The 5-Minute Monero Wallet Installation Guide
I tried recommending some friends to an excellent Monero wallet guide, but they still could not even get past step 1. Too complex for them. So I decided to make the simplest guide possible to downloading, installing, and creating an address to receive funds with my mining pool, FreedomXMR.com, in under 5 minutes.
Please keep in mind that after opening the wallet, however, you will need to leave it running so that it can sync with the network for a good period of time in order to send or receive funds. However, as far as mining goes, all you need is a receiving address from the wallet to be plugged into the FreedomXMR mining app, which, with this guide, can be acquired with minimal effort.
Step 0 — MyMonero.com
If you don’t have the hard drive space, or time, just go to MyMonero.com, a website which hosts Monero wallets for free. It’s less secure than having your own wallet, but if you’re just starting out and want to get mining fast, MyMonero is super convenient and easy. The instructions on site couldn’t be simpler, just copy down the 13 word password they give you and you’ll get automatic access to a private wallet! I would not recommend holding more than $500 worth of Monero in here, it’s just a temporary space until you can setup a more secure wallet as detailed below.
Step 1 — Downloading The Wallet
If you have a Mac, download the wallet here.
It might say the program is from an untrusted source or developer. You can ignore this, and hold down the “control” button while clicking open on the icon.
Step 2 — Run The Program
Find your newly downloaded program, and run it. You should should see a screen asking you for your language:
Select your language of choice. The next screen has several options:
Since this is your first time running a Monero wallet, click on Create a new wallet.
Step 3 — Name Your Wallet and Create a Password Seed
First, pick a name for your wallet.
Next, Monero lets users access their wallet from any computer in the world using 25 words in what is called a mnemonic seed. Write these words down and keep it somewhere safe, such as on a piece of paper, or a USB stick with a text file. Remember, if anyone gets access to these words, you will be robbed.
Notice it says, “Your wallet is stored in” — this is where the private key is stored. Accessing the key file is a lot faster than constantly entering in the 25 word mnemonic seed, and will be how you access your funds most of the time. You cannot access this key file without a password created in the next step. If you lose the key file, or do not have access to it, the 25 word mnemonic seed is the only way to get it back.
If you want to be 100% safe, move the key file to a USB, which cannot be hacked unless it’s plugged into your computer.
That said, the next screen will ask you to create a password to access this key file:
Use lots of different characters, such as %*#(, numbers, and capitals to make a password that is virtually impossible to crack. Keep the password written down on paper or in a USB.
After, you’ll see a screen asking if you want to run a full node in the background. Make sure this is checked off, because yes you do for maximum security.
Step 4 — Find Your Wallet’s Receiving Address
This is the address you give to people so they can send you money. Go the “Receive” tab on the left, second from the top:
See the “Address” box? That is your address to give out to people so they can send you Moneroj (plural for Monero). You can copy it easily by clicking on the clipboard icon in the right of the text box.
After copying it, enter this address into the freedomXMR’s “Wallet Address” box. You cannot mine without this — we need it to keep track of your earnings, and have a place to send it!
Once you’ve entered the address, cilck the green button and let the mining begin! Thanks for being part of the freedomXMR pool!
Be sure to let the wallet continue to run in the background while it sync’s itself. Your wallet must be synced before you can see your funds, or send them to another address (which is very important if you want to convert the XMR coins into cash).
Once you get more time, I highly recommend reading the rest of a more advanced guide to learn how to fully use the wallet.
If you have any other questions, don’t hesitate to ask in the comment section below, or email me at firstname.lastname@example.org.