Monero is a popular cryptocurrency because all transactions with Monero are 100% anonymous. This makes the altcoin attractive to anyone who prefers to make untraceable transactions. This gives Monero a big advantage compared to bitcoin as transactions with BTC are fully traceable thanks to the public blockchain.
Monero was launched in 2014 and is a payment system based on blockchain technology. The cryptocurrency basically has the same purpose as Bitcoin, facilitating peer-to-peer payments. However, payments with Monero are different. They are completely anonymous; the sender, recipient and the amount are hidden on the blockchain.
Because transactions with Monero are private, the cryptocurrency is unfortunately often used by criminals. The altcoin is popular on the Darknet where you can buy drugs with Monero and other anonymous cryptocurrencies. But of course, this is not Monero's target market. Monero's sole purpose is to enable private payments for everyone. This could potentially make the altcoin popular in the future for daily payments like paying taxes.
Just like Bitcoin, Monero uses the Proof-of-Work protocol. The difference between the two is that Monero can also be mined with a low-grade computer processor. Bitcoin mining is nowadays done with expensive equipment, making mining BTC less accessible. Monero makes it possible for the average laptop or computer to mine XMR making the network supposedly more decentralized.
Finally, an important part of Monero is the dynamic block size. The block size determines how many transactions can be put in a block by miners. For comparison, Bitcoin's block size is fixed at 3 MB while Monero's can be easily adjusted. This makes Monero theoretically much more scalable, which is an interesting fact for the future as more and more people start using the technology for making payments.
Buy Monero (XMR) safely and easily via Knaken+
Monero is a privacy coin and can be difficult to obtain. A number of exchanges around the world chose to remove the crypto from their platform because the cryptocurrency could cause problems with the authorities in their country. However, you can still buy Monero through cryptocurrency exchanges such as Binance, Kraken, and Knaken.
You can also buy the altcoin via over-the-counter (OTC) platforms. These platforms generally offer more privacy than, for example, an exchange. Keep in mind that these platforms will ask to verify your identity. Other benefits of OTC platforms include better customer service and the fact that it often involves companies based in your country or region.
Sell Monero (XMR) safely and easily via Knaken+
In many cases selling Monero is as easy as buying Monero. If you have your Monero in your exchange account, you can sell your XMR in just a few clicks. However, leaving your Monero in your exchange account is not the safest option, as you can read below.
Knaken helps you buy or sell Monero safely and easily. It doesn't matter if you are a beginner or a veteran. These three simple steps apply to everyone.
• Select your cryptocurrency
• Pay via payment methods such as IDEAL.
• Receive and manage your crypto in your Knaken dashboard or your own wallet.
Why do people buy or sell Monero?+
Buying Monero may generate a nice profit in case the XMR price increases. You can see buying Monero as an investment for the future. In that case, it is wise to properly research the project yourself in order to form your own expectations.
You can also choose to actively trade with Monero. This means that you buy Monero for a certain price and analyze the graphs to determine when you could sell your Monero again for a higher price. However, this comes with many risks.
It may also be the case that you want to use Monero to make private payments. In all the above cases it is wise to take good security measures to ensure that you do not lose your Monero.
Why choose Knaken?+
• Safe & Easy
• No extra costs
• Manage crypto via your Knaken Dashboard or your wallet
• Knaken has its own exchange
Important tips when buying/selling Monero+
As with all cryptocurrencies, it is essential that you have a good wallet. This can be a software or hardware wallet. It must support Monero. The advantage of these two types of wallets is that you always have the private key in your own possession. Suppose you buy Monero on an exchange that deposits the cryptocurrency in your account, of which you do not have the private key. In this case, you have to trust the exchange that they securely store your Monero.
Do your own research on both Monero itself, the underlying technology and the party from which you would like to buy Monero. Avoid scams by looking for reviews on Trustpilot and asking about other people's experiences with a company.
Consider carefully how much money you would like to put in Monero. In the crypto world, there are plenty of stories about people who lost large amounts of money due to errors of judgment or as a result of a simple accident. So don't put too much money in it, only what you can really miss.