I just discovered there is already a wallet at localmonero.co . I had signed up with MyMonero.com and created a wallet there. Would it be more secure for me to take what’s in my wallet here (once I buy something) and move it to the MyMonero. com wallet or does it matter?
LocalMonero isn’t meant to be used as a web wallet, we strongly encourage to withdraw the coins to your own wallet as soon as you’re done trading.
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Are there any plans in the future to integrate a non custodial wallet on localmonero?
Or maybe a wallet where the private keys are held with both localmonero and the specific user. That way you can still use it for escrow and the user could still withdraw coins if the site ever went down.
I liked the wallet approach they used with localcryptos.
The quirks of the Monero protocol make this practically impossible to the best of our knowledge.
Neither LocalMonero nor LocalCryptos nor any other platform where you deposit your coins should be used as a wallet. Withdraw the coins as soon as you are able to.
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Ah got it. I don’t really have a deep technical understanding of how you integrate it with a website. You guys know best.
One last question: What’s the average time it takes for a transaction to be broadcast after being sent out of localmonero? I just send my first txn and it’s been pending for a while.
Usually within an hour.
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That’s kinda hard to do considering you need 0.35 xmr all the time for trades to be seen
Seems like reasonable collateral for the ability to post an ad and have customers know sellers are legitimate.
I can actually mine around 0.1 XMR/month to a MyMonero wallet, then had to trasfer funds to LocalMonero wallet. So I have to pay 3 transaction fees: to the mining pool, to MyMonero and to LocalMonero.
Would it be technically possible to mine directly to LocalMonero wallet, so to eliminate 1 transaction? I understood that such practice would not be advisable by safety standards (see tony reply #2)
Welcome! If the mining proceeds are sent from a mining pool then you can’t do that, as you’re only allowed to send coins to the LocalMonero arbitration bond wallet from a wallet that you personally control.