What is Monero? How to choose the best Monero wallet? ⚡ Explore the best 6 Monero wallets.
What Is Monero?
All cryptocurrencies aim to boost the privacy level of transactions. However, different coins have succeeded in this mission to a different extent. Monero sets an example in this regard as it is associated with the top privacy and anonymity level of every transaction. Along with this benefit, it offers its investors plenty of other advantages. That’s why it has been attracting increased attention since 2014, the year when it was launched.
Monero is a privacy-oriented cryptocurrency. While the majority of blockchains allow you to see the transaction, the amount, and even some data such as the sender and the recipient wallet address, the Monero blockchain is different. It is developed to be opaque. There, one can just see that a transaction was registered. Other data cannot be tracked. This is the main difference between Monero and Bitcoin.
Another difference is the coin fungibility in its widest sense. While it is told that Bitcoin is fungible, this can be argued. Every Bitcoin is a unique sequence of symbols. So, the coins are equal in value but aren’t identical. Monero coins are identical. Any Monero coin is absolutely the same as any other Monero coin. In other words, you can replace one coin with another without seeing any difference.
Is Monero Safe?
Monero is considered to be one of the coins that offer the top anonymity level of every transaction. No data about a transaction can be tracked. In this regard, Monero is one of the safest coins in the cryptocurrency market.
On the other hand, due to the total anonymity of the coin, it can be easily used for fraud and illegal or partially legal activities such as drug trafficking, gambling, and similar.
How to Use Monero?
One of the most common Monero applications is trading. You can buy and sell Monero on a number of exchange services including LetsExchange.io. However, some major exchanges such as Coinbase or OKEx do not list the coin. Considering though that those are mainly centralized exchanges that track the users’ data, using Monero there would be unreasonable because the fact that the transactions aren’t anonymous contradicts the coin’s nature.
Top 6 Monero Wallets
If you believe that Monero is worth investing in, you need to know where you can store the coins. Here, we have selected the top Monero wallets based on the following criteria:
- Reputation: they all are known for being reliable and safe.
- Ease of use: all these wallets can be used without major issues by both beginners and experienced traders.
- Safety level: these wallets are offered by reputable companies and provide the security of funds stored there.
Ledger Nano X
Ledger Nano is a recommended hardware wallet that supports not only Monero but also other major coins. Ledger Nano is known for providing better functionality and a higher security level than other similar options. The wallet looks like a usual USB device. It is a Bluetooth-enabled device that can integrate easily with your Android and iOS devices.
Ledger Nano is a non-custodial wallet which means that you are the only one to manage your funds.
Monerujo Wallet (Android Wallet)
Monerujo is the first mobile wallet for Monero. It is an application for Android mobile devices. When you are setting up the wallet for the first time, you get a seed phrase that provides you with full control over your funds.
With the Monerujo wallet, you can create multiple wallet addresses to exchange Monero. Another benefit is the opportunity to make payments in BTC while still staying anonymous.
Cake Wallet (Mobile Wallet)
Cake Wallet is a mobile wallet for storing your Monero coins. The wallet provides you with access to your private keys and a seed phrase, which gives you complete control over your coins. The only drawback of Cake Wallet is that it is available for iOS users only.
Cake Wallet allows you to create multiple addresses and adjust the speed of every transaction. Face ID recognition boosts the wallet’s security level. The wallet is available in many languages which facilitates its use for those users who don’t speak English.
Exodus Wallet (Desktop & Mobile Wallet)
Exodus is one of the most popular wallets among cryptocurrency enthusiasts. Along with more than 100 coins, it supports Monero, too.
When you are setting the wallet up, you are provided with a seed phrase. With it, you get full control over your funds. Exodus can be integrated with some hardware wallets such as Trezor for additional security.
Initially, Exodus was available for use on desktops, but now, the wallet has apps for Android and iOS mobile devices as well.
Monero GUI Wallet (Desktop Wallet)
Monero GUI is an official Monero wallet. It is a heavy wallet. It can run the full Monero node. This is the reason why you need to download the entire Monero blockchain to use the Monero GUI wallet.
The official Monero wallet is available for Windows, Linux, Mac. When setting it up, you are provided with a seed phrase to control your funds.
Monero Offline Wallet (Paper Wallet)
You can also set up a paper wallet by using the Monero Offline wallet generator. It prints for you a mnemonic seed, a spend key, and a view key.
Paper wallets cannot be hacked but they are difficult to use if you don’t just store coins but also trade them. In the latter case, we recommend you get a hardware wallet that is more reliable and convenient.
Conclusion
Monero’s main priority is anonymity. The Monero core is very heavy because of this. That’s why, until relatively recently, there were not so many reliable lightweight wallets to store Monero. Now, you can choose from many options, and the most reliable ones are described above.
Once you have a wallet to store XMR, you can easily purchase Monero with BTC, ETH, or nearly 350 other coins on LetsExchange.io.
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