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What Is XMR? How to Buy Monero? How to Convert to Any Cryptocurrency?

11-01-2021 06:45 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: letsexchange

What Is XMR? How to Buy Monero? How to Convert to Any

Cryptocurrencies are positioned as a completely decentralized and anonymous alternative to fiat currencies. In fact, this is not entirely true. Most existing cryptocurrencies have a transparent blockchain. That is, any record on the blockchain remains in the public domain. This means that the identity of any user can be disclosed. The only completely confidential cryptocurrency is XMR.

What Is XMR?

XMR uses the CryptoNote protocol, which is based on ring signatures. In addition, the blockchain uses the technology of hidden addresses and additional obfuscation of transactions. As a result, all transactions in the system are completely anonymous: it is almost impossible to establish the sender, recipient and transaction amount.
It is worth noting that the theoretical possibility of deanonymization in the Monero network still exists, but it is practically impossible to implement this yet.

Why Monero Is Better Than Bitcoin

In addition to the almost complete opacity of transactions, Monero has other advantages over Bitcoin. Among them:
● Energy efficiency. Mining Monero is less energy intensive than Bitcoin vs Litecoin mining.

● Flexible block size limit. The creation of a Monero block takes about 2 minutes, which means that transactions are verified faster than in the Bitcoin blockchain.

● Further enhancing the level of confidentiality. Monero plans to launch the Invisible Internet Project. The introduction of I2P will make it possible to hide not only transactions, but also the very fact of using Monero.

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How to Buy Monero

If you know where to go, it is not difficult to buy Monero. Moreover, XMR can be bought in several ways. The easiest way to act is for those who already have Bitcoin or Ethereum. Converting these coins to XMR is available on many custodian exchanges, notably HitBTC, Kraken and Exmo. You will need to choose an exchange with the conditions that are most suitable for you and create an account. In addition, many sites will require an account confirmation.

Also note that all exchange transactions are performed with fees. The main advantage of custody services is a wide range of payment methods. Such sites often provide for the possibility of direct exchange of fiat currency for digital. Replenishment of a dollar deposit is possible in different ways: by bank transfer, from a credit card, through electronic payment systems.
It is much easier to buy Monero using the capabilities of the Letsexchange non-custodial service. All transactions are performed without registration and are completely anonymous.

There are no commission fees and restrictions on the number and amount of transactions on the platform.
To buy XMR just go to the trade widget and follow these steps step by step:
● In the upper field, select the coin to sell and enter the amount.

● In the lower field, select the XMR to buy in the same way. The search for the most favorable current exchange rate and all necessary calculations are performed automatically.

● Enter the address of your wallet for crediting the exchanged funds.

● Make the deposit.

How to Convert XMR to Other Cryptocurrencies

Converting XMR to ANKR or another cryptocurrency follows the same algorithm. All the differences in the process come down to filling in the fields of the widget. To exchange XMR for the assets you need, select Monero in the upper field of the widget, and in the lower field, indicate the name of the coin you are interested in.

You do not need to look for a trading platform where the cryptocurrency pair you need is traded - this will be done automatically by the smart search system. The LetsExchange platform supports about 300 coins and tokens and the conversion of any pair is performed in a matter of seconds.

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Contact us

LetsExchange is a one-stop multicurrency exchange service free of registration, limits, and complications.

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