Monero is one of the best cryptocurrencies when considering security and anonymity. If you are interested in this innovative cryptocurrency, our guide will explain: where to buy it, how to mine, and why Monero is better than Bitcoin.
Most existing cryptocurrencies such as Bitcoin and Ethereum are implemented via a transparent blockchain, which means that transactions are verifiable and traceable by anyone. On the other hand, the
Monero cryptocurrency, launched in 2014, uses cryptography to hide the sender’s address, recipient’s address, and transaction amount.
Unlike semi-transparent cryptocurrencies, all the activities of Monero users strengthen the privacy of others. Monero users have at their disposal a 25-word mnemonic seed generated at the time of creating their account. You can note this to back up the account in case of need. The account files are also encrypted with a passphrase, which guarantees protection in case of theft.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. It would help if you considered whether you understand how CFDs work and can afford to take the high risk of losing your money.
How Can I Buy Monero?
As with any other cryptocurrency, the first step in collecting Monero coins is to open a digital wallet that supports the cryptocurrency.
Get a Monero Wallet
If a trader would like to get a Monero wallet, he can go to websites like MyMonero, where he can get a wallet in a short time. First, you need to download the wallet from the website, log out of the internet, click the button to generate a wallet, and write down the 25-word mnemonic seed. A trader can also write down the address of the wallet in case he wishes to send the coins from the latter.
Four requirements allow access to the Moreno wallet.
- Public address
- Mnemonic seed
- Spend Key
- View Key
The public address is visible and is used by all those who wish to send Monero coins. The mnemonic seed and the Spend Key have more or less the same function. That is, they allow the trader to access their account. Finally, the View Key will enable you to view only the account balance without any other function.
Buy Monero with other Cryptocurrencies
There are several ways to buy Monero. However, the best way for those who own Bitcoin or Ethereum is to open an account on Binance and buy Monero coins by exchanging them for Bitcoin or Ethereum. We recommend Binance as it has the largest selection of cryptocurrencies and altcoins.
For those who do not own Bitcoin or Ethereum and want to buy Monero through Binance, we recommend purchase Bitcoin or Ethereum on Coinbase. Always check that the exchange is operational in your area.
Buy Monero with Fiat currency.
Another way to buy Monero is to buy with fiat currency. For some investors, it will be a more straightforward process as this currency is widespread. To buy Monero with fiat currency, a trader can access exchanges such as Kraken or Exmo, where it is possible to buy Monero directly with USD.
The Best Exchanges for Monero
Monero improved Bitcoin’s policies on decentralization and secrecy. As a result, it is elementary to buy Monero if a trader knows how; some exchanges that provide Monero are HitBTC, Binance, and Kraken.
In the United States, there are no exchanges that allow the purchase of Monero via credit cards. However, you can purchase Bitcoins via credit card on exchanges such as Coinbase and then access Changelly, which will convert the Bitcoins into Monero in the ‘span of 10 minutes.
Buy Monero with Bitcoin or Ethereum on Binance
- Go to the Deposits section and select Bitcoin or Ethereum
- Transfer your coins to the address that Binance will indicate to you
- Click on Deposit to confirm the transaction
- Go to the exchange section and look for XMR / BTC or XMR / ETH pairs
- Click on buy XMR, and Binance will transfer the Monero coins to your dig wallet
Why is Monero Better than Bitcoin?
As mentioned above, Bitcoin is entirely transparent, and this represents a weak point in the network. However, there are some apparent advantages of preferring Monero trading over Bitcoin:
- A better algorithm for mining – Monero’s mining software consumes less electricity than Bitcoin mining, mainly based on the ASIC (Application-Specific Integrated Circuit).
- Monero block size adaptive limit- Compared to Bitcoin, Monero has a flexible block limit, which means that you can verify a trader’s transaction in two minutes (time required to produce a block on Monero).
- Improved privacy measures – Monero plans to integrate the Invisible Internet Project (‘I2P’), which aims to protect a trader’s transactions and prevent tracking of the various trades of Monero.
- Best Design Team – Monero has around 180 contributors who contribute to superior development and research quality.
Trading CFDs on Monero
Monero is an open-source cryptocurrency with a robust privacy orientation. However, in this context, the topic is purely focused on trading, and as mentioned above, exchanges represent only one of the possible methods.
Another method of trading with Monero is through Contracts for Difference (CFDs). Some brokers offer you the ability to trade on Monero price fluctuations; CFD trading does not provide you with actual possession of the currency but allows you to speculate on the price. AvaTrade is one of the most trusted brokers among those providing CFDs on Monero. Trading CFDs via AvaTrade will enable you to take advantage of leverage tools and track your transactions in real-time using the Meta Trader 4 platform.
Monero mining is a bit more demanding than other mining activities. The amount of computation required to mine Monero is more significant than other cryptocurrencies. However, Monero can be mined independently or in pools. The pool extraction, which takes place against payment, has advantages for users who do not have enough computing power and otherwise would have to wait a long time to get a reward.
In a mining pool, users can bring together the total computing power and have a constant flow of income.
There are rumors that North Korea is massively undermining Monero coins. However, governments may find this cryptocurrency an attractive asset due to its privacy and security features.
It is hoped that more and more people will understand the advantages of using Monero, and the number of users will increase, leading to an increase in the value of the coin itself.