Everything you need to know about Monero inside of Exodus.
In this article:
- General
- How do I open the advanced options in my Monero wallet?
- Why is my wallet syncing?
- How do I connect to a custom node?
- What are the different Monero key types?
- Can I use Monero with Trezor in Exodus?
- Addresses
- How do I create a new Monero subaddress?
- Sending/Receiving
- How do I view my Monero balance on the blockchain?
- How do I look up a Monero transaction?
- How do I verify I sent Monero with a send receipt?
- How do I verify I received Monero with a deposit verification?
- What is the 10 confirmations requirement?
How do I open the advanced options in my Monero wallet?
Desktop
To open the Advanced Options menu, a) open your Monero wallet. Next, b) click on the More menu and c) click on Advanced Options.
Mobile
To open the Advanced Options menu, open your Monero wallet on your device. Next, tap on the Settings icon:
Why is my wallet syncing?
In order for your wallet to display your transaction information correctly, it must stay in sync with the Monero blockchain. This applies to all assets in Exodus, however, Monero is a privacy coin and when the wallet is refreshed, the past transaction history displayed in the wallet is not maintained. When you refresh or re-sync, the wallet will rebuild your transaction history block by block as your wallet downloads the Monero blockchain.
To help visualize this process your wallet will display a graphical indication of the sync progress along with:
- Remaining blocks: How many blocks until the wallet is fully synced.
- Wallet Height: The current height or current block the wallet is synced to (i.e. the number of the block the wallet has started downloading from).
- Node Height: The current block of the connected node.
This information can be used to see if there's a problem with either the node or the connection of the wallet to the node.
How do I connect to a custom node?
Exodus uses a default node to connect to in order to populate the information in your wallet. Many XMR users prefer to run their own nodes to participate in the Monero network. Exodus allows you to enter a custom node of your choice. Here is how you can do so:
- In order to set up a custom node, it needs to be accessible via HTTPS. For more information on this, see this guide on how to run your own Monero node.
- It's not possible to use separate custom nodes for your Exodus and Trezor Monero portfolios. If you change your custom node for your Trezor Monero portfolio, this will automatically also change the custom node used by your Exodus Monero portfolio.
Desktop
- 1
- Click Set Custom Node.
- 2
- Enter your Monero custom node URL.
- 3
- Click Save then refresh the wallet.
Mobile
- 1
- Tap on the gear icon in the top right of the Monero wallet.
- 2
- Tap the toggle to turn on Custom Node.
- 3
- Enter your Monero custom node URL.
- 4
- Tap Confirm.
What are the different Monero key types?
To find all of your Monero keys, go to your Monero wallet inside of Exodus on your desktop, then click the three-dot menu icon and choose View Private Keys.
You cannot directly view your wallet’s Monero keys on your mobile device, with the exception of the transaction key (tx key), which can only be viewed from the device that sent the transaction.
To view your Monero keys from your mobile wallet, you will first need to sync your mobile wallet to a desktop device by following this guide.
| Monero address | When sending Monero, the only thing you need is the Monero address you will be sending to. Monero addresses are much longer than Bitcoin addresses. An address for Monero will have 95 characters and be prefixed with a 4. Unlike Bitcoin addresses that are hashed from a single key pair, Monero addresses are direct representations of the associated public keys. |
| Mnemonic | The Monero wallet has its own 25-word secret recovery phrase. Although your Exodus 12-word phrase will always be able to recover all of your assets, this 25-word phrase is specific to your Exodus XMR wallet if you would like to restore your Monero wallet on another platform. Due to Monero's privacy features, the view key and spend key have their own private keys associated with each - your private view key and private spend key. Your private view key is derived from the private spend key. By storing this 25-word secret recovery phrase in a secure offline location, you have a backup of your private keys and your Monero wallet. |
| Private view key | The private view key is required to view all transactions related to an address. The Monero blockchain data associated with your address is not publicly viewable. In order to view any information associated with your transactions, the private view key is required. |
| Private spend key | The private spend key allows the spending of any Monero at an associated address. This key is used to sign Monero transactions. Unlike a private view key, the private spend key should never be given out to anyone. If someone were to obtain your private spend key, they would then have access to spend any of the Monero associated with the address. |
| Transaction key | The transaction key, also referred to as a secret transaction key or tx key, is used to prove that a transaction was made on the Monero blockchain. Every Monero transaction has a transaction key. In your Exodus wallet, the transaction key is shown in the transaction details. The transaction key can only be viewed on the device from which the transaction was sent. This means that the transaction key will not appear on another device, even if it is the same wallet with the same 12-word phrase. You can use this key to verify a send transaction. Please see the below steps on how to do this. |
Can I use Monero with Trezor in Exodus?
