Planning to Trade Monero? Here Are the Basics to Get You Started

In a digital currency world where upholding users’ privacy was a challenge, Monero dared to do what most other coins couldn’t or wouldn’t do, protect the privacy of their users.

Call Monero’s privacy execution daring you will be right, call it successful and you will be very right. The blockchain platform used by bitcoin and its other derivatives does little or nothing to protect people’s transactions. Any operation that’s conducted in the blockchain is open to public viewing. The cryptocurrency has therefore achieved great popularity and acknowledgment for its efforts because it successfully upheld user’s transaction anonymity. In this article, you will discover more about Monero’s privacy performance, benefits and how to buy and trade the currency.

About Monero and the reason why having it is a good idea

The Monero chain is an open-source platform that was introduced in April 2014. Monero (XMR) concentrates on the user’s privacy, fungibility, and decentralization. The crypto adopts a strategy called Obfuscated Public Ledger which allows anyone to send a transaction without the ability to identify the source by external observers. The privacy which Monero affords has generated many users interested in concealing their financial operations like the WannaCry Ransomware attack; an activity that capitalized on the privacy benefit to dodge law enforcement. There is always the good and bad side to any invention or innovation and using the privacy benefit for illegal stuff like the WannaCry Ransomware event is one bad side to it, but there is indeed a great relevance to maintaining transaction privacy

Protecting user’s privacy

Enforced Privacy:

In all transactions, privacy is enforced by default so that users cannot mistakenly be traceable. It ensures that people cannot be watched or penalized by external observers for utilizing private transactions.

Ring Signatures:

If a user is sending a transaction with Monero, he or she signs the deal cryptographically with their personal input plus an additional 10 inputs previously used to obtain a certain transaction.

One-time address

Users of Monero are required to obtain a one-time address cryptographically utilizing the receiver’s public address.

Why you should trade Monero

The price of the coin has increased exponentially from 2.47 USD on May 21st, 2014 to 59.34 USD the current price. The price of Monero is predicted to increase in years to come and this is why trading it is very profitable for you. The price is still low compared to its predicted price which leaves room for price increase in the future.

Along with anonymity, the process of mining the coin is based on the equality principle that deems all users as equal therefore deserving the same opportunities. To further develop the virtual currency, the developers didn’t keep aside any share for themselves.

Another reason why you should trade Monero is its Fungibility features. The fungibility features allow substitution of two currency units without any dissimilarity

How to trade Monero

Monero is listed on virtually all the major and minor exchanges like Bitpanda, Binance, Bitfinex, Poloniex, Kukoin, and many others. If you have Monero in your wallet, simply transfer to any of exchange it is listed on and start trading. But if you don’t have any Monero, you can buy one from exchanges like Bitpanda, Kraken, Cointree, CoinSwitch, Bitrex, Exmo, Livecoin, etc.

The steps to buying and start trading Monero are easy. You will need to buy the coin, sign up with exchanges, and start trading. Always find out about the best exchange for you because they may not offer the type of currency you have to exchange for Monero. Also, find out their customer identification procedure before you register.

Trading Monero or any other kind of currency requires expertise, do you have any? If you don’t, it is advisable to learn how to trade before you invest your money.