Monero or XMR was originally launched as BitMonero in April 2014 and is an open source decentralized peer to peer to cryptocurrency with its main focus on anonymity, decentralization, and scalability. Resulting from the fork of Bytecoin, it uses CryptoNight (64-bit CPU-only) PoW hash algorithm and based on CryptoNote protocol.
Monero is built as a hassle-free payment system and where people can accept and as well as pay in completely anonymous transactions. This enables people to not worry about the source of the funds or the need to ensure that the sender didn’t use illicit funds as in other cryptocurrencies.
Monero is different from the others because every single transaction is always private. There is no way for pools and exchanges to opt out of sending private transactions. Thus, Monero’s anonymity setting far exceeds any other coin’s anonymity set.
All the 85,000+ transactions in the past month of August 2017 on the Monero network were able to hide the sender and receiver, and about 99.95% of them also hid the amount too.
How to buy Monero?
On the investment perspective, Monero has grown really fast with XMR values at August 2015: $0.45, August 2016: $12, August 2017: $100 respectively and is currently trading at $92 per coin. On the market cap front, Monero ranks 10th amongst all other cryptocurrencies in terms of market capitalization with a realized value of over $1 billion.
Step 1: Get a Monero Wallet
There’s no light wallet yet for Monero but the official GUI can be used with a remote node. The following are the official Monero wallets:
Apart from this users can choose from a wide variety of mobile wallets, although not official and not recommended by Monero Team. Monero can also be stored in hardware wallet like Ledger Nano S or Trezor, both of which support most of the major cryptocurrencies.
Step 2: Buy Monero from an exchange
Like many other popular cryptocurrencies, Monero can be purchased from exchanges for Bitcoin as well as fiat.
How to buy Monero using fiat in any country
Not all the exchanges support every fiat currency. Depending on where you live, you’ll need to find a local exchange to buy XMR.
Buy Monero in the United States (USD)
If you’re a United States resident, there are many exchanges that would give you XMR in exchange for USD. Exchanges that accept XMR/USD:
Buy Monero in the China (CNY)
After the crackdown on local cryptocurrency exchanges by the Chinese government, XMR/CNY pair can be accessed through the Chinese exchange BTER only.
Buy Monero in the Korea (KRW)
As of today, Korea is the third largest market for Monero so far as the volumes are concerned. Koreans can trade in XMR/KRW pair using Bithumb.
Buy Monero in the Europe (EUR)
2. Buy Monero using Bitcoin
BTC holders can easily purchase XMR from all of the exchanges below, regardless of the country of the user.
Step 3: Withdraw Monero to your wallet
After the purchase of XMR, the coins can be transferred to any of the above-mentioned wallets of your choice and can be stored safely for the longer period.