Monero is a digital payment system based on blockchain technology and also a cryptocurrency. The cryptocurrency (XMR) distinguishes itself from other crypto currencies by offering 100% financial privacy and irreducibly including transactions in the blockchain.
How To Buy XMR
So you’re interested in buying XMR? Currently, there is no way to buy XMR directly with fiat, so the best way to buy XMR is to first purchase Ethereum, transfer it to your chosen trading platform and change it to XMR. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for XMR/ETH and confirm.
3. On the XMR/ETH trading section you can now choose how much XMR you want to buy with your Ether. Once you have chosen your amount, press Buy XMR and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of XMR.
What is Monero?
Monero is an innovative blockchain technology that allows users to make payments without disguising information about the sender, recipient or the transaction itself. This allows owners of the XMR crypto-currency to be their own bank and thus guarantee their financial privacy.
The XMR digital currency is easy, private and untraceable. Like Bitcoin and almost all other altcoins, XMR uses blockchain to facilitate a decentralised payment system. However, cryptocurrencies normally only offer a certain degree of privacy, because information about transactions is publicly available in a blockchain. This means that anyone who wants to find a certain transaction in a blockchain can find out the value of the transaction and can trace who the sender and who the recipient was based on the wallet address.
With Monero, however, this information is made private. Anyone who looks at the XRP blockchain can therefore never find out what the origin, destination and content of a transaction was. Monero uses a special technique called “Ring Signatures”, which confuses the public encryption keys of users. Because several public keys (Public Keys) of various users pass through multiple rings in the blockchain, transactions are no longer traceable or traceable:
The Monero platform is currently mainly used as a decentralised payment system, but can also be used to exchange other forms of information in a secure and irreducible manner. For example, the underlying technology and cryptography can be used to keep confidential data secret, for example to secure Internet-of-Things devices and intermediate communications.
One of the challenges faced by other cryptocurrencies is scalability: in order to be able to process more transactions within a blockchain, blocks are enlarged by means of adjustments that are not always desired by the community, such as Segregated Witness (SegWit). This will not affect XMR because the size of the blocks on the Monero blockchain will be dynamically adjusted. On the one hand, this ensures that the network cannot become overloaded, but on the other hand Monero has also taken measures to ensure that it always remains interesting for XMR miners to continue to confirm transactions: the minimum block reward is set at 0.3 XMR. Monero is therefore a digital currency with eternal inflation of 1% per annum from 2022 onwards.
Monero value and price evolution
Monero was launched in 2014 and has since then taken an important position in the cryptocurrency market. The scalability of the cryptomint and the way in which the decentralized payment system guarantees users’ privacy gives the currency a considerable value.
The anonymity of Monero also makes XMR popular on the Darknet: people can pay each other there for potentially illegal goods or services, without the transactions being traceable.
Anyone who wants to invest in Monero has a chance of achieving high returns, but at the same time the sharp fluctuations in exchange rates also entail risks. As is the case for all cryptocurrencies, we recommend that XMR should only invest funds that you are willing to (partly) lose.