How To Open A Monero Wallet - Sourajit Saha

Friday, 5 January 2018

How To Open A Monero Wallet

If you are looking for a way to open a Monero account, it probably means you have delved a lot into the cryptocurrency world. Monero is an altcoin that has been inexistence since 2014. Unlike Bitcoin and Ethereum where sending and receiving addresses are visible to everyone, Monero makes use of a cryptic technology that ensures that your addresses are never visible on the blockchain, thereby enabling total privacy. This technology also allows the transactions carried out on Monero's blockchain to be hidden.

In order to begin your Monero journey, one of the most important steps (if not the most important step) to take is opening a Monero wallet. A Monero wallet provides you with the ability to store your cryptocurrency just like you use your physical wallet to store your hard-earned cash. The thing here is just as with physical wallets, there are different options for Monero wallets too.

You can store your Monero coin on a web wallet, which is easy to access on the go. Or you store it in large quantities on your computer; you can create a wallet on your machine. This type of wallet is way more secure and can be likened to keeping money in a safe.
How To Open A Monero Wallet


USING YOU WALLET FOR THE SENDING AND RECEIVING OF MONERO

Once you open your Monero wallet, you'll be able to use it to send and receive Monero. You'll be provided with a wallet address, which is usually a mixture of letters and numbers consisting of ninety five characters. You'll also be provided with a mnemonic seed, which is a string of letters that can be used to restore your Monero wallet on any device. It is of topmost priority that you keep your mnemonic seed safe. Never share it with anyone.

Anyone that has access to your mnemonic seed also has access to your account and they can use it to divert all the funds in your Monero wallet. So it's best that you keep the seed to yourself. Since it's a long string of random words, you might not be able to remember everything at once. So write them down in some pieces of paper, hide the papers carefully so in case you lose one or can't remember all the letters in your seed, you can always go back to your piece of paper. Note that if you can't access your wallet and you lose your mnemonic seed, you may lose all of your funds; that’s how important the mnemonic seed is.

TYPES OF MONERO WALLET

There are majorly two types of Monero wallet. You can either create a web-based wallet on Mymonero.com or download the official wallet software. Most people begin their Monero journey with the web-based wallet. This is because the web wallet is a lot easier to understand and use. It allows you to easily check your Monero balance, get an address, send, and receive money.

Once you get used to the web wallet, you can decide to work with the official software. Using the official software simply implies that you'll have to download the Monero-Wallet-CLI software. This software is a lot more secure than the web-based wallet. The only thing is that it's more complicated than the web-based wallet. The basic differences between both wallets is ease and security. While the web wallet is not as secure as the official software, it's a lot easier to use.

HOW TO CREATE A WALLET ON MYMONERO.COM

Creating a wallet on this website is incredibly easy. All you need to do is go to mymonero.com, click on the big blue icon placed on the website's homepage, fill in the essential details and your account will be instantly created. With the creation of your account, you'll be provided with your wallet and your mnemonic seed, otherwise known as your private login key. The key will be displayed on your screen and you'll be advised to write it down so as to be able to retrieve it later whenever you need it.

Your private key must not be shared with anyone as it's what you'll use to log into your wallet. Now, once you've confirmed your account key, the main account screen will come on. It is on this screen that you'll get your wallet address and it will be located at the middle of the screen. So every time you want to make a transaction (whether sending or receiving) this address is what you'll use.

Sending and receiving funds is also very easy. To send funds from your MyMonero wallet balance, all you have to do is click on the dark blue send button in your dashboard, input the amount of Monero coin you'd like to send and the receiver's wallet address in their respective boxes and click on send once you're done. To receive, you'll have to copy your wallet address, which can be done by clicking on the icon on the far right of your dashboard. Once it has been copied, send it to the person who wants to send you Monero.

INSTALLING THE OFFICIAL MONERO WALLET

This option is one that applies to people with large amount of funds. If you are having huge amounts of Monero, it's best that you download the official Monero wallet software. How do you go about this you might ask? Well, we have explained, in detail, the way which you can go about this.

The first thing you'll need to do is go to getmonero.org/downloads. On the download page, select your operating system and download the software version that meets your operating system specs.

The file will be downloaded as a compressed file. Once the download is complete, decompress it in a folder. When you decompress it, you'll get quite a few Monero-related programs. Most times, you'll basically need to make use of just two programs of all the programs in the compressed file. These two programs are
Monero-Wallet-CLI and MoneroD.

The next step now is to run the MoneroD program. The MoneroD program will connect to the Monero network via your computer and download the whole blockchain. Even with a good network, the download of the entire blockchain can take over fifteen hours. You'll also need to have at least fifteen to twenty gigabytes of free space on your hard drive.

Once the download is complete, you'll get a green notification that says SYNCHRONIZED OK. This simply means that your computer has now been synced with the blockchain and your wallet is now ready to be used. The next thing now is to run the second program, the Monero-Wallet-CLI. This program will be used to create a wallet. Running the program, you'll be prompted to give your wallet a name and password. Once you've done this, you'll get your wallet address as well as your private key (mnemonic seed).

