Lately, we heard a lot from the cryptocurrency Monero, what is special about this one is you can send value anonymously over the internet. The cryptocurrency uses the CryptoNote protocol, where you can not link the address to the users. The value of Monero has increased since the end of 2016, and I think the price will continue to increase in 2017. The advantages of using Monero? it is secure, private and untraceable in comparison of bitcoin where all transactions are recorded on the ledger and everybody can look at the blockchain transactions.
Type of wallet
I found 3 types of wallet:
- Android Wallet
I tried to find my first Monero wallet on my phone in order to receive my payments on it. The only one I found from my search on Google and Play Store is the Monero Wallet from freewallet.org. This app has over 10000 downloads and has a review of 4.2.
The application is around 29Mo so make sure you download it on a wifi access instead of your data plan. I installed the application and found out that you have the opportunity to register with Facebook, Google+, your phone or your email. You have the option to put a security code, I think it is the most basic security feature that you should implement immediately after you install any application.
- Web Wallet
With a web wallet, you store your fund online and you need to register on the website Mymonero. Keep in mind, it is easy to have access through a web browser, but it is not the most secure option for storing your Monero for a long period of time. I think if you want to get in touch with this cryptocurrency, it is a good option to play with at first, and then switch for a wallet on your smartphone.
- Desktop Wallet
At the moment this wallet appears to be the most secure one. You need to download the application on the following site Getmonero. After the installation, you should be able to send and receive your XMR. You have the possibilities to run a full node to help the Monero network if you want to contribute.
Where to get your first Monero for free
I made a search on the internet to get my first XMR. I found the following website that I tested myself.
- Monerofaucet: You need to provide your Monero address, resolve a captcha and then claim your XMR. When you are going to reach the minimal payment, you will see a button to claim and have the fund transfer to your wallet.
Don't seem to be many ways available in order to get free Monero, but at least you can start your journey with this faucet. You should at least get some free and understand how it works before investing real money into the currency.
You have the possibility to mine this cryptocurrency with your CPU or GPU, keep in mind that the chance to find some on your own it's pretty slim. You have better chance to join a pool and share you computer power with the pool. Monero is proof of work cryptocurrency.
I believe the Monero ecosystem will increase in demand in 2017, people are looking for ways to transfer value anonymously. As you need to remember with this cryptocurrency, you can't retrace the address of the users and it increases your privacy online. The popularity has increased because a lot of users use it on the Darknet market to buy goods instead of using bitcoins. Now you know more about it and can start using it.
If you need more information, don't hesitate to post on the comment section below, my dear followers!