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Monero (XMR) is a cryptocurrency that was first released in 2014, with the main feature being its privacy-oriented functions. The coin operates as an open-source project on the blockchain, which means that the software and technology used by the developers to make the cryptocurrency operate is built, tested, and improved through user collaboration.
Monero can be stored in numerous wallets, but one of the most secure on the market is Ledger. Ledger is one of the global leaders in security and infrastructure solutions for digital assets and digital applications, producing some of the most secure hardware wallets on the market.
Store Monero on Ledger Nano S
The Ledger Nano S hardware wallet makes it possible for users to protect their private keys and does this through an extremely secure element. The Ledger hardware wallet isolates the private keys from the Internet, providing users with incredible security to prevent hacks, and users can validate the transactions on the wallet as part of the security protocol.
Back in 2018, the company announced the compatibility of the Ledger Nano S with the Monero GUI, making it possible to install it on the wallet via the Ledger Live. To store and manage your Monero on the hardware wallet, you need to install the Monero app on your Ledger wallet before. You need to customize Ledger Live with your device and update the firmware on your wallet.
Installing the Monero App and Monero Wallet
As mentioned above, installing the Monero app on your Ledger device will allow you to manage your XMR with the Monero wallet. The app is created by Ledger in collaboration with the Monero community, while the Monero wallet is created and supported by the Monero community.
To install the Monero app, open the ‘Manager’ section in Ledger Live; then, connect and unlock your Ledger device. You should allow the ‘Manager’ function on your device by pressing the right button, then find Monero in the app library and click on the install button. After the app is completely installed on your device, close the Ledger Live.
Next, you need to download the Monero wallet from your platform. Extract the files and open the Monero GUI folder, then launch the wallet and choose your language.
Setting Up With Ledger Nano S
To set up your Ledger Nano S, unlock it and open the Monero app. Click on the ‘Create a new wallet from hardware device in the Monero wallet’ option and enter a wallet name. Type in 1720000 in the ‘Restore height’ field, and then enter 3:100 in the ‘Subaddress lookahead’ section.
On your Ledger device, select whether to export the private key to your computer and enter and confirm a password. Choose an option for the ‘Daemon’ settings, and you’ll see you will be able to start a node, connect to a distant node, start a local one and use a remote one while your local one is syncing.
Receiving and Sending XMR on Your Ledger Wallet
To receive Monero, you need to unlock the Ledger device and open the Monero app. To do so, start the Monero wallet, open the ‘Receive’ tab, and choose how to receive the funds. You can share your address and get a payment request from the ‘Advanced’ options.
To send XMR, you need to launch the Ledger, the Monero app, and the Monero wallet. Open the ‘Send’ tab and enter the amount you want to send. Choose a transaction priority and enter the address of the recipient. Click the ‘Send’ button and wait for the confirmation. Check the transaction details on your device, approve the fee displayed, and verify the amount and destination for errors. To confirm the transaction, validate Accept TX. If you want to cancel the transaction, choose the ‘Reject TX’ option.
The Bottom Line
Monero has been developed by more than 240 developers, with 30 of them marked as the core group. The cryptocurrency is among the top coins on the market, with a large community that uses it in numerous instances, including payment.