More places to buy Monero
- 1 5 Quick Steps to Buy Monero
- 2 The Case For Anonymity and Investing in Monero
- 3 Convinced, Okay Let’s Look at What Monero (XMR) Is
- 4 The Black Market and Monero XMR
- 5 Information for traders looking to Invest in Monero
- 6 How to buy Monero
- 7 What is a CFD
- 8 Investing in Monero (XMR) Using An Exchange
- 9 First Buy Cryptocurrency with on an Exchange
- 10 Monero’s Corporate Use Case
- 11 Convert Monero to Bitcoin for Anonymous Bitcoin Transactions
- 12 Project Coral Reef and The Get Monero Forum
- 13 Buying Monero on Coinbase
- 14 Who Mines Monero XMR?
- 15 Monero FAQ
With a potential user base that spans from investment bankers trying to maintain a competitive advantage, to people who want to order drugs from the Netherlands, I don’t think the question is should I invest in Monero? The question is when is this baby going to moon, and how do I get in on it and invest in Monero?
The Case For Anonymity and Investing in Monero
Anonymity has a stigma. If you will join me and put on your tinfoil hat for a second, we can blame it on societal programming, the human condition or the lizard people. Whatever your feelings on liberties and privacy, you can’t deny that we are dealing with an untested, unregulated market of digital currencies. There is going to be friction between government and cryptos. Just take a look at this recent dip in Bitcoin’s value when the Chinese government banned ICOs.
Coinbase was told by the IRS that they needed to report on transactions, Indian officials recently visited all the exchanges in the country, South Korean officials are holding an emergency meeting to decide what to do with these new currencies, and who can forget China’s blanket ban on ICOs.
The Black Market and Monero XMR
The team won’t openly talk about it, and they conveniently left it out of all their jazzy Youtube presentations, but Monero’s anonymity has lead to it being used on black markets to buy drugs, guns, or less extreme merchandise like say a bible in a Turkmenistan.
Knowing what black market are popular and if they support Monero isn’t a bad idea if you are considering buying Monero. You don’t have to go onto these sites to find out this information. Reading though Reddit forums will tell you everything that you need to know.
Currently Bitcoin is the currency of choice for black markets but a big reason so many traders are buying Monero is that it could increase in popularity and be adopted on these markets. I think that it will continue to circulate around darkweb markets and as law enforcement continues to crack down on Bitcoin, it will be quickly adopted.
Information for traders looking to Invest in Monero
Once Monero hits 18.4 million coins in circulation, the amount of XMR coins supplied will slow down to a rate of 0.3 Moneroy (plural of Monero) a minute. They have chosen to do this to focus on securing the blockchain, and it isn’t that far away. There are currently 15,481,770 XMR in circulation. Just to clarify, unlike Bitcoin which will stop mining new coins when the supply reaches 21 million, Monero will change from a decreasing emission rate to a constant one. So there are gradually less coins being created, and this will settle at a rate of 0.3 coins per minute.
It is a pretty scarce coin, and long term, if you invest in Monero it could be worth thousands. It is currently valued at a little under $360, but if the team keeps working on the technology and more and more money is invested into crypto, I see that 10xs by 2018 Q2 – Q3.
How to buy Monero
If you want to buy Monero in the UK, we recommend using 24 Option. They are a CFD broker that let you trade Monero with minimal initial investment.
What is a CFD
A CFD or contract for difference, is an agreement between you the and a CFD provider to pay out the difference between the opening and closing price of an asset over the time period of the contract. Using a CFD broker like 24 Option, you can leverage your capital against the asset – the Monero-. You don’t actually buy the Monero, but you can get leverage it 20:1.
We tend to prefer CFD providers, mainly because they are regulated and must by law protect your money. Whereas exchanges aren’t regulated and there is the chance that they could pack up and leave with your cryptocurrency.
Investing in Monero (XMR) Using An Exchange
If you would rather buy Monero directly you need an exchange. I recommend Bittrex because that is what I use. It is a U.S regulated exchange with a wide spread of markets. They don’t trade fiat for cryptocurrencies, so you will need to send currency to a wallet before trading on their cross chain. You can use other exchanges like Localbitcoins, Kraken, and Coinbase to buy the Bitcoin, Ethereum, or other the cryptocurrency, you want to fund Bittrex with.
