Monero is a cryptocurrency that provides true anonymity and privacy to transactions. That means that no bank, government, or corporation can track your money as you spend it. You may be thinking “isn’t that illegal?” answer is no! Monero is not designed for use in illegal transactions! It simply gives the individual more control over their privacy. Most people use Monero to buy products anonymously on the darkweb.
Monero was launched in 2014. Since its launch, it has been widely accepted by the darknet markets due to its true anonymity. It has been used on the darkweb for a number of reasons. In August 2016, AlphaBay announced that it would accept monero as a payment method. In April 2017, a report showed that bitcoin was not 100% anonymous and that bitcoin had created a large forensic trail on the blockchain that law enforcement agencies could use to track transactions.
Next, you may be thinking “how do I buy monero?” Do not worry! You can find a trusted seller on LocalBitcoins or through an exchange.
** How is monero different from bitcoin? **
Monero brings more privacy to the coin than bitcoin ever could! It is also much more fungible. When you buy something with bitcoin, you are leaving a traceable navigation path that law enforcement agencies could use to trace the origin of funds used to buy illegal goods on the dark web. Monero is more anonymous than bitcoin, allowing it to be owner of your money and not having to worry about third parties monitoring your every move.
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Monero is also very fungible! Fungibility simply means that one unit of a currency can be exchanged for another unit of the same currency without any loss of value or quality. This is just a fancy way of saying that all Monero coins are worth the same amount when used in one transaction. This is done through the ring signature process. Ring signatures are an advanced type of digital signature that uses elliptical curve cryptography and is protected by a ring signature to avoid double spending. Monero transactions are verified and finalized within a block, which means that forks or fork-like events will never occur on the blockchain. Click here for a good explanation of ring signatures and how they work!
How do I get started with monero?
You can buy monero in a number of ways. You can choose to mine your own currency, or you can choose to buy from a seller on an exchange. In this article, I will only cover purchases through an exchange.
re are three methods to buy monero, but it doesn’t matter which method you choose, as long as it is legal. re are two main exchanges to buy monero: Poloniex and Bittrex.
Poloniex or Binance.
It can be purchased with USD, BTC, or ETH. I recommend using a USD wallet before buying any currency, as this is how most exchanges accept payments. You can easily buy Monero through a USD exchange by signing up for an account here. By following the simple steps of the registration process and submitting your payment details, you will get a credit within 24 hours.
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Monero can be purchased using Bitcoin, Ethereum, USD, or Euros. If you want to buy Monero with BTC or ETH, you will need to buy it with USD first. Once you have purchased your Monero, you can send it to a wallet of your choice or keep it in your Bittrex account.
It can be bought with Bitcoin and USDT (Tether). As Bittrex does not currently accept new accounts, there is no way to directly convert BTC or Tether to XMR (Monero). You will first need to acquire bitcoin elsewhere (for example, Poloniex) and transfer it to Bittrex.