Monero Wallet: How to store cryptocoins

Cryptocurrencies are currently on everyone's lips. To be able to receive, store and send the digital coins, you need a so-called wallet. This digital wallet comes in software and hardware versions.

Monero: Setting up the wallet properly

In addition to the more popular currencies Bitcoin, Ethereum or Ripple, some interested parties also want to buy Monero. For this, in turn, there are separate wallets.While hardware wallets are special USB sticks that you connect to your computer, software wallets are desktop programs, web applications or apps for mobile devices. The difference lies mainly in security and price. Hardware wallets cost money, while the corresponding programs are usually free. With software wallets, on the other hand, your Monero is stored online. While this makes daily use easier, it also carries a higher security risk.

How to set up a Monero wallet

If you have decided to use a software wallet, the browser application of MyMonero.com is a good place to start:

1. Go to Wallet.MyMonero.com.
2. Click on "Create new wallet" to create your private wallet.
3. Monero will now guide you through the signup process. Read all the instructions carefully to create a secure account. Since you will be managing money through this access, security standards are very high.
4. Your wallet is now set up.

If you'd rather have a desktop wallet, install the desktop app found at MyMonero.com. There is also an Android app. For other cryptocurrencies, again, you will need to use your own wallets. Some of these digital wallets can now store several different currencies.