How to set up a Monero Wallet?

Getting started with Monero > XMR

What are the benefits?

Monero (XMR) is more private the other currencies such as Bitcoin and has very low transaction fees. It is also more widely used the some of the other privacy focused currencies which makes it a perfect choice to use for donation and trading etc.

The easist way to get started is to go to https://www.getmonero.org/downloads/ which is Monero’s offical site and you can either download the GUI Wallet or the CLI Wallet. If you are a beginner or not use to using a command line > go for the graphical version (GUI).

Download the latest version for your OS

> There is also more packages available for multiple Linux distributions on their GitHub.

> You are strongly advised to verify the hashes of the archive you downloaded. This will confirm that the files you downloaded perfectly match the files uploaded by the Monero development work group. Please don’t underestimate this step, a corrupted archive could result in lost funds. Verify the download. There is guides here for Windows and GUI/CLI.

Usage;

Once you have installed the program and opened it, you will be asked for Language selection and mode selection.

  • Simple mode
  • Simple mode (bootstrap)
  • Advanced mode
  • Portable mode

You can use simple mode offline when creating the wallet if you wish. If you want to use advance mode, you’ll be required to download the whole blockchain. This will use a chunk of bandwidth as well as time.

Now you can choose to create your wallet which will generate your seed phrase.

These randomly generated words are your money! Never show anyone these words and I advise against saving them on our computer. Write them down, twice. Store them securely in a safe or somewhere that only you have access.

Create your password which will encrypt and decrypt your wallet on the computer.

Now we get to the main wallet screen. This is where you get your public sharable wallet receiving address. It is labeled ‘primary address’ it is a long line of characters. You can either do the old copy and paste on your website/social media for donations or be fancy and use the QR code.

When people scan the QR code they will receive your wallet address instantly and be able to transfer you funds or donations. If you exchange Bitcoin for XMR in a crypto Exchange, you can then use the new wallet address to get your XMR out of the Exchange and into your wallet.

That’s pretty much it.

Enjoy.