Cryptocurrency is now a valuable asset that can generate a profit with an initial investment as low as a few hundred dollars. There are currently many different types of wallets on the market for storing Monero cryptocurrency.
In this article, we review the official online cold storage wallet MyMonero, provide a guide to installing it to keep your Monero (XMR) safe.
Pros & Cons of MyMonero Wallet
MyMonero is a lightweight desktop and iOS application wallet developed by Monero Project Manager Steward Riccardo Spagni and the Monero Core Team. It was released in 2014 as an alternative to the Monero graphical user interface (GUI), a full-node client of the Monero blockchain.
Therefore, the most reliable and convenient way to store digital assets is to use an official cryptocurrency wallet, which was created taking into account the specifics of a particular coin and with an eye to the security of funds. If you decide to start using a Monero wallet, then one of the best solutions is to use the MyMonero online wallet.
As mentioned above, MyMonero is an online wallet, so there is no need to download the entire blockchain. Moreover, this online wallet is considered to be the easiest and most convenient way to store Monero coins. However, as the wallet does not save private keys, it is better to keep small amounts there.
For more significant amounts, the MyMonero wallet provides an option to install Monero Wallet GUI for cold storage on your computer. At the moment, it is practically the most secure solution for the long-term storage of XMR coins. In order to use it, one should install special software and download the entire blockchain network.
MyMonero made transaction processing easier, faster, and more efficient than other Monero software. The program is simple to use, because you only need your encrypted password to transmit or access your money. Last but not least, MyMonero is available in various languages, including Spanish, Japanese, and English.
However, the wallet created through the Monero official website is not inferior to other wallet implementation options in terms of functionality. Seasoned investors say that the website is just a way to access funds but not to store them. The user gets access to all the information about their transactions and balance, can transfer and receive tokens, but the coins will be held on cold counterparts.
Transactions to another online wallet are instant; transfers are not subject to commissions. For some countries, it is possible to link a bank card to convert Monero crypto into fiat money, which allows users to make quick payments in stores.
Step-by-Step Guide to Initiate MyMonero Wallet
MyMonero is a light node that offers a native interface and transmits transactions instantly. There is no need to store the blockchain in an internal network since it is stored locally on a web wallet. The wallet requires only one login code to access the balance.
- To initiate MyMonero Wallet go to the website of MyMonero, a platform that is positioned as the official online cryptocurrency wallet.
- To create a new wallet click the “Create an Account” button on the main page of the site.
- After the creation is complete save the first key provided (it is necessary to keep your funds secure, and this key is needed to restore your wallet).
- Then, save the second key given. It is the address for conducting transactions, which is communicated to third parties or companies. For convenience, you can save it on your computer.
The functionality is divided into three sections. In the “transactions” part you can specify the payment ID, when the payment was completed, and the number of coins transferred.
MyMonero is a free software application. The only fees that a user may be charged are transaction fees. The rates are relatively low compared to any other method such as bank transfer.
For those who possess a large amount of capital, it is better to create a local Monero wallet. We are sharing a step-by-step instruction below:
- Download the file from the official website getmonero.org for the Windows, Mac, or Linux operating system.
- Unpack the archive.
- Install the file bitmonerod.exe.
- During the installation, select the preferable language. Afterward, click the “Create a new wallet” button.
- Specify the username.
- Save the phrasal keys in order to avoid losing access to your account.
- Set a strong password.
- Click the “Use Monero” button to complete the registration.
Once the installation is complete, Daemon Monero, a program for loading the Monero blocks, will launch. At this stage, a Windows warning may appear. Should this occur, just click on the “Allow access” button.
To start using the wallet, you will have to wait for the synchronization to finish. The progress is indicated in the lower-left corner of the application. The procedure can take dozens of hours (the time depends on the speed of your Internet connection) since the size of the Monero blockchain exceeds 30GB.
If your wallet has trouble connecting to the network, you will need to adjust your Firewall or antivirus settings.
How Do I Add Money to MyMonero?
To add money to your MyMonero wallet, go to the “Get” tab. A window with four fields will be opened. The following instruction can be used in both variants: when you send coins to your wallet from exchanges or when someone sends you the Monero crypto.
- The address of your wallet is indicated in the field #1. Other users should use this address to send you funds.
- In the field #2, you can generate a payment ID to track who exactly sent you the funds.
- The integrated address is indicated in the field #3 — it is a combination of the wallet address and the payment ID.
- In the field #4, you can specify the amount you would like to receive.
The Receiver Address line specifies the number of the recipient’s cryptocurrency wallet. It is crucial to indicate the number correctly as it is impossible to cancel the transaction. The bottom line is for the numerical value of Monero coins. The user does not have to type in the integer as the fractions are allowed as well. To make sure that the transaction was included in the blockchain, just go to the tab of the same name and check the list of current transfers.
Is MyMonero Safe?
Monero is one of the safest cryptocurrencies in the world, which differs from Bitcoin and its forks in its complete confidentiality and anonymity. The details of all transactions are protected from viewing, so users’ wallets cannot be tracked. When transferring funds, Monero uses a unique CryptoNote protocol based on the Ring Confidential Transaction protocol, which generates one-time addresses that are not linked to a specific person.
The Monero cryptocurrency is of interest to attackers because it has a real chance of increasing the exchange rate. The key to the wallet (the first key given during the installation) must be stored in a place inaccessible to outsiders, preferably not on a computer or cloud server.
Corporate and government crackdowns on crypto coins that fail to provide users with privacy and interchangeability are pushing people towards cryptocurrencies that provide protection in this regard. Nowadays, Monero can provide anonymity, and it looks like that won’t change anytime soon. Therefore, it is natural for people to gravitate towards secure, independent, and anonymous platforms in order to guarantee their financial independence.
Being anonymous on the Internet is not just about hiding your first and last name. Achieving anonymity requires a variety of security measures and mechanisms, many of which are simply too complex for everyday Internet users. Monero takes online privacy to a new, high-quality level and ensures that all transactions on the network are completely anonymous. There will always be a demand for anonymity, so Monero has great prospects.
There are enough wallets that have been developed for the Monero cryptocurrency to save the user from inconveniences or risks. The only thing that should definitely be avoided is storing coins on exchanges. Accounts on such services are often hacked by scammers. Moreover, the account itself does not belong to the user, so it can be blocked at any time.
Is MyMonero Wallet Legit?
The whole idea of cryptocurrencies was to offer an alternative method of making deals without comprehensive taxes, governments, and banks that had been following you every step of the way.
What Kind of Wallet MyMonero Is?
In general, it is better to call this wallet a cross-platform one. You can choose between a mobile app, desktop version, and a web storage.
Is MyMonero Private?
MyMonero is not storing any sensitive data on its server. Even your private keys have been encrypted to offer extra protection. The wallet uses your password as a key for encrypting or decrypting the data.
What Is the Best Monero Wallet?
We cannot say for sure which XMR wallet is the best since each person has their preferences.