While many crypto enthusiasts swap some of their holdings for XMR, newbies remain confused when it comes to choosing the right wallet. Find out about the top alternatives for this crypto and the top factors to consider when choosing a wallet.
Monero (XMR) is a cryptocurrency system that focuses on privacy and security, and most importantly, claims to be completely undetectable. While it was originally founded as the Bytecoin blockchain in 2012, the currency was forked to create Bitmonero, which was eventually renamed Monero.
Many cryptocurrency enthusiasts swap part of their holdings for Monero. However, many newcomers to the twelfth most popular cryptocurrency system in the world are overwhelmed or confused. One of the most frequently asked questions is “How do I choose the right wallet for my Monero (XMR)?”
There are four different categories of wallet available for this cryptocurrency:
- Mobile wallets
- Hardware wallets
- Hosted Wallets
- Desktop wallets
Monero GUI Wallet (Desktop)
This wallet is the most powerful and complete option available to Monero users. This wallet can be used on most operating systems and offers full full service. With an easy-to-use interface, you can conveniently access every function of Monero from your desktop computer.
Because the GUI wallet is so powerful, it requires a certain amount of processing power and disk space to download itself and sync with the desktop. For users with computers that may not be suitable for the task, especially computers that are not specifically designed to run the Monero GUI wallet, this may not be the best option.
However, if you are looking for a full-service wallet to send, receive, and manage XMR funds, the desktop GUI wallet is your top performing choice.
Ledger Nano S (hardware)
This extremely practical wallet is the most popular Monero hardware wallet available today. While the Ledger Nano is popular with Monero enthusiasts, it also supports a variety of other currencies such as Bitcoin, Ripple, and Stellar.
Security is a very important part of the principles that power Monero as a private and anonymous cryptocurrency. Every hardware wallet needs to have enhanced security options for its users. The Ledger Nano S, a discreet and inconspicuous USB device, has a number of security features to protect your data. It also makes it as easy as possible to manage your XMR on the blockchain.
The features of the Ledger Nano S include:
- Simple 2-button operation
- Display screen
- Companion app that allows you to easily manage your currency
- Security chip that can withstand advanced attacks
- Secure PIN code
- Accessibility of recovery seeds
One major downside to the Ledger Nano is that, like the desktop GUI wallet, it requires a computer to spend Monero. For people who intend to use their Monero to make regular purchases, a mobile wallet is likely a better option.
Edge (mobile)
Security is paramount when storing and managing cryptocurrency. Even a small vulnerability in your wallet can expose you to all kinds of risks. Edge, which many believe to be the best Monero mobile wallet, is designed to maximize the three most important aspects of a mobile wallet: privacy, security, and ease of use. This focus on protecting your data has led tens of thousands of users to trust the Edge mobile app with millions of dollars in cryptocurrency.
Since 2014, when Edge started as Airbitz, it’s been the first port of call for those who are concerned about the dangers of cryptocurrency security breaches and still need quick and easy transactions. A trusted name for blockchain security, Edge has been incorporated into numerous top-notch blockchains platforms such as OpenLedger and Augur. There is no mobile application available that offers better and more comprehensive security for your cryptocurrency.
MyMonero (hosted)
This simple and convenient web wallet was created by a core member of the Monero cryptocurrency team and hosts secure, private accounts for its users. For those intimidated by the Monero GUI desktop wallet user interface or who don’t want to do a full knot, MyMonero is the most trusted and therefore popular web wallet for XMR. For the ease of storing and sharing XMR, many users have chosen this web hosted wallet.
However, there are some drawbacks to using MyMonero. The biggest downside is that users are at risk of security, especially if they use the hosted wallet frequently. Using a hosted wallet means users have no control over their own cryptocurrency and put all their trust in others. As high profile hacks like the one on the MTGox Bitcoin exchange have shown, hosted wallets are vulnerable to hackers.
Factors To Consider When Choosing A Monero Wallet
Now that you have an idea of the most popular Monero wallets on each platform, it is time for you to make a selection. You need to choose the right wallet for your needs. Ask yourself questions like:
- How is the interface? Can i use it easily?
- What protections and functions does each wallet have to protect my privacy?
- How secure is my XMR from theft with this wallet?
- Is there any way I can get support from the wallet provider if I run into problems?
- Is this wallet in development or is it an older wallet that has stopped getting improvements and upgrades?
- Is this wallet generally rated well by people looking for the same features and security as me?
There aren’t very many wallets that work with Monero, but that doesn’t mean they are all a safe place to put your money. It’s best not to get overwhelmed with a user interface that you can’t navigate, or privacy options that you don’t understand or are uncomfortable with. Try to find the sweet spot between security and ease of use that will guarantee you a good experience and keep your money safe.
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