Yes! You can now useXMR with your Trezor Model T in Exodus. Our guide will show you everything you need to know about usingMonero and Trezor in Exodus.
How do I create a new Monero subaddress?
By default for new Exodus wallets, when you open your Monero wallet inside of Exodus and click Receive you will be shown your Monero address.
Monero subaddresses allow you to receive Monero to a different address each time, allowing you to have even more privacy!
To turn on multiple subaddresses:
Desktop
- 1
- In your Monero wallet, a) click the three-dot menu icon in the top right corner. Next, b) click on Advanced Options.
- 2
- Locate where it says Multiple Addresses and toggle on.
- 3
-
Next time you want to receive Monero, all you need to do is click/tap the arrow next to the QR code to reveal an unused subaddress!
Mobile
- 1
- In your Monero wallet, a) tap the three-dot menu icon in the top right corner and b) click on Advanced Options.
-
- 2
- Locate where it says Multiple Addresses and toggle on.
-
- 3
- Next time you want to receive Monero, all you need to do is click/tap the arrow next to the QR code to reveal an unused subaddress!
-
How do I view my Monero balance on the blockchain?
The short answer is, you can't.
Monero is considered a privacy coin and therefore transaction details will be hidden for anyone looking on the block explorer with only the Monero address. You can look up specific Monero transaction details.
Every Monero (XMR) 'Sent/Send' transaction has a distinct transaction key that the user can use to look up and verify the transaction on the blockchain. For more on this, see below.
How do I look up a Monero transaction?
Exodus allows you to see individual transaction details inside your wallet as well as search individual transactions on the blockchain, but not the amounts or the addresses involved.
If you have a transaction ID, you can use it on a Monero block explorer such as Explore Monero to learn basic information about the transaction: confirmation, fees, block, size, and payment ID.
If you need more information about a transaction, you will need your transaction key or secret view key. For more on this, see below.
How do I verify I sent Monero with a send receipt?
Desktop
- 1
- In your Monero wallet, a) click on the send transaction in question. Here, you can find b) your transaction key. To get a send receipt, c) click on the transaction ID to pull it up on a block explorer.
You can only view the transaction key on the same device that sent the transaction. The transaction key will not appear on another device, even if it is the same wallet with the same 12-word phrase.
If you double-click on the transaction key, it will copy the full numerical string.
- 2
- In the Monero block explorer, click on Get a send receipt.
- 3
- Here you will need to a) paste both your transaction key and deposit address. Next, b) click Get receipt.
- 4
- This will take you to your send receipt which includes the amount sent as well as other details such as the transaction's private/secret view key and stealth address.
Mobile
- 1
- In your Monero wallet, a) tap on the send transaction in question.
-
- 2
-
Here, you can a) find your transaction key. To get a send receipt, b) tap on the transaction ID to pull it up on a block explorer.
You can only view the transaction key on the same device that sent the transaction. The transaction key will not appear on another device, even if it is the same wallet with the same 12-word phrase.
-
- 3
- In the Monero block explorer, tap on Get send receipt.
-
- 4
- Here you will need to a) paste both your transaction key and deposit address. Next, b) tap Get receipt.
-
- 5
- This will take you to your send receipt which includes the amount sent as well as other details such as private/secret view key and stealth address.
-
How do I verify I received Monero with a deposit verification?
The process of verifying a deposit will require the use of the desktop version of Exodus. For information on how to synchronize your funded Mobile wallet to a brand new desktop wallet please follow this guide.
- 1
- To verify a deposit, you will need your private view key. To get this, in your Monero wallet, a) click on the three dots in the top right corner. Next, b) click on View Private Keys.
- 2
- A warning will appear - make sure you’re in a private place, and no one can see your screen. Anyone viewing your Monero private keys can steal your funds. Tap Yes, I'm sure.
- 3
- Unlock your wallet. Next, you will be shown your Monero private keys. a) Copy your private view key and b) click Close.
- 4
- a) Click on the deposit transaction in question. To verify a deposit, b) click on the transaction ID to pull it up on a block explorer.
- 5
- In the Monero block explorer, click on Verify deposit.
- 6
- Here you will need to a) paste both your private view key and deposit address. Next, b) click Check deposit.
- 7
- This will take you to your deposit verification which includes the amount received as well as other details such as the transaction's private/secret view key and stealth address.
What is the 10 confirmations requirement?
You will need to wait for 10 confirmations for your received Monero before you are able to send it.
