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How to Buy Monero

If you’re interested in purchasing cryptocurrency that allows you to maintain your anonymity, Monero is an option that you might want to consider. The Monero currency system is private, highly secure, and undetectable. Thanks to advanced cryptography, all transactions that are completed on the Monero platform are completely untraceable.

Monero tokens (known as XMR) can be used to purchase and sell items. They can also be exchanged for other types of cryptocurrency.

Monero can be purchased with other types of digital coins, as well as fiat; however, there are only a few exchanges where it can be purchased for fiat, such as Kraken.

What is Monero?

Monero is an open-source cryptocurrency that was launched in 2014. It’s built on and functions on the blockchain. Blockchains, the technology that all cryptocurrencies are supported by, serve as public ledgers. They display the activities of crypto users and all transactions that have been made on a specific network.

Monero’s blockchain is different than the blockchain used by other types of digital currency, such as BTC. With BTC, transaction details can be viewed by all users, but with Monero, the details of transactions, including sender and recipient identity, as well as the amount of each transaction, are kept private. Monero does this by hiding the addresses of its users.

Ring signature and stealth addresses are used to maintain privacy. With ring signatures, users who are sending transactions can hide their identity from others. To generate these signatures, Moero’s platform utilizes account keys of senders, which are clubbed with public keys; this makes ring signatures both unique and private.

Stealth addresses are generated randomly for single use users; they’re created for each transaction and for each recipient. This conceals the destination address of transactions and conceals the identity of the user who is receiving the tokens.

In addition to privacy, the Monero mining process is also based on the concept that all users are equal and are entitled to the same opportunities. As such, when Monero was launched, the developers didn’t retain any stake for themselves; instead, they relied on the support from the community and contributions to advance the development of the digital currency; a concept that is much different than other types of cryptocurrencies.

On the Monero platform, miners are rewarded when they join mining pools, or if they prefer, they can users can mine the digital tokens on their own. Mining can be doesn’t require specific hardware, such as Application-Specific Integrated Circuits (ASICs); rather, it can be mined on ordinary computers. It runs on all of the main OS platforms, such as Linux, macOS, Android, Windows, and FreeBSD.

Where to Buy Monero

  • Bittrex
  • Poloniex
  • Kraken
  • Livecoin
  • LiteBit
  • Binance

How to Buy MONERO

In order to purchase MONERO tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for MONERO. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.

Buy Bitcoin on Coinbase first to buy MoneroUse the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.

Register on Coinbase

Step 1: Create a Coinbase account

Select the “sign up” tab and complete the form by entering the requested information, including:

  1. Your name (exactly as it appears on your photo identification)
  2. Email address
  3. Password
  4. Location
How to buy Ethereum on Coinbase - Signup

Step 2: Verify your account

  • Issue your phone number
  • Upload an image of your photo ID
  • Verify your credit or debit card, or your bank account information

Step 3: Select the “Buy/Sell” option on the menu, once our account is verified

After verification, select the “Buy/Sell” option on the menu

  1. Choose “Ethereum”
  2. Input how much you would like to purchase
  3. Select the “Buy” button
Buy Bitcoin on Coinbase with Credit Card

Step 4: Confirm your purchase

  • Select the “Confirm Buy” button

Step 5: Open an account on an exchange that accepts Monero

Binance Frontpage

For the purposes of this example, we are going to use the Binance exchange

Register on Binance

Step 6: Register your Binance account

  1. Enter your email address and a strong password
  2. Agree to the terms of use
  3. Select “Register”
  4. You’ll receive an email to confirm your account
Sign up to Binance

Step 7: Login to your Binance account

Login to Binance

Step 8: Transfer ETH from Coinbase to Binance

  1. Under the “Wallet” tab, select “Deposits”Select Deposit on Binance Menu
  2. Copy the ETH deposit address you are provided withCopy Ethereum deposit address
  3. Log back into Coinbase
  4. Select “Accounts”
  5. Click “Send”
  6. Enter your ETH deposit address
  7. Input the amount of ETH you want to transfer
  8. Select “Continue”

Step 9: Exchange ETH for Monero Coins

  1. When your ETH has arrived in your Binance account, you can exchange it for MONERO tokens
  2. Select ETH currency
  3. Search for MONERO in the search box and select it

Exchange Ethereum for MoneroSelect whether you want to “Limit” order (you can choose the amount of MONERO you want to purchase) or “Market” buy, which will autofill your order at the best price

Step 10: Select the “Buy” button

  • Once you have chosen the amount of MONERO you would like to purchase, select the “Buy button”
  • Your MONERO order will be immediately filled; your ETH will be transferred into MONERO
How to Buy MONERO on Binance

Exchanges you shouldnt miss when you want to trade crypto

Why Buy Monero?

The primary reason to purchase Monero is privacy. Unlike other types of digital currencies, users’ identity is completely concealed for all transactions. Additionally, Monero’s privacy features are much more advanced than digital currencies that attempt to shield transactions and identities; therefore, there aren’t any loopholes, meaning that anonymity is always maintained.

Fungibility is another benefit of Monero. As such, there is no difference between Monero tokens, as they hold the same value and do not have unique features. This is much different than other cryptocurrencies, such as BTC, which aren’t fungible.

How to Sell Monero

You can sell Monero on the altcoin exchange. Create an account and fund it with Monero. Sell Monero tokens for more widely accepted digital coins, such as BTC or ETH. Exchange the more widely accepted tokens for fiat currency (American dollars, Canadian dollars, Euros, etc) and withdraw the fiat currency from your altcoin account and deposit it into your bank account.

Which Wallets Can I Use for Monero?

There are several wallets that can be used to store Monero. A handful of options include:

  • Monero GUI Wallet
  • Ledger Nano X
  • Ledger Nano S
  • Cake Wallet
  • Atomic Wallet
  • Monerujo Wallet
  • Edge Wallet

Conclusion

As of February, 2018, Monero was the 13th biggest cryptocurrency, as per its market capitalization. The privacy features that Monero offers and the fungibility of the coin are the primary draws to this digital currency. If you’re interested in investing in cryptocurrency but maintaining your privacy is a concern, Monero is certainly a worthwhile investment.


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