But in this post I am not talking about the growth of monero, here I am listing some of the best Monero wallets to keep your coin safe.
So without further ado lets directly jump on the topic.
Monero is one of the most popular currency in the market but the strange fact is that hardware wallet like TREZOR and Ledger doesn’t support monero. So we have very limited option to keep coin safe.
There is two type of wallet we have to store any cryptocurrency i.e hot wallet (online wallet, desktop wallet software wallet, etc) and cold wallet (offline wallet like hardware wallet, paper wallet,etc.).
The cold wallet is the safest ways to store coin but the most reliable option for cold wallet i.e hardware wallet are not supported by Monero. So we have to relay on a hot wallet.
But if you planning to store Monero for long period of time then you can consider the option of the paper wallet which is as safe as hardware wallet.
There are three option available that you can go with
2. Desktop wallet
1. Online wallet
This is the easiest and convenient way to store Monero but I recommend you store a small amount of coin in the online wallet. Online wallets are not 100% secured as there are always risks of hackers and losing your coin.
Mymonero is the only web-based client that you can consider. But if you are keeping monero for a long time don’t use online wallet for that you have to consider other options which I had mentioned below.
To create your online wallet just head over the Mymonero.
Then click on create account
Write down the private key and keep it safe if you ever lose this key you will lose your access to your coins and there is no way to regain the access to your wallet
Then just paste the private key in the box and click on log in and you are ready to go.
2. Desktop Wallet
Desktop wallets are pretty much secured than online but not fully secured. Getmonero is the only trusted and official software available to store coins.
This is the most secure way to store your coins. But they are a little bit messy to use. Also, you ever missed placed the private key which you can use to get into the wallet there is no way to get coins back.
If in case you had forgotten or missed place your private which you have not to then this key can save your monero. From Mnemonic seed, you can recover your private key. So keep it in a safe place. Mnemonic seed look like
I don’t have any specific answer to this question but I think Monero is based on Cryptonight algorithm and that might be the reason for not support hardware wallet. But I hope hardware wallet will support monero soon.
What was the safest way to store Monero?
If you are planning to hold it for a long period of time then definitely consider paper wallet. As it was the most secured way to store your coins securely. But if you transaction on regular basis then paper wallet is not for you. because using paper is some kind of a headache.
Is there any android or IOS wallet for storing Monero?
Yes, there is but they are not trustable as I had read lots of negative reviews about them. So don’t put your coins in android or ios wallet wait until some trustable source will make it.
How can I spend Monero from the paper wallet?
That is pretty simple just go to mymonero.org and then click on log in.
Then put your private key and click to login.
Did You have any question in mind, then feel free to ask in the comment section.
I am Jitendra Dhage founder of innovativetricks.com. I am a mechanical engineer by education but my interest in technology brings me in the field of cryptocurrencies. I started this blog to share my knowledge and experience about cryptocurrency.