Monero is the top privacy coin in terms of market cap and industry experts consider XMR to be the best privacy coin. Its cryptographic technologies guarantee privacy. RingCT obscures the amount of transaction; ring signatures shields the sender by concealing which output was spent; and stealth address ensures that recipient’s address is not on the blockchain.
XMR transactions are safe from hackers because they are secured from public leaks because of Monero’s proof-of-work system and blockchain that rules out transaction spoofing or serious DDoS attacks. Monero is a completely decentralized blockchain, making it more stable and trustworthy. It is also truly fungible. There is no way to trace Monero because there are no serial numbers and all transactions are anonymized. XMRs will never be tainted or blacklisted. Its active community comprising miners, pools, users, and developers is constantly working on innovative projects that improve the network’s security and its users’ privacy.
Before buying XMR, it is ideal to get a Monero wallet first. If you plan on using Monero regularly, the best lightweight Monero wallet is XMRWallet. It is a decentralized web-based wallet that allows you to be in control of your keys and coins. Go to https://www.xmrwallet.com/. Make sure your browser shows this web address to avoid phishing websites. Click on “Create XMR Wallet.” A page will open, showing your 25-word seed. Write or print your seed. Make several copies and secure them in different locations. If you lose your seed, you also lose access to your XMR. You will find your public address when you click on “Receive.” You need the public address to receive XMR.
Once you have an XMR wallet set up, it is time to buy Monero. You can get XMR by buying from individual sellers, a crypto-enabled ATM, or a cryptocurrency exchange. To buy from individual sellers, go online and search for people selling XMR. Reach out to them. When you have reached an agreement, you simply send the value in fiat or cash and they will send XMR to your wallet’s public address. This process is straightforward, but it could be a security risk. Unless you personally know the person selling, you may fall prey to scammers. The back-and-forth communications can also take time.
Many Monero ATMs take cash and you can complete smaller transactions anonymously. For larger amounts, some ATM owners may require know-your-customer (KYC) or anti-money laundering (AML) processes. Most XMR holders prefer to stay clear off any storage of their data to preserve their privacy. Monero ATMs are difficult to find. This website, though, can help you find one: https://coinatmradar.com/.
A cryptocurrency exchange will be the easiest way for beginners to purchase XMR. A crypto exchange is an online marketplace or platform where users can buy, sell, and trade crypto. Binance, Kraken, Coinbase, and Gemini are some examples of centralized exchange (CEX). They act as intermediaries to monitor and confirm crypto transactions. A centralized exchange is like a stock exchange, except it is for digital assets. They have KYC requirements to comply with government regulations. If you want to avoid KYC and have invested in other crypto coins, you can go to morphtoken.com, tradeogre.com, or cakewallet.com. They are centralized, but there is no KYC because they do not accept cash. Instead, you trade the crypto you have for XMR.
The major drawback of CEXs is they are custodial. They keep the keys to your XMR in their own crypto wallet. Transaction fees and the risk of hacking are high. Their platforms are user-friendly and offer many crypto services, but you must consider carefully if this system works for you. A practical and safe tip is to buy from the exchange, withdraw it, and then send your XMR to your Monero wallet. If you do not have a Monero wallet yet, set one up. You can send and receive XMR instantly with XMRWallet.
A decentralized exchange (DEX) enables users to trade directly with each other. There are no third parties involved and are more private than centralized ones. Bisq, LocalMonero, and Hodl Hodl are some examples of decentralized exchanges where you can get XMR. When using decentralized exchanges, it is crucial that you already have an XMR wallet in order to receive XMR. There is less risk for market manipulation and censorship in a decentralized exchange, but it may be too complicated for a novice. There are also fewer opportunities for those who would like to get XMR using fiat. DEXs are best for investors who hold different crypto.
There’s also an increasing number of businesses that accept Monero (XMR). Creating a Monero wallet and buying XMR can be hassle-free when you have these pointers in mind. It should not take you too long before you can enjoy all the benefits Monero offers.