In the cryptocurrency community that already values privacy, it’s no surprise that Monero has been received warmly and has developed a large following. Apart from anonymity, Monero project also believes in economic equality and that’s why at the time of the launch, developers didn’t stake any coins for themselves. Instead, they asked other participants to contribute to drive the project forward.
Key Benefits of Monero
Fungible Currency – Since the blockchain and transaction details are hidden, specific coins can’t be identified or traced back to their origin. This means that each Monero or XMR coin is replaceable by another XMR coin and they can’t get tainted like other cryptocurrencies do. This makes Monero highly fungible.
Privacy – As discussed earlier, Monero’s unique value proposition is its privacy which is achieved through a method called ring mixing. Monero has made cryptocurrency transactions absolutely untraceable, unique, and anonymous. This means you can trade currencies without having to use VPN or other tricks.
Decentralized – Although all cryptocurrencies are decentralized but often there’s an unfair advantage to a certain party which results in that group owning a large share of the currency. With Monero, that’s not the case as there aren’t any ASIC miners on this platform. That makes it much more decentralized as compared to other digital currencies.
How to Buy Monero
Step 1 – Choose Your Monero Wallet
The safest way to hold your Monero coins is to get a hardware wallet and currently it’s only supported by Ledger Nano X which is compatible with both your desktop and mobile. If you are not looking to invest in a cold wallet then you have the official desktop one developed by the Monero team that you can download off the official website. You also have a choice to go for MyMonero which offers a reduced level of privacy.
You can also use Exodus, one of the most popular digital wallets which supports XMR and 100 other cryptocurrencies. It has a built in capability to trade XMR with other digital assets.
Step 2 – Pick Your Monero Exchange
Not many exchanges offer XMR so your options are pretty slim as far as crypto platforms are concerned. However, you can buy XMR from Local Monero which is a marketplace connecting sellers and buyers and you can find a number of options to purchase the currency. You can also purchase XMR coins on Kraken with your fiat money, but only if you’re willing to go through the verification process.
One more way to purchase Monero or XMR coin is to buy Bitcoin or Ethereum first with your real-world money and exchange it for XMR on Binance. You can also buy XMR with Bitcoin on Bittrex, Bithumb, Poloniex, and HitBTC.
Step 3 – Take Precautionary Measures
Before buying any digital currency, there are some safety rules you should keep in mind. These include the following:
• Secure your crypto exchange account using a strong password and use a unique email address reserved for buying and selling cryptocurrencies
• Scan all your computers and phones for vulnerabilities and secure them with antivirus software and firewall. Don’t access your currency on a device that hasn’t been secured
• Secure your exchange email address with a strong password and ensure it’s not identical to the one you’re using for the exchange
• Don’t forget to enable two-factor authentication to include an additional layer of security
Step 4 – Purchase XMR/Monero
If you have chosen your wallet, exchange, and complied with the precautionary measures, you are ready to buy XMR. Log into your exchange and go to the marketplace where you can enter the amount of XMR coins you want to buy. Click the buy button and your crypto exchange will find the best price for you. Monero coins will be transferred to your account.
Step 5 – Withdraw XMR/Monero and Store in Your Wallet
Once the XMR coins are in your exchange’s wallet, transfer them to your desktop or hardware wallet to ensure they remain secure and accessible at all times. Exchange websites can go through outages, that’s why it’s a smart idea to keep your cryptocurrency in your own wallet.