What is Monero (XMR) and How to buy Monero (XMR) coin

Monero is an open source peer to peer cryptocurrency that is secure, private, and untraceable.  Transactions on the Monero blockchain cannot be linked to a particular user or real-world identity. This is similar to DASH that also has an option to send coins via so-called PrivateSend. 

Monero does not have any maximum block size hardcoded, which means there will be no scalability problem as we see now in Bitcoin. Although there is a block size limit based on the median size of previous 100 blocks, it will adapt over time automatically as necessary.

There will be a total of 18.4 million XMR in circulation. Its mining will go until May 31, 2022, and after that, 0.3 XMR per minute will be fed into the system continuously forever.

A. How to buy Monero (XMR) coin

Step 1: Get Bitcoin / ETH:   

You can invest in Monero using fiat currencies (USD, EUR etc) as well as convert your BTC & ETH to DASH.  Buying though fiat currencies will need opening account with the relevant exchange (Kraken and Bitfinex) with verification requirements. I suggest to buy Ethereum or BitCoin and convert it to Monero (XMR).

You can buy Ethereum and BitCoin from Coinbase ( one of the the most popular exchange that allows purchase through debit card or credit card of bank account). If you use my referral link for opening account at CoinBase,  we both will get $10 as referral bonus.

If you are in country where CoinBase is not available, you can check other options to buy BitCoins and Ethereum – Read my post here.

Step 2:  Open an Account with Binance  and convert BTC / ETH to Monero.

a) Now create an account with Binance (a crypto currency exchange that allows to convert one crypto coin into another). Binance supports the exchange of Ethereum to Monero (ETH/XMR),

b) After you open the account at Binance, you need to transfer the Ethereum from Coinbase (or other exchange) to Binance.

Go to the Funds Tab –> Select ETH wallet –> Choose “Deposit” option –> you will get an address to which you need to send ETH.

Go back to Coinbase and send the ETH to Binance address. It will take few minutes (10-15 minutes) before your ETH is reflected in Binance wallet.

c) Buy Monero (XMR) – Go the “Markets” tab (or XMR/ETH ) and see in the middle of the page. You have option to buy XMR there.  There are two option :

  • Limit order: Allows to manually set a price at which you want to buy XMR
  • Market Order: Buys XMR automatically at the best available price.

You can go for the Market Order type to get your order filled instantly.

Step 3: Transfer Monero (XMR) to your personal wallet (Optional)

a) This step is optional as you can keep your XMR at Binance exchange so that you can sell it in future instantly or you can choose to transfer in to your personal wallet.  You can install free Monero wallet from official wallet site (https://getmonero.org/downloads/

b) Download and install the wallet as per the link.  Select language and click on “Create a new wallet”.  The wallet will be displaying your private seed. It’s very important to keep this seed somewhere safe and private (external hard drive, USB). You need to set a password.

The wallet will need to synchronize with the Monero blockchain. This can take a while. The blockchain is now over 13 gigabytes. Feel free to leave your computer running overnight for it to finish downloading. You can still receive Monero coins while you’re waiting.

Clik on “Receive”  and it will show the wallet address that you need to transfer Monero (XMR) to this wallet.

b) Once you have created the wallet, login to Binance and click on “Funds” -> Deposits Withdrawal. Search for XMR and click on Withdraw.

Enter your Monero wallet details and set the amount as “Max”  and Submit. Make sure the details are correct. You will receive an email to confirm the withdrawal as well as code for the 2 factor authentication.

Once it is done, XMR will be transferred from Binance to your personal wallet.

Other Points to note:  

You can also buy Monero (XMR) from other exchanges like

Binance-Supported pairs XMR/BTC, XMR/ETH
Bittrex-Supported pairs XMR/BTC, XMR/USDT, XMR/ETH
Poloniex-Supported pairs XMR/BTC, XMR/ETH
Bitfinex-Supported pairs XMR/USD, XMR/BTC
Kraken-Supported pairs XMR/USD, XMR/EUR, XMR/BTC
Cryptopia-Supported pairs XMR/USDT, XMR/LTC, XMR/BTC, XMR/DOGE
Livecoin– Online exchange supporting wire transfer (SWIFT).
Coincut– Online exchange supporting GBP bank transfer.
LiteBit– Online exchange supporting multiple fiat purchase options.
MoneroDirect– Uses OKPAY to offer MasterCard, VISA, Webmoney.
MoneroForCash– Purchase with fiat money.

B. How does Monero (XMR) compare with other Alt Coins

Listing:  Monero started trading from May 2014 and it was listed at $2.5 with valuation of approx $2million.

Current price:  Current price is $420 (valuation $6 billion)  which means  240000% returns since launch.   Sine Jan 2017 (price $14 with valuation of $177 million) , it has increased to $6 billion i.e. 3300% returns.

C. Key things to note about Monero (XMR) and future price prediction

  •  John McAfee, cybersecurity entrepreneur went on record as stating that Monero has the potential to challenge bitcoin as a leading cryptocurrency.
  • As part of Project Coral Reef in music industry, more than 40 top recording artists, including Slayer, Weezer, G-Eazy, Sia and Fallout Boy (among others) are now offering their records in return for Monero as a payment method. Notably, Mariah Carey (who is especially big at this time of year) is offering a 15% discount on her website to anybody that pays with Monero.

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