Do you know Monero is one of the most private of all cryptocurrencies out there? Perhaps this makes Monero (XMR) not the easiest cryptocurrency to buy. Buying Monero is not that straightforward as acquisition other popular cryptocurrencies, but it is not intricate either.
Currently, cryptocurrencies are getting a lot of attention. Users worldwide are looking for information on these digital currencies. If you are reading this, we guess, you have already done a fair bit of research about them.
On your pursuit of knowledge about the best yet profitable cryptocurrency, you have undoubtedly come across the name of Monero. Probably, you also know Monero offers greater privacy in comparison to the other cryptos. However, you are unsure of the ways to buy this cryptocurrency. After thorough research, we are going to curate the best buying guide on Monero (XMR.)
Hopefully, this article will help you in every realm of XMR acquisition. We can assure you, once you get done with this comprehensive guide you would be all on your toe to make an unequivocal decision.
An overview of Monero
Monero (XMR), unlike its counterparts, is an open-source cryptocurrency. Created in the year 2014, Monero has become very popular in the present day. Moreno means “coin” in Esperanto. The uniqueness of Monero is one of the main reasons for its overwhelming reputation.
The center of attention for Monero is on privacy and decentralization. Till now, Monero appears as 10th or 11th in the list of top cryptocurrencies. So far, the emphasis was on Bitcoin. Therefore, we are invariably going to compare Monero with Bitcoin.
Both are digital currencies and are operated to send and receive payments. There is one more similarity as both Bitcoin, and Monero supports the blockchain technology. However, Monero has many features that make it a superior choice in comparison to Bitcoin.
Read elaborately on the exclusive features of Monero below:
Exclusive features of Monero
When you make a transaction with Monero, the identity of both the sender and receiver remain private. Furthermore, these transactions by no means can be linked and are impossible to trace.
Hold on! We guess many of you are now going to Google to know the meaning of this term. Here we simplify the definition for you.
This term originates from economics, fungibility refers to the property of a commodity, and the individual units of these goods are usually interchangeable. Incidentally, Monero is fungible because of its privacy features. Thus, in a nutshell, the values of all the Monero coins are fungible.
By far, Monero is more scalable than any other cryptocurrencies. Block transactions involving Monero get over pretty quickly. The other popular cryptocurrencies usually take much more time.
Cryptocurrency transactions are verified using the mining procedure. The idea of mining came into practice for the sole purpose of decentralizing the system. But, not all cryptocurrencies are decentralized presently.
Nowadays, the ability of mining from a computer is no longer possible for many cryptocurrencies.
However, when you are dealing with Monero, you will have no problems in mining them from your personal computer.
How to buy Monero?
Till now, we have only revealed some of the unique features of Monero. Undoubtedly, after reading this much, some of you are raring to know how to buy Monero. We advise you to have patience as buying Monero will require some prior learning. To put it in simple words, you do not have many options to buy Monero coins. Again, we have done the hard work for you.
No pun intended.
Here are two possible ways with the help of which you can buy Monero, and they are, making use of other cryptocurrencies or using standard currency.
Those of you who already own other cryptocurrencies have already gone a step ahead for buying Monero. The key here is finding a suitable exchange platform.
However you might be surprised, in case, you do not have any other cryptocurrencies and thinking about buying Monero using the Dollar, Euro, and Great Britain Pound the lack of options will disappoint you. So, without much ado let into the details:
Buying Monero with other cryptocurrencies
- You can use Bitcoin and Ethereum to buy Monero. Ideally, you will have to exchange the cryptocurrencies mentioned above with Monero. We believe this is the best way to procure Monero as you will not be paying an exorbitant fee for the exchange.
- Now, for those who are entirely new in this arena and not having any other cryptocurrency, you will have to buy them first.
- Open your browser and locate a suitable exchange. We recommend the services of Coinbase for such exchanges. However, you are free to search on your own. Be sure, to check the fees the exchange is going to charge by mentioning the name of your country.
- Assuming, you have selected Coinbase as the platform for exchange, create your account on this exchange website.
- It is advisable to follow some additional tutorials as well if you are buying cryptocurrency for the very first time.
- Once the registration procedure is complete, you should receive your cryptocurrency in your account. Now, it is time to find a suitable exchange that supports Monero. Binance, Bittrex, and Poloniex are the names of such exchanges which support Monero.
- Again, you have to create an account on the exchange. Generally, these exchange sites will ask you to verify your identity. So, keep the necessary ID proofs with you. After the formalities are over, you shall have to wait for a day for your account activation.
- Finally, you are ready to deposit the cryptocurrency. The site will ask for the deposit address. Select from the platform (Coinbase in this case) to this address. Wait for a while before the process ends.
- Now, you are ready to buy Monero. Just go to the exchange tab appearing on the home page of the exchange.
Congratulations, you are now an owner of the Monero coins.
Buying Monero with USD
As already mentioned earlier, the options to locate such exchanges are very few. You should review the exchanges you come across while searching. After determining a suitable exchange, you have to create an account there. Rest of the steps are self-explanatory to one to implement.
Hopefully, this guide has helped you to understand the procedure of buying Monero. Go and get them now as Monero is expected to perform better in the coming years.
Before we doze off if anything plagues your minds, you can feel free to comment down below, will surely get back to you at the earliest.