How To

How to Get a Monero Wallet?

While getting started with the Monero coin cryptocurrency the first thing you needs to take care of his to get a Monero cryptocurrency wallet. Cryptocurrency wallet is the online analogous of a physical wallet which you put in your pockets to keep your belongings such as credit cards, debit cards, and cash. Like the same way you store your earned cash money into your physical wallet, you can also store your cryptocurrency money into your cryptocurrency wallets. So for getting into any kind of activity regarding the Monero cryptocurrency be it mining, sending, receiving, or trading you first of all necessarily require a cryptocurrency wallet for Monero.

cryptocurrency wallets are of two types: they are software type and hardware type. The hardware type cryptocurrency wallet is required only when you need to store a large amount of cryptocurrency money. Well if your need is a smaller number of cryptocurrency tokens then you can easily go for online available software wallets. An online wallet for cryptocurrency act in the same way as a physical wallet does such as when you send a certain amount of money to another cryptocurrency wallet holder the stipulated amount gets subtracted out of your balance and credited to the person whom you are sending the money.

Even for the process of cryptocurrency mining of Monero, you need to have a cryptocurrency wallet so that the cryptocurrency could be safely stored in a wallet to be further utilized for any purpose be it trading or sending or receiving money. For every wallet, there is a wallet address which is a Unique Identity by which cryptocurrency wallets are identified. For sending a money to a person you need to know his wallet address. The wallet address works in a similar way as that of the bank account number. Bank account number helps us to uniquely identify a bank account so that we can credit or debit money to or from it.

So a cryptocurrency wallet address is necessarily required so that every account could be uniquely identified for the purpose of crediting or debiting of money. Also, it is your optional prerogative if you don't want to share your wallet address with anybody then you are free to do so because the wallet address is a unique string set which cannot be guessed by any person. The wallets are protected by the many safety mechanisms such as a password or one time passwords which are sent as SMS by the service providers.

For making it more secure you can also add various other security layers such as fingerprint recognition or iris scanner. Whatever you do but you must understand that wallet is an inseparable part of banking operations done over any cryptocurrency blockchain or its network.

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