What is Monero (XMR) cryptocurrency?

Monero is one of the most secure and private untraceable cryptocurrencies in the world. This cryptocurrency is available all over the world for everyone because it's open-source. Experts say with Monero users have their own bank with it. All of the user's account and transactions is kept private by the Monero. Monero is decentralized cryptographic money, which means it is secure. Exchanges are affirmed by dispersed agreement and afterward permanently recorded on the blockchain.

Monero coin was created in April 2014 as an open-source fork of Bytecoin cryptocurrency, initially as a proof-of-concept, and has been steadily gaining popularity ever since. Monero (XMR) is open-source decentralized crypto that focuses on users' privacy, the software can run on Mac, Windows, Linux, iOS, and Android.

According to Coinmarketcap, one of the leading online resources that track cryptocurrencies, Monero (XMR) had a market cap of $2 854 292 315 at 22:15 (UTC) on October 19th, 2018.

Monero (XMR) cryptocurrency feature

The Monero (XMR) cryptocurrency is designed with some unique features. Users are getting more interest in it because of its incredible features. Here we are going to discuss some incredible features of this cryptocurrency.

MONERO is secure:

Data is obscured on the blockchain making it private to those who do not know your public address, and untraceable by outside observers. Ring signatures enable transaction mixing, which adds a level of plausible deniability to specific transactions. This is significant because it creates a fungible currency — something that can be mutually substituted in place of another unit of account.

MONERO uses ring signatures:

Ring signatures enable "transaction mixing" or "mixing" — where a group of users signs a transaction such that it is unclear which user sent the transaction. This feature continues to be available, even if ring signatures are replaced in the future by superior privacy techniques.

MONERO uses stealth addresses:

Stealth addresses mask receiving and sending addresses — your wallet generates a one-time public key whenever someone sends funds to your wallet. The recipient receives the funds through a one-time public key that can only be unlocked by the private key of the sender.

MONERO is untraceable:

Ring signatures enable "transaction mixing" or "mixing" — where a group of users signs a transaction such that it is unclear which user sent the transaction. This feature continues to be available, even if ring signatures are replaced in the future by superior privacy techniques.

MONERO is fungible:

A currency is fungible when one unit of that currency is essentially identical to another unit of the same currency. For example, one gallon of diesel fuel purchased on Jan 1st is identical to another gallon of diesel purchased on any other day. One US dollar is equal to another US dollar because an arbitrary exchange between the two cannot tell them apart.

What are Best Monero (XMR) Wallets?

Picking the right online or offline wallet for your cryptocurrency is one of the most important decisions you will make as an investor. After all, it affects how well you can store your coins and keep them safe from hackers, malware, fire, and other factors.

The most known types of wallets are hardware wallets (e.g., Ledger Nano S, KeepKey), desktop wallets (e.g., Exodus, Guarda, Jaxx), and mobile wallets (e.g., MyMonero).

Today we are going to review some of the best Monero XMR wallets for Android smartphones. Before you proceed further I would like to warn you that all of these wallets are still in development, so please use them with caution and only after testing on a small number of XMR. Also, for an updated list of wallets, you can visit our Best Bitcoin Wallet article.

Monerujo wallet

This fully open source Monero android app enables users to easily manage their finances from anywhere with apps such as Monero Send, Receive, Electron Cash, and check their transactions. This wallet is backed up by Bitcoin which allows it to sync quickly with the Monero network while providing fast transaction confirmations through an SPV client.

Monerujo performs well in connecting with peers in a simple manner without depending on servers that are common to web wallets. This Android wallet is easy to use with its user-friendly interface that makes it possible for users to check the details of their wallets whenever they want. Monerujo also has a privacy meter that shows you how likely you are to be hacked by others when using the app.

My Monero (web wallet)

This is one of the simplest online wallets which makes it possible for users to manage their finances from anywhere with access to an internet connection. My Monero runs on client-side JavaScript code that is executed in your browser, so the servers never have any access to your funds.

This wallet offers users with a public account number where they can receive XMR payments while their private view key which gives them complete control over their funds. As long as you are logged into MyMonero or running it within Chrome, you can view account details in real-time. This wallet is considered to be one of the most secure options for managing your XMR portfolio.

Guarda Monero Wallet (web and mobile wallet)

This is a unique web and mobile cross-platform Monero wallet that gives full control to the users over their funds including access, transaction management, and private keys. In addition to the web wallet, this service is available as a mobile client for Android devices which can be downloaded from Google Play Store.

