If you’ve decided that privacy is your priority, you’ve likely decided to make your investment in the privacy-focused Monero coin. The next step is to figure out the best way to manage your Monero. There are many options for wallets, and it can be tricky to figure out what works for you.
First, you have to understand that coins are not actually stored in your crypto wallet. Instead, all coins on the Monero network are kept on a digital ledger. Your ownership of specific coins is recorded on this ledger through nodes—computers with an official copy of the ledger. A wallet is how you keep private and public keys that grant you access to coins belonging to you.
That said, you’ll obviously want the best Monero wallet to make sure that nobody steals your crypto. To make the right choice, here are some tips to pick what’s best for your needs.
Types of Wallets
Depending on your circumstances, you can make use of a few different wallets available to most Monero users.
Web-based Wallets
Web or online wallets can be accessed through any internet browser, including mobile. Rather than an application, it functions as an online service to help manage and protect your crypto. Some even allow you to send and receive coins through the platform. This type of wallet offers a middle ground of convenience and security.
Desktop Wallet
As the name implies, a desktop wallet is a crypto wallet application that you download onto your personal computer. Once installed, it generates your private and public keys as well as your seed phrase. This type of wallet provides you with total control over your cryptocurrency management. But that also means that you are mostly responsible for the security of the desktop wallet.
Mobile Wallet
This is basically a desktop wallet made for mobile devices—usually smartphones. Though it shares mostly the same functionality as a desktop application, it offers convenience and portability when using crypto. You can make payments away from home through NFC or QR codes. Despite the convenience, mobile wallets may be more vulnerable since they are connected to the internet more frequently.
Hardware Wallets
This is a physical device dedicated solely to holding your public and private keys. It never connects to the internet unless you plug it into a computer for signing crypto exchanges. While this offers the most security, it is far less convenient than most other options. A potential issue with this is actually losing the device since these are usually small and pocketable.
Paper Wallets
It is essentially a hardware wallet except without any of the machinery. After generating keys on a computer, you have these details printed. Then, it is up to you to take care of this piece of paper, making sure there is no other way to access your keys. This offers the same security—if not more—as the hardware wallet. But it requires manually inputting everything for transactions.
What to Consider
Before making your choice, there are some important points to consider. These ensure that your wallet not only works for your circumstances but that it is actually usable for the long term.
Supports XMR Coin
Of course, the wallet must support Monero. While many crypto wallets tend to support most altcoins, it is important to check for compatibility with Monero. This is because the coin uses a unique codebase to improve its privacy protocols.
Intuitive User Interface
The potential user experience matters because you will be managing your Monero through this platform all the time. The interface of your wallet should be easy enough to navigate with straightforward interaction. As a bonus, having pleasing or aesthetic visuals can make your crypto management a more pleasant experience.
Privacy, Security, and Protection
It would defeat the purpose of Monero’s privacy features if your wallet did not exercise the same protections. Ideally, a wallet should offer its own security features for privacy on top of Monero’s protocols and your own efforts. This can come in the form of extra layers of encryption, among other things that assure users.
Continued Development and Customer Support
Even if a wallet is open-source, you must check that it hasn’t been abandoned. Continued development means that the wallet’s security and features are still being improved. This is important as hacking methods grow more advanced each day. Furthermore, an active development team should promise customer support for receiving complaints.
These are just some of the points to think about before you decide where to entrust your credentials as a cryptocurrency investor. There is more to research when narrowing down your options. Different development teams such as XMRWallet.com work on Monero wallets. You have to be sure to go for one that is actually reputable.
Fortunately, Monero also has a large, expanding community. You can make use of this resource to find reviews and insights to better inform your decision on the best XMR wallet for your needs.
