Tag: Best Monero wallets

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Cryptocurrencies

MyMonero wallet Review: How Safe Is This Desktop And Mobile Wallet App?

MyMonero is a lightweight desktop and iOS app wallet developed by Monero Project steward, Riccardo Spagni, and the Monero Core Team. It was launched in 2014 as an alternative to Monero GUI – the full node client for Monero blockchain. And it seeks to address some of the challenges faced by Monero GUI users, including slow transaction processing speeds, extended wallet startup times, and drag on your computer memory, storage, and battery life.

mymonero crypto wallet app

MyMonero is a lightweight desktop and iOS app wallet developed by Monero Project steward, Riccardo Spagni, and the Monero Core Team. It was launched in 2014 as an alternative to Monero GUI – the full node client for Monero blockchain. And it seeks to address some of the challenges faced by Monero GUI users, including slow transaction processing speeds, extended wallet startup times, and drag on your computer memory, storage, and battery life.

MyMonero is a lightweight desktop and iOS app wallet developed by Monero Project steward, Riccardo Spagni, and the Monero Core Team. It was launched in 2014 as an alternative to Monero GUI – the full node client for Monero blockchain. And it seeks to address some of the challenges faced by Monero GUI users, including slow transaction processing speeds, extended wallet startup times, and drag on your computer memory, storage, and battery life.

On the MyMonero website, this desktop and mobile app wallet is described as the “Sweet spot between convenience, security, and features.” The website further adds that its development team has “Ironed out the technical details … so you can get back to business” by prioritizing the crypto wallet’s design.

But has MyMonero lived up to its expectations when it comes to balancing the ease of use with security and privacy? We answer this question and more in this MyMonero review.

MyMonero key features

Cross-platform support: MyMonero is a highly versatile crypto wallet that is compatible with multiple operating systems. Unlike the traditional Monero GUI that was only available as a desktop client, MyMonero is available as a web wallet, desktop app (Linux, Windows, and macOS compatible), and iOS mobile app.

Lightweight: MyMonero crypto wallet is also extremely light as it offloads all the heavy work to the MyMonero servers. This implies that you no longer have to download the Monero blockchain that drains its storage and RAM while eating into the battery life of your phone or computer.

Synchronized cross-platform experience: One of MyMonero wallet’s unique features is its cross-platform synchronization experience. This implies that you can easily get access to your wallet account, view transaction history and balances on any device. You only need the seed words to login to your wallet via any device.

Smart contacts management tool: MyMonero has an inbuilt Rolodex that helps you keep track of your private addresses, payment IDs, and OpenAlis addresses. You can also use smart Rolodex to manage your wallet contacts.

Speedy transfers: One of the benefits of MyMonero wallet’s lightweight nature is its speedy startup and fast transaction processing capabilities. You no longer have to wait, hours on end, for the full node client to sync with your wallet to initiate a Monero transaction.

MyMonero Security and privacy features

Password: Like any crypto wallet, MYMonero is secured with a password. The user sets this multi-character password during app installation and when registering a wallet account. It serves to protect your wallet from authorized attacks and also doubles up as an encryption tool.

Non-custodial: While MyMonero wallet servers run virtually all the wallet transactions, it won’t store your private keys. These are stored within the computer or mobile devices, giving you total control over your digital assets.

Strong encryption: All the data held in a MyMonero wallet is highly encrypted, especially the private keys and wallet communications with project servers and other third-party systems.

Native privacy: Monero takes pride in being one of the safest and most private blockchain networks around. MyMonero has taken this a step further and promotes anonymous crypto transactions by ensuring that the wallet doesn’t ask for any of your personally-identifiable details like name, address, or email. It also doesn’t keep logs for your crypto transactions, location, or device IP address. This approach to privacy beats the rudimental privacy systems put in place by some popular crypto wallets.

Open sourced: MyMonero wallet is also built on an open-sourced technology. Its users and blockchain security experts can view, audit, and recommend adjustments to the wallet app from its GitHub wallet repository.

