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Monero (XMR) is a privacy-focused cryptocurrency launched in 2014 and an open-source protocol based on CryptoNote. The coin uses a public ledger, but no outsider can see the source, amount, or destination of the transactions carried on it.
In addition, Monero uses various privacy-enhancing technologies to reach anonymity and fungibility. The cryptocurrency has attracted users concerned about privacy and security as they are not offered by most popular crypto assets. Below is a short guide on how to store and send Monero, as well as some benefits and downsides of the coin.
How to Create a Monero (XMR) Wallet?
Storing Monero used to be a bit of a struggle in the beginning. However, there is now a much easier way to keep it – by creating an account on a related website that’s actually the Monero-dedicated wallet.
Here’s how to do so:
- Head to mymonero.com
- Click on the ‘Create an account’ option.
- Read about the importance of securely storing your private key login data on the website’s page explaining this.
- Write down your private key in a secure place and keep it safe.
- Type the private login key in the box below it to make sure you got it right.
You’ve just created your first Monero wallet.
How to Send Monero (XMR) to Your Wallet?
To store Monero, follow the instructions below:
- Notice the wallet address at the top of the ‘Account’ overview screen
- Head to the exchange account you want to send Monero from
- Enter the wallet address from the ‘Account’ section under the exchange’s ‘Withdrawal’ option
- Follow the prompts to complete the withdrawal
- You should get the funds in your wallet as soon as the transaction is confirmed
What are Some Advantages and Disadvantages of Monero (XMR)?
Although Monero is not as popular a Bitcoin or Ethereum, it has numerous advantages other cryptocurrencies do not have. Here are some pros and cons of the coin:
Pros
Firstly, Monero is one of the most private cryptocurrencies, and the transactions carried out with the coin are impossible to link to a person and are untraceable. The blockchain doesn’t have a limit with the dynamic scalability of it, meaning that fees shouldn’t end up being huge when it is being used a lot.
Even though the transactions are normally anonymous, it is also possible to see them. For instance, if you wanted to provide your ownership of a particular amount for tax purposes, it is possible to share your private view key with your state’s tax authority. Finally, the cryptocurrency has a committed team of developers that work continuously on the project.
Cons
Despite being ASIC resistant, there is still a rather large degree of miners’ centralization on the blockchain, with almost 43 percent of the hash rate being managed by just three pools. There are also not many wallets that support Monero, and you won’t find the option to store the coin on any hardware wallets or multi-crypto solutions. That is why it is also much difficult to store Monero securely in comparison to storing other cryptocurrencies, and it might be a reason why it hasn’t been more widely adopted by the crypto community.
Finally, because Monero is not based on Bitcoin, it is more challenging to create applications that engage with its blockchain.
The Bottom Line
Besides Monero, there are some other coins focused on privacy, such as Dash and Z-Cash. However, Monero is highly rated in terms of privacy and anonymity qualities, as the technology used to develop the coin has a lead against the others.
By using RingCT, Ring signatures, and stealth-like addresses, Monero has managed to attain its purpose and be a privacy cryptocurrency.