Before Bitcoin got famous, it was most used Cryptocurrency on the dark web. At today’s date, Bitcoin is the only successful cryptocurrency ever made. However, it doesn’t mean that we should ignore other altcoins (Cryptocurrencies) which look promising. Even a mere $100 investment on upcoming cryptocurrencies have the power to completely transform our future financial status.
This guide is not about crypto currency investments rather it’s about an altcoin called Monero (XMR) which is now a darling of dark web. On the most popular Cryptocurrency exchange Poloniex, Monero is the 2nd highest traded Cryptocurrency. Recently Monero has also been added to Bitfinex.
We're happy to announce Monero has been added to Bitfinex. Deposits are now open and Exchange pairs XMRUSD and XMRBTC are added.
— Bitfinex (@bitfinex) November 30, 2016
In the last six months, value of Monero has increased by 394.07%. That’s not a number that we can easily ignore.
Welcome to CoinSutra and this is the first guide on Monero series. In this, I will share how you can create your own secure wallet address for Monero.
- Keep a pen & paper handy
- Don’t multitask
How to create Monero Wallet address online?
In this guide, I will share the steps to open Monero wallet online. If you are comfortable with the paper wallet (which is more secure), head to this address & generate your Monero paper wallet address. For cold storage, refer to this guide.
Note: In the second guide I will show you how to buy Monero.
Now, moving on the online wallet generation part.
MyMonero is the fastest way to create XMR wallet. This is a web interface so you need to ensure your system & browser is clean. Instead of using your usual browser use Brave browser for operating cryptocurrencies.
- Head over to MyMonero.com (Use Virtual machine or browser incognito mode)
- Click on create an account
On the next page, you will see private login key. The private login key is the only way you can access your MyMonero account. Make sure you note it down on a piece of paper & keep it at a safe place.
Click on log me in button & Ta da! You will be inside your newly created Monero wallet address.
Rest of the stuff is pretty straight forward. You can use your newly created XMR wallet address to receive funds or send funds if you have. You can anytime click on transactions to see your past or current transactions.
Here is something interesting to know about Monero transactions.
Notice the part that says Mixin. If this is your first time with Monero, this is an interesting concept to know about this Cryptocurrency.
Here is what mixin means:
“The mixin count refers to the number of other signatures (aside from yours) in the ring-signature that authorizes the transaction. So a mixin of 3 means that there is a total of 4 signatures. This means that someone looking at the monero blockchain has no way of knowing which of the four signers is the true sender.”
Once you are done, simply close the tab. Whenever you need to login to your Monero wallet, head over to MyMonero.com & login with your 13 words (Private key).
How to get Monero?
You can use Changelly to exchange Bitcoin or ETH or other cryptocurrencies into Monero.
Here are some more resources that you might find useful:
More guides from Coinsutra:
- How To Buy Bitcoins With Cash In Any Country [Tested Methods]
- Best Bitcoin Exchanges In the World To Buy/Sell Bitcoins
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