Monero For Beginners 7
Monero For Advanced 7
Monero Quiz 0No items in this section
How To Buy And Store Monero
When using Monero users are encouraged in a forceful way to interact with the community of Monero for support and answers to various questions they may have. You will need to download a Monero wallet to keep your funds safe and in order for you to begin. From here you can buy Monero with cryptocurrencies or fiat currencies through an exchange. An alternative to the purchasing of the coin is mining it. After you own some coins you can trade them and you can buy goods and services with it.
When accepting Monero, you do not have the need to create a novel address for each user or payment as a consequence of the stealth addresses. As an alternative, you give your payment ID, a hexadecimal string with 64 characters that the merchant typically randomly creates, to the person that sends the money. After which you can check for payments through the “payments” command in the Monero-wallet-cli. Also, there is an option for programmatically checking for payment.
Word of caution: You can access your Monero coins only with your private key, so you should not lose your private key. Also do not store huge amounts of Monero coins (XMR) in your online wallet.
The beta version that supports XMR coins of the Trezor wallet is available, nonetheless, it is not recommended to hold a bigger amount of coins on it. There are also a number of wallets that you can download from the official website including versions for Windows, Linux, and macOS. There is also work in progress to crowdfund an official hardware wallet for Monero.
Once you have your wallet setup, you will want to buy some coins to hold in it. You are able to buy XMR with fiat currency so you will need to first buy another currency such as Ethereum or bitcoin which you can do at Coinbase by using a bank transfer or debit card.
You can send monero by entering the address that you wish to send monero to and you will get this from either an exchange or someone you know but also from a service that accepts Monero as a payment option. next, you will have to type the amount to send in the box where it says ‘’amount.’’ Select how private you want your transaction to bee but keep in mind that the bigger the ring size, the higher the transaction fee will be. Finally, hit the send payment button.