Monero is a well known privacy coin and among the first of its kind.
Private by default, XMR differs from other privacy coins, Monero is truly fungible.
Monero was created in 2014 as a fork from Bytecoin, the first crypto to implement the CryptoNote protocol.
Monero utilizes Ring Signatures, Ring Confidential Transaction (RingCT), and one-time keys. This makes transactions untraceable and unlinkable.
In an attempt to prevent mining centralization, Monero could be moving to a new hashing algorithm later this year. RandomX proof-of-work is meant to be ASIC resistant. Monero currently uses a variant of CryptoNight.
Monero GUI Wallet
This is the official Monero desktop wallet. It’s a full node wallet, so it will take some time to set up. It also uses quite a bit of processing power and storage, the blockchain is currently 63.75 GB.
It’s available for Windows, Mac OS, and several Linux OSs.
You also won’t need to rely on a remote wallet server. You connect directly to the blockchain. This can give you peace of mind and provide faster transactions.
You can back up your wallet with a 25-word seed phrase. You can also set up a View Only Wallet.
The Monero GUI Wallet can be used in conjunction with the Ledger Nano S and Ledger Nano X.
MyMonero is a good desktop option for those who don’t want to run a full node. Casual users might want a quick and easy-to-use wallet, without having to download the entire blockchain. This makes it a good alternative to the Monero GUI Wallet.
It’s also available as a mobile wallet (IOS) and as a web wallet. Android compatibility is currently in the works.
It is managed by a member of the Monero Core team and is reputed for sending fast transactions.
MyMonero is one of the best options for new users, given its smooth interface and reputed security, compared to other web/desktop options. Monero GUI is still a more secure option.
Monerujo is an open-source mobile wallet for Android. It has all the features of a good mobile wallet. You can make and manage multiple wallets easily. It has a sleek user interface and QR scanning capabilities.
There are a few extra features that other Monero wallets don’t offer. You can connect it with your own node or use the Monerujo remote nodes.
Monerujo also has XMR.to integration. This allows users to pay any Bitcoin address with their XMR. Just specify the BTC address and your XMR is automatically converted upon sending. You can buy things or pay for services with BTC while maintaining anonymity.
Monerujo can be used in conjunction with Ledger hardware wallets.
Cake is an XMR mobile wallet. It’s only available for IOS, but it has gained some popularity as a reliable mobile wallet. It’s open-source and allows users to set their own node/daemon.
Cake is available in Mandarin, Russian, Spanish, German, Hindi, Korean, Japanese, Portuguese, Polish and Dutch. You can also denominate holdings in your local fiat currency.
It’s an XMR only wallet, but there is an in-app exchange with six XMR trade pairs. You would have to send non-XMR coins to a different wallet.
You can use the facial ID feature for added security.
Exodus is a well known multi-coin desktop wallet, with support for over 100 different crypto assets. It has built up a reputation due to its ease of use and responsive customer support.
Users can also trade their XMR (or other coins) for a different cryptocurrency without leaving the app. Exodus utilizes non-custodial exchange to swap coins, using partners like Switchain
It’s also available for mobile download.
Guarda is a multi-asset wallet available for desktop and mobile download. It’s also available as a web wallet or as a browser extension for Chrome and Brave.
Guarda has support for “40+ chains & 10k tokens”, including assets like Binance Coin, EOS, XRP, XLM, and NEO.
Guarda has a built-in exchange, allowing you to trade your crypto. You can also purchase crypto with Visa, Mastercard, or bank transfer.
Atomic Wallet is an open-source wallet that allows users to manage over 300 different cryptocurrencies, including Monero.
It’s available as a desktop wallet for Windows, Mac OS, Debian, Ubuntu, and Fedora. You can download the mobile wallet for Android or IOS.
Atomic has a decentralized order book which allows you to trade XMR using atomic swaps. Coins/tokens that don’t have atomic swap capability can still be exchanged in-app, via non-custodial exchange.
Coinomi is a well known mobile wallet but they have recently released a desktop wallet as well.
Coinomi boasts support for 1500+ “blockchain assets”. You can also trade crypto without leaving the app.
When choosing a wallet, you have to factor in what is most important for you. Convenience, security, user interface and built-in trading are all things to consider. Hopefully, this guide will help you make a decision.
It isn’t recommended that you store large amounts of XMR on web or mobile wallets.
It’s up to you to decide what is suitable for your needs. The best Monero wallet depends on your preferences.
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