FAQ

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Contents

Basics[ ]

What are the minimum requirements for a computer to run the wallet?[ ]

A 64-bit OS is highly recommended. At the time of writing (July 2014), 4 GB of RAM should be sufficient, and 2 GB of disk space is required to store the block chain (currently growing at about 6 MB per day).


How do I use Monero with 32-bit Windows?[ ]

  1. Assume your 32-bit wallet file name is "wallet.bin" (adjust this instruction for other name accordingly)
  2. Backup your wallet.bin.* files.
  3. Delete ALL Monero files from your computer.
  4. Download 64-bit Monero zip & blockchain.bin from 1st sticky page of this thread.
  5. Unzip & place all the files downloaded above to the directory: "C:\Users\<your user name>\AppData\Roaming\bitmonero\".
  6. From the backup made at step 1, place wallet.bin.* files !!! EXCEPT wallet.bin itself !!! into directory at step 4.
  7. Start bitmonerod.exe and wait for it to sync with the net.
  8. Start simplewallet by the commad prompt: "simplewallet --wallet-file wallet.bin" (!!! name of the file that must NOT exist in directory at step 4 !!!).
  9. When you want to stop any monero executables - ALWAYS type "exit" & be patient.
  10. simplewallet re-creates correct version of wallet.bin for you.


What are the best installation instructions to use, where do I get more information, etc.?[ ]

A: Be sure to rely only resources linked from the original post on the official Monero thread. https://bitcointalk.org/index.php?topic=583449.0


When trying to send coins I get an error stating that transaction is too large.[ ]

A: This is due to many small inputs (dust) to the address such as from mining to it. The solution is to split up the transaction and send smaller amounts. This problem has mainly been mitigated by the pools updating their software to not payout dust amounts.


Why is Monero not user friendly like most other cryptocurrencies? Why is there no official GUI wallet?[ ]

A: Monero is not a Bitcoin clone, and so it's code is entirely new (originally derived from Cryptonote). Similarly to the early Bitcoin days, a lot of pieces have just not been built yet - the puzzle is largely incomplete. There's good and bad that comes with this fact, amongst other things: there is certainly some additional risk as the code is a lot more experimental than that of Bitcoin, while on the other hand, there is also a lot of potential, as Monero is just in its infancy. A GUI Wallet is certainly an important part of this puzzle, and there are unofficial GUI wallets that can be used (recognizing that they are test-quality software) -- see the next question.

The GUI wallet won't be just a CLI wallet with a GUI. I will also cater for payment processors and web wallets (source)

We also plan to have a framework to do SPV-style clients like Electrum, so Windows users won't have to sync the blockchain, etc. (source). Note that the unofficial lightwallet (see next question) is not as light as this solution would be.

Where is the GUI wallet ?[ ]

A: The official release does not yet include a GUI wallet (a video preview is available, though). Information about several available GUI wallets can be found on the GUI wallet bounty thread here : Bounty for open source ByteCoin/Monero GUI

Several unofficial GUI wallets are available: Qt GUI (Cross-platform) by Neozaru Windows GUI by Jojatekok lightWallet by jwinterm (avoids running the daemon on your machine, still not as light as SPV, see question above)


Do I have to run a full node to keep a personal/offline wallet?[ ]

A: You can use mymonero.com webwallet if you prefer. This is much simpler and faster (at the cost of being a webwallet so, although particulary secure, you are still delegating a bit). Read Is there a webwallet for Monero? What is MyMonero?

If you prefer to use a "regular" wallet, you do not even need to run a full node anymore. The lightwallet unofficial wallet does this for you. Of course, here too, you are delegating a bit. Read Where is the GUI wallet ?

If you wish to run a full node, note that at the present state of development, running a full node & using the wallet is not a particularly friendly venture, so it is wise to really go through the setup instructions available and see if your computer skills will tolerate the effort. Experienced/Advanced users will have no trouble setting up a node & wallet, although it still requires a lot of RAM, until the conversion to a database is complete.


