Monero Guide

What is Monero?

Monero, also called XMR is a Cryptocurrency like bitcoin which no doubt you will have heard of. Monero is much more focused on privacy than Bitcoin and most other cryptocurrencies. It’s the best choice for those who are serious about keeping their identity hidden. Cryptocurrency uses a blockchain to keep a ledger of all transactions. That virtual ledger can be accessed publicly, what makes Monero special is by using an encrypted blockchain. This makes seeing who has sent and received it virtually impossible. It’s because of this Monero has been adopted by a large community Privacy enthusiasts and activists. In some markets Bitcoin and other currency are actively being fazed out in favour of Monero.This makes it a better time than ever to start using Monero.

Monero is the best currency for keeping your transactions completely hidden.

You can learn more about Monero by visiting their web page at getmonero.org

Get started with Monero

 

Install a wallet

First of all you are going to need somewhere to store your XMR. There are a few ways to do this but the easiest way, is to download a software wallet. For this tutorial you will be using a wallet called i’m going to use Exodus its very easy to set up for a first time user. It does have some drawbacks but for an average user it is absolutely fine. Exodus is a free wallet that lets you store many different coins in one place. You can keep multiple currencies safe with one password. Basic sending and receiving functions can be mastered in minutes. To download Exodus head over to Exodus.com It’s available for windows and linux.

Once you have Exodus installed, I highly recommend you head to the settings in the top right of the window. You will want to disable it from displaying the coins you are not going to be using.

For example my wallet only displays Monero, Bitcoin and Ethereum, this keeps the UI nice and clean and easy to use. You should go through each of the tabs and settings to familiarize yourself with the wallet, although this isn’t strictly necessary. You will however want to secure your wallet with a password. I am going to explain how to do this in the next step so you don’t need to worry about that for now.

Head back to your wallet, select Monero from the menu and click receive. A new window will appear displaying a long chain of letters and numbers.

This is your personal Monero address. This is what you give to other people so that they can send you XMR.

You can also save the QR code and use that instead. Generally speaking you will only be using the text version. You can begin receiving Monero straight away if you know someone willing to send them to you. Before you continue it’s important to backup your wallet.

 

Use a password manager

 

Using Keepassxc to manage passwords

 
When you set your wallet password your going to want to make sure its unique. It is extremely important you do not forget this password, also make it as complex as possible. I highly recommend that you use a password manager such as Keepassxc.
Keepassxc is a very secure way to store your passwords in an encrypted format, grab it here.
 
The passwords stored in Keepassxc can only be accessed with a ‘mother password’. Do not lose the ‘mother password’, if you do then you won’t be able to gain access to your other passwords.I suggest you write it down somewhere and keep it safe.
 
We are going to use Keepassxc to  automatically generate a secure, unique password. Hit the new entry button in the task bar
 
Now we are going to make a new password. If you click the keyhole on under the password field then you can use a slider to generate a password to your liking. I suggest making any new passwords “excellent”.
 
Now go back into exodus wallet and in the settings tab you want to head to backup. From here it will allow you to set up a password and recovery phrase. Use the password you just made for the wallet. Now don’t use that password for any other sites.
It is is good practice to only use unique passwords for all websites or software.
 
If you don’t want to use Keypassxc then there are other good managers available, or If you can’t download for some reason then I use Passwordgenerator.net. whatever you decide to do make sure you don’t lose it.
 
 

Purchase Monero

 

Buying from Local monero

The easiest way if you don’t already have other crypto-coins lying around is to buy Monero from an exchange. I usually use localmonero.co. There is multiple different methods to buy coins such as using cashapp, bank transfer, pay with with physical cash and more. Lots of the sellers don’t require you to show any form of ID and the coins are sent within minutes.

Select a seller from the list and click “buy”. In the next page you enter the desired amount of coins and you will be shown a price. When you request to trade a window will connecting you directly to the seller. From there you can contact them if you need to. Just follow the on screen prompts and double check you have entered the details correctly.

I always buy  about 10% more than what I plan to spend to cover transaction fee’s and market commissions.

You should still have a little bit left over if you do this as well.

IMPORTANT Make sure you carefully read the sellers terms of trade on the right hand side before you initiate the trade.

When the seller receives your payment then the specified amount of coins will be released to you. The coins are sent to a wallet built into  Local Monero’s website. These coins now belong to you and you can we can withdraw them into your private wallet.

Never send coins from an exchange directly to a dark market!!

 

Withdraw your balance

Now that we have our balance which be seen by looking in the top right of the screen, you need to withdraw your balance to a secure wallet. If you have followed my other guides then this will be your exodus wallet. Click on your local Monero balance in the top right and then you select how much you want to withdraw and what address to send it to.
 
Go into exodus and find you Monero wallet then click “receive”
copy and paste the address into “receiving Monero address” on Local Monero.
 
For the fee I personally always leave this as standard but you can set it to low if you prefer. This changes the priority of your transfer so that it happens faster.
 

Sending Monero

If you have followed everything so far then you should now have an incoming balance to your wallet.

In some cases it can take up to a couple of hours for your funds to become available in the wallet but usually this happens within one hour. So don’t panic if you cant see them right away. Exodus should now show your balance. Once it has been confirmed you can now use Exodus to send it to other people. Simply press send and enter the wallet address of the recipient and it will be on its way!