Monero is a blockchain open source project with a focus on privacy and anonymity. The Monero project deploys cryptography to shield sending and receiving addresses, as well as transaction amounts. Monero enhances privacy through the use of ring signature concept and stealth addresses. Ring signatures allow senders of digital assets to hide their identity from other participants in a group. To set up a ring signature, the Monero network combines the sender’s account keys and clubs it with public keys on the blockchain. This makes it unique and private at the same time. Monero is also among assets that allowing mining. Monero’s mining process powered by a concept that states that all people are identical and deserve equal opportunities.
Interestingly, upon launching Monero in 2014, the developers did not keep any stake for themselves and banked on contributions and community support to further develop the network. Monero has its cryptocurrency called XMR. XMR is a digital asset that allows fast, inexpensive payments to and from anywhere in the world. XMR is currently ranked in the 13th position with a market capitalization of $1,730,348,828. By the time of writing this article, XMR was trading at $101.27. You can own the asset through purchasing it on any compatible exchange or via mining once you have your assets, here are wallets to consider for storage purposes.
The Ledger Nano S
The Ledger Nano S is the most versatile and secure hardware wallet. It was the first hardware wallet to offer support for Monero. Apart from Monero, the wallet also supports Bitcoin, Ethereum, Litecoin, Ripple, among other digital assets. The wallet is accessible through the USB port of a computer. To manage your XMR assets, you will need a Google Chrome extension that also gives you the interface of the wallet. The Ledger wallet stands out as the perfect Monero wallet based on its unique security features. This wallet comes with the 2-factor authentication feature, a secured PIN code, and recovery seed accessibility.
Additionally, the Leger has a built-in OLED screen, that allows you to check the transaction details with a double tap button. Being an HD wallet, the Leger allows you to control many accounts for all supported cryptocurrencies. This means that all cryptos stored here will be secure with the same backup key.
The Monero GUI Wallet
This Monero GUI wallet is a product of the Monero community. It is the official Monero desktop wallet that is compatible with Windows, Mac, and Linux. In developing this full node wallet, the developers ensured that it is easy for use for both new and advanced crypto holders. It comes with a simple interface allowing users to send and receive their XMR tokens conveniently. As a full node wallet, all transactions with this wallet are usually faster. By directly linking to the Monero blockchain, all the transactions are securely conducted through the server and all transactions are handled only through thoroughly tested protocols.
Additionally, the Monero GUI wallet allows you to own some extra tokens through mining. In most cases, you will need separate software to mine. However, this wallet makes it convenient for you. Mining operations can be carried out from the application itself without needing any complicated software. Lastly, the Monero GUI lets users securely sign messages and files with the private key. This can then be verified on the receiver’s end to ensure that they have got the original, tamper-proof data.
This is a secure XMR online wallet that offers convenience. This wallet provides secure, hosted Monero accounts. From the word go, this web-based wallet has a straightforward and intuitive user interface. After creating an account, you have to log in with your 13-word long private log-in key. This wallet focuses only on privacy based on the fact that it supports Monero natively. It is important to note that Riccardo Spagni, a Monero co-developer developed MyMonero wallet. This wallet has a built-in Rolodex that keeps your private addresses, payment IDs, and even OpenAlias addresses in order.
The developers also focused on the design where users don’t have to run the Monero blockchain node. The MyMonero server does the heavy lifting hence, users don’t have to spend days on syncing the blockchain. Get your entire transfer history instantly on any device with only your seed words. You can also access this wallet through iOS devices, and an Android version is in the works. It is worth mentioning that on both mobile and desktop versions, My Monero offers a service to import your old paper wallet transactions into the application.
This is another Monero lightweight wallet that deploys remote nodes in syncing the blockchain. This Android wallet can manage other multiple wallets with QR scanning capability for managing XMR payments. This wallet allows the interaction with the Ledger Nano S. As seen above, the Nano S is among the most secure hardware wallet and integration with Monerujo is a plus for any XMR holder. In other words, you can use the Monerujo wallet with your Monero assets securely stored in the Nano S.
This Monero Android mobile wallet has the capability of paying Bitcoin addresses. All you have to do is scan the QR code or paste the BTC address into the send field, and the transaction occurs. Being an open source wallet, Monerujo gives you peace of mind since you monitor any code changes for security purposes.
The Cake Wallet is compatible with iOS devices, and it boasts rich, exciting features for XMR holders. Through this wallet, you can exchange your XMR assets with other digital assets. From a security perspective, the Cake Wallet give you charge of the private keys where you get the full control. For this reason, Cake is considered as one of the safest options for storing Monero assets. Being available solely on the iOS platform, there is a default restriction of root-level access, which is inbuilt, it makes it more secure than other wallets.
Additionally, Cake is an open source wallet meaning that you can detect code changes from the development team. This wallet also lets you do customization by setting your transaction speed as well as set up your own node. Lastly, the wallet has face id features that avoid unauthorized access.
The Monero Paper Wallet
If you are an XMR investor but not into mobile, hardware, and online wallets, then the Monero Paper wallet is what you need. All you have to do is set up the paper wallet and enjoy the security features that come with it. The wallet has two QR codes and two keys. One QR code helps you to generate a public address, and the other QR code contains the private key. Note that with the paper wallet, all you need to do is store it properly. It has zero chances of getting hacked. You will write down the 25-word mnemonic phrase on a sheet of paper and then hide it.
With a variety of wallets to select from, settling on any Monero wallet will be based on your need. However, you need to do some research before deciding on the wallet that will suit you. Put more emphasis on the security of your assets when scouting for a wallet.
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