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NEW STRATEGY   Nft trading  · 09/04/21

Monero Wallets: Your options in 2020

Altcoin Trading Blog
08/09/21 · Cryptocurrency wallets

About This Blog Post

  1. Filed as Wallet Guide
  2. Uses ledger ( + more posts) 
  3. Uses electrum ( + more posts) 
  4. On the same topic: Altcoin Wallets: Tried and True, 2021 Updated
  5. On the same topic: PSA - Jaxx Vulnerability (2017)
  6. On the same topic: Ledger Phishing Attacks: 3 Easy Tips To Protect Your Crypto Stash
  7. On the same topic: Monero Wallets: Your options in 2020
Where to store Monero - mobile wallet apps, hardware wallets that support monero, full node wallets for XMR.
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Current situation with Monero wallet solutions:

Monero is one of the altcoins that cannot be called shitcoin:

  • private and untraceable
  • trustless setup
  • developers are not just in for the quick buck

But for the longest time, if you wanted to LTH Monero, the only hassle-free way was the dodgy setup of money on the exchange. Since the Bitfinex hack in August 2016 and many other hacks since, people keep casually guessing which crypto platform will get attacked next.

Fortunately, the situation has changed lately.

Monero Mobile Wallets

The recommended setup with mobile Monero wallets:

  • Use a Monero smartphone wallet to carry small amount of XMR
  • Use a Monero cold storage solution to store the bigger part of the stash

Freewallet should be avoided, the app holds users’ private keys and there have been multiple scam accusations.

Out of the reputable desktop altcoin wallets that are not directly affiliated with Monero, the one to recommend is Exodus.

The background on MyMonero wallet

Fluffypony (the creator of the Monero currency) said long ago there were plans for official Android and iOS apps done as user-friendly apps that will connect to a remote node, so that you would not have to set up your own full nodes.

Fluffypony maintained the website MyMonero.com, which has been the longest standing web wallet for Monero. Some Monero holders got phished or hacked there (you had to enter your seed-phrase each time you went to access your wallet).

MyMonero is now finally available as an iOS Monero wallet app and a desktop wallet for Mac, Windows and Linux.

Go to MyMonero

Monero Hardware wallets

There have been years of plans and announcements about hardware wallets intergations of Monero, but the problem was the Monero blockchain needed a special integration, which was expensive, and on top of that kept evolving.

The hardware wallet app would have been obsolete very soon.

Eventually, we got Ledger supporting Monero.

Go to Ledger Nano X to learn more or check out current Ledger discount coupons at Eternal Black Friday.

Electrum for Monero?

Electrum, the famous Bitcoin light wallet, does not support Monero.

A prehistoric version of Monero used to be similar to Bitcoin enough to be stored in a Bitcoin wallet, but those times are gone.

Monero Full Node

getmonero.com

Of course if you have the hardware and data to run a Monero full node, create a wallet with the GUI or CLI tool on your machine and go through with the local blockchain synchronization. In terms of security, running own Monero node is the best option.

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