Want to know how to buy Monero? You can buy XMR with your Exodus Wallet.
Monero is a leading cryptocurrency that specializes in making transactions and financial information private. While other blockchain assets like Bitcoin and Ethereum are only pseudo-anonymous, Monero is a truly private cryptocurrency. In some ways, most cryptos are the opposite of anonymous. Anyone can see one's Bitcoin or Ethereum wallet address and their transaction history, including the amount of cryptocurrency one holds. Once a person is linked to a wallet, anything they do with it is out in the open.
But unlike such cryptocurrencies, Monero uses cryptography to shield the sender’s address, receiver’s address and the amount transacted.
As a digital currency, Monero is paving the way for fast and inexpensive online payments to and from people globally. Monero is among the few cryptocurrencies that are safe from capital controls and other regulations that may restrict the flow of its digital transactions. This is not the case for centralized exchanges, however, which may be forced to remove their XMR offerings from certain jurisdictions.
Monero is an open-source community project. It is built by volunteers and community-funded contributors who have dedicated their time to making Monero transactions seamless at every step. This is likely its greatest benefit as no one founder (or single team) can be targeted by governments. Monero can also be traded on cryptocurrency markets called exchanges.
Brief History of Monero
Launched in 2014, Monero was introduced to the digital world on Bitcoin Forum. After a few months of its launch, the Monero blockchain migrated to a different database structure to provide greater efficiency and flexibility to its owners. In the same year, Monero underwent a cyber attack but quickly recovered.
The Monero blockchain network was upgraded in 2017 to adjust its minimum block size and dynamic fee algorithm. The website getmonero.org was also redesigned within a couple of months to reflect the changes. In the same year, it also introduced multi-signature support to verify online transactions.
In 2018, the website getmonero.org published its content in several languages such as French, Polish and Arabic to attract global investors. Hardware digital wallets such as Ledger had also started to support the emerging cryptocurrency. It also implemented the Monero Messaging System to automate multi-signature wallet information exchange.
Monero had extended its full support for blockchain pruning by 2019. By that time, many hardware e-wallets such as the Trezor Model T and Ledger Nano X were optimized for Monero transactions. This was an important step in making using the token safer.
As of March 2022, Biden announced an executive order regarding cryptocurrency regulation. After this announcement, privacy coins like Monero shot up in value, indicating that investors are beginning to care more about privacy in times of crisis. Alongside Monero appreciating in value, Zcash also spiked due to this news. Monero could crash again facing other regulation, however. That is the unfortunate truth that comes with trading assets like Monero in a whole new area yet to be regulated.
Here’s a step-by-step guide to help you get started with trading Monero.
How to Buy Monero
- Open an exchange Account.
To start buying and selling cryptocurrencies, you’ll need to register yourself on an online broker or a crypto exchange. These crypto exchanges will help you buy, sell and store your digital assets from a secured location. However, not all cryptocurrency exchanges allow you to buy and sell Monero.
The easiest places to buy Monero are Binance (for investors outside of the U.S.) and Pionex for U.S. investors. - Buy a wallet (optional).
You’ll need a Monero wallet to store your coins in once you purchase them. The Exodus Wallet is a great choice for Monero support, as well as plenty of other great features to help you stay connected at all times.
- Make your Purchase.
Once you’ve set up your account with an exchange, you can browse through thousands of listed cryptocurrencies available for trade. If you want to buy Monero, you can select it from the list. You can also enter Monero in the search bar to find it faster.
If the price of Monero suits your financial goals, you can then decide the total number of tokens you want to buy. When you’re ready to make the trade, you can set the volume of tokens you want to purchase and click the buy button to execute the order.
Best Exchanges for Monero
Evonax
Evonax offers easy, fast and secure exchanges of the most popular cryptocurrencies. It streamlines the process with no fees and no registration.
The platform that acts as an intermediary between cryptocurrencies and users. It offers access to a variety of different cryptocurrencies and keeps adding to its portfolio.
You'll enjoy an intuitive interface with high security and no KYC process. Evonax believes anonymity is every person's right.
Wallets for Monero
- Best For:ERC-20 tokensVIEW PROS & CONS:securely through Ledger Hardware Wallet's website
Trade or Sell Your Cryptocurrency
As a result of applying the latest and most resilient encryption tools, Monero is among the most private and protected cryptocurrencies you can trade. It is listed on most decentralized exchanges and can be traded without disclosing any information on its sender, receiver or amount transferred.
Unlike Monero, Bitcoin transactions can be traced by anyone on the market. A few cryptocurrencies like Zcash only offer selective transparency on their transactions. This unique feature makes Monero more appealing to traders compared to other cryptocurrencies.
A new Monero block is created every 2 minutes. As there isn’t a maximum block size, Monero miners are richly rewarded for their efforts. The hardware required to mine Monero tokens is also minimal, making it a much sought after cryptocurrency.
- Best For:Buying & selling DogecoinVIEW PROS & CONS:securely through Robinhood Crypto's website
Current Crypto Prices
Most digital assets are down with the stock market thus far in 2022. While some investors are bearish, long-term investors often use times like this to increase their exposure to the asset class. As you probably know, the cryptocurrency markets are much more volatile than stocks and other traditional investments, so it's a good idea to do your own research and only invest what you're willing to lose. For up to date cryptocurrency prices, check out our table below.
Is Monero Traceable?
A great number of shop owners and online stores around the world accept Monero as payment for their goods and services. Its privacy-oriented transactions make it quite convenient to store and spend digital assets worldwide. This being said, using Monero isn't always completely private. Monero's blockchain is private, but transactions may be able to be traced to your IP address, home address, or other identifying information that could reveal your identity. If you use Monero safely with enough precautions it becomes essentially impossible to trace.
Frequently Asked Questions
Is Monero Completely Private?
While Monero’s blockchain is untraceable and private, there are ways for firms to figure out who sends transaction via the Monero blockchain. If you want full privacy, make sure to use a VPN and other precautions.
Can you mine Monero?
Yes, Monero is a mineable cryptocurrency that also has a low cost of entry to get started, as opposed to the expensive GPUs and ASIC miners other cryptocurrencies require.