Note: Monero GUI wallet is in its beta mode. You can download the latest version as per your operating system here. Let’s get started. The download link has installed the respective wallet on your system. Click on the download wallet app. You will see this screen:
Click on the new wallet button to get the above screen. Give your wallet a name. You can choose the name as per your preference or as suggested by the wallet. You will get a seed phrase as well, which you need to save. The seed phrase will restore the wallet if you forget the password.
There’s a provision to give any name to the wallet. The recipient won’t find out your identity while sending funds. Users operate the wallet via a private key. Hence, it is safe to write the private key somewhere and keep it safe.
How does the Monero Wallet Work?
Once you have installed the wallet, set up the private key, your screen will look like this.
At the top left, you see the balance. Upon receiving payments, the balance will increase. However, it takes 20 minutes to validate a transaction for an updated balance.
Setting up Daemon
Monero uses a background program termed Daemon to connect to the Monero network. This makes the Monero ecosystem private for sending transactions. That’s why folks prefer Monero for sending funds with complete anonymity.
Non-connected Daemon will pop up the following message.
Connect to Daemon by clicking on the start Daemon option.
How to receive funds?
You get a unique public address while using the Monero wallet. It will have a separate field, as shown in the image.
To receive funds, share the address with the sender. When you receive the funds, a screen like this appears in the balance section.
How to Send Funds?
You need the public address to send funds to someone. Use the send button to transfer funds, as shown in the image. You have to fill in the amount, their address and click on send. Do not forget to mention payment ID in case the receiver wants to know your identity. Monero transactions are private; keep a note of the same.
Note: There’s a good thing about Monero where users need not have to change transaction priority. It uses adaptive blockchain technology to prioritize transactions and prevent lagging.
Hope the tutorial was useful, and now you can set up and use your Monero wallet.