Can I have multiple Monero addresses in my local node?[ ]

A: Short version - yes. Long version - Each wallet currently holds a single address. To have multiple addresses, you'll be creating and executing multiple wallets (one per address). Note: Multiple wallets cannot be running concurrently on a given system. Non-experienced users are strongly advised to not attempt running multiple wallets.


Monero blockchain uses too much RAM, is filling up my hard drive, etc. / What's up with all the bloat?[ ]

A: The privacy features in Monero do come at a certain cost of an increased blockchain size. That said, the codebase is very much alpha stage at the moment, and currently, there is absolutely no compression of the blockchain data. This is one of the main priorities for the dev team - to implement a robust & scalable database platform. The team is very active on this, but it is pointless to ask/spam 'are we there yet?' on the forums or IRC, since the task is non-trivial and will take whatever is the necessary amount of time to be done right™. When this is complete, bells and whistles will be heard on the Interwebs.


How do I use the view key?[ ]

A: There are no tools to use them implemented yet. When there will be, it will be used to allowing someone to see your balance. Keep in mind this is a file, so anyone with the file could view your balance - and a file can be stolen too.


I can't access my wallet! Help![ ]

Please see Simplewallet for further details.

A:

  • The solutions below also work when you just are away from your computer and want to access your wallet from somewhere else.
  1. As a reminder, the command-line to open your wallet is (under Linux):
    1. cd ~/bitmonero/build/release/src && rlwrap ./simplewallet --wallet-file=wallet.bin (wallet.bin being the name of your wallet - if you did not install the useful rlwrap, just skip it from the line with only ./simplewallet...)
  2. Check the name of the wallet, maybe you just mistyped the wallet's name. Look for a file ending in .bin in %Appdata%bitmonero (Windows) or ~/.bitmonero (Mac and Linux, mind the leading dot).
  3. If you don't have a mnemonic seed (wallets created before 10th of June 2014 and never upgraded or you just lost it), you must have both the password and a .bin.keys file (the .bin is unimportant). If you don't have both, your wallet and its moneros is unrecoverable (save by bruteforcing the password). (instruction for generating a wallet from the .bin.keys goes here).
  4. If you do have a mnemonic seed, use the --restore-deterministic-wallet flag when running your simplewallet, it will ask you for a NEW wallet name, a NEW wallet password, and then the previous 24 word string that was given to you when the original wallet file was created.
  • Note: if, when typing "seed", you get "unknown command", this means you are using the old version of simplewallet. Please upgrade to the latest version.


How do I change my wallet password/name?[ ]

A: Restore the wallet from the mnemonic seed


How do I generate a new wallet address for a transaction, like in Bitcoin?[ ]

A: This is not necessary with Monero, you only ever need one receiving address. A new receiving address is created automatically for every transaction, inside the program.


How long does it take to send a transaction?[ ]

A: Block time is one minute. On average it will only take a one minute a transaction to first appear in the block chain; however, exchanges usually will require at least 18 confirmations (blocks) before adding funds to your account, and the standard wallet requires tbd confirmations before considering received coins to be available for use. A time of 10-20 minutes is generally the longest length of time you should consider waiting if your transaction isn't confirmed in a couple of minutes.


I can't send XMR because simplewallet or bitmonerod reports something like 'failed to send ...." How do I solve this?[ ]

A: Delete poolstate.bin, your compiled version is probably from the one before tx expiry was added. So also recompile with the latest commits (or download the latest official binaries).


I've heard that mixins can be unmasked if outputs are spent with mixin=0. Is this true?[ ]

A: (From tacotime) It refers to a well known privacy issue on CN coins. We've had a fix for this in the development for weeks now after corresponding with a Bitcoin core devs that should be more effective than the solution for Boolberry, we're just waiting until the core of the software is more mature before we roll it out.


