Perhaps you're familiar with Monero, one of the world's most secure cryptocurrency coins available today. Or maybe you've just heard of the digital currency and would like to know more about how it works and how you can purchase it in the UK.
The following guide will help you understand what this cryptocurrency is and how to buy Monero from anywhere in Britain.
What is Monero?
Monero is a digital currency -- more commonly called cryptocurrency -- similar to Bitcoin. But unlike Bitcoin, Monero is private and untraceable, providing you with an extra level of security.
You can think of Monero coins like pound notes. When you have a fiver in your wallet, you can take the fiver to a shop and purchase an item without exchanging private information. The fiver has value to the shop owner, who can, in turn, use the fiver to make another purchase somewhere else without ever having to exchange private information. In that way, pound notes are private and untraceable.
Similarly, Monero is also private and untraceable. When you have Monero in your possession -- in your digital 'wallet' -- you can make purchases without revealing who you are. If we again think of Monero as pound notes, revealing your identity during a Monero transaction would be the same as giving the shop clerk your name when you make a purchase with the fiver. You are not obligated to, but it's still possible for you to do so.
How Do I Purchase Monero in the UK?
Purchasing Monero in the UK is relatively easy. In order to purchase this cryptocurrency, you will need to do the following.
1.Register with an exchange. Think of an online exchange as a bank, where you can withdraw, exchange or return your Monero. In order to obtain Monero (known on the exchange market as XMR, just as the British pound is referenced as the GBP in exchange markets), you must first register with a qualified exchange in order to be able to fund your Monero. Some popular online Monero exchanges include:
2.Deposit funds into your exchange account. After you've registered for an exchange, you'll next need to deposit funds into your account. Some exchanges allow you to make deposits in a fiat currency (i.e., GBP), whilst others require you to deposit another cryptocurrency such as Bitcoin before you can convert it to Monero. Be sure to carefully review the exchange's conversion information to know which currencies (crypto or fiat) you can exchange.
3.Purchase your Monero. Once you've deposited funds into your exchange account, you're ready to purchase your Monero. To do this, go to the exchange's market and choose the currency pairing you'd like (i.e., GBP/XMR) and press purchase.
Once you have purchased your cryptocurrency, you'll want to store it in a Monero wallet until you're ready to spend it, just like you would a fiver. XMRWallet is a free web-based wallet that allows you to securely store your Monero. Simply sign up with a secure Seed or Public Key -- no personal information needed.
Purchasing Monero is simple and secure. Follow these steps to easily purchase Monero from anywhere in the UK.