What this means is your Monero is locked until it is mined in a block and then a certain number of subsequent blocks have been mined afterward in order for it to be confirmed. In Monero's case, wallets keep the funds locked for 10 blocks.
For example, say you have a balance of 10 XMR.
-
One spendable output of full 10 XMR:
In this example when you send 2 XMR to someone, this whole 10 XMR output gets used and the change comes back to you in a new output. Let’s say your fees were 0.01. Your transaction, therefore, sends one output with 10 XMR, and has 2 outputs, one for 2 XMR (the recipient) and one for 7.99 XMR (your change). Because the transaction needs to be confirmed, your change (7.99 XMR), will be locked until it has 10 confirmations.
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Two or more spendable outputs of 3 XMR and 7 XMR:
If the original balance was spread over 2 spendable outputs and you just want to send 2 XMR, only one of those outputs would be used, say the 3 XMR output. That means only your change left over from just the 3 XMR output would be locked until 10 confirmations. The other output of 7 XMR is untouched and would not be locked and would be free to spend straight away. Only what is spent needs to wait for 10 confirmations.
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FAQs
Monero transactions are confidential and untraceable.
Because every transaction is private, Monero cannot be traced. This makes it a true, fungible currency.
Is Monero legal in US? ›
Is Monero Illegal? Monero is not an illegal cryptocurrency. Unlike others, it is a privacy-oriented cryptocurrency that provides users with anonymity. This means it is not traceable.
What is Monero XMR used for? ›
What is Monero (XMR)? Monero (CRYPTO:XMR) is a privacy coin that focuses on providing total anonymity for its users. Every user on Monero is anonymous by default, and every transaction is private, which also means that transactions can't be traced.
Do I need to download the Monero blockchain? ›
You don't need to download the blockchain to transact on the network. You can connect to a remote node, which stores the blockchain for you.
Do hackers use Monero? ›
This is why more hackers are turning to coins like dash, zcash, and monero, which have additional anonymity built into them. Monero, in particular, is increasingly the cryptocurrency of choice for the world's top ransomware criminals.
Can Monero be used for money laundering? ›
But monero has also attracted controversy since its inception, thanks to its association with illicit payments and money laundering.
Can US citizens buy Monero? ›
If you would prefer to buy Monero directly there is a cryptocurrency exchange which offers a direct USD/XMR trading pair. That exchange is Kraken, a San Francisco based outfit. Available to everyone in the USA, save for those living in New York, Kraken is a reliable exchange with a long history of reliability.
Why is Monero not on Coinbase? ›
Coinbase CEO explained on a podcast why the exchange hasn't listed Monero. CEO Brian Armstrong said regulators have expressed discomfort with privacy coins. He said they have a more conservative approach to listing than Binance or Kraken.
Who owns Monero? ›
Monero
| Denominations |
|---|
| Original author(s) | Nicolas van Saberhagen |
| White paper | "CryptoNote v 2.0" |
| Initial release | 18 April 2014 |
| Latest release | 0.18.1.2 / 29 September 2022 |
26 more rowsSell Monero
Once sold, you can store the euros as long as you want, or send them to people, use them to buy other cryptocurrencies or withdraw them to your bank.
MONERO: The Privacy Coin
While there are other options that aim to give users private digital currency, none offer the same security of Monero. The secret to this system is its nature as a decentralized cryptocurrency. In other words, this is a type of secure digital cash that a network filled with users operates.
Is XMR a coin or token? ›
History of Monero (XMR)
Monero is an Esperanto word that translates to "coin." Monero is a fork of Bytecoin. When an original coin is split into two to form a new version, this is known as a fork.
Is Monero still a good investment? ›
In accordance with the forecast by TradingBeasts, XMR may grow by about 110% over the next three years, rising to $360 by the end of 2022 and to $500 by the end of 2023. TradingBeasts' analysts are confident that XMR has good growth potential and see no reason for this cryptocurrency to crash.
How long does it take to mine 1 block of Monero? ›
As of Sunday, January 29, 2023, it would take 134.6 days to mine 1 Monero at the current Monero difficulty level along with the mining hashrate and block reward; a Monero mining hashrate of 42,000.00 H/s consuming 450.00 watts of power at $0.10 per kWh, and a block reward of 0.65 XMR.
Is Monero on Coinbase? ›
Monero is not currently supported across Coinbase's vast ecosystem. There are still ways you can find a way to buy Monero.
Can a Monero wallet be tracked? ›
CipherTrace's tool will allow its users to track stolen Monero or identify Monero used in illicit transactions and notifies digital currency exchanges when an individual is trying to send the privacy-centric coin from illicit sources to their exchanges.
