4. Ways to buy Monero in 2018

What is Monero?

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Monero (ticker symbol XMR) is a crypto currency that was created in 2014 and puts particular emphasis on the privacy of transactions, which distinguishes it from other crypto currencies, such as Bitcoin, and therefore makes it particularly interesting for users who are concerned about anonymity.

Monero transactions are obfuscated by default, making their tracing virtually impossible. As with some other crypto currencies, the price of Monero has risen rapidly at times. In January 2017 it was around USD 12, one year later it reached its peak (so far) at almost USD 500. Despite the general price volatility in the cryptocurrency markets, Monero, with its specific properties, is an interesting option for those who are considering buying crypto currencies.

Buying Monero

Buy Monero at Anycoin Direct

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A trading platform where you can buy Monero -and many other crypto currencies- directly and easily is Anycoin Direct. This is even possible without verifying the account by means of an identity document. In that case, however, a single order is limited to 100 euros. Anycoin Direct offers a range of payment methods, including SEPA bank transfers, Giropay and TrustPay. There is no integrated wallet at Anycoin Direct, so you need a wallet from another provider such as Blockchain.

Can I buy Monero with PayPal?

The short answer is yes, which means that it is at least indirectly possible to buy Monero via PayPal. And this is how it works: Buy Linden Dollars on VirWoX with PayPal and trade them for Bitcoins on the same exchange. These Bitcoins can then be exchanged for Monero on platforms that trade both Monero and Bitcoin (an example of such a trading platform is Bitfinex).

This is, of course, not only quite inconvenient, but there are additional costs for each transaction, so it seems better to buy Monero directly, e. g. from Anycoin Direct, as described above.

Can I buy Monero by credit card?

Likewise, buying Monero with a credit card is only indirectly possible, although the procedure is much simpler than with PayPal as one can buy Bitcoin or other digital currencies such as Ethereum directly by credit card, and these currencies can then be exchanged for Monero.

In principle, buying the other cryptocurrencies by credit card can be done on Coinbase, but there are currently restrictions (check out the link for current information provided by the exchange).

You can also use bank transfers at Coinbase to fund your account for buying Bitcoin or Ethereum. As soon as Bitcoin or Ethereum are in your posession, they can be traded for Monero at other exchanges. Apart from Bitfinex, which has already been mentioned above, Binance is another option for this.

Is Monero really anonymous?

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The Monero project itself advertises the anonymity of the Monero transactions, and indeed it is generally pointed out that Monero is superior to other crypto currencies regarding this point. The obfuscation of transactions is quite effectively achieved by the use of so-called ring signatures. And yet the protection of privacy remains a constant challenge.

Researchers were able to point out weaknesses in Monero’s security concept. But Monero is aware of these challenges and the team is constantly working to further improve the protection of privacy and to eliminate any security gaps with regard to anonymity.