Monero is a ground-breaking cryptocurrency that resolves secrecy and exchangeability matters which are rampant in the leading cryptocurrency, Bitcoin. Monero is essentially an upgrade on Bitcoin’s central ideologies of decentralization and secrecy. It resolves them by routinely mixing dealings with previous dealings and does this by applying ring signatures. Created on 18th April 2014, it chiefly concentrates on discretion, decentralization, and adjustability.
Monero is obtainable for Bitcoin via five main exchanges. They are:
– Bitfinex (If anyone is looking to purchase Monero with USD on an exchange, he or she could visit Bitfinex)
At Monero Direct, there also is the option to purchase Monero straight with fiat monies (EUR, GBP, USD, CAD, & CNY).
Buying Monero on Shapeshift
Shapeshift is presently the simplest method to purchase Monero. By following these steps, the transaction can be made.
– First of all, the user must own Bitcoin, which is purchasable via sellers like Coinbase and Circle. Bitcoin can also be easily acquired from exchanges such as Huobi, BTC-E, or Bitstamp. There are also several other techniques and ways to purchase Bitcoin. Possibly the easiest method is via either Coinbase or Coinhako. Once the user has bought some amount of bitcoin, he or she is prepared to purchase Monero.
Buying Bitcoin is straightforward just like the registration process for it which requires information such as the user’s name; email ID, along with an authentication of the user’s identity (for example, copies of the user’s birth certificate, license, etc.). As soon as an account is formed and confirmed, the user will be required to complement the existing information with a source of funding, for example, a bank account or a credit card.
Once this is done, the account is completely set up, and money can be transferred from the funding source in order for the user to purchase Bitcoin.
– The second step is that the user must possess a Monero address where he or she would receive the funds. The simplest method of obtaining an address is by using Mymonero. A 95-character Monero address is required, with the purpose of Shapeshift being able to direct the Monero back to the user. For demo purposes, a web wallet at MyMonero.com is the ideal solution. Alternatively, an account on Poloniex can also be opened.
– After acquiring an address, the user has to visit Shapeshift in order to label Bitcoin as the Deposit currency. The deposits will be made in Bitcoin and Monero will be the Receive currency, that is, the user will receive payments in Monero.
– Then, the user must paste a Bitcoin return address (in the event the user’s transaction to Monero is not successful and his or her Bitcoin is required to be sent back).
– Lastly, the user needs to send his or her Bitcoin to the deposit address provided by Shapeshift. Subsequently, the deal is processed and the funds are sent making this the last step, and the user an owner of Monero.
Buying Monero on Poloniex
(the major exchange platform for Monero)
Although it is a widely used method, there are a few disadvantages with the Shapeshift process, especially the fact that the exchange rate is very poor. So, for users, choosing to send Bitcoin directly from Coinbase to Poloniex is a great option. Here are the steps that need to be followed:
– Start by creation of an account at Poloniex. This is a basic process which involves the user just sharing standard information like name and email ID. Unlike Coinbase, this platform abstains from touching government currency so the registration procedure is much more hassle-free.
– Then, the user needs to visit the Poloniex “Balances, Deposits & Withdrawals” page which is accessible from the button titled, ‘Account’, available on the top right menu.
– After that, the user needs to click on the “Deposit” link from BTC in order for him or her to obtain the BTC address. With just one click, the user’s funds should be on its way to Poloniex. It might take some amount of time, possibly more than 15 minutes, for the Bitcoin transfer to achieve completion.
– Once completed, the user needs to go to Poloniex’s BTC-XMR exchange page. Here the user will be able to view a historical and graphical display of Monero’s fluctuating prices.
In order to trade Bitcoin (BTC) for Monero (XMR), the user needs to:
– Click on the highlighted number situated beside the option entitled “You have”. This will set the user’s trade to take in his or her complete Bitcoin balance.
– Click the highlighted number situated beside the link entitled “Lowest ask”. This will set the user’s trade price to the lowermost current seller.
– Click on “Buy”.
Thus, the process of purchasing Monero is complete.
Purchasing Monero over Bittrex and Bitsquare
If the user would prefer to purchase Monero via Bittrex, or Bitsquare, the instructions provided on the websites regarding opening the accounts need to be followed.
As providers of cryptocurrency exchanges, Bitsquare and Bittrex offer a diverse environment for obtaining Monero because the user has to fulfill other traders’ sell orders in order to purchase Monero.
This implies that values may fluctuate, sometimes extensively. If a potential buyer is unconcerned about trading Monero and would favor a stage that provisionally assures a guaranteed purchasing price, then Shapeshift is the better choice.
Other options for buying Monero
On 30th November 2016, the exchange platform Bitfinex opened dealings for XMR/BTC and XMR/USD combinations. This made the platform the first exchange to provision a fiat-XMR combination.
On 2nd January 2017, the popular exchange platform Kraken started dealings for these pairings-
Cryptocurrencies often behave like social networks. They have tremendously sturdy network effects. With the adoption of Monero continually growing, its value and efficacy is expected to increase exponentially.
Monero has a great opportunity for continuing to revolutionize and assist the cryptocurrency market. With fairly high curiosity and energy showcased towards it by the community of developers, it is highly probable that Monero will turn out to be a beneficial long-standing investment.