How to Buy Monero (XMR)

Buy Monero through Binance

• Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

Buy Monero through MEXC

• Founded in 2018, MEXC Global is known as the exchange of high performance and mega transaction matching technology. The team at MEXC Global are some of the first movers and pioneers of financial and blockchain technology. Currently, MEXC Global caters to 10 M+ users in more than 170 countries around the world and we have just started.

Buy Monero through Gate.io

• Gate.io is a crypto exchange founded in the fall of 2017. The platform is a part of Gate Technology Inc corporation, and has a registration address in Virginia, USA. The platform does not have an official license. Its interface is available for working in three versions: English, Chinese and Japanese.

Buy Monero  through Bitfinex

• Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc registered in the British Virgin Islands.Their customers’ money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships.Bitfinex was founded in December 2012 as a peer-to-peer Bitcoin exchange, offering digital asset trading services to users around the world. Bitfinex initially started as a P2P margin lending platform for Bitcoin and later added support for more cryptocurrencies.

Buy Monero through Kucoin

• Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.

Step 3 – Withdraw Your Monero

Once you decide on an exchange, open an account and buy your Monero. Make sure to withdraw the Monero from the exchange to your personal wallet.Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past) and always double check address before send coins because you can send the coins to wrong address .

Overview 

Who Are the Founders of Monero?

The founders of Monero are a group of developers who chose to remain anonymous and use pseudonyms for their identities. The Monero project was launched in 2014 by a user on the Bitcointalk forum named “thankful_for_today” who proposed the idea of a new cryptocurrency that would offer greater privacy and security than Bitcoin. Later, the development team behind Monero grew to include other developers and community contributors who continue to work on the project.

The five core members of the Monero development team are:

1. Riccardo “Fluffypony” Spagni: Spagni is a South African entrepreneur and software developer who has been involved with Monero since its early days. He is known for his contributions to the development of Monero and his work on various other blockchain-related projects.

2. Francisco “ArticMine” Cabañas: Cabañas is a Canadian software developer who has been involved with Monero since 2015. He is known for his contributions to the development of Monero and his work on various other blockchain-related projects.

3. Smooth: Smooth is a pseudonymous member of the Monero development team who is known for his contributions to the development of the Monero codebase.

4. NoodleDoodle: NoodleDoodle is a pseudonymous member of the Monero development team who is known for his work on the Monero codebase.

5. Snipa: Snipa is a pseudonymous member of the Monero development team who is known for his work on the Monero codebase.

While the identities of the Monero founders and core development team are not publicly known, they are highly respected in the cryptocurrency community for their technical expertise and dedication to the principles of privacy and security that Monero was designed to uphold.

What Makes Monero Private?

Monero is considered one of the most private and anonymous cryptocurrencies available today. Here are some of the key features that make Monero private:

1. Ring Signatures: Monero uses ring signatures to help conceal the identity of the sender of a transaction. Ring signatures allow a group of users to sign a transaction, making it difficult to determine which user actually initiated the transaction.

2. Stealth Addresses: Monero also uses stealth addresses, which are one-time addresses that are generated for each transaction. The use of stealth addresses helps to ensure that the recipient’s address is not linked to their public identity.

3. RingCT: Monero uses a feature called Ring Confidential Transactions (RingCT), which helps to conceal the amount of the transaction. RingCT allows the sender to hide the amount being transferred by mixing it with other amounts in the blockchain, making it difficult to trace the exact value of the transaction.

4. Kovri: Monero is currently working on implementing a feature called Kovri, which is an implementation of the Invisible Internet Project (I2P). Kovri will allow Monero users to route their transactions through the I2P network, further concealing their IP address and location.

These features work together to provide a high degree of privacy and anonymity for Monero users, making it difficult for third parties to trace transactions back to individual users. As a result, Monero has become a popular choice for users who are concerned about privacy and security when using cryptocurrencies.

What Gives Monero Value?

The secrecy and anonymity offered by Monero are what most users find valuable. It gives people the freedom to conduct cryptocurrency transactions anytime they want for any purpose without being concerned about being watched by the government, hackers or other outside parties. XMR coins cannot be traced, thus they cannot be blacklisted by businesses for alleged illicit connections.

