How To Choose Wallet for Monero (XMR)?

How To Choose Wallet for Monero

Monero (XMR) operates on the basis of the CryptoNote protocol. The main feature of this coin is the increased protection of the confidentiality of transactions. It surpasses many cryptocurrencies in terms of transaction processing speed and is attractive to users due to low commissions.

Now XMR is ranked 42 in the TOP 100 by market capitalization. 2021 has been a challenging year for XMR. In May, the coin grew rapidly and was expected to be worth more than $500. However, this did not happen, the price declined relatively smoothly and, at the time of writing, XMR is trading at $142 per coin.

Where to buy Monero

Monero is quite widely represented on major exchanges. It can be bought on Poloniex, Kraken, Huobi, Binance and some other well-known sites. XMR forms trading pairs with the largest cryptocurrencies, dollar stablecoins, the dollar and the euro. In addition to the classic exchanges, the coin is always available on LetsExchange.

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How to choose a wallet for Monero

Before buying Monero, you should take care of the wallet for your coins. We will make a reservation right away that ideal wallets simply do not exist. Each of the existing solutions is nothing more than one of the options for a compromise between security and convenience of everyday use. Therefore, the ideal storage method is the one that suits you.

There are cold and hot crypto wallets. Cold stores are those that are not connected to the Internet. To send or receive a payment, the wallet must be connected to the network. This is the most secure way to store XMR, but not very convenient for frequent use.

Hot storages are connected to the network all the time. This is convenient for frequent operations with cryptocurrency, but not safe. Quite a reasonable solution: diversification of storage methods. It is better to keep large sums in a cold wallet, and keep a hot one on hand for everyday expenses.

The coldest cryptocurrency wallet is a paper one. This is an ordinary sheet of paper or other physical medium on which the private key and public address are printed. Hacking such a wallet is impossible, but you will need to take care of the physical safety of the carrier.

A paper wallet is created for free. You will be able to accept transfers to it, but to send money you will have to convert it to hot, and then create it again.

Hardware devices

A hardware wallet is a small, removable device. With it, you can receive and send transfers, store several different cryptocurrencies, and in some models, even exchange your coins at the current rate. The most popular hardware devices are different Trezor and Ledger models. The main disadvantage of such devices is a rather high price. That is, you should have enough coins to make buying a device for $60-$100 economically justified.

Hot storage includes desktop and mobile utilities, as well as all web wallets.

GUI Wallet

The best desktop wallet for storing Monero is undoubtedly the official GUI Wallet. It is suitable even for inexperienced users. You need to download the program to your computer, run it and join the remote host.

One of the features of the GUI Wallet is the ability to evaluate the value of your assets in fiat currency directly inside the vault.

Cake Wallet

This wallet is approved by the Monero user community and is recognized as one of the best mobile applications. In addition to XMR, you can store BTC and Litecoin BTC in it. In addition, you can view the current rate of your coins to fiat currencies and use the built-in exchanger to exchange for other digital coins.

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