Monero – The Secure and Private Cryptocurrency: How to Buy XMR?
- How Do You Get Monero?
- Getting a Monero wallet
- Buy Monero with other Cryptocurrencies
- Buy Monero with Fiat Currencies
- Monero Best Exchanges
- Buy Monero with Bitcoin or Ethereum via Binance
- Why is Monero Better than Bitcoin?
- Monero CFD’s Trading
- Monero Mining
Most existing cryptocurrencies such as Bitcoin and Ethereum have transparent blockchain, meaning the transactions are openly verifiable and traceable by all and sundry. Monero, on the other hand, uses cryptography to hide sender’s and receiver’s address as well as the transacted amount. It was launched in April 2014.
This always on-privacy means every Monero’s user activity enhances the privacy of all others, unlike semi-transparent cryptocurrencies. Monero users also have a 25-word mnemonic seed at the time of their account creation. It can be written down to back up the account. The account files are also encrypted with a passphrase, to ensure that they’ll be useless if stolen.
How Do You Get Monero?
Same as any other cryptocurrency, the first step in order to put your hands ( in a digital way of course) on Monero coin is to open a digital wallet that supports Monero.
Getting a Monero wallet
If a trader wants to generate Monero wallet, he can check websites such as MyMonero which can generate a wallet within a small period of time. There are different ways to go about this. One needs to download the wallet from the website, disconnect from the internet, click the button to generate a wallet and write down the 25-word mnemonic seed. A trader can also note down the address if they wish to send money to it.
There are four things a trader may need while accessing a Monero wallet.
- Public Address
- Mnemonic seed
- Spend Key
- View Key.
The public address is an address that is visible to everybody who wishes to send Monero to a trader. Mnemonic seed and spend key are more or less the same concepts, i.e. these will grant access to a trader to his account. A view key is one that will allow a trader to only view his account balance and no other function.
Buy Monero with other Cryptocurrencies
There are different ways to buy Monero. For those that hold Bitcoin or Ethereum, the best will be to open an account at Binance and purchase your Moneros with Bitcoin or Ethereum. We recommend Binance as it has the widest selection of cryptos and altcoins.
Buy Monero with Fiat Currencies
The other way to buy Monero would be with fiat currencies. For some investors, it will be easier as they already hold these currencies. In order to buy Monero with fiat currencies, a trader can log into exchanges such as Kraken or Exmo. In these exchanges, you can purchase Monero directly with USD.
Monero Best Exchanges
It is very easy to buy Monero if a trader knows where to go. It is essentially an upgrade on Bitcoin’s central ideologies of decentralization and secrecy. Some exchanges that provide Monero are HitBTC, Binance, and Kraken.
In the US, there are no exchanges that allow buying Monero through credit cards. A trader has the option of buying Bitcoin through credit card at exchanges like Coinbase and then logging into Changelly which will convert Bitcoin into Monero in the space of 10 minutes.
Buy Monero with Bitcoin or Ethereum via Binance
- Create an account on Binance
- Go to Deposit and select Bitcoin or Ethereum
- Transfer your coins to address you received
- Click on Funds in order to confirm the transaction
- Go to Exchanges and search for XMR/BTC or XMR/ETH
- Click on Buy XMR and Monero coins will be transferred to your Binance digital wallet
Why is Monero Better than Bitcoin?
As mentioned above, Bitcoin is completely transparent and that leads to some flaws in the network. However, there are some obvious advantages to trading in Monero over Bitcoin. Some of them are:
- Monero’s superior mining algorithm- Monero’s mining software consumes less electricity as compared to bitcoin’s mining, which is primarily based on Application-Specific Integrated Circuit (ASIC).
- Monero’s adaptive block size limit- As compared to bitcoin, Monero has a more flexible block limit which means a trader’s transaction can be verified within two minutes (time taken to produce a block on Monero).
- Heightened privacy measures- Monero has plans to integrate Invisible Internet Project( ‘I2P’ ) which means, not only will a trader’s transactions remain protected, anybody snooping on the network will not be able to detect, if Monero is being used or not.
- Superior design team- Monero has around 180 contributors which contribute to the superior quality of the development and research.
Monero CFD’s Trading
Monero is an open-source, privacy-oriented cryptocurrency. However, in this context, the topic is purely for trading in Monero. As discussed above, exchanges are one way of going about it.
Another way to trade Monero is through Contract for Differences (CFD’s). Some brokers provide you the option to trade Monero price fluctuation. Trading CFD’s does not provide you a legal possession of Monero as a coin but the opportunity to speculate the price.
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Monero mining is a little more challenging as compared to other mining. The amount of effort required to mine Monero is more than other cryptos. Monero can either be mined solo or in a pool. Mining on a pool comes with a fee but it has its advantages. Users who do not have enough computer power may need to wait for a longer time to wait for a reward.
Whereas in a mining pool, users can collate their entire computer power together and have a steady flow of income.
There are also rumors that connect North Korea to a massive mining of Monero. Due to its privacy and secure qualities, governments can find this crypto as an attractive asset.
Currently, Monero is not as well known as Bitcoin, Ethereum, Litecoin or ripple. However, it has its own band of loyal fans who like the cryptocurrency for its stringent privacy. As great as it sounds in theory, due to this privacy, there is also a negative reputation attached to Monero. It is often claimed to be the cryptocurrency which is used for underhand activities.
Given time, hopefully, more people will see the benefits of using Monero, which will lead to increased number of users and perhaps a rise in price.