MyMonero – Full Wallet Review
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The explosion in the number of cryptocurrencies has been a blessing to many. However, as some of us have come to realize, not every venture around cryptocurrency is legit. There are sites and platforms that have cropped up, many with the intention to swindle users.
And most of these relate to wallets and storage. It is against this background that we look at one of the many sites that offer web-based storage.
Read our MyMonero review below to learn more.
What is MyMonero?
MyMonero is a web-based wallet that hosts Monero wallets for free. It is the only web wallet in which we can store Monero. It allows you to create a wallet through which you are able to gain access to your Monero coins and at your convenience.
MyMonero is registered in the United States. The wallet was launched in April 2014 and is owned by Riccardo Spagni and RistoPeitilla, who provided the initial funding and both are members of the lead development team.
It is one thing to accumulate cryptos and in this case Monero, and entirely a different thing to store them safely. The My Monero wallet’s major limitation is that it can only be used to store Monero coins… Due to the limited coin storage, you have to have more than one wallet in case you have interest in other coins.
Another limitation is the fact that funds are exposed to online threats like phishing scams or hacking.
My Monero doesn’t charge you any fees for using the wallet. However, when you send XMR you will be charged for the transaction. This fee is dependent on the number of kilobytes a miner has worked. The current miner’s fee per kilobyte is 0.002 Monero. If he works 5kB, then MyMonero fees will be 0.002×5=0.01 Monero.
A transaction attracts 50% of the miner’s fee, so in this case, a transaction will cost a fee of 0.01×1.5=0.015 Monero.
You can lower the transaction fee considerably by using the GUI instead of the old UI that came with the browser of your computer.
Using this wallet is quite easy and straightforward. There are no major verification details or hurdles to navigate. When creating a My Monero wallet account, all you need is to remember is your thirteen-word private login key. Accessing your account will require that you log in with this information.
Is MyMonero safe?
Trust is one of the things that don’t come cheap in cryptocurrency, especially when it comes to storage. Generally, MyMonero is a safe wallet to use for transactions. The security measures in place and audit reports indicate there isn’t much to worry users.
However, that can’t be just that; there are concerns too that need to be addressed. For instance, the fact that one of the developers, Fluffypony as he is popularly called, can access the funds is cause for concern. If it’s true that he does so to track price movement via the server and also gain important market information as regards the highs and lows.
What is to stop him from taking advantage of the situation and make a silent kill with the people’s funds? Could this be the reason some people call it a scam? After all, there is only one Monero web-based wallet. What if the website suddenly becomes dysfunctional? These are questions we have to contend with even as we consider the safety of our coins in the wallet.
Users have rated MyMonero at 73/100 score of trustworthiness which in my opinion is quite acceptable.
The site has also been subjected to scores of third-party security checks and found to be free from malware threat by all the main engines. The name found on the domain is the authentic manufacturer’s original name which enhances its legitimacy.
The flow of traffic is another mark of its authenticity and it has been ranked number 66,904 out of all the millions of available websites.
MyMonero Security and encryption
So it’s advisable to store just enough Monero, the much you can afford to lose. However, the developers have seen to it that whether we use the web or the phone, there are features ingrained in the system that would never allow for access to other parties of the spend key.
The HTTPS that MyMonero uses has been established to be a secure connection which is a vital pre-requisite for conducting safe e-commerce.
Any domain registered three months and below is considered murky waters but MyMonero’s domain was registered seven years ago and has passed the test of time
The response to queries is fast if the query content is on products and services. Actually, you’ll quickly note the elaborate eFLOW intelligent automated system has been set to respond to customers’ queries in the shortest time. However, there are noted notorious delays in responding to queries regarding delayed payments or excess fee charges.
This is now more the rule than the exception and leaves a lot of eyebrows raised. Communication is done through their Reddit site and responses are posted there by Fluffypony personally or any of the other developers. The answers appear to be prioritized in order of factualness.
MyMonero transactions take a maximum of 21 minutes to be completed as compared to Bitcoin which can take slightly over an hour. For a Monero block to be mined, it takes 2 minutes. It takes about a minute or two to confirm this block. For an entire block to be confirmed it takes about 10 confirmations and if takes a maximum of 2 minutes per confirmation, then that translates to 20 minutes and a total time of approximately 21 minutes.
How to use MyMonero?
MyMonero wallet can be used to view transactions, to receive funds and to send them.
To create a wallet you’ll undertake this steps:
- Go to MyMonero.com and click on it.
- Click on ‘create an account’.
- Scroll down to find my private login key which a 13-word sentence which is not necessarily coordinated.
- Paste or type my private login key in the space provided.
- Confirm the private login key by clicking on the box “I’ve written down my private login key, log me in!”
You are now done with creating the wallet. The next step is to log in.
- Visit MyMonero.com and key in the private key (the 13-word sentence) to log in.
- Choose the language you would like to use from the drop-down box provided below.
- Next, click on “enter my account” to log in.
- In doing so you’ll be taken to your wallet’s dashboard. This is the location of your wallet address. Use this address to receive Monero coins.
So, how do you go about receiving Monero (XMR) coins into your wallet?
- Click on “Receive” tab.
- Both the wallet address and payment ID will appear. Use these to send Monero to other users who send you XMR. This is vital as it allows you to tie received XMR with user accounts.
- However, if you choose not to use step 2, you can create a payment request by entering the expected amount.
- At the side of the amount is the ‘Label” box. Enter the label you want to see when checking the payment.
- Click on ‘Receive’.
- Two options will appear. The QR code and the address. You can choose either of the two to request a payment. The transaction is complete and can view it by clicking“Transactions”.
What about sending or making payment?
- Click on “Send” tab.
- Enter the receiver’s address.
- Enter the amount you want to send.
- You can choose to enter the payment ID but that is optional.
- Choose the privacy level from the drop-down box.
- Click on “Send payment”.
You should be able to see “transaction successful” appear on the successful execution of the above steps.
In a Nutshell
The following scores that apply to this wallet, mostly based on user feedback and reviews.
As already mentioned earlier, Monero is ranked number 10 out of hundreds of existing cryptocurrencies and it is among those in use already. MyMonero wallet is friendly to use and safe.
It is ideal for beginners who do not have huge amounts to transact. For the high roller, the GUI is a great tool.
Whether it’s legit or not, some people have called it a scam. You may come across such comments. They are not in vain, so be cautious
To enhance trust, MyMonero needs to address all the concerns raised by users. It then has a chance to become fully legit when it gets incorporated by the renowned Ledger and Trezor hardware support.
Kindly visit our website as we endeavor to keep you on top of the goings on of MyMonero and other crypto-related issues.