What is Monero?
Monero (XMR) is an open source cryptocurrency that is privacy-oriented. It was launched in April 2014. The developers rely on donors from the Monero community as they did not award themselves any coins. This currency leverages signatures as well as stealth addresses to hide the users’ identities. According to its developers, it is 100% unlikable and untraceable.
Seven developers worked on Monero’s code, but only two, David Latapie and Riccardo Spagni have revealed their identities.
Monero is unique as compared to other coins. Apart from having complete control of your coins and transactions, it is also fungible. This is possible since all transactions are private and the transactions’ history is never revealed.
How to Buy Monero?
Monero allows inexpensive payments from any part of the world. The system is controlled by a distributed system of experts and funded through community donations protecting it from being shut down by any country or organization. Here is how to buy Monero cryptocurrency.
- The first step is to find a suitable monero exchange platform. Examples of some of these exchanges include Kraken, Local Monero, Changelly, Bitfinex, Poloniex, Bittrex, and Coinbase among others. If you are using Changelly, don’t use your credit card. It is too expensive. Buy Bitcoins first then exchange them for Monero. You can use fiat currency to buy XMR from Kraken.
- Create a Monero Wallet. You can download an official desktop wallet form Monero. It is more secure than other options. There is also the My Monero Web Wallet which is convenient since its web based, but not as secure.
Here are a few simple steps of setting up an XMR wallet.
- Go to MyMonero.com.
- Click on create account icon.
- Note down your private login key. You are going to use this key to access your wallet.
- Now you can log in to your wallet.
- Now you can transfer your monero coins to your XMR wallet. You simply use your XMR wallet address to either transfer or receive funds from other platforms.
We’ve already identified some exchanges from which you can buy monero from, but we’ll explore deeply a few of them.
- You can use fiat currency like dollars and euros to buy monero from this exchange. Allows wire transfers.
- Based in San Francisco, USA.
- Very low transaction fees. All digital currency deposits are free apart from Ripple.
- Supports BTC, DASH, LTC, DOGE, ICN, XLM and REP among other coins.
- It has passed a cryptographic verifiable proof-of-reserves audit.
- They have a stringent verification system. You have to go through 15 verification steps.
- 24/7 customer support, though there are some complaints.
- Very secure with two-factor verifications. The exchange has never been hacked.
- Based in Wilmington, Delaware, USA.
- You can only deposit and withdraw using digital coins.
- It has over 90 trading pairs.
- Has very low fees, below 0.25%. There are no deposit fees. Withdrawal fees vary with the cryptocurrency you want to buy.
- Poor customer support taints the exchange reputation.
- In order to buy Monero, you must first buy another cryptocurrency such as Bitcoin or Ethereum, then trade that for Monero.
- Has an easy to use their platform.
- Multi-cryptocurrency trading platform.
- Based in Metairie, Louisiana, USA.
- Very low transaction fees.
- User-friendly platform. Good customer support.
- You can use fiat currency for trading including dollars, Russian Rubble, and Euros.
- You can fund your account via wire transfer or by using other cryptocurrencies.
- A few clients complain that you may lose your money here, so take due diligence.
Check our LiveCoin Review.
- Started in August 2017 in Hong Kong.
- The exchange allows you to find local buyers and sellers just like LocalBitcoins.
- You can pay in fiat currency.
- Users remain anonymous as the site does not record IP logins.
- Trade chats are kept for just 180 days.
- You can buy Monero offline using this site.
- At the moment, this site is available in the US, United Kingdom, Canada and the United Arab Emirates.
- You can fund your account via bank wire transfer.
- Buying and selling monero on this site is free.
- It is very easy to use since you engage with the sellers or buyers directly.
These are just but a few exchanges you can use to buy monero coins. There are others like the ones we had mentioned earlier. You can carry out further research to determine all their fees and requirements, but they are more or less the same for most of them.
Let’s now look at what monero wallet and the importance of keeping your coins in one. Like most cryptocurrencies, monero developers also saw the need to develop a monero wallet. Instead of living your coins in an exchange where they can be stolen, it is safer to store them in one of these wallets. Though trading is faster and easier when your coins are in an exchange, they are always prone to hacking. Let’s look at these wallets and some of their features. There are a web-based wallet and cold storage wallets which are much safer.
Creating a MyMonero wallet is easy and fast.
- You visit mymonero.com
- Click create account
- Write you private key login and confirm it.
- You MUST keep it safe since you cannot change it or recover it from the site.
- The site does not store the private key
- If it is stolen, then you’ll have to use a new private key to secure your funds.
You should note that this is a web-based wallet. It does not run the full monero code and it is not as secure as the cold storage options. You should avoid storing a large number of coins in this wallet. Use it as a temporary storage when you are carrying out your transactions, then move your earnings to the cold storage wallet. We shall go through the process of creating one in a moment.
- This an offline paper monero wallet.
- With this wallet, you do not have to worry about being hacked. You can generate a wallet address without connecting your computer to an internet connection since it is self-contained.
- This way, you never risk your private keys.
- You get a public address once you create your wallet. This is the only info that is available to the public
- You will get a Mnemonic seed. It is a private string of words that enables you to recreate private keys. It is important that you keep this string of words in a secure place.
- You will also see private spend and view keys. You should also keep them safe, though you can recover them using the Mnemonic security keys.
Learn more about paper wallets.
Ledger Nano S is a hardware wallet that is set to start supporting monero coin in the near future. This wallet cost about $70 to $100. Let’s see if it’s worth this amount
- You can store a multiple of digital coins including ETH, Dash, Ripple, Stratis, ZCash, Litecoin, BTC and NEO among others.
- You will use the same backup key for all the coins you store here.
- It supports all ERC20 tokens used with MyEtherWallet.
- It is compatible with a variety of operating systems including Windows, Mac, Chrome, and Linux. It is also possible to connect this wallet to your Android smartphone.
- You can receive cryptocurrency even when the ledger is offline.
- It’s possible to store an unlimited number of coins.
- The safest option for your coins!
- Any time you update your wallet, your coins remain intact.
To sum it up
Monero is one of the most hyped crypto-currency today, don’t hesitate and get yours now. Thanks for taking your time to read through this guide. We hope that you have picked valuable information from the publication. Continue checking our website for more informative and interesting cryptocurrency articles.