The Guarda Monero Wallet makes it easy for its users to send and receive XMR payments with fast confirmations of transactions, while also giving access to third-party decentralized applications directly from the app.

Keepkey (hardware wallet)

This is a hardware device designed to store XMR which can be accessed using its OLED display and button interface. The design includes the use of KeepKey's Connect software that enables users to send, receive and manage their funds easily from their computer. All you need is your KeepKey device with the micro USB cable, then all you need to do is connect it to the USB port on your computer and follow the prompts.

Keepkey users can easily access their XMR funds by using its PIN code and recovery sentence passphrase which will display all of their account details and transactions if they restart the device. Keepkey generates a new public address for each transaction which makes it easy for the users to store their funds in an offline hardware device. This wallet comes with a $129 price tag.

Monero GUI Wallet (desktop wallet)

Monero GUI is a secure option for Windows, Mac OS X, and Linux users that offers an easy way to use the Monero cryptocurrency. The great thing about this wallet is that it allows users to have full control over their funds with access to encrypted private keys which are stored on their hard disk and not in a third-party server. Monero GUI is considered to be one of the most secure options for managing your XMR portfolio due to its cold storage feature where funds are stored offline.

The Monero GUI wallet allows users to start mining, transfer coins from another address, make transactions, and check the status of the blockchain in real-time. All of these transactions are packed within this app's interface which can be downloaded from Github.

Ledger Nano S (hardware wallet)

One of the most recommended hardware wallets for storing your Bitcoin, Bitcoin Cash, Ethereum, and other altcoins in this Ledger Nano S product. This device uses smartcard technology to store the users' private keys which are protected by a secure chip. Functionality includes transaction signing, account management, and encrypted USB drive access giving you full control over your funds.

Ledger Nano S is currently available for purchase on Amazon for around $95 with free shipping. You can also get this device directly from ledgerwallet.com

The Ledger Nano S hardware wallet allows users to store XMR in an offline environment so funds will always remain secure even if the device itself is lost or stolen.

Exodus (desktop wallet)

Exodus is a free-to-use desktop software for Mac OS X, Windows, and Linux that was created with the aim of providing maximum security in managing multiple cryptocurrencies. The cryptocurrency wallet has an attractive UI that displays all your balance information in one place allowing you to track your portfolio gains and losses. Exodus users can store up to 13 different cryptos including Monero which is displayed under the 'assets' section.

Feature-rich, Exodus has a built-in exchange that enables users to convert cryptos without having to leave the wallet interface and transfer funds between different currencies by generating a deposit address. This wallet allows you to create new XMR addresses with a 12-word passphrase which provides an extra layer of security.

Exodus does not require registration of any kind, but you are required to set up a password that is used for every transaction sent through Exodus.

Jaxx (mobile and desktop wallet)

In early 2018 Jaxx wallet became available on iOS and Android devices which includes support for Monero. The wallet has been around since 2014 and is currently available for download on Google Play and the iTunes App Store.

Jaxx allows users to store their XMR in a hot or cold storage environment, where they can send and receive funds on the go. One of the main benefits is that Jaxx does not store any information about users' account balances on their servers, instead, all private keys are held in a safety deposit box that only the user has access to.

Trezor (hardware wallet)

Trezor is another popular hardware wallet for securely storing cryptocurrencies and allows users to send and receive XMR using a small display screen.

The private keys used in the Trezor device are protected by a PIN code preventing unauthorized access while at the same time not requiring you to carry around any additional cables or disk storage. When dealing with large amounts of money, it is always better to be safe than sorry.

Trezor stores your cryptocurrency information offline allowing you to have full control over your private keys, at the same time providing easy access when needed. The main drawback is that you won't receive any sort of compensation should the device fail or get damaged in some other way.

Coinsmart (hot wallet)

Coinsmart is a Singapore-based cryptocurrency exchange and trading platform that recently started accepting XMR deposits and withdrawals. Coinsmart offers competitive XMR trading rates compared to other exchanges and traders can benefit from the low spread when buying or selling Monero.

Coinsmart provides simple buy/sell limits which enable users to quickly deposit funds to their account making it one of the most secure places to purchase Monero.

Coinsmart has its own in-house developed wallet that provides users with top-level security, even containing features such as XMR.to integration and personalized deposit addresses.

Conclusion

It is common knowledge that the best way to secure cryptocurrency is by using cold wallets which are not connected to the internet. In this article, we have talked about many hot and cold wallets. We are not recommending a single one but you can choose one of them because they are very legit in the market and showing good results in the market. Best of luck with your future crypto career.