How to Buy Monero Anonymously
Monero is a decentralized cryptocurrency based on blockchain. Many people compare Monero with Bitcoin – the mother of all cryptocurrencies. However, Monero pays much more attention to the anonymity of users and also pays more attention to privacy.
Previously, we’ve already told you about how to buy Bitcoin anonymously. In this article, you can find working ways.
For this reason, Monero is always referred to as a “privacy coin.” It means that when it comes to scalability, a completely different approach is applied. However, how can you buy Monero anonymously?
In this article, we will tell you some reliable ways.
What is the Monero privacy coin?
The token has the highest level of anonymity and security compared to other digital currencies. This factor attracts a lot of attention and interest to Monero, but there is an ambivalent attitude towards it in the crypto community.
The Monero cryptocurrency was created based on the CryptoNote protocol and launched in the spring of 2014. Using this modification of the PoW algorithm, the developers sought to introduce an open-source technology.
This allowed us to get rid of some of the disadvantages that Bitcoin has and to highlight a new, ambitious project.
Features and expediency of purchase
Among the advantages of the Monero cryptocurrency, the following points can be distinguished:
- Maximum anonymity
- High level of security
- Quick confirmation of transactions
- Low fees
- High level of protection against hacking and attacks
The disadvantages of the Monero token include the following points:
- Bulk transactions that take up a lot of space
- The coin is often used for shady transactions, which harms its reputation
- A small issue
The Monero cryptocurrency also has some characteristic features that should be mentioned:
- Dynamic scalability
- Stealth-address technology
- Ring signatures and transactions
Due to the features and capabilities of Monero, this cryptocurrency is often used in questionable transactions. This caused certain sanctions to be applied to it on the part of some governments.
In addition, the coin was excluded from the listing of some major exchanges, which negatively affected its quotes. Also, many other cryptocurrencies are in fierce competition with Monero, which has ambiguous consequences on the course of the coin and its reputation.
Investing in Monero, you should not count on excess profits, but it can provide certain benefits. In the best way, it serves as an asset for diversification and also demonstrates itself well in a portfolio with some leading tokens.
Where and how to buy Monero
Monero developers managed to realize their idea and create a reliable, secure payment system devoid of the problems inherent in Bitcoin. The coin demonstrates itself at a high level, as evidenced by its position at the top, as well as the level of demand.
You can purchase the Monero token on most cryptocurrency trading platforms, including large ones. There is also an opportunity to engage in mining on video cards or use exchangers.
How to buy Monero anonymously – several working ways
#1 Using Crypton Exchange
Crypton Exchange (CRP.IS) is an anonymous crypto exchange without KYC registration. It provides anonymous purchase, sale, exchange, or withdrawal of the cryptocurrencies available on the exchange: Bitcoin, USDT, DAI, Monero, Crypton (CRP), and UUSD Stablecoin.
It is not just a decentralized exchange. The platform is unique in that it is backed by the private Utopia P2P ecosystem. Therefore, if the exchange’s domain is blocked in the territory of a country, it will still work based on the ecosystem.
*Utopia P2P is a decentralized anonymous ecosystem built based on blockchain. The ecosystem is Web 3.0, available now. The platform is free from surveillance and censorship.
Find more information about Utopia P2P here.
To register on the exchange, the user does not need to enter personal data; the whole process is completely anonymous. But before you register on the exchange, you need to download and anonymously register in Utopia P2P. After the user creates an account in the ecosystem, they will be able to register an account on the exchange.
Read more about Crypton Exchange here.
#2 Using LocalMonero
The second working way to buy Monero anonymously is to exchange the fiat currency of your country for them on a simple peer-to-peer platform LocalMonero.
LocalMonero is an escrow company that saves the seller’s money from trading on the site and then transfers it to the buyer after the payment is confirmed.
On the website, you can see the ads of various XMR sellers and buyers. After reading the description, you can choose the most suitable option for you.
It is noteworthy that there is no fixed trading commission on LocalMonero. Sellers assign their own specific commission amount, which is usually low compared to traditional cryptocurrency exchanges.
#3 Using Cryptex
You can buy Monero at a favorable rate completely anonymously on the Cryptex exchange. All transactions in the blockchain are obscured by default. At the same time, not only the sender and recipient addresses are hidden, but also the transfer amount. Thus, each user, when buying XMR or transferring it, increases the reliability and confidentiality of the entire network.
Due to the principle of full coin interchangeability, Monero cannot be linked to previous transactions. This allows you to prevent the censorship of transfers – any transaction will be accepted by the recipient without any consequences. The latter has become especially popular among cryptocurrencies – one way or another, some coins have been involved in fraud or hacking.
Thanks to its special attitude toward the security and storage of its users’ savings, Cryptex has gained the trust of many. An anonymous online exchange with a pair of Monero/dollar allows you to easily buy XMR at a favorable rate for dollars or other cryptocurrencies. At the same time, the user does not need to go through the verification procedure, which means that the entire reliability of Monero is fully preserved.
The reliability of storage is provided by distributed, cold storage. Most of the coins are not available online within the platform. Only the minimum required for performing operations are stored on the exchange. At the same time, even large transactions are carried out in the shortest possible time thanks to round-the-clock access to the support service.
In general, Monero is a cryptocurrency that makes it possible to conduct the most anonymous transactions, protected from many disadvantages that other digital currencies have.
Despite many advantages, Monero has some disadvantages, as well as a lot of pressure from competitors, the crypto community, and some states. The coin has many conditions and prospects for growth, but is also at considerable risk of experiencing a price collapse.