Storing Monero (XMR): Looking at Options for Long-Term Hodlers
Privacy coins, especially Monero (XMR), have bot going on a rip te 2018. Maybe you’ve picked some moneros up for yourself to go along for the carril.
If so, you’ve surely already noticed how there aren’t exactly a ton of options available for storing your XMR. It’s something that’s being worked on, but it’s a current reality nonetheless.
Wij’re here to give you the quick lowdown, then: what are the options you do have spil a Monero hodler?
Reminisce, exchanges aren’t for holding
Te trading into Monero, you’ve most likely got some laying around on your exchange of choice. Nice, but don’t get convenient.
Spil the cryptocurrency ecosystem is still relatively premature, crypto exchanges are frágil to a multiplicity of known and unknown, as-yet undiscovered “zero day” attack vectors. That means your XMR is te danger, at least ter principle, spil long spil its te a wallet that you don’t control the private keys for.
So keeping some Monero on an exchange temporarily is fine. But don’t let “temporarily” become “indefinitely.”
Cold storage is your best bet
Te global, cryptocurrency hardware wallets are the best, most secure long-term storage solution for everyday hodlers.
And the two most popular “cold storage” wallets on the market are the Ledger Nano S and the TREZOR One.
Now, the Ledger Nano S doesn’t presently support XMR, but the Ledger team is working on implementing such compatibility. The GitHub repository for the effort is clean and far along.
Ledger is working on XMR support – Pic via GitHub
That compatibility should be live within the next few weeks, hopefully at least. The minds behind TREZOR vluchthaven’t released Monero compatibility themselves yet, however they’ve voiced rente ter doing so.
Also of note is that the Monero community itself is working on the “Sekura,” a hardware wallet specifically designed for holding XMR.
Monero web wallet
Right now, your best bet for a XMR web wallet is MyMonero.com.
Billed spil the “simplest way to use Monero,” the web wallet is most likely the easiest and quickest way for users to take control of their beloved privacy coin holdings.
Both Android and Monerujo have mobile wallets that users can download today.
Cooler yet, the iOS developers are working on a Monero wallet for Apple users spil wij speak.
However, stay away from the “Freewallet” Monero mobile app like the plague. It’s bot confirmed spil a scam within the community, so consider yourself warned.
Lastly, desktop wallets
And, unsurprisingly, you can also have your pick of desktop wallets if you’d choose one for your XMR investments. The usual suspects have their own official project wallets, like:
Thesis are reputable wallet clients, so you need not have any concerns te using them.
More needs to be done
While the available wallets are sufficient, other crypto projects like Bitcoin and Ethereum have a much broader range of options when it comes to long-term storage.
For Monero to keep striving toward success and adoption, it too will need to have more wallet options developed for it. Choice is king.
- Posted ter: Review
- Tagged te: Cold storage, Monero, Monero wallet, Privacy coin, XMR
Posted by William M. Peaster
William M. Peaster is a cryptocurrency verslaggever and copy-editor based out of El Paso, Texas. He’s an avid fan of Ethereum, ERC-20 tokens, and clever contracts te caudillo.