If you’re looking to invest in cryptocurrency, you’ve undoubtedly heard of the most popular coins, such as Bitcoin and Ethereum. However, some newer coins such as Monero are work a look, too. Keep reading to learn more.
You’d have to be living under a rock not to notice the endless hype surrounding cryptocurrency recently. While some might think it’s just another fad, others believe the world of cryptocurrency will only continue to grow bigger by the day as more people start using crypto for personal and business transactions.
Whilst Bitcoin and it’s counterparts have been around the longest and have the widest acceptance as legitimate forms of currency, the options when it comes to investing in crypto don’t end there.
Some newer and up-and-coming alt-coins such as Monero offer interesting features and perks, such as more secure transactions and increased privacy over most other coins on the market today. This could make an investment in alt-coins beneficial to your investment portfolio or personal needs.
Intrigued? Keep reading to learn what Monero is – and how to buy it in Australia
#1 – What is Monero (XMR)?
Launched in 2014, Monero is an open-source cryptocurrency that focuses on privacy and decentralisation. Unlike many other cryptocurrencies that are derivatives of Bitcoin, it uses a unique method called CryptoNote to offer more anonymity than most digital currencies.
Transactions take place on a public ledger but with one-time addresses instead of static public keys. This makes transactions un-linkable and much more anonymous than those made with Bitcoin or Ethereum. This is particularly important given that many people see Monero as a way to stay private online.
It also has very low transaction fees compared to Bitcoin—which can be significant if you’re purchasing lower value goods. XMR gained prominence in 2017 as several darknet marketplaces started accepting it as payment, and all signs point to greater mainstream adoption going forward.
#2 – Why Use Monero?
For those that highly value their online privacy, anonymous coins like Monero appeal the most because they do not require personal information when you buy it and transact with it.
Many of these coins offer strong encryption that helps protect your data from outsiders who might try and steal it or use it without your permission. Monero has been dubbed a secure, private, and untraceable currency by its developers because of its focus on privacy.
However, unlike other cryptocurrencies like Bitcoin (BTC), Monero (XMR) isn’t available on all exchanges, and buying Monero in Australia isn’t as easy as purchasing BTC with AUD, but it can be done. Some popular and reputable places where you can acquire XMR include Changelly, Independent Reserve, CoinSpot, and LocalMonero.
You’ll have to exchange your fiat currency for either BTC or ETH before trading it for XMR on any of these platforms. It takes time, effort, and a certain degree of technical know-how to convert fiat into crypto—but it’s well worth it if security and anonymity are important to you.
#3 – How to Buy XMR in Australia
Buying XMR in Australia is slightly more tricky than buying other coins, but it’s not as difficult as it sounds. First, you need a verified account on an Australian exchange. Once you’ve signed up, using your debit card is one of your easiest options for buying and selling XMR.
Cryptocurrency exchanges work just like traditional currency exchanges – you purchase XMR at market value from sellers on an open trading network. Then, simply withdraw your funds from an external wallet.
If you already own bitcoin or another cryptocurrency, it may be easier for you to sell those assets than buy new ones. You simply transfer them from your wallet into a seller’s before transferring that value into AUD.
To protect yourself during these transactions, it is highly recommend that you do some due diligence on each exchange where you deposit fiat currencies (i.e USD) to protect yourself against scams or fraudulent activity. And do not invest more than you are willing to lose!
The steps described above should be all that’s needed for you to have your XMR transferred directly into your wallet. From there, you’ll be able to keep track of your holdings via either an online portfolio or a mobile app.
Whilst you’ll often find yourself on Reddit or other online forums looking for answers to crypto-related queries, always remember to consult official sources & exercise caution when doing any financial transactions over the internet.