What is Monero?
Well to start with the coin Monero (XMR) was created in 2014, and it is based from the cyptonote whitepaper. Monero is a currency that will allow lower fees, and extremely fast transactions. But the most notable is that it can be completely private and untraceable. Making monero a really unique coin in the industry, and one with a lot of potential for growth too.
How is mining done?
Monero is harder to farm than, leading to better decentralization than some of the other options out there, this is because it is a proof of work coin, which basically means mining occurs to create new xmr. It is GPU resistant which is why it is harder to mine.
Why was Monero created, what is its purpose?
It was made really to fix some of the issues that BTC had at the time and still has, these being large fees, long times to process and of course its biggest selling point today, privacy. Most coins have a ledger that is transparent, which basically means the transactions are an open book, and anyone can track everything you have done with your coins, with Monero well that’s not possible, which is its huge advantage over every other coin. It does with with ring signatures which hides send and the transaction data that would normally go on the public ledger. Due to this it has come under some attacks due to the coin being used to hide criminal activity.
How to Buy Monero in the UK
In 5 easy steps we will go through everything you need to do to buy XMR on binance.
Step 1: You need to Register for an account on Binance
Just to get you started and in this guide we are looking at how to get Monero on Binance for you, so with this guide we will show you how to get your Monero that you want through binance and use of BTC and ETH. This is because you cannot directly buy XMR with your debit card, but its not difficult to get around this with a few different ways you can be all sorted.
To get started what we will need to do is a very simple step and that is we need to open an account with Binance.
Its really quick and easy to do, and you can open an account no matter where you live in the world with no restrictions and we recommend it as it has the most coin pairs.
Step 2: You need to then verify your account
Before you are allowed to start trading, you will have to get verified on the platform, the time taken can vary depending on the country you live in but in total it is a very quick process. And remember this process is actually protection for you, and keeps your account safe.
Step 3: Get BTC or ETH to your Binance account
We have a few options but basically we need to fund your binance wallet with ETH or BTC.
You can buy these both directly on binance using your debit card which you may like to do for convenience, bear in mind you will pay a small fee for this, but binance does have one of the cheapest fees out of all the exchanges at Now you’re ready to buy Crypto of your choice with your Visa card. Only pay a 1% card transaction fee instead of the usual 3% you see on other platforms.
You must choose the correct coin you want to from the list that you will see, and they will go into your wallet like below.
Step 4: Once you have the coin, find the correct pair.
Once you have the BTC or ETH which ever way you did it, you need to find the pair to trade this for your monero. Simple right? Yes it really is, just click trade, then on classic. And you will see a picture like below. Then all you must do it type XMR which is your monero. You will see many pairs come up potentially so you must click on either the xmr/eth or xmr/btc pair.
Optional, research the best time to buy.
We recommend looking on the charts and learning some simple TA, on macd, and RSI. With these tools you can figure out of its a good time to buy, you can set a buy order at a lower price also, if you feel the price may dip.
Step 5: Buy your XMR on binance
So now you have clicked on the correct pair that you will be using you will be faced on your screen with the picture below. All you need to do is type the amount of XMR you wish to but with your funds. You can simple click 100% if you wanted to spend everything for example. You can have very flexible options with this.
Once you have chosen your amount you will need to click the green buy button and boom, you are all done.
Why should you buy Monero?
We believe people should buy Monero because it is the cryptocurrency in its truest form. Out of all cryptocurrencies, Monero is the definitely one cryptocurrency that people should be bullish on for long term.
It is already famous cryptocurrency when it comes to privacy and it adds a very useful feature to any cryptocurrency. Monero has real life uses with its additional feature of privacy.
And whats great about it, unlike Bitcoin which uses reward halving, Monero uses amazing tail emission in which the block reward decreases constantly until it reaches 0.6 XMR per 2-minutes block reward. Monero is ASIC resistant which makes it more decentralized than most other cryptocurrencies mineable with ASIC giants. Which means for you that, people can mine Monero while using their computer normally with a CPU which is a nice bonus if you would like to mine it.
We believe that XMR Monero has a bright future as a cryptocurrency this is because it has a well thought out model and useful features. It is good for long term, and is not going anywhere.
If your scared of Monero being banned and you losing all your money don’t be because its impossible and the government knows that and that’s why they haven’t done it already and the second reason is because of its “infinite supply” well technically it does but after all the 18 million Monero will be mined the block reward will switch to 0.6 xmr which will be good for keeping transaction costs low
In conclusion we believe Monero will keep going on up in value due to the government getting more and more into your business and i believe this was satoshi nakamotos true vision.
Monero has first mover advantage
Only 17.9 million in circulation
One of the biggest most robust and active developer teams
Is considered gold standard in privacy crypto
Is under constant threat of being delisted and being harder to get a hold of
Can be used as an actual currency
Is cheap to use
XMR gives people (almost) absolute privacy over their finances. It cannot be tracked by governments nor other people and is economical in terms of transaction times and fees
Monero is something the we are incredibly bullish about, there are only 17.9 million of these and the price could easily x5 in this bull market currently.
So make sure you make an account today on Binance to get started straight away today.
Some other low cap gems you may be interested in
Is crypto good for beginners?
Cryptocurrency is often seen to be the easiest and cheapest way to invest. However, it also has many risks associated with it. It’s important for beginners to understand how investing in cryptocurrency works before they get started.
Can I buy crypto with cash?
Yes, with Binance you can directly buy with your debit/credit card
Is it safe to invest money in Bitcoin?
Bitcoin is a digital currency that is not controlled by any central bank or government. Transactions are made without intermediaries, making them faster and cheaper. This alternative currency has had a volatile history with many ups and downs, but many believe it is finally here to stay.
Is monero a good investment?
Monero is an open-source cryptocurrency that focuses on privacy, decentralization, and scalability. Monero is designed to be easy to use, even for people who are new to cryptocurrency. Monero is an open-source blockchain that incorporates privacy and scalability to provide a high level of security. XMR is suitable for use in many different markets including music, retail, insurance, etc. It has a huge future and is a fantastic investment