What can you buy with Monero

Monero (XMR) - the anonymous cryptocurrency

Another method can be found on the Monero website: Here you can download a program - Monero GUI - Download for various operating systems. You must also take security precautions with the software. Choose a very strong password and try to prevent criminals from accessing your PC as much as possible. Since the Monero coins with this type of wallet are not stored in a cloud, but directly on your device, the security of the hardware is also important: If your laptop is stolen or your hard drive gives up, your credit is lost too.

If you choose Monero's official program, you become one at the same time Full node. This means that the entire Monero blockchain is stored on your device. This requires quite a bit of storage space and bandwidth. That is why many users use a virtual server (VPS) for this. Hardware wallets are already available for other cryptocurrencies. A corresponding solution is not yet available for Monero, but the manufacturer Ledger is already working on the implementation. With such a wallet, you have a small device with a secure chip that you can connect to your PC or laptop via USB to transfer coins.

Now that you have a digital wallet for XMR, you can start shopping for Monero. For that you need a Swap exchange to seek out. There are many of them: CoinMarketCap, an analysis website for everything to do with cryptocurrencies, lists almost 100 different pages. In the list you can also see one of the big differentiators: What currency can you exchange Monero with? While on some platforms you can use euros or US dollars as a medium of exchange, on others you have to work with bitcoins. This means that you have to buy Bitcoins first (if you do not already have coins of this cryptocurrency) before you can purchase Monero Coins.

To find the right swap meet you should go to various factors pay attention: which crypto and fiat currencies can be exchanged? How secure is the platform? The country in which the company is based may also play a role. And finally: How high are the fees? Most marketplaces keep a percentage of the transaction value to finance themselves.

If you would like to change euros directly to XMR, there is, for example, the now well-known Kraken marketplace. There you can not only trade with Monero, but you can also choose from the most important other cryptocurrencies: Bitcoin and Bitcoin Cash, Ethereum and Ethereum Classic, Litecoin, Dash, EOS and even Dogecoin can be traded via Kraken. To do this, you must first create an account on the platform. The second step takes more effort because Kraken requires one verificationbefore you can start exchanging. This should guarantee the safety of all participants.

The verification runs over several stages. Depending on the level, certain limits are placed on the volume that you can work with. To buy Monero you need at least level two and need to provide your name, birthday, telephone number and your address. The verification can take several days. Then you can z. B. by bank transfer or SEPA procedure Deposit euros into your Kraken account.

You can then use the credit to buy Monero. You will then have Monero Coins on your Exchange account. From there you can - and should - get the coins transfer to your wallet. To do this, enter the address of your digital wallet on the exchange platform and initiate a payout.