Investors who think that demand for privacy will rise in the future, raising the price and total market cap of XMR, may find value in Monero in addition to its use as a medium of exchange.

Mining on Monero

Monero uses a Proof-of-Work algorithm, RandomX, to validate transactions. The method was introduced in November 2019 to replace the former algorithm CryptoNightR. Both were designed to be ASIC-resistant.

Monero can be mined somewhat efficiently on consumer-grade hardware, such as x86, x86-64, ARM and GPUs, a design decision that was based on Monero’s opposition to mining centralization that ASIC mining creates. However, it has also resulted in Monero’s popularity among malware-based non-consensual miners.

In October of 2021, the Monero project introduced P2Pool, a mining pool running on a sidechain that gives participants full control of their node as with solo mining configurations.

What Makes Monero Unique?

Monero is a unique cryptocurrency for several reasons:

1. Privacy: Monero is designed to be highly private and anonymous, making it difficult for anyone to trace transactions or track the identity of users. Monero uses several advanced privacy features, including ring signatures, stealth addresses, and RingCT, to ensure that transactions are completely confidential.

2. Decentralization: Monero is designed to be a fully decentralized cryptocurrency, meaning that it is not controlled by any central authority or corporation. This makes Monero more resilient to attacks or censorship attempts by governments or other centralized entities.

3. ASIC Resistance: Monero is designed to be ASIC-resistant, meaning that it is more accessible to users with regular consumer-grade hardware. This helps to ensure that mining on the Monero network remains decentralized and accessible to a wider range of users.

4. Community-driven development: Monero is developed by a community of passionate developers and contributors who are committed to the principles of privacy, security, and decentralization. The community is highly active, and development is driven by community consensus rather than by any central authority.

5. Fungibility: Monero is highly fungible, meaning that each unit of Monero is interchangeable with any other unit. Unlike Bitcoin, for example, which has a transparent blockchain, Monero’s advanced privacy features ensure that each unit of XMR is indistinguishable from any other unit, making it highly fungible and valuable for users who prioritize financial privacy.

These features combine to make Monero a highly unique and attractive cryptocurrency for users who value privacy, security, and decentralization.

How Many Monero (XMR) Coins Are There in Circulation?

Monero is slightly unusual as a token sale wasn’t held for XMR — and no tokens were premined either. At the time of writing, the circulating supply of XMR stands at 18,188,773.23.

This cryptocurrency is designed to be resistant to application-specific integrated circuits, which are commonly used for mining new Bitcoin. In theory, this means that it can be possible to mine XMR using everyday computing equipment.

Overall, there will eventually be a total of 18.4 million XMR in circulation — and this cap is expected to be reached on May 31, 2022. After this, miners will be incentivized using “tail emissions,” with a small amount of XMR being fed into the system every 60 seconds as a reward. It is believed this approach is more effective than relying on transaction fees.

How Is the Monero Network Secured?

The Monero network is secured through a combination of Proof of Work (PoW) consensus algorithm and other measures designed to enhance the security of the network. Here are some of the key measures in place to secure the Monero network:

1. PoW Consensus Algorithm: Monero uses a PoW consensus algorithm called CryptoNight, which is designed to be ASIC-resistant. This helps to ensure that mining on the Monero network remains accessible to a wider range of users, making the network more decentralized and secure.

2. Dynamic Block Size: Monero’s block size adjusts dynamically based on network demand, which helps to ensure that the network remains stable and secure.

3. Privacy Features: Monero’s privacy features, including ring signatures, stealth addresses, and RingCT, help to ensure that transactions are private and anonymous. This helps to reduce the risk of attacks such as double-spending, as well as making the network more resistant to other types of attacks.

4. Community Audits: The Monero community is highly active and engaged, and the codebase is regularly audited by members of the community to ensure that it is secure and free from vulnerabilities.

5. Regular Software Updates: Monero’s development team regularly releases software updates to fix bugs, improve network security, and add new features. Users are encouraged to update their software regularly to ensure that they are running the latest version of the Monero software.

All of these measures work together to make the Monero network highly secure and resistant to attacks, making it one of the most trusted and reliable cryptocurrencies available today.