Monero For Beginners 7
Monero For Advanced 7
Monero Quiz 0No items in this section
Securely Buying And Storing Monero
In order for securely buying Monero, the best option is to probably buy Bitcoin. This process will involve your uploading your personal ID and will take up to 10 days. Coinbase allows smaller buys instantly via debit card but will add a large fee for this option. once you have purchased Bitcoin, you can easily convert it into Monero.
Next step for securely buying XMR, you will have to download the paper wallet generator and copy it to a USB stick. Unzip and open the paper wallet generator into the web browser on your computer preferably one that hasn’t been used before or has a clean installation of the OS. Your paper wallet will have four main items:
The monero public address is used to receive the funds to the wallet and you will give this to anyone who will be sending the funds to your wallet. The mnemonic seed is the method of storing the wallet that is easily recognizable to the people and all you need to do is restore your wallet at a later date. Monero private spend key is then used to send funds from the wallet. The private view key will help you to view the transactions entering the wallet.
At this point, you can do a whole lot. You can either print the wallet on paper, save it as a text or PDF file on a USB stick, record it on a CD. You would want a few copies stored in different locations and make sure that If you store it digitally, encrypt everything with a very strong password. If you lose access to the paper wallet, Monero will not be available to anyone or to yourself and you won’t be able to recover the funds. Next, you will have to switch your internet-connected computer and to choose Deposit bitcoin and receive monero. Your address on your paper wallet will open and you will have to paste the Monero public address from your paper wallet where it says enter your Monero address.
You will have to enter a refund address as well. You should enter a bitcoin address that you control where the refund can be sent in case there’s a problem with the transaction. Make sure to leave a payment ID blank if you are sending it to your own Monero wallet. When the new screen opens, copy the Deposit Address into your clipboard. Once the send has been initiated, there will be a small delay while the transaction enters into the blockchain and awaits for confirmation.
Because the monero blockchain is private, you will not be able to look up your public address and confirm that the funds have arrived. This is not convenient but it great for privacy. To securely verify the funds, you will have to set up a view-only wallet. This is the place where the view-key comes in. To verify the funds that are still in your wallet and that was not spent, you will have to create a cold wallet with your mnemonic key on a preferably new computer with an up-to-date copy of the Monero blockchain. When finished you will have to securely erase the wallet and connect it to the internet.