Theme of the barbers trade union by mulk raj anands books
37 commentsView topicsend bitcoins from localbitcoinscom to ripple wallet
Similar to wallets in the real world, you need a digital wallet to store your digital Monero. And like physical cash, there are a few different options for how Monero can be stored. You may keep a small amount of Monero in a web wallet that is easy to access, like having money in your back pocket. You might also keep the bulk of your Monero in a wallet on your home computer that is more secure, like stashing money in a safe. Like a bank account, every Monero wallet has a balance eg: It looks like a long string of 95 numbers and letters.
So if Gus wants to send me 5 Monero for beer, I would just give him that address. He would open his digital wallet and send the address 5 Monero. So if I want to confirm that Gus paid me Monero for the beer, I would open a wallet that has my mnemonic seed. Write it on a few pieces of paper and store them in a few different secure locations. If you lose access to your wallet and lose your mnemonic seed, the funds in the wallet are lost.
Almost everybody starts with the web wallet at MyMonero. Not only does it do all the basics of using digital money: After playing around with the web wallet, you may decide to become more involved with Monero, which means downloading the official Monero-Wallet-CLI software. Basically the main difference between the two wallets is ease and security.
The MyMonero web wallet is really easy to use; the official wallet is more secure. If you want to send or receive some funds, you open up Google Chrome or your browser of choice and click a few buttons. However, using a browser opens your wallet up to a whole bunch of unnecessary security risks. For example, most browsers allow extensions to be installed, which is basically third-party code that can be and often is used maliciously to spy on users.
The entire thing runs from your computer, connecting directly to the Monero network without a third-party. Nobody sees your transactions except for yourself. But as you can see, the drawback is that the official wallet is currently text-based. And the official wallet software is also much slower to use. It needs to download the Monero blockchain to operate, which can take 15GB or more of space on your hard drive, and syncing the blockchain every time you use it can take a bit of time.
With this setup, I can easily tip small amounts to people in the Monero community, while also keeping a larger amount more secure and difficult to spend. Write this key down. You will use this key to log into MyMonero from this point forward. Here you can see your shiny new Monero address, which is the long string of letters and numbers in the middle of the page. Whenever you need to receive funds, you can click the icon on its far right side to copy this to your clipboard, and then paste it into emails or whatever.
If you want to send funds, you can click the dark blue Send button. Feel free to stop reading here and spend some time checking things out. The first step is to visit GetMonero. This folder will have a few different programs related to Monero, which can be confusing for beginners.
The truth is, most people only use two programs:. Begin by running the first program, MoneroD. This program will connect your computer to the Monero network and download the blockchain, the encrypted record of all transactions that have ever happened in Monero.
Additionally it will require at least GB of hard drive space, so make sure you have that to spare. This means your computer is synced and you are ready to use your wallet. The program will ask you to give a wallet name and password. It will then display your new character address, as well as give you a mnemonic seed.
Again, you need to write this down and keep it in a safe place. Do not lose it. Even if your computer gets destroyed in a typhoon, you can restore your wallet using these 25 words. The first command to know is refresh. This command will scan the blockchain with your wallet and give you your current Monero balance. So if your wallet had 0. There are additional options for the transfer command that you can see by typing the help command.
The last commands to know are save and exit. This will save your wallet and exit the wallet program. Use exit in MoneroD to quit that program as well. Sit back for a moment. Breathe deep and enjoy the moment.