Five Ways to Keep Your Monero Safe and What to Know Before Trading Monero
Monero (XMR) is an active cryptocurrency with real monetary value. As such, you’ll want to make sure it’s safe and protected. In order to protect your Monero coins from theft or loss, you’ll want a safe Monero wallet to store it in. There are currently five types of Monero wallets available; the following guide will discuss each of them in detail.
1. Paper Wallet
A paper wallet is, as its name implies, a piece of paper that acts as a physical storage unit for your digital coins. On the paper is a written key which allows you to access your Monero coins. Whilst entirely safe from malware, this form of Monero wallet is not immune to danger; a piece of paper can easily be lost, stolen or damaged.
2. Cold Storage Wallet
A second form of Monero wallet is the so-called cold storage wallet. Much like a USB drive, a cold storage wallet can store your coins on a physical device, which can then be removed from a computer. For storing Monero, though, your cold storage wallet options are very limited. Additionally, cold storage wallets can be damaged, lost or stolen.
3. Desktop Wallet
Desktop wallets store your Monero coins on your personal computer. Because they’re stored only on one desktop, the only person who has access to your XMR is you. This is great at preventing most malicious attacks; however, since your Monero can only be accessed from your PC, you must be near your computer to access, send or receive the cryptocurrency.
4. Mobile Wallets
A plethora of mobile wallets exist for storing your Monero. However, not all apps are created equal. Additionally, mobile wallets require a download on your phone, which may take up precious storage space.
5. Web Wallets
Web wallets are Monero wallets that can be accessed via the internet. Web wallets are easy to use and can be retrieved from any mobile or desktop browser. What’s more, web wallets can be accessed virtually anywhere in the world — all you need is a phone or computer and an internet connection.
Simply put, Monero wallets keep your crypto coins safe. If you’d like a free web wallet, try XMR Wallet. It’s easy to use, designed with the highest security and never requires registration.
What to Know Before Trading Monero
Monero (XMR), the world’s most private cryptocurrency, has been steadily rising in popularity over the past several years. Thanks in part to early adopters, the crypto coin has routinely stayed within the top 20 — and sometimes even top 10 — cryptocurrencies available on the market. Trading XMR can be a profitable endeavour. Here are three things you should know before trading the cryptocurrency Monero.
1. Monero is the most private cryptocurrency available today.
Monero uses a variety of techniques to keep transaction information secret. Because Monero obfuscates by default, the privacy techniques cannot be overwritten. Some of the techniques used by the cryptocurrency to keep user transactions private include:
Stealth Addresses: Secret ‘addresses’ keep personally identifiable user data from being recorded in the blockchain.
Ring Signatures: A number of digital ‘fingerprints’ known as ring signatures are added to each transaction to make it impossible to identify the person who sent the transaction.
Each of these privacy features and more work in tandem to keep a user’s identity absolutely private.
2. Monero is an anonymous cryptocurrency, unlike Bitcoin which is pseudonymous.
As a result of the privacy features listed above, Monero is a completely anonymous cryptocurrency. This makes Monero different than most pseudonymous cryptocurrencies like Bitcoin, which many often confuse as being anonymous. Though you can send and receive cryptocurrencies like Bitcoin without revealing personally identifying information, if a transaction were to be traced back to a particular individual, all the other transactions from that individual could also be traced. In this way, pseudonymous cryptocurrencies are similar to writing under a pseudonym. Monero, on the other hand, can never be traced to one individual and is therefore completely anonymous.
3. Monero continues to grow in popularity.
As more people are introduced to the anonymous nature of Monero, the cryptocurrency continues to make gains as a dominate crypto coin. This has many positive implications for would-be investors like you, who stand to make great profit margins from trading Monero.
Monero is a profitable cryptocurrency worthy of investment. Be sure to try your hand at Monero trading, and use XMR Wallet to safely store your Monero earnings.
Author’s Bio: Hitesh is a digital marketing strategist and entrepreneur with more than 12 years experience in digital marketing, startups, branding and customer acquisition strategies. Hitesh is the CEO and Founder of Reposition Group, which encompasses a number of companies in the digital sector including SEO.co.uk, Reposition.co.uk and Bouncezap.com, amongst others.