Who are the official core team members?[ ]

A: (in no particular order) - tacotime, eizh, smooth, fluffypony, othe, NoodleDoodle

Monero dev team seems to be too sluggish, does not?[ ]

A: (From fluffypony) We are far from sluggish. All 7 of the core team members have to earn a living. Each of us can spend 14 hours a day on Monero, but then we need to draw an hourly payment to cover our time. Thus far we have received well under 1 BTC in donations, a trivial amount. That means that all of our time and energy and effort is completely self-funded. We are not sitting on mountains of XMR, this is a cryptocurrency that had an absolutely 100% fair launch. Given the current size of the cryptocurrency market I would argue that it had an even fairer launch than Bitcoin, because tons of people jumped on and mined it from day one. We had no opportunity to amass any sizeable amount of XMR. Thus, our entire effort is a labour of love and completely because we want to see XMR become useful. If we get no donations, we are unable to spend large amounts of time on it, and we will have to peck away at it in our spare time. If you want to see less "sluggishness" (i.e. more time allocated), then donate. If you haven't donated you have absolutely no room to manoeuvre in this discussion.


What on earth are these 'PaymentIDs' I keep hearing about?[ ]

A: The way that Monero works today causes the exchanges to have a single address to where all customer Moneros get deposited. Given the intrinsic privacy features built into Monero, the exchange is unable to verify the source of any incoming transaction. Enter 'PaymentIDs'. Each exchange user get's a unique PaymentID assigned, so that by tracking PaymentIDs on incoming transactions, the exchanges can identify the user account that is to be credited.


I have send to an exchange without using the payment id? What do I do now?[ ]

A: Contact support. You have to be the first to claim that specific amount with a rough timeframe and normally they will credit it to your account


Why is the price going up?[ ]

A: Because there is a higher demand in XMR than there is supply driving the price up.


Why is the price going down?[ ]

A: Because there is a higher supply in XMR than there is demand driving the price down.

1) Too much speculation. Anonymity only matters for actual transaction, not for speculation. And BTC market is 70% speculation. Alt is even worse 2) Lack of confidence/market fatigue. People are willing to wait, but only that far. DB, GUI, even website. Long overdue 3) "fully mined before reaching actual use". This is the "emission curve debate" - note that BTC could suffer the same fate, for the same reason. It was decided to not change it, though. 4) if ZKP does deliver, Monero COULD lose its main advantage - althouh ZKP does not have the extensive academic background that ring sigs have Also read smooth's point of view

Also, Monero as always been considered as expensive. So low price mean more opportunities to buy for people previously concerned with the price


Will the price go back up?[ ]

A: No one can predict future prices with certainty however it is likely that prices will fluctuate both up and down.


Can I mine directly to my exchange address, or do I need to setup a local wallet?[ ]

A: Mining to exchange addresses is not possible at this time, as the pool will not attribute a PaymentID to your mining proceeds, resulting in the exchange not being able to find out who said proceeds belong to. Mining to an exchange address will almost certainly cause your funds to be lost. Note: There is one exception, as one pool (MinerGate) has advertised that they have implemented PaymentIDs in mining withdrawals. This has not been independently verified yet (to the best of my knowledge), and the pool in question is 'closed source', thus generally not recommended.


I'm mining with 'x' hashes/second. How much can I mine per day?[ ]

A: Use this formula, which will give you how much of a block you can mine in 24 hours: (x)/(net hashrate) * 60 * 24


Why are some of my coins locked? Why does it takes so long to unlock them?[ ]

A: There arey no "coins" in your wallet, there are "outputs" corresponding to transactions you have sent or received. These outputs can only be spent in their entirety. So if you have an output of 10 that you received and you use it to send 1, then a transaction of 9 is sent back to you as change. As with any transaction, this one coming back to you takes time to confirm. Until that time the wallet reports that 9 of your balance as locked.


Can someone peer into my account without my consent?[ ]

A: No, it can only be done if you explicitely allow it, on a case-per-case basis. You must send the person/authority a viewkey file. For instance, if you run a charity, you would publish the viewkey along with some form of per-tx signature so regulators concerned with ensuring charities are run appropriately can peek into your books and see your accounts. Another use-case could be for a company to let its accountants, bookkeepers, and exco have visibility on the account and on the movement of funds. Or a married couple that want a shared account. Monero is private by default, transparent optional. The choice of whether privacy is relinquished for a particular wallet is the user's and the user's alone. Unfortunately, for the moment, there is no tool to easily use the viewkey.

Of course, the said viewkey could be stolen or the person you trusted to keep it for itself could give it to someone else without your consent or even your knowledge.


