by: ofir beigel | last updated: 6/14/22
monero has drawn a lot of attention due to its role as a bitcoin alternative on the dark web. After its success, many people now try to speculate on its price. In this post, I will give you a brief overview about Monero and the different ways you can buy it online.
Reading: Website learn bitcoin solana xmr
summary of how to buy monero
To buy monero (xmr) follow these steps:
- get a monero wallet (ledger nano x, mymonero)
- locate your monero address
- go to kraken and sign up
- deposit money and buy xmr
- withdraw your coins to your wallet
if kraken doesn’t work for you, here are some additional purchase options:
this is how to buy monero in a nutshell. If you want a detailed explanation of the process and monero keep reading, this is what I will cover:
- what is monero?
- how to buy monero in 3 steps
- get a monero wallet
- find an xmr exchange
- withdraw your coins
- how much is monero worth?
- how to buy monero on kraken?
- can i buy monero with a credit card?
1. what is monero?
monero falls under the category of anonymous coins, which means a cryptocurrency that, unlike bitcoin, cannot be publicly tracked. Within this category you will also find two other main competitors: dash and zcash.
If you’d like a brief overview of monero, check out our bitcoin blackboard tuesday episode below:
monero achieves pretty good anonymity by using various methods.
unbindable stealth addresses
Address reuse is one of the common bitcoin privacy issues. receiving multiple payments to a single address allows anyone who knows your address to keep track of your balance and all related incoming and outgoing transactions.
What’s worse is that even separate addresses in your wallet can be linked due to the way bitcoin handles change. For this reason, the lead developer of Bitcoin, Luke Dash Jr. he said “only a fool would use bitcoin like it is today for the darknet.”
There are no such privacy issues in monero. all destination addresses are hidden within your blockchain so that only the sender and receiver can identify them. analysis of the monero blockchain will never reveal the destination address where xmr is received.
Instead, only a single cryptographic hash of the destination is visible for each and every transaction. only the sender or receiver can decode this to reveal the real address. these hidden addresses are known as “hidden addresses”.
Beyond the obvious privacy benefits, stealth addresses have a number of ramifications, such as making it impossible to determine the actual distribution of xmr between addresses.
ring
the amount that is sent in any monero transaction is obfuscated by ring confidential transaction or ringct for short. Simply put, instead of transmitting the actual amount being sent, the user transmits just a little random-looking information.
This information is sufficient to verify that the amount being sent is legitimate and to keep the actual amount private.
untraceable ring signature payments
Ring signatures are a way to obfuscate the identity of the sender in Monero. Every time I sign an xmr transaction, additional signatures are added to my own signature, making it virtually impossible to distinguish who sent the transaction.
The combination of the above 3 elements makes monero a mirror maze for any would-be tracker. no definitive link can be determined, only the fuzzy possibility of link.
2. how to buy monero (xmr) in 3 steps
step 1: get a monero wallet
The safest way to store monero would be in a hardware wallet. today only ledger wallets support monero.
Using a hardware wallet will give you the security of storing your private key (ie your “password” offline) while being able to easily send xmr through a desktop interface when needed. the downside is, of course, that hardware wallets cost money.
If you don’t want to use a hardware wallet, you can always use a free software wallet. I recommend using the official monero devs desktop wallet.
If you are not concerned about a lower level of privacy, the mymonero web wallet is convenient to use and does not require you to download the full monero desktop wallet.
mymonero is a service that provides free hosted monero accounts for those who prefer not to run a full monero client themselves, or for those using resource-limited devices. was developed with the help of the monero core team.
You can access your account on any device, as long as you have access to your private login key. mymonero never knows your private login key and therefore cannot spend your funds without your permission. all private cryptography is done locally on your device.
Lastly, you can also use exodus, a popular software wallet that supports xmr and over 100 different crypto assets. the wallet also has a built-in exchange to exchange xmr for other cryptocurrencies and vice versa.
locating your monero address
once you have your monero wallet you will need to get your xmr address. the address is a very long string of letters (it is case sensitive) and numbers beginning with a “4”. here is an example:
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46awghmrcxk7iei4pgpxxruml3xy6k7kbey4dftyx86d8su49r5jzc2yspzohof5sqcxqhguayv5sq8jup2syvsakmtwpe2
step 2: find an xmr exchange
local monero is a marketplace that brings together buyers and sellers where you can find a wide variety of payment options to buy monero.
kraken allows fiat deposits which then allow you to buy monero directly. this, however, requires you to go through the exchange verification process.
another way to buy monero is to first buy bitcoin or ethereum with fiat (ie usd, eur, gbp) and then exchange your bitcoin for monero through binance. you can buy bitcoin with credit card through coinmama.
For users who wish to remain anonymous, stealthex is a cryptocurrency exchange that allows you to exchange your cryptocurrency for monero or buy monero with your credit card. the exchange supports a wide variety of cryptocurrencies, allowing you to trade cryptocurrencies without going through a verification process. however, using a credit card to purchase monero with stealthex will require verification.
Additional options to trade bitcoin or ethereum for monero include the following exchanges: bitfinex (no longer accepting US clients), hitbtc, poloniex, bithumb, and bittrex.
step 3: withdraw your coins
Once you have purchased your monero on the selected exchange, make sure to move it to your own wallet. never leave your coins on an exchange as it puts them out of your control.
once the coins arrive in your wallet, you have successfully finished the monero purchase process.
3. frequently asked questions
how much is monero worth?
1 xmr equals 153 usd
how to buy monero on kraken?
- sign up to kraken
- verify your identity
- deposit funds (usd or eur)
- exchange xmr for usd or eur
- withdraw the coins to your wallet
can you buy monero with a credit card?
There is no way to buy monero with a credit card directly. the only option is to buy bitcoin or ethereum with a credit card and then exchange it for monero.
4. conclusion
Most cryptocurrencies are only for speculation. monero is one of the few that I feel comfortable holding long-term. monero has proven to be useful and (despite some of its uses) legitimate.
Of the top 3 anonymous coins, monero seems to have the upper hand when it comes to technology and adoption.
have you had any experience buying monero? if so, I’d love to hear about it in the comments section below.
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