Can you see who sent you Monero? ›
Monero transactions are private: people watching the blockchain will not know important details of your transaction, like sender address, amount and recipient address.
What programming language is used for Monero? ›
C++ monero-cpp (Monero Ecosystem) - A C++ library for using Monero.
Why is Monero used on dark web? ›
Cryptocurrency on the dark web
Due to its privacy-focused technology and popularity, Monero has become a cryptocurrency of choice for darknet markets in recent years. For example, two of the most active markets, The Versus Project and ASAP, accept Monero.
Do I need a VPN to mine Monero? ›
And, while blockchain is neigh-impossible to hack, you need to have a VPN to mine crypto and other cybersecurity measures.
Monerujo and Cake Wallet both run on the Android and are favorites of the Monero community, given both are tailored to the Monero blockchain and are open source. Alternatively, users who want a multi-cryptocurrency supporting wallet could consider Exodus, Guarda or Atomic Wallet, all of which are good options.
Where to buy Monero in usa? ›
You can buy Monero with a credit or debit card on a crypto exchange like Coinbase or Coinmama. You'll need to create a Monero wallet (an account) and get it approved before being able to buy.
Who sells Monero? ›
Note: You can also claim 25% discount on your trading fee by holding native BNB tokens of the Binance exchange.
- Buy XMR From Binance Now.
- Buy XMR From Changelly Now.
- Get Monero from ChangeNow.
- Use Huobi Global Now.
- Buy XMR From Bitfinex Now.
- Buy XMR From Gate.io Now.
Buy XMR with a Credit/Debit Card
Sign up or log in to your Bybit account to buy stablecoins or BTC directly using your credit or debit card. Then trade the purchased coins for XMR on Bybit Spot.
Does Monero have its own blockchain? ›
Monero (XMR) is a privacy-focused peer-to-peer digital currency, designed to be untraceable and anonymous. A transaction on the Monero blockchain can't be linked to a particular user or real-world identity as the cryptocurrency is fungible.
Why is Monero hard to buy? ›
The only way to buy it is to use a centralized cryptocurrency exchange. However, financial authorities around the world have been somewhat hostile towards Monero's privacy concept. That means that it may be difficult for you to find a crypto exchange that will sell you XMR.
What crypto apps have Monero? ›
Binance and Coinbase are crypto wallets that allow you to hold your XMR coins on them. Keeping your XMR coins on these platforms will allow you to remain sure that they're quite secure and also trade with other cryptocurrencies.
How do I turn Monero into cash? ›
How to sell XMR on Kraken
- Sign up for a Kraken account. You just need an email address, username and a strong password.
- Verify your Kraken account. All you need is your name, birth date, country of residence and phone number.
- Send XMR to Your Kraken Address. ...
- Sell XMR.
Do you know how long it takes to mine one Monero coin? A Monero block is mined every 2 minutes, and we know that the current reward for mining transaction block is 4.99 XMR. So, by doing the simple math, we know that 1 XMR is mined every 24 seconds.
How long is XMR withdrawal? ›
Typically, this should not take more than 20 minutes. However, during periods of high network traffic, it may take longer. Monero wallets require at least 10 confirmations of any transaction before being able to send or exchange. You can always check your pending transaction on the blockchain.
Monero Ledger Wallet
The Ledger wallet is a hardware wallet that is designed for maximum security. The Monero GUI wallet is the best way to interface with the Ledger hardware wallet. Monero users can store their XMR on either the Nano S or Nano X.
Does XMR have a future? ›
According to the Monero price forecast for 2027, the average price of Monero (XMR) might reach $661 by the end of the year. XMR is expected to trade around a maximum value of $690 with a minimum value of $626.
How many XMR coins are there? ›
It has a circulating supply of 18,216,692 XMR coins and the max. supply is not available. If you would like to know where to buy Monero at the current rate, the top cryptocurrency exchanges for trading in Monero stock are currently Binance, OKX, CoinW, Bitrue, and BingX.
Why is Monero better than Bitcoin? ›
Like Bitcoin, Monero's blockchain is based on open-source code. As a result, Monero works more efficiently than Bitcoin and includes a layer of privacy in the protocol by default. For users who want true anonymity, Monero is a plus over Bitcoin.
Can you mine Monero on iPhone? ›
There are many ways you can use your smartphone as a cryptocurrency portfolio builder. For instance, buying and selling cryptocurrencies is common knowledge. But did you know that you can also mine them? And not only is cryptocurrency mining a real thing – you can even mine crypto on your iPhone.
