In this article, you will learn about Monero including what Monero is, how to buy Monero , features of Monero, best exchanges to buy Monero, etc.
Most of the cryptocurrency uses transparent blockchains which means it can be verified or traced by anyone. But do you know there are so many advanced cryptocurrencies that can be mined easily and more secure than the other digital currencies? Monero is one of them. It is the paradigm of the most secure digital currency. Monero is focused on private and censorship-proof transactions.
What is Monero (XMR)?
Monero is a digital currency but unlike bitcoin can’t be publicly tracked. Monero is a private decentralized digital currency. It allows you fast inexpensive payment anywhere worldwide. But what does private mean?
Like other cryptocurrencies including bitcoin, your transactions cannot be viewed by anyone. On the other hand, Monero doesn’t expose who sends, how much, and to whom. Transactions with Monero are untraceable and unlinkable so no one can identify where it originated.
Now the question might arise in your mind that why do you need a private currency and how to buy Monero? Well on the public blockchain, it becomes easier to connect the addresses and identify behavioral information about you. Whereas, it is not possible in the case of XMR.
Key Features that Make Monero the Best Cryptocurrency
Monero aims to provide complete online transactions to users without letting anyone know. If you are keen to know what is Monero cryptocurrency, you need to have a look at its 5 key features which make it the most secure and private digital currency.
When using bitcoin you need to reveal your residential address to send or receive bitcoin. But Monero allows you to use an equivalent address while sending and receiving the currency. All this process assures that your operation cannot be linked back to you.
XMR mixes the public information of hundreds of transactions together which makes the identity of the sender untraceable.
Public View key
The public view key feature makes Monero separate from any other currency. Whenever you want to share transactions with someone, you can share your public view key. This feature induces total secrecy in it along with the openness through the public view key.
It has a program inflation rate and set volume of coins to supply to ensure the value of XMR cannot be diminished.
When the data of bitcoin grows it starts getting slow down because it has the limited size of each block. Wherein Monero does not have any such kind of program limit. Its network reviews the preceding transaction and adjusts the size of the block according to need.
How to buy Monero (XMR)?
When you are done with gathering the information about what Monero (XMR) is, it is time when you should consider investing in it. But if you are still wondering “how to buy XMR” in this article you will discover the easiest way to do so;
Step 1: Sign up for an exchange account
To start trading cryptocurrency the first thing you need is an account with an online broker. It will help you to buy and sell your digital currency securely. Make sure to check that Monero is listed on that particular broker.
Step 2: Get an E-wallet
The digital wallet or e-wallet helps you to store your digital currency at a safe and private location. There are many types of wallets available that help you to store your digital assets. Some examples of types of wallets are, software hardware, web, mobile, and paper wallets.
Step 3: Process your purchase
After setting up an account you are ready to purchase your desired cryptocurrency. All you need to do is just browse through the listed currency and select Monero. Now you need to decide the desired number of coins and confirm the trade by clicking on the buy button.
There are countless exchange platforms available to make your trading much easier. After knowing “how to buy Monero cryptocurrency” you need to know more about the exchange platforms for trading. A few of them are listed below;
It is the broker platform for traders who are willing to use a simple and easy-to-use interface with bells and whistles like any other broker. Even a beginner can learn using the Robinhood platform as its trading options and account types are limited.
If you are looking for a fast and secure exchange to buy Monero, Evonax offers you everything you need. You can get the process and service with no fee and registration.
The reason behind the popularity of Monero is its strong privacy offering which is the result of applying the latest and most strong encryption tool. The Monero (XRM) is one of the most private and protected cryptocurrencies for any trader.
It allows you to trade without disclosing any of the sender’s information of receiver, sender, or amount sent. If you need further help with how to buy Monero, feel free to get connected with the best blockchain customer service. The expert here will be pleased to serve you.