Here you will find all that you need to know about how to download and use the Monero GUI wallet. The download will include the GUI wallet application and the Monero daemon.
The GUI wallet is used to store your Monero in a secure way, and this is what you will be using in order to check your Monero balance and make transactions.
Monero’s daemon will communicate with the network in order to notify you of new transactions. It’s important to note that the Monero GUI wallet is in beta and you will have to download the appropriate version for your operating system.
Creating a Monero wallet
You have to run the software that you downloaded, and a screen will appear.
Click on “Create a new wallet” and another screen will show up.
You will be able to enter anything as the name of your wallet. The name will not be shared with other users, and this means that entering your real name will not compromise your privacy.
Monero users have a privacy key which allows the spending of funds. The seed is a 25-word representation of your private key. This must be kept a secret to avoid other users spending your funds. The private key is the only thing that you need to access and spend your funds.
You will be asked to enter a password which will protect your wallet file on your computer. This password is essential if you need to restore your wallet using the 25-word seed.
Monero main screen
You can see your balance in the top left. When you get a payment, the number will be increasing, and after about 20 minutes of receiving one, the Monero network will have confirmed the payment. Your “unlocked balance” will be updated to let you know that the funds are available for spending.
Starting the Monero daemon
Daemon is a term that defines a software that’s running in the background. Monero uses a daemon in order to sync with the Monero network to scan for incoming transactions and send new ones.
Your wallet with its unique seed is able to detect the deals that have been sent to you, and this is one of the most important privacy-related mechanisms that Monero has.
You have to click the button to start the daemon and this way, your wallet can sync with the network.
The Monero wallet has a public address. If you want someone to send funds to you, you will have to tell them the address. When the funds are received, they will show up in your balance and in the history of sent and received payments.
After someone gives you their Monero address, you will be able to send them funds. All you have to do is use the “Send” button.
You will need to enter a Monero amount, enter the recipient’s address and click on Send. There will be times when people will ask you to specify a payment ID when you are sending them funds. You will have to enter this into the box if they require it.
If you do not specify the payment ID, the recipient will not know who paid them, as Monero transactions are private.
You will not have to change the “transaction priority” or “privacy level” from their defaults. Monero’s adaptive block size means that the network will automatically try to increase its capacity when it’s dealing with increased transaction volume. If you do decide to raise the transaction priority setting yourself, this will result in an increased fee that you will have to pay for the transaction.
Note that the default privacy level is more than appropriate for most users.