What is Monero?


Monero is a digital asset that was released in 2014 and is best known for being crypto’s go-to privacy coin. There’s no question that privacy on the internet is scarce and becoming more scarce. Based on this, many investors believe that there is a place for privacy coins in every portfolio. XMR has an asset, achieves privacy-preservation and high transaction speed by utilizing bulletproofs, a zero-knowledge proof. Bulletproofs cut the size of transactions by at least 80 percent, significantly increasing transaction efficiency.

Key points about how to buy, sell or store Monero

Payment Method – In order to buy Monero, you need to  deposit funds onto an exchange. There are some exchanges that allow wire transfers, credit and debit cards, as well as bank transfers to fund your account. To reiterate, one can opt for doing transactions through credit card through the following providers:

  • Mastercard
  • Visa
  • PayPal

Security – Research the security features that are offered by different marketplaces. To further secure the XMR that you purchase,use an exchange or wallet that requires 2-Factor Authentication to gain access. Avoid using SMS as a second level of security as sim cards are much easier to infiltrate than authentication apps like Authy.

Verification – Before being allowed to buy or sell cryptocurrency, the verification of one’s identity is required by most trusted exchanges. Such processes may be done within a couple of minutes.

Wallet Service – If you are new or inexperienced and want to learn how to buy or trade cryptocurrency, it would be best to sign up at a marketplace that has a built-in wallet. It is always recommended that you use a wallet that only you have access to.