason for keeping your XMR on Ledger, most users choose to download the full Monero blockchain. To begin this time-consuming process, open a new Command window and type the following command:
This guarantees that the Monero Blockchain is synced in an uncorrupted and error-free manner. While there are alternative, quicker methods to do this, they are all unsecure and, in some instances, mistake prone. While this technique is the slowest, it is the most tried and true way to sync to the Monero blockchain. So relax and wait a few days, and the Monero Daemon will be up and running sooner or later.
That is all there is to it. XMR may now be stored in your Ledger in the same way that any other coin can. Take use of your cutting-edge cold storage!
Do you want a more detailed explanation of how to set up your Ledger Nano S? We’ve got you covered.
Paper Wallet for Monero
So you’ve acquired some XMR. Enough to make you question your trusted smartphone applications, but not enough to warrant buying that glorified USB stick they call a hardware wallet. As you can see, the solution is straightforward.
Make a wallet out of paper.
Many of you would wonder how you can commit your hard-earned money to a piece of paper.
However, if you take a step back and consider it, it is really one of the finest methods to keep cryptocurrency. A ‘piece of paper,’ unlike digital techniques, cannot be remotely hacked, recorded, or recovered. It turns out that restricting physical access is considerably simpler than making your computer equipment impenetrable.
This is how it works: you jot down your 25-word mnemonic phrase on a piece of paper and then conceal it from inquisitive eyes. While any kind of paper may be utilized, there are a few configurations that can be employed for further protection.
This paper storage solution is designed to fold and conceal its contents, which may then be sealed with tamper-proof holographic stickers for further security. The red lines indicate how to fold the paper properly.
The final product should like this once you’ve used the stickers to seal the folds together.
Isn’t it cool? Your cold storage solution for paper is complete. Simply place this wallet (it now resembles one) in a safe or something, and your money will be secure from data theft.
The reality is that there is no such thing as the best or ultimate XMR wallet. The greatest option is the one that is the best fit for you, and you are the only one who can make that choice. The TotalCrypto team, on the other hand, hopes that our list of the best Monero wallets on the market has been helpful in guiding you to the best option for you.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
Monero is a cryptocurrency that uses cryptography to ensure privacy and security. It is also the most popular privacy-focused cryptocurrency in the world. There are many different wallets for users to choose from, but the monero gui wallet is one of the best options available.
Frequently Asked Questions
Which is the best wallet for monero?
Monero is a cryptocurrency that uses a different blockchain from Bitcoin. It is best to use a hardware wallet for your monero, such as the Ledger Nano S or Trezor.
Where should I store my monero?
Monero is a digital currency, so you should store it in a wallet. There are many free options on the internet such as the official Monero website and the Monero Faucet.
What are the top 5 crypto wallets?
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