How to set up and activate the MyMonero wallet

Step 1: Open the MyMonero official website and download the web wallet that is compatible with your device’s operating system

Step 2: Install and launch the wallet app to start the registration process

Step 3: Note that the app doesn’t ask for registration details. Rather, it will provide you with a private login key made up of 12 random phrases that double up as the wallet’s recovery seed and request that you set a password.

(Note: Write this private login key down on a physical piece of paper and keep it safe. You will not only need it to access the wallet on different devices, but it will also be needed when recovering lost private keys)

Step 4: Confirm that you have correctly written down the private login key by reentering it on the prompt tab

Step 5: Chose your preferred language and login to your MyMonero wallet

Step 6: Your account is now active and ready for use

How to add/receive coins to MyMonero wallet

Step 1: Log in to your MyMonero wallet, and on the user dashboard, click ‘Receive.’

Step 2: Copy the wallet’s public address or the QR code and forward either to the party sending you the Monero cryptos

Step 3: Wait for the coins to reflect on your wallet

How to send crypto from MyMonero wallet

Step 1: Log in to your MyMonero wallet and click the ‘Send’ tab on the user dashboard

Step 2: On the popup window, enter the recipient’s wallet address and amount of XMR you wish to send

Step 3: Enter the payment ID (This helps differentiate your transaction from others and is especially important when sending cryptos to an exchange)

Step 4: Set the privacy level for your transactions, from minimum to high or Paranoid (Monero pushes private transactions by bundling several transactions together and making it impossible to track either one to your crypto wallet. The ring size, presented as “With # others,” refers to the number of transactions bundled alongside yours).

Step 5: Confirm the correctness of the transaction details and hit send

MyMonero wallet ease of use

Downloading and installing the MyMonero wallet app or registering a user account on the MyMonero web wallet is easy. It also features a highly intuitive and beginner-friendly user interface. The user dashboard is also multi-lingual, easily navigable, and only features the most important aspects of the wallet. The process of sending and receiving cryptos into MyMonero wallet is equally easy and straightforward.

MyMonero wallet supported currencies.

MyMonero wallet will only support Monero (XMR)  altcoins.

MyMonero wallet cost and fees

Downloading and installing the MyMonero wallet is free, and so is storing your XMR altcoins in the wallet. However, you will be charged a transaction fee every time you send XMR coins to another wallet or exchange. Ideally, there are two types of fees acting on an XMR transaction.

First, is the tax charged based on the amount of data it takes to complete the transaction. It is measured in Kilobytes and is charged at 0.002XMRs per KB. Second is the miner’s fee, which is approximately 50% of the transaction cost.

What are the pros and cons of using MyMonero wallet

Pros:

  • MyMonero is a light wallet that doesn’t require you to download the full node blockchain
  • MyMonero is private and highly encrypted to guarantee the privacy of your digital assets
  • The wallet has one of the most interactive and beginner-friendly user interfaces
  • The wallet is also relatively inexpensive
  • It allows for anonymous registration and facilitates private crypto transactions

Cons:

  • MyMonero will only support XRM cryptocurrencies
  • It is an online wallet and still susceptible to the inherent risks facing hot wallets
  • The wallet doesn’t support multi-signature functionality
  • Comparing MyMonero wallet to other Eth-based crypto wallets

MyMonero wallet vs. Monero GUI

MyMonero desktop wallet can be best described as the stripped-down version of the Monero GUI. The two are almost identical in that they have similar roles in storing XRM coins and facilitating Monero transactions. The only difference between the two is that Monero GUI is a full node desktop client, while MyMonero is a light desktop app. These make MyWallet relatively easier to use and faster compared to Monero GUI.

Verdict: Is MyMonero wallet safe?

Well, MyMonero embraces the privacy-oriented nature of the Monero blockchain in the execution of its functions. It will not ask for the client’s personal data, nor collect or keep logs of your crypto activity. Additionally, any information stored within the open-sourced wallet is highly encrypted. These features have made MyMonero one of the most secure and one of the most private crypto wallets. However, we must observe that, though it is non-custodial, MyMonero is still online-based and, therefore, exposed to the inherent risks facing hot wallets. 