First Buy Cryptocurrency with on an Exchange
It is easier buying Monero with other cryptocurrency than it is to trade for fiat currency. Buy Bitcoins, Ethereum, Bitcoin Cash or Litecoin on exchanges such as Coinbase or Etoro and then send it to an exchange that specializes in altcoins like Bittrex, Poloniex or Bitfinex and trade it for Monero.
Bitcoin is a revolutionary digital currency, used both as a means of exchange and a store of value. But if you’re reading this, you want to know the price of Bitcoin and how to buy Bitcoin. If you want to know more about how to buy Bitcoin instantly, check out our complete guide to Bitcoin, or check out the second half of this Bitcoin guide. If you’re ready to buy Bitcoin now, let’s dive right in.
Monero’s Corporate Use Case
John McAfee’s love always pumps cryptos, and had you invested in Monero, this tweet would have been worth about 10% – 15%. It isn’t too late for investing in Monero; this coin is going to moon. Obviously pure opinions here, but the corporate use case for a private blockchain is what could potentially give Monero a lot of value. If you are buying up assets and making sneaky moves, you can’t have that information on a public ledger. I invest in Monero because I see potential for the coin in that space, and their white paper has said it’s a niche they are actively trying to break into.
To bring some reality to my biased opinion, we do need to consider that advances in other coins, Ethereum, or maybe a sneak attack from an IOTA or Dagg could absorb the privacy features of Monero.
The recent Byzantium release was a hard fork in the Ethereum chain that improved basic anonymity, but he second part of Metropolis, Constantinople, has been postponed indefinitely, meaning users will have to wait before they can enjoy maximum privacy on the platform. Just some things to consider if you want to invest in Monero.
Convert Monero to Bitcoin for Anonymous Bitcoin Transactions
if you want to send cryptocurrency anonymously, without going through the trouble of buying Monero: https://xmr.to/ is a site worth checking out. They will act as kind of an intermediary between you and the bitcoin wallet that receives your Monero and sends it to a bitcoin an address. You need to trust a centralised body which the purists might disagree with. The simple solution is to buy Monero.
Project Coral Reef and The Get Monero Forum
If you are looking for a place to spend Monero. Project Coral Reef is it’s own store with links to other stores like it, where you can spend the Monero that you just bought. This was suggested on the Monero forum and funded through those same channels.
Fluffyponyza announced on the 6th of December, on Reddit, that “the original goal was to get like 10 high profile artist stores to accept Monero, and I am pleased to announce today we have over 50 online stores accepting XMR payments.” Merchants incentivised the use of the payment by offering 15% discounts and other promotions.
Another thing Monero XMR has going for it is that it is slowly but surely building an active community that can bring about change in the coin’s blockchain. Ideas are posted on the forum that are vetted by Monroe’s inner circle. Once something is approved, it advances to a funding stage where people can contribute to the ideas that they most agree with and finally projects are put up for developers to attempt and ongoing projects are actively discussed.
Numerai is another coin that development is influenced by decentralised, community consensus but similar to a cooperative hedge fund, developers are directly rewarded for making changes that improve the Ai. “Monero is primarily written in C++. As it is a decentralised project, anyone is welcome to add or make changes to existing code. Pull requests are merged based on community consensus.”
“Numerai is ramping up its effort. Three months ago, about 4,500 data scientists had built about 250,000 machine learning models that drove about 7 billion predictions for the fund. Now, about 7,500 data scientists are involved, building a total of 500,000 models that drive about 28 billion predictions.” Wired.com, or you read the white paper.
Who Mines Monero XMR?
Monero can be mined with CPU and GPU. It is a proof or work currency based on the hash algorithm and CryptoNote protocol. There are currently no ASICs for Monero which means that you can mine it with any computer.
There are mining pools, solo miners who run full nodes, and solo miners who run solo pools, that operate in a similar fashion to group pools, the main difference being that solo miners don’t need to run a full node and hold a copy of the entire blockchain. Cryptocompare’s page on Monero mining is an invaluable resource if you want to get started or just better understand the supply of coins, which is important when investing in Monero.
Recommended places to buy Monero
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