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Brief History of Monero
Monero (XMR) is a private, secure, and untraceable cryptocurrency that was launched in April 2014. Unlike many cryptocurrencies that are derivatives of Bitcoin, Monero is based on the CryptoNote protocol and uses ring signatures and stealth addresses to obfuscate the origins, amounts, and destinations of all transactions. Monero is currently the 10th largest cryptocurrency by market capitalization and continues to grow in popularity and adoption.
If you’re looking to buy Monero, there are a few things you should know. In this guide, we’ll cover everything from how to buy Monero with fiat currency to how to store it safely and securely.
How to Buy Monero
If you want to buy Monero with fiat currency, the easiest way to do so is through a cryptocurrency exchange. Cryptocurrency exchanges are online platforms that let you exchange one cryptocurrency for another. Some exchanges also allow you to exchange fiat currency for cryptocurrency.
The most popular fiat-to-crypto exchanges that support Monero are Kraken, Bitfinex, and Binance.
Buy Monero on Kraken
Kraken is a US-based cryptocurrency exchange that offers both fiat-to-crypto and crypto-to-crypto trading pairs. Kraken supports Monero against USD, EUR, CAD, GBP, and JPY.
To buy Monero on Kraken:
1. Create an account on Kraken.com.
2. Verify your account by submitting the required KYC (know-your-customer) documents.
3. Deposit fiat currency into your account. You can do this via bank transfer or wire transfer.
4. Once your deposit has been processed, click on the “Buy/Sell” tab and select “Monero” in the “You have” drop-down menu.
5. Enter the amount of Monero you want to buy in the “I want to spend” box and click on “Preview Buy Order.”
6. Review the details of your transaction and click on “Buy Monero”.
Buy Monero on Bitfinex
Bitfinex is a Hong Kong-based cryptocurrency exchange that offers both fiat-to-crypto and crypto-to-crypto trading pairs. Bitfinex supports Monero against USD, EUR, GBP, JPY, and other cryptocurrencies.
To buy Monero on Bitfinex:
1. Create an account on Bitfinex.com.
2. Verify your account by submitting the required KYC (know-your-customer) documents.
3. Deposit fiat currency or cryptocurrency into your account. You can do this via bank transfer, wire transfer, or cryptocurrency deposit.
4. Once your deposit has been processed, click on the “Buy/Sell” tab and select “Monero” in the “You have” drop-down menu.
5. Enter the amount of Monero you want to buy in the “I want to spend” box and click on “Preview Buy Order.
6. Review the details of your transaction and click on “Buy Monero”.
7. Congratulations, you have now bought Monero!
Buy Monero on Binance
Binance is a Malta-based cryptocurrency exchange that offers both fiat-to-crypto and crypto-to-crypto trading pairs. Binance supports Monero against USD, EUR, GBP, JPY, and other cryptocurrencies.
To buy Monero on Binance:
1. Create an account on Binance.com.
2. Verify your account by submitting the required KYC (know-your-customer) documents.
3. Deposit fiat currency or cryptocurrency into your account. You can do this via bank transfer, wire transfer, or cryptocurrency deposit.
4. Once your deposit has been processed, click on the “Buy/Sell” tab and select “Monero” in the “You have” drop-down menu.
5. Enter the amount of Monero you want to buy in the “I want to spend” box and click on “Preview Buy Order.
6. Review the details of your transaction and click on “Buy Monero”.
7. Congratulations, you have now bought Monero!
Best Exchanges for Monero
The three exchanges mentioned above are just a few of the many exchanges that support Monero. Some other popular exchanges that offer Monero include Poloniex, ShapeShift, Changelly, and BitPanda. When choosing an exchange to buy Monero on, it’s important to consider the fees, security, and liquidity of the exchange.
Wallets for Monero
Once you’ve bought Monero, you’ll need to store it in a cryptocurrency wallet. Cryptocurrency wallets are software programs that store your public and private keys and interact with the blockchain to enable you to send and receive digital currency. Monero has official desktop wallets for Windows, Mac, and Linux. The official Monero wallet, MyMonero, is also available for Android and iOS.
Trade or Sell Your Cryptocurrency
Once you have bought Monero, it is important to either trade it or sell it for fiat currency. If you are holding Monero for investment purposes, you may want to trade it on an exchange that offers Monero trading pairs. This will allow you to buy and sell Monero quickly and easily. If you want to convert your Monero to fiat currency, you can do so on an exchange that offers Monero/fiat currency trading pairs. Once you have sold your Monero for fiat currency, you can withdraw the funds to your bank account.
Is Monero Traceable?
Monero is a privacy-focused cryptocurrency that uses cryptography to obfuscate the sender, receiver, and amount of every transaction. Monero’s blockchain is designed to be opaque, meaning that it is very difficult to determine who is sending or receiving Monero. This makes Monero a very attractive option for those who value privacy and security. While Monero is not completely untraceable, it is much more difficult to trace than other cryptocurrencies such as Bitcoin.