Categories
Cryptocurrencies

Monerujo wallet Review: What Makes This Android Crypto Wallet App Unique?

Monerujo, the android wallet for Monero, is considered the first-ever open-sourced mobile app that Monero altcoin users can rely on to store and manage their XRM altcoins. And while it is not the official Monero smartphone app, it has been developed by Monero community experts. It also features prominently on the list of best wallet apps recommended by the Monero network developers.

Monerujo wallet app

Monerujo, the android wallet for Monero, is considered the first-ever open-sourced mobile app that Monero altcoin users can rely on to store and manage their XRM altcoins. And while it is not the official Monero smartphone app, it has been developed by Monero community experts. It also features prominently on the list of best wallet apps recommended by the Monero network developers.

Monerujo, the android wallet for Monero, is considered the first-ever open-sourced mobile app that Monero altcoin users can rely on to store and manage their XRM altcoins. And while it is not the official Monero smartphone app, it has been developed by Monero community experts. It also features prominently on the list of best wallet apps recommended by the Monero network developers.

But how safe is this Android-only mobile wallet app? We seek to answer this question and tell you everything you need to know about the Monerujo wallet in this review. We will look at its key operational features, security measures in place, and ease of use. Additionally, we will provide you with a step-by-step guide on setting up, sending, or receiving XRM coins to your Monerujo wallet.

Monerujo key features:

Multi-account support: Monerujo is a multi-account crypto wallet. This implies that there is no limit to the number of user accounts and wallets addresses that you can create and host on the Monerujo wallet. More importantly, there is no limit to the number of XRM coins you can store in a Monerujo wallet.

Pay BTC addresses: You don’t have to leave your wallet or engage in lengthy and time-consuming XRM-BTC conversions to make payments on a BTC store. Monerujo currently allows you to pay into a Bitcoin address directly, without going through a crypto exchange.

Lightweight wallet app: Monerujo is a light wallet that doesn’t require you to download the full node blockchain into your phone. Rather, the wallet app uses remote nodes to synchronize the app functions with the Monero Blockchain. This ensures that the crypto wallet app doesn’t drain your phone’s storage, RAM, or battery life.

Integrates hardware wallet: Monerujo is a Monero-only wallet, but to expand the scope of the number of supported cryptos as well as its security features. Currently, Monerujo integrates Ledger Nano S that, in turn, supports over 1000 cryptocurrencies and tokens.

Security and privacy features:

Password encryption: Like most other crypto wallet apps, Monerujo is secured with a password that you set when installing and creating a user account. The password also serves as a security tool that is used by the wallet to encrypt all the user data stored therein – including private keys.

Open sourced: Monejuro is an open-sourced and community-led crypto project. Its source code is available on GitHub and is open for viewership, auditing, and critique by its users and the crypto community. This makes Monejuro one of the most transparent crypto wallet apps.

F-droid privacy: The Monero network and XRM coins take pride in guaranteeing your transactions’ security and transparency. And to achieve this and avoid leaving digital footprints when you download the wallet app from your Gmail-linked Google Play Store, Monejuro is now available on the ultra-private F-Droid app repository.

Hierarchically deterministic: The Monejuro crypto wallet app is also hierarchically deterministic. This implies that every time you initiate a crypto transaction, the wallet auto-generates a new public address, effectively masking your real address and throwing-off any would-be crypto trackers.

Non-custodial: Monejuro doesn’t store your private keys within the Monero Foundation servers. Instead, these are encrypted and stored within your smartphone, giving you absolute control over your private keys.

Recovery seed: When installing the crypto wallet app and creating a user account, you will be provided with a series of random phrases that form your recovery seed. The seed comes in handy when you are looking to recover private keys from a lost wallet.

How to set up and activate the Monerujo wallet

Step 1: Download the Monejuro crypto wallet app from Monejuro official website, Google Play Store GitHub, or the F-Droid mobile app repository.

Step 2: Install and launch the app. Click on ‘Create New Wallet’

Step 3: Create a unique username for the wallet

Step 4: Create a password for your wallet

Step 5: Click on ‘Make Me A Wallet Already’ to authorize the wallet to generate public and private wallet addresses.

