The popularity of cryptocurrencies is due to several factors and their privacy is one of the first places on this list. However, users have legitimate concerns about the anonymity of early cryptocurrencies.
Despite the sophisticated encryption that is used to protect the user’s anonymity, complete anonymity is hardly achievable. Transactions on the blockchain are recorded in a public ledger. It is difficult, time-consuming, expensive, but technically possible to establish the identity of users.
Vivid evidence of this is the successful FBI special operation to shut down the Silk Road website, which was actively involved in illegal trade.
Bitcoin is not completely anonymous and this fact forces many users to change BTC to Monero. Monero (XMR) is one of the top five cryptocurrencies with the highest level of privacy.
XMR uses the CryptoNote protocol, which deliberately hides the traces of a transaction. Tracking transactions is further complicated by the use of hidden addresses and ring signatures. Ring Confidential Transactions, or RingCT, helps to hide the amount of the transaction, thereby ensuring the highest possible confidentiality.
In July 2021, Monero was the 26th cryptocurrency by total market cap and was trading above $ 200.
Where to Store Monero
A cryptocurrency wallet is a program that stores your private key, which confirms your right to access and dispose of assets. The same program generates a public key required for transactions.
If you are purchasing XMR, you need to store your coins somewhere. The best Monero wallet is the official Getmonero wallet for desktop devices. Getmonero refers to the so-called “heavy” crypto wallets, which involve installing a program with downloading the entire blockchain history.
There is another official wallet – Mymonero. It comes in a local version for desktop installation and a web version that does not need to be installed on a computer.
It should be noted that all online wallets, without exception, are by definition more vulnerable than local ones. Therefore, it is better to store small amounts in a web wallet. For large amounts, it is better to use the local version. Please note that the desktop version of Mymonero only runs on 64-bit OS.
How to Buy Monero
You can buy XMR like other cryptocurrencies on cryptocurrency exchanges. Distinguish between classic custodial and non-custodial services. To access the services of a custodian cryptocurrency exchange, you will need to register and verify your identity.
Non-custodial instant exchange services such as LetsExchange work without registration. Cryptocurrency exchanges are performed completely anonymously and almost instantly.
To exchange Bitcoin for Monero in the exchange widget, follow these steps:
- In the top field, select the coin you want to sell and enter the amount to be sold.
- In the lower field, select the coin to buy in the same way. The service will automatically and instantly select the most profitable current rate for you and make all the calculations.
- Enter the address of your wallet for crediting purchased coins.
- Replenish the deposit for the required amount.
The exchange will be performed automatically and the funds will be credited to your wallet.
The exchange of 300+ coins is available on the LetsExchange platform. All exchange transactions are carried out without registration and are completely anonymous.