Monero (XMR) is one of the most popular digital currencies in the crypto space.
The current surge in the use of cryptocurrencies makes it useful to know where and how to buy Monero in 2022.
Freewallet gives you more than one alternative, allowing you to choose among several wallets, both web and mobile wallets.
In this article we’ll cover this topic in detail, to make it easy for those who want to trade XMR to use the services of Freewallet.
How to Buy Monero
Being a highly encrypted asset, it’s not that easy to buy Monero. So, if you’re wondering where to buy Monero, you should know that Freewallet gives you plenty of ways to get this crypto.
Throughout this article, you will see that the platform offers a high level of personalization to its users: when it comes to XMR, you will find a dedicated wallet on the platform.
You can easily use it both in the web version and the mobile version – available for iOs and Android.
Once you download your wallet, you’ll see two options:
- Sign in – even via social media account – and then set a pin code to get your Monero wallet;
- Import an existing wallet.
Alternatively, you can use the multi currency crypto wallet offered by Freewallet:
Independently from the tool you decide to use, Freewallet offers the safest wallets where you can store, exchange, send, and receive Monero (XMR).
How to Buy Monero in the USA
As we mentioned, Monero (XMR) is a highly encrypted cryptocurrency – we will tell you more about this later.
This is why not many platforms provide services to buy Monero.
But Freewallet found a solution: thanks to our exchange, you can easily buy other cryptocurrencies and exchange them for Monero. The process is really easy, and we want to give you a step-by-step guide to make this kind of exchange.
Exchange Monero for Bitcoin and any cryptocurrency
The first thing you can do if you already own Monero (XMR) or any other cryptocurrency is to exchange them for other cryptos – of course, Bitcoin (BTC) is included.
Exchanging cryptos is the easiest operation that can be done using Freewallet. You’ll be able to do that both on the web version of the platform and on its official mobile application.
Exchanges are not only a good way to get different digital currencies, but also one of the main tools for those who focus on the strategy of diversification: not all cryptos are equal, as well as not all cryptos carry the same level of volatility. Diversification allows you to have more control over your portfolio.
How to Make a Monero Exchange?
The best places to buy Monero allow you to get XMR safely. Freewallet adds an advantage by allowing you to get your Monero also easily.
Also in this case you can choose between the multi currency wallet or the Monero wallet to make an exchange.
Even if you choose to use the web wallet, the procedure is similar. But in this case, maybe you won’t see the Monero wallet in your dashboard. No problems: just click on “Add wallets” and select Monero.
Now, to use your wallet you’ll just need to select it from the sidebar and choose among one of the services available.
You can decide to exchange, store, send and receive Monero – even from another of your wallets, having the capability to profit from one of the best ways to buy Monero (XMR), because you can manage all your cryptos using one platform for no fees if you receive Monero from another Free-wallet.
How to Sell Monero
For sure, crypto traders and investors are not only interested in how to buy XMR, but also in how to sell it.
Freewallet gives you the opportunity to use your XMR.
Thanks to Freewallet’s partners, you will be able to use your XMR in hundreds of stores, including Amazon. All you need to do is buy a gift card using your XMR: you can browse all available gift cards or just those available in your country, organize them by popularity or alphabetical order. No matter how much you want to spend: you’ll find cards from less than $1 to $1000, and the price will be shown in different currencies according to the region.
It’s a valuable tool to give you more options and a wider market to use your cryptocurrencies.
What is Monero (XMR)?
Before deciding where to buy XMR, it’s worth knowing more about this cryptocurrency.
Monero is a cryptocurrency that focuses on privacy and security. Even if this should be the purpose of any cryptocurrency, due to the nature of these digital assets, Monero went further by creating a highly encrypted technology able to fully obscure the identity of its users.
Created in 2014, we know that at least seven developers were involved, but many of them chose anonymity. In the past years, researchers started interrogating themselves on the involvement of the creator of Bitcoin, Satoshi Nakamoto: the technology used to create Monero was released thanks to a whitepaper published in 2012, by an author called Nicolas van Saberhagen – as for Satoshi, we don’t know if Nicolas is a person or a group of people.
As the whitepaper reports, Bitcoin had many limitations according to the creators of Monero, and for this reason a new technology was needed: Monero has no particular functions apart from peer-to-peer transactions, but it adds new and increased importance to privacy and untraceability, as well as blocks and rewards adjustments.
With Monero it’s not possible to get details about signatures, senders, receivers, amount of cryptos exchanged in each transaction. Of course, this is a double-edged sword:
- The good side is that this cryptocurrency really achieved the main goal of cryptocurrency: it’s completely decentralized and anonymous, allowing everyone to use and spend money. Think about all unbanked people: no matter the credit score or past financial life, everyone can autonomously – and anonymously – manage their financial assets with Monero.
- On the other hand, this cryptocurrency makes it easier to make illegal transactions, more than Bitcoin. That’s why the US government started offering money to crack the code of Monero.
Is Monero a Good Investment?
Saying whether an asset is a good investment or not is impossible – provided that we talk about reliable projects.
Moreover, financial advice is not the scope of this article, but we can still analyze the objective features of Monero to give you information as complete as possible.
XMR USD price chart. Source: CoinMarketCap
- Monero (XMR) has no limited supply: the total supply amounts to 18,093,925 XMR.
- It uses the Proof-of-Work (PoW) consensus mechanism: differently from Bitcoin, this algorithm is not the classic PoW mechanism, but a mechanism based on a mining system called RandomX. This system was created from scratch for Monero. As the name suggests, it is based on randomness, creating a barrier against ASIC miners: in simple terms, Monero doesn’t accept that miners need a huge amount of resources to mine the cryptocurrency, allowing for decentralization and avoiding attacks caused by an excessive centralization of the mining process – as it can easily happen when ASIC mining is involved.
- Time of transaction: a few minutes – up to 20 for full confirmation.
- Low transaction fees: a transaction with Monero costs less than $0.1.
- Low inflation rate: designed to be at around 1%, in order to guarantee stable rewards.
Analyzing Monero tokenomics it is safe to affirm that it follows most of the principles that make cryptocurrencies gain value.
Conclusions
Monero is a valuable and reliable project that managed to gain popularity thanks to its system and attention towards privacy. Freewallet gives you many tools to manage XMR, designed for those who decided to trade or hold this crypto.
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