SUMMARY


With the steps we have outlined above, you’ll be able to easily create your Monero wallet without any hassle.
.................................................................................
If you are looking for a way to open a Monero account, it probably means you have delved a lot into the cryptocurrency world. Monero is an altcoin that has been inexistence since 2014. Unlike Bitcoin and Ethereum where sending and receiving addresses are visible to everyone, Monero makes use of a cryptic technology that ensures that your addresses are never visible on the blockchain, thereby enabling total privacy. This technology also allows the transactions carried out on Monero's blockchain to be hidden.

In order to begin your Monero journey, one of the most important steps (if not the most important step) to take is opening a Monero wallet. A Monero wallet provides you with the ability to store your cryptocurrency just like you use your physical wallet to store your hard-earned cash. The thing here is just as with physical wallets, there are different options for Monero wallets too.

You can store your Monero coin on a web wallet, which is easy to access on the go. Or you store it in large quantities on your computer; you can create a wallet on your machine. This type of wallet is way more secure and can be likened to keeping money in a safe.
How To Open A Monero Wallet


USING YOU WALLET FOR THE SENDING AND RECEIVING OF MONERO

Once you open your Monero wallet, you'll be able to use it to send and receive Monero. You'll be provided with a wallet address, which is usually a mixture of letters and numbers consisting of ninety five characters. You'll also be provided with a mnemonic seed, which is a string of letters that can be used to restore your Monero wallet on any device. It is of topmost priority that you keep your mnemonic seed safe. Never share it with anyone.

Anyone that has access to your mnemonic seed also has access to your account and they can use it to divert all the funds in your Monero wallet. So it's best that you keep the seed to yourself. Since it's a long string of random words, you might not be able to remember everything at once. So write them down in some pieces of paper, hide the papers carefully so in case you lose one or can't remember all the letters in your seed, you can always go back to your piece of paper. Note that if you can't access your wallet and you lose your mnemonic seed, you may lose all of your funds; that’s how important the mnemonic seed is.

TYPES OF MONERO WALLET

There are majorly two types of Monero wallet. You can either create a web-based wallet on Mymonero.com or download the official wallet software. Most people begin their Monero journey with the web-based wallet. This is because the web wallet is a lot easier to understand and use. It allows you to easily check your Monero balance, get an address, send, and receive money.

Once you get used to the web wallet, you can decide to work with the official software. Using the official software simply implies that you'll have to download the Monero-Wallet-CLI software. This software is a lot more secure than the web-based wallet. The only thing is that it's more complicated than the web-based wallet. The basic differences between both wallets is ease and security. While the web wallet is not as secure as the official software, it's a lot easier to use.

HOW TO CREATE A WALLET ON MYMONERO.COM

Creating a wallet on this website is incredibly easy. All you need to do is go to mymonero.com, click on the big blue icon placed on the website's homepage, fill in the essential details and your account will be instantly created. With the creation of your account, you'll be provided with your wallet and your mnemonic seed, otherwise known as your private login key. The key will be displayed on your screen and you'll be advised to write it down so as to be able to retrieve it later whenever you need it.

Your private key must not be shared with anyone as it's what you'll use to log into your wallet. Now, once you've confirmed your account key, the main account screen will come on. It is on this screen that you'll get your wallet address and it will be located at the middle of the screen. So every time you want to make a transaction (whether sending or receiving) this address is what you'll use.

Sending and receiving funds is also very easy. To send funds from your MyMonero wallet balance, all you have to do is click on the dark blue send button in your dashboard, input the amount of Monero coin you'd like to send and the receiver's wallet address in their respective boxes and click on send once you're done. To receive, you'll have to copy your wallet address, which can be done by clicking on the icon on the far right of your dashboard. Once it has been copied, send it to the person who wants to send you Monero.

INSTALLING THE OFFICIAL MONERO WALLET

This option is one that applies to people with large amount of funds. If you are having huge amounts of Monero, it's best that you download the official Monero wallet software. How do you go about this you might ask? Well, we have explained, in detail, the way which you can go about this.

The first thing you'll need to do is go to getmonero.org/downloads. On the download page, select your operating system and download the software version that meets your operating system specs.

The file will be downloaded as a compressed file. Once the download is complete, decompress it in a folder. When you decompress it, you'll get quite a few Monero-related programs. Most times, you'll basically need to make use of just two programs of all the programs in the compressed file. These two programs are
Monero-Wallet-CLI and MoneroD.

The next step now is to run the MoneroD program. The MoneroD program will connect to the Monero network via your computer and download the whole blockchain. Even with a good network, the download of the entire blockchain can take over fifteen hours. You'll also need to have at least fifteen to twenty gigabytes of free space on your hard drive.

Once the download is complete, you'll get a green notification that says SYNCHRONIZED OK. This simply means that your computer has now been synced with the blockchain and your wallet is now ready to be used. The next thing now is to run the second program, the Monero-Wallet-CLI. This program will be used to create a wallet. Running the program, you'll be prompted to give your wallet a name and password. Once you've done this, you'll get your wallet address as well as your private key (mnemonic seed).

SUMMARY


With the steps we have outlined above, you’ll be able to easily create your Monero wallet without any hassle.
.................................................................................

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Sourajit_Saha
Hi, I’m Sourajit Saha, An Online Marketer & Cryptocurrency Spectator From Kolkata, India. I Have Been Blogging Since Last Quarter Of 2010. I Started Blogging As A Hobby, And Soon It Turned Into Passion And Later Profession. Click Here To Know About Me!

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