One of the things that can truly make or break your experience with cryptocurrency is your choice of wallet.
Your wallet is what you use to keep your crypto coins, or rather proof of the existence of your digital cash. The wallet stores the “keys,” or cryptographic codes, that are needed in order to complete crypto-related transactions. A crypto wallet can take the form of a website, a program, a mobile app, or even a hardware device that’s paired with a virtual equivalent. Those who want to trade in a privacy coin like Monero (XMR) can choose between two types of wallet: a full wallet (also called a full node wallet) and a light wallet.
What distinguishes a full wallet from a light wallet? Should you acquire a full wallet for your XMR coins, or should you go for a light one? This article will answer these questions and help you decide on the best Monero wallet for you. Based on what you’re looking for in a Monero wallet, you can then choose between a full node wallet or a free and trustworthy light wallet option based on your needs and preferences.
A Full Monero Wallet: Best for Traders Who Want Added Power and Security
In order to understand what a full Monero wallet is, you must first understand the concept of a node. A node is defined as any computer that connects directly to the blockchain network. To take it further, a full node in the Monero network subscribes to all the rules of the blockchain and has access to its own copy of Monero’s digital ledger. That means that if you get a full wallet with its own node, you’ll be able to view the ledger without connecting to someone else’s node—and without someone else knowing that you’re transacting with XMR. This may be the preferred arrangement for a trader who wants extra privacy and security.
Full wallets are not without their drawbacks, however. They will demand a lot of memory and processing power out of their users. Monero’s blockchain alone may take up as much as 50 GB, given that it’s synced with thousands of nodes. That’s why the full wallet option is the one that’s often chosen by heavy users of a crypto network, like service providers and developers. The full wallet would be a good fit for a trader whose gear can accommodate it and who might eventually want to get into XMR mining. Otherwise, it may actually be a wiser option to go for a light wallet.
A Light Monero Wallet: Best for Traders Who Want Simplicity and Flexibility
The light wallet functions as the exact opposite of the full wallet. Unlike the full wallet, it is not built to accommodate its own copy of the blockchain. A light Monero wallet will instead have to connect to a trustworthy node in order to access a shared copy of the ledger and match the wallet owner’s coins with their keys. Though Monero has a very private system by default, it may be a point of contention that someone else is aware of your XMR transactions.
If you can trust your provider, and if you want flexibility and lightweight operation from your wallet, a light XMR wallet is the way to go. Since light wallets are thrifty on space, it’s easy to use them from one’s mobile phone, tablet, desktop, or laptop. Light Monero wallets are the go-to option for beginner XMR traders and those who want to limit their activities to purchases, sales, and spending. If you’ll go this route, you just have to ensure that your provider guarantees safety, control, and user-friendliness over your wallet experience.
Conclusion: Which Monero Wallet Should You Choose?
The right choice of Monero wallet really depends on your needs as a trader. Not everyone will get into XMR with the intention of being a superstar miner or Monero expert. Just like your XMR investments themselves, it’s good to be realistic about your resources and how much of them you can pool into a digital wallet. You need to be practical about what you add to your trading rig, and you should never expend more money, storage, or memory than what you’re currently capable of.
Whichever wallet option you choose, you’ll still be able to benefit from the privacy and anonymity that the Monero system promises all of its users. You’ll also be able to use your wallet to exchange Monero with another trader, or even spend your coins at an establishment that accepts XMR payments.
Once you know all the details about how a Monero wallet works, the choice will be as simple as picking between mobile phone operating systems or gaming consoles. There will be a lot of good options on the market, but one of these will be the most intuitive and rewarding fit for you.