Feb 8, 2019 07:30 UTC
Feb 8, 2019 at 07:30 UTC
With the recent influx of the new users to Monero, it has come into notice that a lot of people having issues with Monero GUI wallet.
Thus, here is the guide breaking all its aspects.
In this tutorial, we will show you how to download and use the Monero GUI wallet. The download will consist of the GUI wallet application, and the Monero daemon.
The GUI wallet is used to store your Monero securely, and is what you will use to check your Monero balance and send and receive Monero.
The Job of the Monero Daemon is to communicate with the network to notify you of new transactions.
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Download the Wallet
Note that the Monero GUI wallet is in Beta, that you can download from Monero’s official website.
Create A New Wallet
Once you run a software, that you just downloaded, a screen will show up. There, simply click on “create a new wallet”, and then you will be presented with this screen.
You can enter anything for the name of the wallet, as your name won’t be shared with anyone else, so entering your real name won’t be a privacy leak.
In Monero, you get a Private Key, that allows you to spend your funds. Your Seed is just a 25 word representation of your private key that is easy for you to write down on any paper.
You must keep your private key a secret, or other people will be able to spend your funds.
This key is the only thing you have to access and spend your funds.
After that, you will be asked to enter a password, which will protect your wallet file on your computer. You won’t require to know this password in case you have to restore your wallet using the 25 word seed.
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Monero’s Main Screen
In the top left, you will see your balance. When you get a payment, this number will only increase.
After around 20 minutes of receiving a payment, the Monero network will have fully confirmed as well as verified the payment, and your “unlocked balance” will be updated to tell you that your funds are available and you can spend them the way you feel like.
Daemon is a technical term for a program running in the background. Monero uses this program for synchronizing with the Monero network to scan for incoming transactions and to send new transactions, and the transaction confirmation of both.
Your wallet with your unique seed can detect that your transactions have been sent to you, which is the core part of Monero’s privacy mechanism.
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Your Monero wallet comes with a unique Public Address, which is referred to as just “address” on the platform.
In case you wish someone to send funds to you, then you will need to tell them this address. That’s it!
When funds are received, they will show up in your balance and the history of sent and received payments.
In case some has given you their Public Address, then you can send funds to them using the “Send” button.
At times, people will ask you to specify a payment ID which you need to enter into the box if they have required this from you.
Monero payments are private, thus, if you don’t specify a payment ID, then the recipient will not know who paid them until you tell them the payment ID which you used.
You can get the detailed view about Monero in our guide to Monero Blockchain.
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