5 Ideal Characteristics Of A Reliable XMR Wallet 2023: Is XMR Wallet Legit?
Last Updated on: November 12, 2022 by Andy Thompson | Fact Checked
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In this post, we will discuss the Characteristics Of A Reliable XMR Wallet 2023
When Monero first came out, there was a lot of backlash and criticism because there was no way to store it. Because the cryptocurrency was based on a completely new codebase, only a small number of wallets could store it.
Since then, the altcoin has come a long way. Now, there are many different ways to store Monero, and each one has its own unique set of features. Users can choose from different types and subtypes of wallets, like full wallets or paper wallets.
There are even hybrid options that sync between mobile and desktop apps, as well as physical devices designed to keep a user’s keys safe when they are not online.
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5 Ideal Characteristics Of XMR Wallet
Even though the best one for you depends on your personal tastes, there are still some things to think about when judging the quality of a wallet. If you’re not sure what to look for in an XMR wallet yet, here are some things you should look for:
1. Easy Wallet Importation Is A Must
Do you already have an XMR wallet but want to switch to a new one? If that’s the case, find a good Monero wallet that makes it easy to import data from an old wallet.
Even better if it has a smart import function. With this feature, the process of importing will be quick and easy.
2. Updated And Synchronized At All Times
If you want to use Monero, you’ll need a wallet that can keep up with you as you make regular transactions. So, choose one that has been shown to work well when it comes to updating and syncing features.
To be more specific, the wallet you choose should be able to sync your data automatically to the blockchain. This is important if you want to avoid technical problems when sending and receiving XMR with other users.
At the same time, the wallet should be able to show the most recent exchange rates for cryptocurrencies. You won’t have to go outside of the wallet to look up the exchange rates. This will save you time and energy.
3. The Client Should Be Completely In Charge
A trustworthy XMR wallet should process all of its data from servers on the client-side. This means that the wallet should run computations on the device you choose instead of a server online. This will make data processing much faster.
This will make transactions and exchanges go more smoothly, and it will make it less likely that you’ll have to deal with downtime.
At the same time, if your device is secure, no one will be able to see your transaction information if your wallet is completely on the client-side.
4. The code should be open-source
Most cryptocurrencies are known to be decentralized and mostly unregulated so that users can remain anonymous. So, it wouldn’t make sense for a cryptocurrency wallet to let any third-party entity, group, or developer have full access.
At the same time, if only one person or group controls the wallet, the wallet’s development and uptime would be completely up to that one person or group. If the entity decides to stop using the wallet, it will no longer get important security or performance updates. This makes the wallet much less useful.
To keep this from happening, you should choose an XMR wallet that uses open-source code. This means that the community has access to the backend, which is the code that makes up the wallet itself.
With this free access, people who like Monero and know how to code will be able to work together to improve the existing code.
Because of this, most open-source wallets tend to be much safer and more reliable, since whole communities of users can work together to find bugs and fix them, as well as make changes that make the wallet easier to use.
In short, open-source wallets make it possible to update the software and make changes to the wallet quickly, which would take months if only one person or a small group of people could do it.
5. Records or Logs Should Not Be Kept
A good digital wallet should give the user the same level of privacy that the Monero cryptocurrency does. So, how can a trustworthy XMR wallet keep a user’s identity secret?
The answer is easy: the wallet should never record any of the user’s personal information, and it should never keep a record of what the user does.
Also, making a wallet shouldn’t require registration, since that means sending your personal information to a host entity.
Because the wallet doesn’t store any information, bad people won’t be able to find anything if they try to hack into it.
These are just a few of the most important things you should look for in a wallet to store your XMR. Even though it might take a while to find one with all of the above features, it will be well worth the time.
Don’t settle for a wallet that is hard to use, slow to sync or update, or puts your sensitive information at risk. Instead, you should keep looking until you find the right one.
Andy Thompson has been a freelance writer for a long while. She is a senior SEO and content marketing analyst at Digiexe, a digital marketing agency specializing in content and data-driven SEO. She has more than seven years of experience in digital marketing & affiliate marketing too. She likes sharing her knowledge in a wide range of domains ranging from e-commerce, startups, social media marketing, making money online, affiliate marketing to human capital management, and much more. She has been writing for several authoritative SEO, Make Money Online & digital marketing blogs like ImageStation.