MonaCoin is stored in special wallets that consist of private and public keys (see above). There’s a huge number of cryptocurrency wallets with different features and it’s hard to recommend one that would cover all your needs. Let’s see the major differences between various wallets.
They represent the so-called cold wallets, meaning they operate offline - unless a payment needs to be made. Hardware wallets store your private keys on a storage medium, and usually connect to a computer via USB to make a payment transaction, after entering a pin. Easy to use with a high level of security. The best MonaCoin hardware wallets are Trezor Model T, Ledger Stax.
These don’t offer as much functionality compared to desktop wallets, however their convenience lies in the fact that you always have the wallet with you and can use it anywhere, e.g. to pay at a retail store. The best mobile MonaCoin wallets are Coinomi.
You can download and install these on your computer. They will only work and be accessible on this single computer. They are among the most secure wallets, unless your computer gets hacked or attacked by a virus. The best desktop MonaCoin wallets are Ledger Stax.
Although it sounds strange or even funny to talk about paper wallets in connection with a digital currency, they exist - in the form of printed-out private and public keys. Because of their physical (and offline) nature, they provide a very high level of online security.
There’s no single answer. It is best to realize what is the desired purpose of the wallet. If you want to use it to regularly pay and receive small amounts of MonaCoin, then mobile or online wallet makes sense due to their ease of use. If however, you want to use the wallet to hold a small MonaCoin fortune then security should be your priority. The range of devices you use the most often will also help determine what wallets are best for you, as there is at least one for each type of device.
It is best to approach MonaCoin wallets as you would your regular money - cash and credit card is used for small payments (hot wallets-mobile), while your savings sit securely in a saving account (cold wallet-hardware), or spread out in several investments. Choosing a wallet which makes the private key with which you dispose of your cryptocurrency visible only to you is most important. Our top picks for MonaCoin would be Trezor Model T and Coinomi for a secure storage of your private keys.
Getting a MonaCoin adress is easier than it looks. For this you will need to set up a MonaCoin wallet of your choice. Check out our wallets section for advice on which type of wallet will suit you best. Once you've set up a wallet, for receiving or sending coins your wallet client will each time generate a unique MonaCoin adress.
