TYPES OF MONERO WALLETS

TYPES OF MONERO WALLETS

Monero is one of the best cryptocurrencies that is being used today. Monero uses a blockchain technology to record transactions. It also focuses on privacy, scalability, and decentralization.

Monero is stored in a wallet upon its purchase.

These wallets are grouped into two major groups which in turn further subdivided.

Below are the several types of Monero wallets:

HOT WALLET

Hot wallets are wallets that are always connected to the internet and can easily be accessed for use anytime.

 Hot wallets are used to hold small amounts of Monero.

It is thereby advisable to keep a minimum amount of cryptocurrency in a hot wallet since its easily accessed by several people who use the internet.

Hot wallets Can be Subdivided into:

MyMonero wallet

This is the easiest way to store Monero as it is less tedious to create an account for this wallet.

Once the wallet is created, the private keys are stored in their servers.one can then access his/her funds by using auto generated access key generated by the website.

Monerujo wallet

Monerujo is an android app wallet that has been accepted by the Monero community.

A user’s private keys are stored locally within the device and can easily be accessed via the app since the app connects to remote nodes within the website.

This helps to save on memory since the information is stored on the website and can be obtained remotely.

Monerujo is a mostly used wallet as the app can be accessed easily for download on Play store.

Cake wallet.

Just like MyMonero, cake wallet is also an app. The only difference is that cake wallet is compatible with IOS devices.

Nevertheless, with cake, the private keys are not stored on your devices due to IOS security protocols.

The app provides a QR code scanner that scans codes in other addresses and can send funds to those addresses.

It furthermore offers an inbuilt exchange that lets you convert Monero to other currencies and vice versa. You can learn more about the Monero currency on some of the best xmr wallet online websites.

Full node Monero GUI wallet

This is a downloadable Monero wallet that can be obtained from some of the best xmr wallet online.

Full node Monero wallet supports Windows, Linux and Mac platforms.

However, one must download a whole Monero blockchain for them to start using this wallet.

Alternately, you can bypass downloading the whole blockchain by connecting to a remote node.

The users’ private keys are stored privately on their systems. This grants them full control of their funds.

COLD WALLETS

Unlike hot wallets, cold wallets are offline wallets and cannot be accessible over the internet.

With this offline feature, cold wallets are more secured compared to hot wallets since you have full access to your funds.

Cold wallets are further divided to:

Tauscher USB Monero wallet

This is a bootable USB image with tools that generate cold wallet accounts.

the disk image contains a bootable Linux OS that the user boots and runs the wallet generator to generate wallet seed and keys

The key alongside the seed is then saved on the USB drive for use when accessing your account.

Paper wallets

This store your wallet seed, private key, and address on a sheet of paper

 

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