Bitcoin was mostly used Cryptocurrency on the dark web before it became famous. Bitcoin is currently the only successful cryptocurrency ever made in the world. However, this doesn’t mean that we should ignore other altcoins that look promising because even a mere $100 investment on upcoming altcoins has the power to completely transform our future financial status.
This guide is about an altcoin called Monero (XMR), which is now a darling of dark web. Monero is the 2nd highest traded Cryptocurrency on the most popular Cryptocurrency exchange Poloniex. Bitfinex also added Monero recently as a new trading currency.
Following its launch in April 2014, Monero has progressed, slowly and steadily to claim its place among the major cryptocurr encies. Value of Monero has increased by 394.07% in the last six months. This is a number that can’t easily be ignored.
In this guide, I will explain how to create and use your own secure wallet address for Monero.
Pre-requirement: keep a pen and paper handy, and don’t multitask.
How to Create Monero Wallet Address Online?
This guide will show you the steps to open Monero wallet online. Paper wallets are more secure, and if you are comfortable with them, head to this address and create your Monero paper wallet address. Refer to this guide for cold storage.
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MyMonero, which is operated and owned by Riccardo Spagni, who is one of the lead Monero developers, is the fastest way to create XMR wallet. This is a web interface, which means that you need to ensure your system and browser is clean. Use Brave browser for operating cryptocurrencies instead of using your usual browser.
- Go to MyMonero.com and click on create an account (Use Virtual machine or browser incognito mode)
You will see private login key on the next page. The private login key is the only way you can access your MyMonero account, so it’s very important that you note it down on a piece of paper and keep it at a safe place.
Click on log me in button and you are inside your newly created Monero wallet address.
Here is an overview of best cryptocurrency wallets.
The other things are pretty straight forward. Your newly created XMR wallet address can be used to receive funds or send funds if you have. If you want to see your past or current transactions, you can anytime click on transactions.
Here is one interesting thing that you should know about Monero transactions.
As you can see, there is the part that says Mixin. This is an interesting concept to know about this Cryptocurrency if this is your first time with Monero.
What is mixin?
“The mixin count is the amount of other signatures (in addition to yours) included in the ring-signature that authorizes your transaction. So a mixin of 3 means that there is a total of 4 signatures, which means that someone looking at the monero blockchain has no way of knowing which of the four signers is the true sender.”
Simply close the tab once you are done. Head over to MyMonero.com & login with your 13 words (Private key) whenever you need to login to your Monero wallet.
One more thing worth noting is that MyMonero only encrypts your keys and stores the data on its servers, and cannot access your funds.
Where to Get Monero?
You can use Changelly to exchange ETH or Bitcoin or any other altcoins into Monero (XMR). Changelly offers a very fast and convenient way of buying Monero.
Here are some useful links that might help you:
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com