What is the most profitable way to mine Monero? ›
Using a GPU is the ideal way to mine Monero. While it requires substantially more investment compared to using a CPU, its hash rate is significantly higher. There are two primary manufacturers of GPUs you should take a look at – AMD and Nvidia.
Which CPU is best for Monero mining? ›
AMD Ryzen 9 5950X
Furthermore, this CPU has been considered the best CPU for mining when it comes to mining the Monero crypto due to its several different specifications. First, this CPU has a powerful multiprocessing capacity of 16 cores and 32 threads, making it better than other CPUs.
How often are Monero blocks found? ›
A block is a container of transactions, with a new block being added to the blockchain once every 2 minutes (see constant DIFFICULTY_TARGET_V2 defined as 120 seconds), on average.
What companies use Monero? ›
Businesses that accept Monero
- #1 Alfacash. ...
- #3 Actio Fast Pay. ...
- #5 HostNesta. ...
- #9 Monero Style. ...
- #14 Swapzone.
Monero was launched in April 2014. It was a fair, pre-announced launch of the CryptoNote reference code. There was no premine or instamine, and no portion of the block reward goes to development.
Using Termux, it's possible to mine XMR cryptocurrency on an Android cellphone or tablet running Android version 7 or later.
Will Monero ever be traceable? ›
CipherTrace's tool will allow its users to track stolen Monero or identify Monero used in illicit transactions and notifies digital currency exchanges when an individual is trying to send the privacy-centric coin from illicit sources to their exchanges.
Can Monero be audited? ›
Auditing a Monero Node. Catallaxy is delighted to announce the integration of the Monero blockchain (XMR) into our cryptocurrency audit practice. We have both onboarded Monero's software and successfully completed our assessment of risks to financial statements.
Can the government track cryptocurrency? ›
Yes, the government (and anyone else) can track Bitcoin and Bitcoin transactions. All transactions are stored permanently on a public ledger, available to anyone. All the government needs to do is link you to your wallet or transaction.
Can you avoid taxes with Monero? ›
If you are a US citizen, you will have to pay taxes on all your cryptocurrency holdings, regardless of which coin is in question. However, Monero is a good choice because its transactions cannot be traced. So if you are not paying taxes on your gains, then Monero is a good option for you to store your Bitcoin.
Why is Monero not on coinbase? ›
Coinbase CEO explained on a podcast why the exchange hasn't listed Monero. CEO Brian Armstrong said regulators have expressed discomfort with privacy coins. He said they have a more conservative approach to listing than Binance or Kraken.
How long does Monero take to confirm? ›
Waiting to confirm
Typically, this should not take more than 20 minutes. However, during periods of high network traffic, it may take longer. Monero wallets require at least 10 confirmations of any transaction before being able to send or exchange. You can always check your pending transaction on the blockchain.
What blockchain does Monero use? ›
Monero uses a proof-of-work algorithm, RandomX, to validate transactions. The method was introduced in November 2019 to replace the former algorithm CryptoNightR. Both algorithms were designed to be resistant to ASIC mining, which is commonly used to mine other cryptocurrencies such as Bitcoin.
Is Monero good for long term? ›
Many crypto experts are sure that XMR will rise in the long term due to persisting optimism that this currency can attract much more attention. XMR could finish 2022 with an average exchange rate of $345. The minimum could be around $330, whereas the maximum could reach $380.
Do I have to report crypto to IRS? ›
You must report income, gain, or loss from all taxable transactions involving virtual currency on your Federal income tax return for the taxable year of the transaction, regardless of the amount or whether you receive a payee statement or information return.
Bitcoin transactions are traceable because Bitcoin's blockchain is completely transparent and every transaction is publicly stored on a distributed ledger. Since 2013, various studies have been looking into tracking Bitcoin transactions and their associated identities.
Why does the IRS ask if I bought cryptocurrency? ›
The IRS considers cryptocurrency holdings to be “property” for tax purposes, which means your virtual currency is taxed in the same way as any other assets you own, like stocks or gold.
How do I cash out crypto without paying taxes USA? ›
Can You Cash Out Bitcoins Tax-free in the U.S.? Some people can cash out Bitcoins tax-free in the U.S. Investors who do not exceed a $78,570 income can cash out at a 0% capital gains tax rate. You can also avoid taxes by investing Bitcoin in strategic investment accounts or modifying your citizenship.
How much crypto can you sell without paying taxes? ›
The fair market value at the time of your trade determines its taxable value. How much do you have to earn in crypto before you owe taxes? You owe taxes on any amount of profit or income, even $1.