Can the cryptography behind Monero be broken?[ ]

A: Just like in Bitcoin, the sound cryptography has been shown to be broken with quantum computing. If such an event were to occur, all present cryptocurrencies would become immediately obsolete.


Was Monero pre-mined?[ ]

A: No hidden launch, no premine/instamine/fastmine/ninjamine in Monero. It is devtome-sanctionned.


I don't understand the RPC API, where can I get more information about it?[ ]

A: Ask your questions on the freenode's IRC channel #monero-dev.


Is Monero illegal?[ ]

A: The same laws that apply to Bitcoin also apply to Monero. Please read up on the laws of your country to see how they concern you.


Is Monero double-spend proof?[ ]

A: Short answer: no. Long answer: This is a misconception coming from the CryptoNote whitepaper's use of the term. What they mean is that CN coins are double-spending proof under normal conditions (i.e. no one has >50% of the network). This would not be worth mentioning for normal signatures (BTC-derived coins) but special care had to be taken to make ring signatures double-spending proof. However, it's still vulnerable to the standard 51% attack like any PoW system because that allows replacing key image sets.


What are the differences between CryptoNight and CryptoNote?[ ]

A: The former is the PoW algorithm. The later is the protocol. So, every Bitcoin-based cryptocurrency uses the Bitcoin protocol, and every CryptoNote-based cryptocurrency uses CryptoNote. (by the way, "Cryptonite" is either a mispelling for CryptoNight or refers to an unrelated Bitcoin-derived coin, XCN)


I have a "what=invalid signature", "Failed to init config" or "Failed to initialize p2p server" error[ ]

A: Remove p2pstate.bin and poolstate.bin


How do I set up a paper wallet/cold storage?[ ]

A: create a wallet on a computer disconnected from the Internet, write the 24 words and the address and the view key down, and then remove all the files created by the wallet.


How to backup my wallet?[ ]

A: First, make sure to update to the latest version of the software. If you created your wallet before mnemonic seeds were implemented (10th of June 2014), please create one with the seed command (open your wallet and type seed). Then write it down somewhere. Second, place wallet.bin.keys* in cold storage (offline). We suggest having two standard-looking, dedicated, write-protected, hardware-encrypted USB keys in different physical locations, with the wallet.bin itself being password-protected. Needless to say, you shall not place the mnemonic seed in the same location as the wallet file (like you should not place you computer password under the keyboard).

  • yes, wallet.bin.keys, not wallet.bin. This ain't Bitcoin.


What is MEW?[ ]

A: MEW stands for Monero Economy Workgroup and had its own thread, Monero Economy Workgroup

There are two sides of the Monero coin. Obverse is the core team, devoted to the technology i.e. coding. Reverse is MEW, devoted to the economy i.e. encouraging adoption, business opportunities... Let's extend the metaphor: the edges of the coin are the gray area where coding and economy overlap. The emission curve is such a gray area.

The core team works internally under the collegiality (peer) governance system and externally under the benevolent dictatorship (for life) model. MEW works internally under the weighted voting governance system and has not (at least for now) any external governance system.

The Core team and MEW are independant of each others: no group can force the other to change its mind. A vote from the MEW doesn't imply the core team has to abide; in reverse, if the core team asks the MEW to do something, MEW is not obliged to follow suit. Therefore, no one feels like being controlled by the other. If a post seemed to imply than one govering body rules above the other, it would be a misinterpretation and should be replied to by pointing to this FAQ entry.


How do I check my simplewallet log file?[ ]

A:

  • List of txid: In simplewallet, type incoming_transfers then enter, copy the output in a text file and use the search function of your editor
  • List of transaction for a specific payment ID: in simplewallet, type payments <payment_ID> then enter


Are the devs paid?[ ]

A: Core team is not - and since this is a fair crypto without ICO or premine, there is no reserve to be used, only donations. Some freelancers are, but none are full time and commitment and understanding of the whole picture is seldom present and when it is, it takes time to come.


