In the earlier part of Monero’s release, the coin faced huge criticism and backlash over the lack of options for storing it. Because the cryptocurrency was based on an entirely new codebase, there were only a few wallets that were compatible with it.
The altcoin has come a long way since then. Now, people have a whole range of options for storing Monero, and each one has its unique combination of features. Users can take their pick from various wallet categories and sub-types, ranging from full wallets to paper wallets. There are even hybrid options that sync between mobile and desktop applications as well as physical devices specifically designed for keeping a user’s keys offline.
Although deciding on the best one for you boils down to personal preference, there are still certain factors to consider when assessing the quality of a potential wallet. If you’re currently undecided, here are some of the ideal characteristics that you’ll want to see in an XMR wallet:
It Should Offer Easy Wallet Importation
Do you already have an XMR wallet and want to switch to a new one? In that case, look for a good Monero wallet that will allow you to easily import data from an old wallet. If it comes with a smart import function, even better. Such a feature will make the importation process quick and effortless.
It Should Always Stay Updated and Synced
When it comes to using Monero, you’ll need a wallet that can keep up with you as you carry out your transactions on the regular. With that in mind, go for one that has shown to be reliable when it comes to updating and syncing functionalities.
To be specific, your wallet of choice should be capable of automatically syncing your data to the blockchain. This will be key to preventing any technical issues as you send and receive XMR with other users. At the same time, the wallet should be able to provide up-to-date information on cryptocurrency exchange rates. Such a feature will save you time and energy, as you’ll no longer have to look up said rates outside of the wallet itself.
It Should Be Completely Client-side
A reliable XMR wallet should process all data completely from client-side servers. This means that the wallet should run computational functions on your preferred device rather than through an online server for much faster data processing. This will result in more seamless transactions and exchanges, and it means you’ll be less likely to experience any unwanted downtime. At the same time, a completely client-side wallet will keep prying eyes away from your transaction data—assuming that your device is secure, to begin with.
It Should Run on Open-Source Code
Most cryptocurrencies are well-known for being decentralized and mostly unregulated for the sake of user anonymity. That being said, it wouldn’t make sense if a cryptocurrency wallet offered full access to any third-party entity, group, or developer. At the same time, if only a single entity possessed control of the wallet, the wallet’s development and uptime will depend entirely on the said entity. Should the entity decide to abandon the wallet, then the wallet will no longer receive any crucial security or optimization updates, rendering it far less useful.
To avoid this, you’ll want to pick an XMR wallet that runs open-source code. What this essentially means is that the community can access the backend, that is, the very code that comprises the wallet. This free access will allow Monero enthusiasts who happen to have programming knowledge to work together on improving upon the existing code.
As a result, most open-source wallets tend to be much more secure and reliable, as entire communities of users can collaborate on finding and fixing bugs as well as coming up with quality-of-life changes. In short, open-source wallets allow for quicker software updates and rapid improvements to the wallet that would otherwise take months when left to only a single person or a handful of people.
It Should Not Keep Any Records or Logs
A great digital wallet should provide just as much privacy to the user as the Monero cryptocurrency itself promises. With that in mind, how can a reliable XMR wallet preserve a user’s anonymity?
The answer is simple: the wallet should never, under any circumstances, record any of the user’s personal information nor should it keep any logs of the user’s activities. Additionally, creating the wallet should not require any registration, as this process entails sending one’s personal information to a host entity. Because there’s no data stored in the wallet, there will be nothing for malicious individuals to find in case they attempt to hack into it.
These are only a few of the most important features you should look for when choosing a wallet for storing your XMR in. While it may take some time to find one that has all of the capabilities mentioned above, it will be well worth the effort. Don’t settle for a wallet that’s hard to use, slow to sync or update, or puts your sensitive data at risk. Instead, it’s best to continue on with your search until you eventually come across the perfect one for your needs.