5 Best Monero Wallets for 2018 (Comparison)

Monero Cryptocurrency

In this post, we will talk about “5 Best Monero Wallets for 2018.” Monero is simply a private and untraceable currency that is open-source and freely available to all. You are your bank, you control your funds, and your transfers are untraceable. Using the power of a distributed peer-to-peer consensus network every transaction is cryptographically secured. Individual accounts have a 25-word mnemonic seed displayed when created, and can be written down to back up the account. Account files are encrypted with a passphrase to ensure they are useless if stolen. The cryptocurrency uses a cryptographic system to allow you to send and receive funds without your transactions being easily revealed on the blockchain (the distributed ledger of transactions). This ensures that your purchases, receipts, and all transfers remain absolutely private by default.

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Rahakott is a cryptocurrency wallet that allows anyone to send or receive digital currencies and to monitor their balance. You can use the wallet to monitor your balance online from anywhere. There is no need to log in to Rahakott with your e-mail address, telephone number or an username: you simply enter a mnemonic phrase.

The system is also secured by two-factor authentication. You can also use Rahakott to create multiple wallets from a single account – for example, if you want to create sub-accounts for specific business relationships. Rahakott wallets are also “algoristic”, according to a study by NewsBTC. com, which means that for each transaction new addresses are generated to increase the anonymity of users.

The Rahakott Wallet was introduced on November 12th. ]

Monero (XMR) and Crypto Protocol

Originally launched in April 2014 as BitMonero, Monero (symbol XMR) means money in Esperanto. Monero, under the Bytecoin umbrella, is a secure, private and untraceable currency that was built on the Cryptonote protocol. Its focus on privacy might have attracted illicit use by people interested in evading law enforcement, but it has also created new funding opportunities for both legitimate online publishers and dangerous hackers who have or intend to embed the mining code into websites, apps, and the likes.

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What are Monero Wallets?

Before you can store Monero, you need to have a Monero wallet. It is a Monero wallet that keeps all the information required to trade Monero (receiving and sending it). You have both hot wallets and cold wallets. The hot wallet is the kind that is connected to the Internet. A challenge of this is that security might be an issue so this is why you are not supposed to keep large amounts of money on it. Cold wallets are usually safer and are used on trusted devices, and they are connected to the Internet. With the Monero Wallet, you have a software that keeps a private history of your transactions.

Top 5 Monero Wallets of 2018

Here are the top 5 Monero wallets you can use to store your Monero Cryptocurrency.

  • 1) MyMonero

With how Monero has grown over the years, you would think it has a good number of web wallets. However, MyMonero happens to be the only web wallet for it. This is why it easily ranks as one of the top Monero wallets to be used. All you have to do is create an account and then go to the next page to get the private login key. Ensure you keep it safe, or you would not be able to log in. This wallet is operated and owned by Riccardo Spagni, who is one of the lead Monero developers and it is operated by the designer. The wallet encrypts your keys and stores the data on its servers. It is the fastest way to create XMR wallet, it doesn’t possess any access to your funds, so as a user you don’t have to be terrified of losing cash. Note that you would still be required to generate a unique password to ensure that no one else can breach your online wallet. Not so surprisingly, they have never been hacked before.

  • 2) Monero GUI wallet

Another wallet used to securely store your Monero is the GUI wallet. It is one of the trusted Monero wallets as you can store your monero and even send out some. What the Monero does is to communicate with the network and notify you of new transactions. Just like the first one, you also have a ‘private key,’ and that is what allows you to spend your funds. As a result of this key, only you have access to using your cash. So, remember to store it very well. At the top left, you get to see your balance, and in just about 20 minutes of receiving a payment, the network will have fully confirmed and verified the payments, and you get to see the exact amount that is available for spending.

  • 3) Standard Monero GUI

While this might sound a little brash, this wallet was created for the sole purpose of keeping your cash safe. Not what you were expecting right?  This is another great wallet, and it can be installed on any operating system. Just as any other cryptocurrency desktop wallet, users need to take some precautions in properly securing the Monero here. Of course, this involves setting up a good and strong password as well as backing up your wallet keys file in as many ways as possible to avoid any loss of funds.

  • 4) Usb Monero Cold Wallet

Keeping money in a cold wallet solution is highly effective from a security standpoint, especially when dealing with various cryptocurrencies. The value of the cryptocurrency has increased over time and security has now become even more of the essence. Individuals who are involved with Monero get to take the security of their wallets very seriously, and you should too. Being a cold wallet, you enjoy a higher degree of safety as long as you keep your part. 

  • 5) XMR Wallet

You can also get the XMR wallet app for both Android and IOS from the free wallet website (freewallet.org). Store and manage Monero coins in the wallet that is both smart and beautiful. Start using your XMR wallet in a minute. Syncing desktop wallet with blockchain may take hours. But we have synced everything. Your wallet is always ready to use.

Expert’s Opinion

If you lose your device, you have the opportunity to freeze your account or to access it from other devices later. Unlike the others, you are secure by default, and you don’t need to sing a song or worry your head too much to remember your password or security key every time. Assets are stored in an offline vault to secure your funds against any malicious activity.

Another method of protecting the wallet is to activate and enable additional security code and also by verifying your contact details. Note that this also works for a wide range of other cryptocurrencies.

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