Five ways to keep your Monero safe

May 7th, 2018

Today Monero has become one of the most popular cryptocurrencies thanks to its privacy. And with the continuously rising price for Monero coin, the community’s interest is getting higher day to day.

There are dozens of mining pools and exchanges supporting Monero (XMR), but how is better to collect your coins before they are exchanged?

There are several different ways to organize your Monero wallet, so let’s look at the most secure and useful of them.

1. Monero GUI Desktop wallet

Desktop Monero wallet

It’s both most natural and one of the most secure ways to keep your Monero coins. However, it’s not that fast in syncing with blockchain. If you use some remote nodes, it should increase the sync speed numerously. Just download and install the software, configure it briefly and start using your wallet.

2. Mobile wallets for XMR

Monero wallet on your smartphone

There are several mobile solutions for those who don’t like to spend much time sitting in front of his PC,. With Cake Wallet for iOS or Monerujo for Android, all your Monero funds will be with you wherever you are.

If you’ve got any inquiries regarding these apps, check the source code of each of them on GitHub (Cake and Monerujo) – developers share the code of wallets for further audit.

3. MyMonero – web wallet

Monero web wallets

We do not recommend using any web-based wallets for significant amounts of coins because each web wallet is potentially vulnerable. But there are some more or less secure services, where you can keep your mid-value funds.

One of such recommended web wallets is MyMonero. This platform is well-respected by the community. It was developed together with Monero Core team, and now it’s managed by a member of Monero Core Team – Riccardo Spagni, also known as “fluffypony”.

Even though, if there are thousands of coins on your account, an offline wallet would be a better choice.

4. Paper wallets – materialize your virtual money

Paper XMR Wallet

You won’t find a more viable way to store your Monero fundings for a long-term than paper wallets. It sounds wholly retrograde, but the physical storage seems to be the most cyber-secure way to keep your finances. Yet, they are still in danger because printed paper wallets could be stolen or lost. So if you choose this option, you need to keep them safe as jewels or cash.

It’s not recommended to use online PC for generating of the paper wallet code, as well as to use unknown services for that. One of the community-praised service for Monero paper wallet creation is MoneroAddress.

5. USB cold wallets

USB Cold Monero Wallet

The last but not the least way to keep your funds – USB cold storage. It’s secured as well as paper wallets, but using not just code and paper, but USB drive, which could be double encrypted to save your coins both offline and online.

You can go many different ways to create your own USB Cold Wallet, for example – use Taushet USB Monero Cold Wallet Generator, released by user “taushet” on Reddit As told by author, you’ll need no more than 10 minutes for making the cold wallet using this tool.

Here are the same rules as for paper wallet – keep your drive maximum safe and secured, like it’s 1000 carat diamond, because if you lose it – you’ll lose all coins stored there.