January 7, 2018

Setting Up a Monero Wallet - A Simple Guide

The best way to keep cryptoassets secure is by utilizing official wallet software. It is recommended not to trust third party providers and exchanges with your cryptocurrencies. In this short guide we will go through a Monero wallet installation and configuration.

Setting Up a Monero Wallet - A Simple Guide

The best way to keep cryptoassets secure is by utilizing official wallet software. It is recommended not to trust third party providers and exchanges with your cryptocurrencies.In this short guide we will go through a Monero wallet installation and configuration.

Download

  1. Visit official Monero website
  2. Choose your operating system
  3. Take note of SHA256 Hash displayed on a page
  4. Click the GUI (Graphical User Interface) version to start download
  5. Check the hash of downloaded file, to ensure the integrity of the content:
    5.1 On Windows: Open PowerShell -> Get-Filehash -path Downloads\XXX.zip -algorithm SHA256 | fl -> Compare the output with the one on step 3
    5.2 On Mac OSX: Open Terminal -> shasum -a 256 -c XXX.zip -> Compare the output with the one on step 3
    5.3 On Ubuntu: Open Terminal -> sha256sum XXX.zip -> Compare the output with the one on step 3
  6. If the hashes match you can confidently extract zip file content to a desired location. Approximate size after extraction is 270 MB

Install

  1. Double click monero-wallet-gui.exe
  2. Choose your language
  3. Select Create a New Wallet
  4. A mnemonic seed will be displayed consisting of 25 words. Without it you will not be able to recover yor wallet:
    4.1 Save this seed in a safe location
    4.2 Write it out on paper and store the paper in a safe location
    4.3 Double and triple check that the seed you are saving or writing exactly matches the one displayed on your screen
  5. Next you will be asked to enter the strong password
    5.1 For generating a strong password you can use a password manager like LastPass or KeyPass Otherwise check Online Password Generator or come up with your own.
    5.2 For a strong password I would recommend to have minimum of 16 characters and use symbols, letters (both UPPERCASE and lowecase, numbers, special characters ({ } ~ , ; : . < > and etc.)
  6. Click Use Monero
  7. A Monero daemon service, will start downloading a blockchain. In order to use all functions of the wallet it is important to download a full blockchain. If you'd prefer to use a blockchain bootstrap, instead of syncing from scratch, you can use a faster method explained below

Import Monero Blockchain (Optional)

  1. Download official Monero Blockchain to the directory were you extracted zip file contents.
  2. Open CMD -> cd to Monero directory -> run monero-blockchain-import.exe --input-file blockchain.raw
  3. This process first verified blockchain.raw file content and after that starts importing.
  4. If you want a faster process run monero-blockchain-import.exe --verify 0 --input-file ./blockchain.raw (not recommended)
  5. After import is finished you can start the monero-wallet-gui.exe

Send Monero

  1. Click Send tab in Monero GUI
  2. Enter amount you want to send in Amount field
  3. Choose how fast you want your transaction to be processed by changing Transaction Priority - NOTE: Higher fees might apply
  4. Paste in the Monero address in Address tab where you want to send the amount
  5. (Optional) Enter 16 or 64 hexademical characters in Payment ID - this will make transactions easy to identify to merchants
  6. (Optional) Add custom description for local use Description
  7. If you intend to make frequent transactions to a single address it is recommended to add them to the Address Book

Receive Monero

  1. Click Receive tab in Monero GUI
  2. Address displays your Monero address
  3. Generate payment ID by clicking Generate - this will allow you to quickly identify transactions
  4. Integrated address is a combination of Address and Payment ID
  5. Choose Amount you want to receive
  6. Now you can either share QR code or a Monero address to receive a payment

Now you should be all set and ready to go, enjoy your private cryptocurrency.

You might want to check why privacy aware people should choose Monero on the link below:
Why Monero? - Privacy Focused Cryptocurrency

Be wary of the critical vulnerabilities discovered in computer processors. These weaknesses may affect both local and exchange wallets:
Meltdown and Spectre Vulnerabilities - Quick Overview