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Monero (XMR) - All you need to know
Ways to invest in Monero
To buy Monero outright, you need to sign up to either a crypto broker or an exchange. While these services work slightly differently, they both allow you to buy, sell and trade cryptocurrencies like Monero. Just make sure you check the platform you are signing up to supports Monero first.
Other than holding the coins outright, there are plenty of alternative ways to start Monero investing. These include mutual funds, ETFs and even crypto debit cards to spend your coins. Click any of the links below to learn more about a particular topic.
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What is Monero?
Monero is a cryptocurrency that focuses on privacy. It’s similar to Bitcoin, in that it’s a digital currency you can use as a means of payment. The main difference is that Monero obscures the details of all its transactions to make it much harder to track who sent money to whom.
The Monero coin (XMR) was created in 2014 as one of the earliest crypto projects. Its goals have always been to prioritise privacy and security, and it’s something of a pioneer in the space as a project that’s more innovative than the competition and rolls out updates every six months.
Each update tends to increase privacy even further. Some major advances have been the addition of an option for users to create one-time ‘stealth’ addresses, and one to hide the amount spent in a transaction.
How does Monero work?
Monero works by storing a history of its transactions on a blockchain, which is like a public ledger that anyone can view. Monero’s defining feature is that those transactions are deliberately obscured, so that it’s a lot harder to track the path of coins from one user to another.
On a regular blockchain, each user has a wallet ‘address’ (which is a string of numbers) and each transaction includes both the payer and the payee’s address. Monero essentially mixes up the addresses when it adds a new transaction to the chain, so that you can’t tell which one the money came from.
In practical terms, this means coins can’t be ‘blacklisted’. Both with Bitcoin and regular currency it is possible to track the movement of money and use it to identify the people involved. Monero’s technology means you can’t do that with its coins.
How to invest in Monero
There are numerous methods at your disposal, and these are outlined below. If you feel you need more information to properly understand a topic, feel free to click a link to be redirected to a course, lesson or news item that can aid your comprehension.
- Monero brokers. If your aim is just to get Monero coins securely and directly, your best option is an online crypto broker. Once you have signed up and funded your account, you can find crypto at the exchange rate stated on the platform. Just be cautious of fees, because these can quickly add up if you aren’t paying attention. Monero exchanges. Think of this as a supermarket for cryptos where coins are bought and sold by individuals. Fees are generally lower on exchanges than in the case of brokers, and there is a greater variety of coins on offer.
- Monero ETFs. ETFs consist of several coins, stocks and/or asset combined into one fund that is traded just like a single cryptocurrency. Few ETFs if any feature Monero right now, so keep an eye on this page in the future to see if this changes.
- Monero funds. While some large funds may be interested in cryptocurrencies like Monero, the barriers to entry are extremely high, and you would need to front a large amount of capital to get involved.
- Monero mutual funds. These are better tailored to regular investors than their institutional peers, and they allow you to pool your capital with other investors. This money is then invested by a fund manager who aims to provide you with a certain rate of return. Should the fund manager target Monero as an asset of interest, you would indirectly be involved.
- Monero trusts. Trusts trade on stock exchanges, though there are currently few if any trusts that offer access to Monero. If this changes in the future, you can hear about it first on this page, so bookmark it.
- Monero debit cards. This allows you to spend your Monero like you can spend your fiat money with a bank card. However, while fees are reducing, they remain high as this technology is yet to be adopted by the mainstream.
- Monero apps. To manage your coins on the move, an app is a great choice. These can be installed on your mobile device or tablet and used wherever you are to control your investment portfolio and take advantage of fluctuations in the price of Monero.
- Monero wallets. If you plan on holding Monero for the long term, it may be a good idea to get a secure Monero wallet. While this isn’t a necessity, it certainly enhances your security.
Where can I buy Monero now?
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Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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