Monero Wallet Basics | Guide to XMR
Now, Guarda offers secure Monero wallet to hold your XMR in. While you can use our non-custodial lightweight crypto wallet, and our task is to break down the basics of the best Monero wallets and discuss the distinct features of XMR itself.
Monero – the Currency of Privacy
Monero (XMR) is privacy-focused cryptocurrency that forked out from Bytecoin in 2014. Monero is one of the few cryptocurrencies that a user can have complete control over his or her privacy according to the founders. In order to stand out from the market, the currency had to differentiate itself from the rest of the currencies available and provided other important benefits in terms of privacy. In comparison to the other major cryptocurrencies, like Bitcoin, which can be considered anonymous currency, but the nature of the blockchain makes it easy for people to see the transaction activity on it.
XMR – the anonymous cryptocurrency
Monero protocol called CryptoNote Runs Ring Signatures and Ring Confidential Transaction (RingCT) technology using cryptographic functions that mask the amount of the transaction from the blockchain. It is consisting of advanced graphical concepts to hide your transaction as well as the amount of currency you have in your public wallet.
RingCT mixes the account keys belonging to the currency owners with the public keys of the Monero blockchain, which is something that other cryptocurrencies in the privacy sector doesn’t have. Despite Monero being discreet, users still get a public address, which is a string and number.
Monero Core Team
Monero isn’t controlled by any central authority, foundation, or establishment. However, there’s a core team consisting of seven people that crowdfunded the project with their own finances. These seven members take care of their development, research, and maintenance. Only two members have disclosed their identities: Riccardo Spagni and David Latapie, while the rest of the team choose to stay anonymous due to various reasons.
Monero doesn’t have ASIC mining equipment, so you have the option of extracting it with CPUs and GPUs. Monero developers strongly believe that ASICs mining stimulates centralization of hashtags and thus undermines the security and privacy of their coin.
In particular, the Monero mining algorithm uses a proof-of-work (PoW) called CryptoNight, which was designed to be effective for casual user computer hardware.
Investing in mining rig can be expensive. Luckily, there’s a solution for collaborative mining and it’s called Mining pools. Take a look at the current profitability rate of the Mining Pools supported.
Monero mining can be profitable or not, it all depends on such factors: hashish, electricity costs, equipment costs, etc.
The Future of Monero
Monero’s long – term development plan includes a number of potential features that could dramatically increase the usability of the blockchain, including MoneroTrade – a decentralized Monero marketplace – and MoneroChat, an encrypted messaging platform.
The darknet markets that use the currency would be a huge catalyst for the rapid increase in the value of Monero. If Monero is able to maintain its leadership as the most popular privacy-oriented blockchain, it should see significant gains as dark web’s markets catalyze its continued growth for the foreseeable future.
All in all, most cryptocurrency experts believe that Monero will increase in value, at least in the long run, but before you invest in it, you should take the time to get acquainted with some of Monero’s price history.
Monero Wallet – the Basics
Monero XMR wallet is essential if you would like to join the Monero camp. First of all, you will need to consider the XMR wallet options the market is currently offering. Monero is definitely a special cryptocurrency with its secure transactions and privacy features. XMR is in the top of the popular cryptocurrency list, so the major wallet providers are there to get their hands on supporting Monero in their wallets.
However, not everything is so easy. By far, the most popular Monero wallets are still specially designed for this coin. This is where the multi-currency wallets from Guarda step in.
Monero Wallet on Guarda
Guarda supports Monero among other 40+ popular cryptocurrency coins. Thankfully to the team, Guarda is cross-platform wallet solution. Buying Monero would simply mean that you can access your funds from any chosen platform supported by Guarda.
All these wallets are easy to set up and have all the functions a crypto user needs – secure holding, fast exchanges, XMR purchases and easy-to-perform transactions.
How to Create a Monero Wallet – Step by Step Tutorial
You can create a wallet for Monero on Guarda in a few easy steps. This video will show you how:
- On the main page of our website, select Create a Wallet.
- You will see the welcome screen – you will need to proceed by clicking Create a New Wallet.
- Think of a password to protect your wallet with. We suggest using our comprehensive password guide to help you in making up a suitable Monero wallet pass.
- Download your backup. Your backup is essential to accessing your XMR wallet – make sure to store it securely. Remember that Guarda wallets are non-custodial,