After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra. The most important thing for you to do is to check whether mining Monero is a profitable activity for you or not. This site uses Akismet to reduce spam. For example, 1 oz. In addition to that, its blockchain technology ensures the data you input via sending transactions cannot be edited. Signup to our Newsletter.
What is Monero?
It exemplifies what crypto was originally designed for: freedom from censorship or outside control, with the ability to be transacted instantly and across vitcoin. Read ahead to find out how to buy Monero tokens, by purchasing them on the Binance exchange. Monero known by the ticker symbol XMRis a coin made for transactional use, expressly for private transactions. For coins such as Bitcoin, everything can be tracked on a public ledger, from transactions to wallet addresses. Monero addresses the privacy concern in crypto with several impressive features. As such, users can send and receive Monero without the worry of being traced. On top of their privacy features, which are touted as the best in the market, Monero recently introduced a new update, which drastically reduced the fees incurred in XMR transactions.
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Hey, everyone! Welcome to our full guide on the cryptocurrency, Monero! Here you will learn all about Monero, as well as where and how to buy Monero! Monero is a cryptocurrency that is quite unique and different, especially when compared to Bitcoin. Because of its uniqueness, it has slowly but continuously gained popularity. It is usually the 10 th or 11 th largest cryptocurrency, depending on the market cap of that particular day.
Hey, everyone! Welcome to our full guide on the cryptocurrency, Monero! Here you will learn all about Monero, as well as where and how to buy Monero! Monero is a cryptocurrency that is quite unique and different, especially when compared to Bitcoin. Because of its uniqueness, it has buy monero with bitcoin reddit but continuously gained popularity.
It is usually the 10 th or 11 th largest cryptocurrency, depending on the market cap of that particular day. Monero offers more privacy than most cryptocurrencies, including Bitcoin or Litecoin. Well, I am going to tell you exactly what it does and much more in this guide.
I will also take you through a step-by-step process of where and how to buy Monero. So, by the end of this guide, you will have a clear understanding of what is Monero, how it works and how to buy Monero.
Did you know that the original project which led to the birth of Monero was called Bytecoin? InBytecoin initially used the CryptoNote protocol on which Monero is built. More on CryptoNote in a while! To put simply, there were not enough coins left of Bytecoin to last in the long run.
Today, Monero is led by a group of 7 developers, of which only two have come out to reveal their identity. So, this is where Monero comes from and it has gained a lot of popularity since then, as you can see in the graph.
Like Bitcoin, Monero is a digital currency that can be used to send or receive payments. Also, like Bitcoin, Monero is built on blockchain technology. But unlike Bitcoin, it uses the CryptoNote algorithm — this is what makes it so unique. The following are the key features of Monero, which are quite different from Bitcoin and all other cryptocurrencies created from Bitcoin.
Moreover, Monero transactions cannot be linked to each other and cannot be traced to their starting point. Bob further transfers 12 XMR to Kate. Kate then transfers 10 XMR to Mike. There are two things to note here:. Now, if you did the above transactions using Bitcoin, the entire would be able to see the following:. Since everyone can see what you are spending your money on, Bitcoin is not considered private. Even though it only reveals the public address, it is still possible to trace that public address to the person who is using it.
This is one of the key factors which makes Monero quite popular. No one wants the whole world to know about all their transactions, even if they are completely legal. Simply put, any two units which can replace each other are fungible. For example, 1 oz. Just like gold and dollar bills, Monero is also fungible. Bitcoin and all other cryptocurrencies which are built on Bitcoin are not fungible. Can you guess why? It is because every Bitcoin transaction can be traced back to see where all it has been used.
So, the tainted Bitcoins are not exchangeable with the good ones. However, tracing the history of a Monero coin is not possible. So, all Monero coins are equal — hence, fungible. Bitcoin scalability is currently one of the most debated topics in the cryptocurrency universe. It takes about 10 minutes to process a block of Bitcoin transactions.
This leads to a maximum of around 7 transactions processed per second. Do you know how many transactions can be processed by the credit card company Visa? Now you can see why we need cryptocurrencies to be scalable. Monero does a better job than Bitcoin at scalability. In Monero, a block of transactions is processed every 2 minutes. Mining is the process of verifying the cryptocurrency transactions. For example, Bitcoin miners make sure that all the Bitcoin transactions which happen on the Bitcoin blockchain are valid.
