MyMonero Wallet

Anisa Batabyal
| 25 March, 2020 | 2 min

Monero is secure digital cash operated by a network of users, which means it is a decentralized cryptocurrency. Transactions are done by distributed consensus, and then they are recorded on the blockchain without making any change. Monero makes use of confidential ring transactions, ring signatures, and stealth addresses to concrete the amounts, origins, and destinations of all transactions. 

MyMonero is a web-based XMR cryptocurrency wallet. It is a light-weighted, secure, and easy to use a web wallet. There are no specific features to talk about. As it is a web-based wallet, you only need your private keys to access the wallet. This wallet was formulated by a core developer from the Monero community and is the easiest GUI wallet available for the XMR. 


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Table of Contents

What to Look Up in a Monero (XMR) Wallet?

  • XMR support

There are only a few wallets that support Monero. So before making any huge transactions, make sure that it’s actually set up to hold XMR. 

  • User- friendly

A piece of thorough knowledge of how to use a wallet is critically important if you want to safely store your coins. 

  • Privacy

The privacy of the wallet is an important issue for the users. Look for the protection features a wallet has to allow you to maintain your anonymity.

  • Security

In order to ensure security, you can ask any questions regarding the XMR that comes to your mind. Don’t hesitate. 

Setting up Monero Wallet

  1. Download MyMonero Wallet. As this is a web-based application, you need to create an account on MyMonero website. 
  2. Unlike any other, this process does not ask you for your personal information, email I’d or anything. It’s quick and easy to access, and then your private key will be displayed. 
  3. Then you can see a dire set of warnings. Once you finish reading all the warnings, take a look at your private login key. Being only 13 words long, it will be much easier to memorize than the key you get from the GUI wallet. 
  4. The site will ask you to re-enter the phrase for surety. The next part is just to log in.

The only new procedure done here is choosing your language. There you go! Now you finally have a fully functional Monero wallet running. 

Monero has a compatible block size, so you will not have to increase the priority of your transaction and pay higher fees. The transaction fees increase if one has sent via a lot of small transactions. This is because the size of the transaction data will be larger. 

Receiving And Sending XMR to MyMonero

If you want to send your funds to a crypto exchange, you need to specify a payment ID to help track your transactions. So always include a transaction ID for exchanges. The payment ID automatically filled in is also an optimal as it serves in distinguishing your transaction from one another. One of the greatest advantages of using this wallet is that you can always adjust the privacy levels to your satisfaction. 

MyMonero app has announced its new Javascript version. One of the main identities of Monero is having specialized mining rigs. There is a gross of over 16 million XMR coins circulating at the moment, with a market cap of 2.5 million. 

Some of the features that you can expect in the latest version are 

  • Fixed regression
  • Ability to view an estimated amount using Max UIs
  • Priority where Low is the default
  • Improved OpenAlias address lookup
  • Desktop upgrades of Electron 2.0.2

Fans on social media are highly thrilled as with a desktop app, and users can easily and quickly gain access to the platform. Privacy is a key part of any medium, and Monero always looks up in ensuring their privacy and policy.

Is MyMonero Safe?

Since MyMonero is a web-based wallet, there are several safety measures that one should keep in mind. Ensuring that you are using the right URL is of great importance. There are phishing sites that have similar-sounding websites. Do not fall in traps. 

Before beginning to use MyMonero, backup your private login key, view keys, public address. This is crucial as it helps in restoring your account if something goes wrong. Try to login and log out several times using keys to ensure you have the right key sequence.

Conclusion

MyMonero is one of the simplest wallets to use out there. With its support with desktop wallets for all major platforms like Windows, Mac, and even Linux, there is little reason to use anything else. On mobile too, there is a well-working iOS solution. With advanced features like mining or verifying signatures, MyMonero Wallet should serve your needs. 

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