How to

MyMonero: for storing XMR in a simple and versatile way

Key facts:
  • Works on the latest operating systems (Windows, Linux, Mac, iOS).

  • Private keys will be generated locally.

MyMonero is one of the most widely used and oldest monero wallets and It is still a great option when choosing a good wallet.. With a clean, simple interface that doesn’t compromise the anonymity of Monero, this wallet is designed for both beginners and advanced users.

Likewise, this portfolio works on most current operating systems (Windows, Linux, Mac, iOS) and has a web version. This versatility means it can be used on almost any device.

On the other hand, in terms of security and regardless of which operating system or web browser we run it on, private keys will be generated locally. Therefore, the only form of backup will be through a recovery seed. In this way, the dependence on third-party servers that would violate the integrity of our assets is completely eliminated.

In this tutorial, quite basic due to the simplicity of the portfolio, I will show you how to use the desktop version of MyMoner. Nevertheless, you can use these same steps in any other version without any problems, since the same usage format is preserved.

Discharge

We can find the installer of this wallet at MyMonero main portal. It is recommended that you go directly to the official website and get the download links from here, regardless of the operating system we are using, to avoid being a victim of a fake wallet that steals our funds.

MyMonero main portal. Source: MyMonero.

When we open the web portal, we immediately find the installer that corresponds to the operating system we are accessing from. In case we need to download it for another operating system, click on See other platformswhich will show us the list of platforms that MyMonero works on.

Platforms where you can use MyMonero. Source: MyMonero.

The installation process is quite simple. The first thing is to download and run the installer, and when this process is complete, we will have a wallet installed and a shortcut on the desktop that we will press to access MyMoner.

Source: MyMonero.

Create a wallet on MyMoner

The first step, just in case we don’t have the recovery seed, is to create a portfolio. For that we will press the option Create a new wallet.

Source: MyMonero.

First of all, we need to give our portfolio a name and a color. They are entirely referential for use within MyMonero: by this I mean that these configurations will not be related to the seed we will generate in the next step. In other words, when we return the wallet we will have to choose the name and color again.

Source: MyMonero.

What follows below is a series of instructions and warnings about the use and care we must give to the seeds we are about to create. The first tells us that each portfolio comes from a unique sequence of words called mnemonics.

On the other hand, we have the fact that, although it may seem obvious to some, We should not share these seeds under any circumstances.because if that were to happen, it would completely jeopardize the integrity of the funds we have in the portfolio.

In the next step, we have to check the box I realized and press on The next one.

Source: MyMonero.

What we see in the previous picture is our seed. This will be the only way we will have to get our funds back because, in case of loss, MyMonero cannot provide any kind of support. These words are generated locally on our computer and are not stored on any external server..

Considering the above, the way we store these words must be considered. What I always recommend is to copy them down on paper and keep them in a safe place. It is not recommended, under any circumstances, to store them on digital devices, and even less on devices that are constantly connected to the Internet. This increases the risk of losing funds in case of hacking.

Another thing to point out is the fact that MyMonero allows us to generate recovery words in the language of choice. This does not mean that the first generated words will be translated, but that every time we select another language, a new package of words will be generated.

After saving our seeds, we will choose The next one.

Source: MyMonero.

The next step is to confirm the first 7 seed words that we generated in the previous step.

Source: MyMonero.

After that we have to assign a PIN code. This will serve as a security password every time we open the wallet, send funds, or want to view the private key or recovery seed.

Source: MyMonero.

With this we are ready to use MyMonero.

Explore MyMonero

As I mentioned at the beginning of the tutorial, the interface is clean and quite intuitive. Let’s explore each of the options that MyMonero offers.

The first thing, when the creation process is finished, is to choose which portfolio we want to access. To access them, just click on one of them.

Source: MyMonero.

What we see here is our portfolio. In this particular section, which would be the beginning of the wallet as such, we will have the total balance we have for XMR, as well as buttons to go to the send or receive sections. A part of the address is also displayed, which we can copy by clicking on Copy or selecting the Receive button, where we will display the complete address together with its abstraction in a QR code.

If we click on the public address and enter the security PIN, we will see the full public address, as well as the view secret key, private spending key, and recovery seed.

Source: MyMonero.

It must be taken into account that this information is sensitive and, if breached, completely compromises the security of the assets in the portfolio.

Send and receive funds in MyMoner

Simplicity is present in every aspect of this wallet and these parts are not far behind.

Starting with reception, we go to the QR code icon located in the left menu.

Source: MyMonero.

As you can see, all you need to receive funds is to share our public address. Here you will find the written address and its display in the QR code. As for the latter, we have the option to download it by pressing the Save option, since when sending, we can load the destination address based on this type of file.

Shipping is also very easy. First we need to go to the paper airplane icon located in the side menu.

Source: MyMonero.

At the top of the list is the original portfolio of funds. This option is only important if we manage multiple wallets, because in that case it is necessary to have an account from which the funds we will send will come.

After that we will find the amount to send. This is, by default, expressed in XMR, but we can see its equivalence in different fiat currencies by displaying the list on the right. MyMonero will perform the conversion depending on the average price of 1 XMR in the market against the currency we choose.

Next we need to enter the recipient. This can be an address or the name of a contact from list of frequent contacts which MyMonero allows you to manage, very similar to a phone book. Likewise, we have the option of adding an address based on a saved QR code. To do this, we have to choose the option Choose file, look for the address file and that’s it.

Before sending, MyMonero allows you to assign a payment ID to identify the transaction sent. This is because XMR is an anonymous cryptocurrency and it is not possible to trace the origin of the received transaction, so through this identifier it is possible to find out who the payment is from, if the person has previously shown us this ID.

Likewise, the payment ID is random and can be set or generated by ourselves.

We just have to choose the delivery priority, which will affect the total price of the mining commission, and send the payment.

List of contacts on MyMoner

As we have already seen when sending, MyMonero allows you to put the contact’s name in the destination address field. To add it to our list, we will go to the silhouette of a person option located in the menu.

Source: MyMonero.

In this section you will find a general list of contacts. To add a new one, press the (+) icon at the top.

Source: MyMonero.

First we have to assign a name and, optionally, we can add an emoji to it. Next, we’ll enter your public address, which can be done in both text and QR code.

Finally, there is the possibility of assigning a Payment ID. If we leave this field blank, MyMonero will automatically generate it.

Then we click on Save and that’s it, we’ve added our contact.

Conclusions about MyMoner

Simplicity, which I talked about throughout the tutorial, is the strength of this wallet. Always emphasizing the intuitive, MyMonero is a great option, in my opinion, for new users. It allows you to have a secure XMR wallet without much hassle, which is a feature I always recommend when looking for a wallet.

On the other hand, and regarding his weaknesses, they may lie in his own strength: simplicity. This is because, since it is so simple, it may lack some options for more advanced users. However, these features that may be missing are not decisive when it comes to distinguishing between a good and a bad portfolio.

In conclusion, MyMonero is a versatile and simple wallet that can be used on almost any device, without leaving aside the anonymity of XMR oMyMonero: to store XMR in a simple and versatile way of security.

Featured image from MyMonero

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