They basically do what a bank or a credit card company does in the case of online transfers. In return for doing this job, miners get rewarded with the cryptocurrency they are mining. The idea behind mining was to make the system decentralized. So, it was supposed to be an activity which could be performed on your regular computer, at home or work. Over time, Bitcoin mining has become a job for professionals as it requires highly specialized and expensive hardware.
It is a very important factor which makes Monero truly decentralized and very popular among miners. Monero and Bitcoin are like apples and oranges — while they are similar in some ways, they are also very different from each other in other ways. This transaction would include the following steps before you can happily own that computer.
You already saw that Monero solves the issue of double-spending. In addition to that, its blockchain technology ensures the data you input via sending transactions cannot be edited.
You must have heard of many incidents in which bank servers have been hacked, resulting in serious losses. Well, one of the reasons blockchain technology is becoming so popular is that it is super effective in avoiding such security breaches. Now then, before knowing how to buy Monero, it would be a good idea to see what its future looks like and the things you should consider before making your purchase. While you cannot change that, you can try to understand the future potential of Monero to make an informed investment.
There are a few things which are in favor of Monero and a few things which are not. This has made Monero an obvious target for regulatory authorities. It could have a bad effect on the future of Monero if some unfavorable regulations are forced onto it. Looking at these pros and cons, I believe that Monero is here to stay. Buying Monero can be a little more complex than buying Bitcoin or Ethereum because of the lack of options. In this step-by-step process on how to buy Monero, I will take you through two ways to buy Monero:.
If you already own other cryptocurrencies and are looking to exchange them for Monero then the process is simple. Unfortunately, there are not many options if you are looking to buy Monero directly using fiat currency. To buy Monero or any other cryptocurrency, the most important part is to find the most suitable exchange for your needs.
Cryptocurrency exchanges are basically web platforms that let you buy and sell cryptocurrencies. There are many exchanges that let you buy Monero using other major cryptocurrencies, like Bitcoin or Ether.
The advantage of using this method is that the fees of such exchanges are generally lower than those which accept fiat currency. If you do not own any cryptocurrency but still want to use this method then you should first go to an exchange like Coinbase, as shown in the snapshot. Coinbase is the most user-friendly exchange for beginners to buy Bitcoin and Ether with fiat, so I recommend that you start. The Coinbase registration process is very simple and user-friendly.
You can check out the fees charged by Coinbase for your country. For a detailed guide on buying crypto with Coinbase and similar platforms, read our How to Buy Cryptocurrency guide. Once you have received the Bitcoin in your account, you can start the process of buying Monero. To do that, you first need to transfer the Bitcoin to an exchange that supports Monero. Binance charges a transaction fee of about 0. Step 1: Create an account on Binance by going here and filling the information shown.
Once you fill in this information, you will receive an email verification link. You should verify it and log in to proceed. Step 2: When you log in for the first time, you will be given an option to enable 2FA 2-Factor authentication for your account. It is highly recommended that you do it to ensure the security of your funds.
You will also be asked to submit your identity verification documents, like a passport or driving license. When you submit these, your account will be activated anywhere within hours. There will be a dropdown menu for selecting the cryptocurrency you need to deposit. On selecting Bitcoin, you will be shown a Bitcoin deposit address, which you should note down or copy.
If you choose Ethereum, it will, of course, display an Ethereum address instead. Step 4: You have to send your Bitcoin from Coinbase to this address. It will take about 10 to 20 minutes for Bitcoin to be deposited. After the purchase is completed, you will be able to see your XMR coins in the Binance account. Finding out where to store Monero safely is also something you need to take care of. One of the few reputed exchanges which offer Monero directly against a fiat currency is Kraken.
Step 1: Go to the Kraken platform here and register yourself by filling in your information as shown in the snapshot. Step 2: After you sign up, the process is similar to that of Binance. It requires you to submit different types of proof of identity i.
How to buy Monero with Bitcoin
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Just like gold and dollar bills, Monero is also fungible. This has made Monero an obvious target for regulatory authorities. Step 2: After you gitcoin up, the process is similar to that of Binance. Buy monero with bitcoin reddit you cannot change that, you can try to understand the future potential of Monero to make an informed investment. You will not find any native Monero wallet here so there is absolutely no chance of losing your funds until you make a horrendous error. Ledger, one revdit the leading hardware wallets, is currently working on integrating Monero. Error, failed to bitcin. Therefore, you should get a secure wallet for your Monero cryptocurrency. That was quite an informative article considering Monero is still underrated in comparison of other altcoins such as Dash, Lightcoin, and Ripple. It could have a bad effect on the future of Monero if some unfavorable regulations are forced onto it.
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