Looking to buy Monero in Australia? The process may seem daunting at first, but once you understand the steps involved, buying Monero or any other cryptocurrency becomes easier and safer than ever before.
This guide will walk you through all the steps of the process so that you can start buying Monero today!
What Is Monero?
Cryptocurrency is a wildly popular form of digital currency that can be used for various online transactions. Most cryptocurrencies are available for sale through online markets, and XMR is one of them. If you want to buy XMR in Australia, however, there are a few things you need to know first.
The name Monero means coin or currency in Esperanto; the project was originally named BitMonero because bit = binary digit and Monero = coin. That evolved into just plain old Monero, which is also referred to as XMR.
Monero is an open-source, decentralized cryptocurrency created in April 2014 that focuses on privacy and decentralization. It runs on Windows, macOS, Linux, Android, and FreeBSD.
A hard fork of Bytecoin, Monero is designed to add privacy features. For example, it uses ring signatures and stealth addresses (partially pre-funded), so transactions are private by default. And if you want your activity to be traceable, you can select a view key as part of your transaction. Ring signatures were invented by Ron Rivest (the R in RSA) back in 2001, but their use for cryptocurrency is new.
As of March 2017, Monero has implemented version 0.12 of its protocol; there will likely be more updates and upgrades in future releases. As with other altcoins, there are strong supporters who believe it will succeed and equally vocal critics who think it’s doomed to fail. There’s no way to know how any altcoin will do, but interested investors might benefit from watching XMR markets and keeping up with industry news while they decide what to do.
Where to Buy Monero in Australia?
There are several different places where users can buy Monero, including exchanges, online stores, and brokers. If you’re looking to buy Monero in Australia, Changelly is a good option.
Many trading platforms allow users to exchange their cryptocurrencies into fiat currencies like Australian dollars or U.S. dollars. Before using any of these services, however, there are some things that you should always keep in mind.
These include choosing a platform with good security features and keeping all of your personal information private so that it doesn’t fall into malicious hands. Also, make sure to pick a reputable broker or seller who has been around for a while since they might disappear after receiving payment from you but before delivering what was promised. As mentioned above, Changelly meets these criteria.
Why Buy Monero?
In a world full of numerous virtual currencies, it is important to think about why you want to buy a specific cryptocurrency, such as Monero. Do you want it for trading purposes? Or do you have a particular interest in an investment opportunity that only exists within that industry? Once you’ve made up your mind, it will be much easier for you to find a suitable place where you can purchase Monero safely and securely.
Monero is known for being private, secure, and untraceable. Transactions on the network cannot be traced as they’re protected by ring signatures (and stealth addresses) and make use of Ring CT transactions.
This cryptocurrency doesn’t make any compromises when it comes to security—it relies on being incredibly secure day-to-day. Transactions cannot be forged because they use cryptographic proofs called Ring Signatures which do not reveal information about their real owners.
If needed, users can easily prove non-ownership over specific coins using key images. These keys can later be discarded, leaving no traces about transferred coins on public blockchains and making transaction amounts impossible to track. In addition to all of these benefits, Monero isn’t controlled by any central entity such as PayPal so all funds are owned solely by those who possess them.
The simple answer to ‘why buy Monero?’ is because you believe in its promise of privacy. You may want to purchase XMR to benefit financially from holding it, but first, consider what makes Monero different from other privacy coins like dash and zcash? What problem does Monero solve? What reasons would drive you to choose one currency over another?
Stay updated on Monero’s changing trends and decide whether or not XMR will stand up to time and market pressures before choosing to buy. As always, never invest more than you’re willing to lose – especially in volatile markets like cryptocurrencies!