Buy Monero 2021 – How And Where To Buy Monero Right Now
Interested in Monero? Discover how to buy Monero right now and the best way to buy Monero in 2021.
Do you want to invest in the “largest privacy coin on the market?” Before jumping straight into learning how and where to buy Monero, you may want to know a bit more about this cryptocurrency.
With so much information (and misinformation) on the internet these days, it is easy to find hundreds of Redditors and bloggers who will declare, “this cryptocurrency is going to the moon. If you want to get rich, then buy now!” You have likely seen similar posts. Without an understanding of the cryptocurrency itself, however, alongside some trading techniques to help verify outlandish predictions, you’ll never really know who to believe. Of course, some of them will be right, so let’s vault into the world of Monero!
Monero launched in 2014, and it quickly rose to fame within the crypto market as a privacy-centric coin. The philosophy is simple. Monero believes that everyone should be able to send and receive money anonymously without being tracked by a central body. It’s one step further down the path to decentralization that Bitcoin initially carved out. Bear in mind that users’ identities are not immediately visible through their Bitcoin transactions, as there are no names attached to digital wallets, but they can be. Bitcoin suffered a lot of negative press when it was seen that criminals were using it to transfer money between themselves. By making their currency more “fungible” (the coins used are indistinguishable from one another) and hiding transactions and wallet addresses, it became impossible to prove any illegal activity was taking place.
Monero’s strong belief in financial freedom has not saved them, unfortunately, from taking on the reputation of being the number one choice of cryptocurrency for criminals. This is the trade-off between freedom and security, and Monero has parked itself at the far end of freedom. It opens up a big ethical debate, as well as economic questions. Some countries, such as Japan, have banned Monero for being too privacy-centric (along with Dash and ZCash). Unsurprisingly perhaps, Monero’s creators are unknown. The closest thing to a founder’s name was a user’s handle called “thankful for today.” However, these mysterious figures created a coin which completely private, fully fungible, endlessly scalable, “ASIC proof” (harder for a small group of miners to dominate the network), and with extra keys used to shroud the movements within the network.
Monero’s magnum opus is its privacy. This is achieved with its key system and ring signatures. When you download a Monero wallet, you will be able to generate four separate keys. “Private spend keys” are for sending coins to another address, and “private view keys” can be used to search the blockchain for funds on route to their account. “Public spend keys” are a means of verifying the payment, like a signature,) and “public view keys” are used for receiving coins (via a one-off secret address). Monero’s ring signatures add an extra layer of privacy. Essentially, payments on Monero’s blockchain are processed in groups, and there is no way to distinguish between the “signers” and the “signatures.”
Mining operates slightly differently on Monero to Bitcoin. By using a different “hashing algorithm,” it prevents the use of “ASICs” (“Application-Specific Integrated Circuit”). ASICs are a form of hardware specifically designed to mine cryptocurrencies. The problem Bitcoin faced was individuals and groups were able to purchase ASICs on mass and receive a vast amount of Bitcoin and get greater control over the network itself, which threatens its decentralized nature. Monero’s change meant that mining could only be carried out by personal computers (“CPU” or “GPU”), which limited the scale of mining operations. Since then, however, new hardware has been created to mine for “XMR” (Monero’s currency) at a much quicker rate. All proof-of-work blockchains face the same problem.
Monero has similar challenges in the future to other privacy-based cryptocurrencies. Monero’s privacy is a double-edged “coin” (pun intended). On the one hand, regulators are spending more and more time investigating cryptocurrency transactions which are pushing users towards payment platforms like Monero. On the other hand, this same scrutiny from authorities can lead to Monero being outlawed. As mentioned before, Japan has already banned Monero (as of 2018). South Korea is another example of a country that welcomes cryptocurrency in general but has banned Monero or other private coins.
It is unclear whether private coins will win out as freedom fighters or be branded as criminal enablers. Monero continues to operate freely in most parts of the world with this question unresolved, and so it may be a while before the issue comes to a head. For the foreseeable future, Monero looks to be in a strong position. Monero entered the market at around $2, and it is currently valued at around $200 per XMR coin. It has been in the top 50 for many years, even hovering near the top ten in 2018. With a market cap of nearly $3.4 billion, you tell Monero is a serious coin with a lot of support behind it. Major price pundits predict XMR reaching $400 to $500 by 2025.
Predicting The Price
It’s impossible to say for sure what the price of Monero will be at any point in the future and, the further away the prediction is, the more tenuous it becomes. Nevertheless, traders can use certain tools to help get a sense of where a cryptocurrency is headed. First off, follow news updates about whichever cryptocurrency you are interested in trading. Market news has a clear demonstrable effect on market prices. Social networks can also be a valuable source of information (but take what you read with a pinch of salt!) It is never a good idea to base trading decisions on unsolicited advice. There are plenty of people with vested interests posting on social networks who will want you to buy into the same cryptocurrency as them to raise the price. It can also be easy to surround yourself with big wins posted left, right, and center, but remember, big losses aren’t so “Instagrammable!”
Perhaps the most potent weapons in any trader’s arsenal are chart indicators. Chart indicators analyze past and current price data and help to reveal certain price patterns or information which could “indicate” a likely direction of movement. Traders will need to learn how to use and interpret the indicators. There are hundreds of chart indicators, but, fortunately, even just implementing can be enough to get started. Three excellent indicators to begin with, for example, are Bollinger Band, MACD, and Volume. Bollinger Band measures volatility. “MACD” (Moving Average Convergence Divergence) measures trend, and “Volume,” as the name implies, measures the amount of trading happening on a particular asset.
The simplest way to invest in Monero is to buy its associated coin (XMR). There are numerous exchanges and online trading platforms which allow you to buy XMR. If you plan to hold onto your XMR for the long term, it is recommended that you do not keep your money on the exchange. There have been some cases of cryptocurrency exchanges being hacked and users losing their coins. The safest option is to download a Monero wallet onto an external hard drive or USB stick and store your XMR coins inside it. Be careful not to lose your access codes, however!
There are other ways to profit from Monero’s success. You can place bets on derivative markets. Some traders using hedging strategies to reduce the impact of potential losses. Options and futures contracts are two popular examples of these. Another form of derivative bet is to use a “CFD” (“Contracts for Difference”). CFDs enable traders to leverage more money from their brokers to increase their potential profits. Finally, shorting a cryptocurrency (betting the price will go down) is another possible way to trade, but make sure you understand what you would be risking if the price goes up.
Where To Buy Monero
There are many trading platforms to choose from these days. It is difficult to tell the good and honest ones from the, frankly, bad and dishonest ones. The platform you choose will significantly impact the quality and even the results of your trading. We can say with absolute certainty that our online brokerage, TradeOr, will give you the best of all possible trading experiences. We can’t promise you’ll make the right investments, although we hope you do, and we even have a squad of experts who can guide you, as well as an outstanding technical support team. TradeOr covers a host of marketplaces, including the stock market, forex, indices, commodities, and cryptocurrency. We have tons of functionality and features, such as chart indicators and expenditure tracking tools.
Monero has been highly successful since its launch in 2014. The price has gone from around $2 to over $200, and crypto enthusiasts are bullish about Monero’s prospects, estimating it will reach $400 to $500 by 2025. All marketplaces are impossible to predict, and cryptocurrency is particularly difficult.
Learning about Monero dramatically improves your chances of correctly predicting Monero’s short-term, medium-term and long-term prices. Also, it pays to keep up to date with the latest Monero news and analyze its price data using chart indicators.