What is openalias? How does it work?[ ]

A: openalias is Monero's aliasing system. It is meant to make it simpler to send moneroj to an address, by applying a label (itself using DNS) to an address. Using DNS prevents landgrabing (of course, landgrabing DNS itself is still an issue). openalias is compatible with simplewallet 0.8.8.5 or above and MyMonero.com but not with any exchange yet). For instance, if you want to send moneroj to support the development of Monero, you can either send to the dev fund address 46BeWrHpwXmHDpDEUmZBWZfoQpdc6HaERCNmx1pEYL2rAcuwufPN9rXHHtyUA4QVy66qeFQkn6sfK8aHYjA3jk3o1Bv16em or the much simpler to memorise alias: donate.monero.cc Of course, before sending to an alias, the said alias must have been created. To do so, add a record to your domain name (if you don't have a domain name, get one through your favorite DNS registrar). Simplewallet will decode these so you can type transfer 3 donate.monero.cc 100 and it will go to the project donation fund.

Example:

donate.monero.cc. 300 IN TXT "oa1:xmr recipient_address=46BeWrHpwXmHDpDEUmZBWZfoQpdc6HaERCNmx1pEYL2rAcuwufPN9rXHHtyUA4QVy66qeFQkn6sfK8aHYjA3jk3o1Bv16em\; recipient_name=Monero Development\; tx_description=Donation to Monero Core Team\;" donate.monero.cc. 300 IN TXT "oa1:btc recipient_address=1FhnVJi2V1k4MqXm2nHoEbY5LV7FPai7bb\; recipient_name=Monero Development\; tx_description=Donation to Monero Core Team\;"

More info (including information about privacy and security issues): https://openalias.org/


Is there a webwallet for Monero? What is MyMonero?[ ]

A: MyMonero.com is much easier to use than the command line utilities and is ran by fluffypony, a Monero Core Team Member. I doesn't require registration or email (the first time, you generate a private login key and the next time you just enter it). A notable community member said: "It's probably the most intuitive UI I've used in my life (no kidding)."

You can mine directly to your MyMonero address. MyMonero is completely free to use and most of its code will eventually be open-sourced. Most of the work is done client-side, so MyMonero only has write access to your funds when you are logged in (and it logs out automatically pretty quickly so you run no risk of accidentally letting your wallet open). Finally, MyMonero is compatible with openalias (so you can donate to the dev fund just by sending to donate.monero.cc) and uses HSTS.

In the future, you will be able to take advantage of the viewkey mechanism (read-only access for selected third-parties) as well as use it as an alternative access point for your regular wallet.


How can Monero be both anonymous and transparent at the same time?[ ]

A: Monero is "private, optionally transparent". By default, you can get very little information from Monero (you can know that a transaction occured, but not whence, how much and whither). But you can decide to give one particular person access to your balance by providing this person a viewkey, a specific string. For the moment, support is limited to MyMonero.com-created addresses, since this wallet is the only one able to take advantage of viewkeys and MyMonero doesn't yet allow reading a non-MyMonero.com-created address (such as an address created with simplewallet). But later, support will be extended to any wallet and addresses. Another optional transparency feature, hinted at in the original whitepaper but not implemented yet, is auditable addresses. Finally, we have also considered other methods of allowing for transparency on specific transactions. People want to be able to selectively prove payments on demand and generally open up to transparency in a controlled manner, without everything being linkable and traceable to the rest of their transactions.


Isn't the mnemonic seed and the inability to change the words security holes?[ ]

A: Most people, when given the choice of their password (let alone passphrase), will either choose an easy-to-crack pass or use the same everywhere. The 25 words of our mnemonic seed are 24 words + a single word checksum. This gives you a 256-byte key generated from a 1626-word word list (position relative to the previous word is important, and they're generated in sets of 3 - i.e. 32 bits per set). You'd need the world's computational power and then more time than our sun will exist.

Is Monero ASIC-proof?[ ]

A: No algorithm is ASIC-proof. By design. The only reason why there is no CryptoNote ASIC by now is that it is not economically interesting. For more detailled information, read smooth on ASICs.


Do you plan to implement multisignature?[ ]

A: Yes (which mean we could be on OpenBazaar) and we even expect the multi-sig to be indistinguishable from regular transactions, as opposed to Bitcoin (source). </translate>