Looking forward to send or receive Monero Coin aka XMR, you need a so-called Monero Wallet. Without a wallet, you can’t send or receive your coins. So before you get Monero (XMR), you’ll need to create a wallet and receiving address first. Following steps will help you to choose and create a Monero Wallet. Make sure your computer is safe for viruses and network attacks.
You can choose from following options :
1. Monero GUI Wallet :
GUI Wallet also known as Software Wallet is available for Windows, Mac or Linux and it works just same as Bitcoin wallet, giving you complete ownership, no downtime, no government censorship, fraud (as long as you are alert). You can send or receive as many transactions as you want. Following are the download links as per your OS.
Step 1 : Download Monero GUI Wallet from above mentioned link as per your operating system and extract the Monero Wallet on your computer. .
Step 2 : After extracting, open the program and locate monero-wallet-gui.exe, double click on the exe file and follow the onscreen instructions.
Step 3 : During the initial setup you’ll be asked to note down your seed and create a password. Seed contains 24 words (will be different in each wallet). All you have to do is write down the 24 words. Make sure to note down seed on a paper and and store it safely!
Step 4 : Once you set up your password, Monero Core initial synchronization will take time and download a lot of data and time as per your internet speed. Make sure that you have enough bandwidth and storage for the full block chain size over 9GB as on January 2017.
Step 5 : Once the blockchain download finishes you can do your transactions. Congratulations! You now have your monero wallet.
Step 6 : Monero works slightly different than Bitcoin, where the basic principle of a sender and recipient’s public address remains same. What Monero adds to the transaction is a payment ID, which is a 64 characters long hexadecimal string. Learn the use of payment i’d from following.
How To Send Monero (XMR) :
- To send Monero from your wallet to a person or between two wallets is simple. Just add Monero receiving address and hit send, you can skip the Payment ID.
- To Send Monero from your Wallet to an Exchange, you’re going to need the address and a Payment ID.
How To Receive Monero (XMR) :
Receiving Monero is quite simple. Just share your monero address with whomever you would like to send you some coins.
2. Lightweight Web Clients :
An online wallet is a third party program or web service that allows users to store and control their Monero Coins (XMR) in one central place. It also provides a convenient and technologically quick method for users to receive and send coins through their platform. Online Wallets can be accessed on the web from any internet connected device anywhere in the world. You don’t need to download the blockchain first, just create an account and that’s it. Official website of Monero lists mymonero.com as trusted serviceMyMonero.com is easy-to-use and works in your browser without you needing to install anything.
It can be used with some measure of safety, as MyMonero are unable to spend your funds on your behalf.
It is owned and operated by Riccardo Spagni, one of the Monero Core Team members.
Step 1 : Go to MyMonero.com and click on the “Create an Account” button.
Step 2 : You’ll be greeted with a thirteen word “Private Login Key“. This key is what gives you access to your funds. Never ever share this key with anyone!
Note : Keep your private login key secure, safe and private, as it is the only way that you will be able to login to your MyMonero account.
Step 3 : Type your private key in the box, and click the login button. On the next page, you will see your monero wallet address. You can share this address with anyone you are seeking payment from.
Once you add some monero to your wallet balance you can send them to wherever you want.
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Note : It is your responsibility to choose your wallet carefully and adopt good practices in order to protect your money. I personally prefer a full Monero Wallet on my PC, If you don’t mind some bandwidth and disk space on your PC, do yourself a favor and install Monero GUI Wallet and enjoy the maximum privacy Monero has to offer.
Safety First : Just like your pocket wallet, online wallet must be secure. Monero make you able to do stealth transactions which are irreversible in nature. Such great feature also come with great security concerns. We advise you to keep only small amounts of XMR on your computer, mobile, or web wallet for everyday uses and to keep the remaining part of your funds in a safer environment like Monero Paper Wallet.