Step 6: The phone screen will now display all the important wallet information, including its Public address, view key, and Spend key, wallet restore key and a mnemonic seed that comprises 25 random words. Write these words down and keep them safe offline.

Step 7: Click on the “I Have Noted The Mnemonic Seed” to complete the setup and access your wallet’s user dashboard.

How to add/receive coins to Monerujo wallet

Step 1: Log in to your Monerujo wallet, and on the user, dashboard click on the green ‘Receive’ button

Step 2: The wallet will display both the wallet address and QR code, copy either and forward and to the party sending you XRMs

Step 3: Wait for the funds to reflect in your wallet – may take up to 20 minutes.

How to send crypto from Monerujo wallet

Step 1: Log in to your Monerujo wallet app and click on the Orange ‘Give’ button

Step 2: The app will display a transaction page where you can enter the recipient’s wallet address, Payment ID (optional) and private note (optional)

Step 3: Enter the number of coins you wish to send. This can be expressed in the form of XRM altcoins or any of the supported fiat currencies.

Step 4: Check the accuracy of the transaction details and hit ‘Confirm.’

Monerujo wallet ease of use

Monerujo’s crypto wallet’s onboarding process is relatively straightforward. It doesn’t request personal information from the user when creating a wallet. The user dashboard is also easily navigable, and so is the process of sending and receiving XRMs into the wallet.

Monerujo wallet supported currencies and countries.

Monerujo is a Monero-first crypto wallet that is specially designed to store and help manage XRM coins. It, therefore, will only support Monero cryptocurrency.

Monerujo wallet cost and fees

Downloading and installing the Monerujo crypto wallet app is free. Plus, the wallet does not charge you for storing your Monero altcoins therein.

You will, however, be charged Monero network fees every time you initiate a transfer out. This fee is typically influenced by the level of anonymity you want to achieve with the transaction (the Ring Size) and the transaction processing speed. Typically, large ring size and high transaction priority levels translate to higher transaction fees and vice versa.

Monerujo wallet Customer support

Monerujo has a readily available and highly responsive customer support team. In addition, you can contact them by raising a support ticket on the Monejuro wallet website, sending them an email, or interacting with the development team via their respective handles on such social media platforms as Reddit, Telegram, or Twitter.

What are the pros and cons of using Monerujo wallet

Pros:

  • The open-sourced nature of the Monerujo crypto wallet guarantees maximum security and transparency.
  • Monerujo doesn’t collect or store any information that may be personally identifiable to you.
  • It is highly versatile and makes it possible to pay a Bitcoin address directly from a Monero wallet.
  • It is highly convenient as it is accessible on mobile platforms.

Cons:

  • Monerujo is Android only crypto wallet app
  • It will only support money crypto coins
  • It is unregulated

Comparing Monerujo wallet to other Monero specific wallets

Monerujo wallet vs. MyMonero

Monerujo and MyMonero are both lightweight wallets, specially designed to store Monero cryptocurrencies. They are to the extent that they will only support Monero altcoins, allow for anonymous user registration and transaction processing, and allow you to set the transaction fee.

But while Monerujo is an online-only wallet app, MyMonero is a cross-platform vault available as a web-wallet, desktop app, and iOS app. Monero, however, carries the day when it comes to compatibility with hardware wallets as it integrates ledger Nano S and its ability to pay into bitcoin addresses directly.

Verdict: Is the Monerujo wallet safe?

Well, Monerujo has embraced premium security and anonymity measures aimed at keeping your digital assets. For instance, it facilitates the execution of anonymous crypto transactions. It doesn’t collect or keep logs of a user’s private information. It is highly encrypted and also built on open-sourced technology.

These features, plus the fact that you can download the app on the highly anonymous F-Droid repository, make Monerujo one of the most secure crypto wallet apps. However, we must mention that being an online-based wallet, Monerujo is exposed to common challenges facing hot wallets – like phishing and hacking – especially since it doesn’t support 2FA.