Monero is known for being a private crypto currency. It is impossible to trace and hack this altcoin because of its features. In order to acquire this altcoin, you must go to a Monero exchange. Make sure to check the value of Monero first before you buy or sell.
What is Monero?
Before you get to know what a Monero exchange is, it is important that you have an introduction on Monero. This crypto currency is like Bitcoin, decentralized and safe. You can also use this as payment in selected stores. Unlike other crypto currencies, Monero uses ring signatures to ensure that your transactions are in private. Apart from that, the crypto currency also creates stealth addresses. Once you decide to transact to another user, the blockchain will create an address to make sure that no one will be able to monitor your actions.
How does Monero exchange work?
Before you buy, sell, or convert your fiat currency to Monero, you have to find a reliable exchange first. You can also check some crypto exchange that might offer this crypto currency. Once you have chosen the exchange, you need to create an account. The Monero exchange will give you a payment ID that differentiates you from other users. If you wish to trade, you just need to present your payment ID.
Moreover, you can enjoy Monero exchanges because you are not only limited to converting your funds, but you can also trade and invest. There are also exchanges that let you send and receive crypto currencies around the world. Just beware of exchanges because some are actually scam services. There are also exchanges that will only put malware on your computer. It is advisable for you to research about the exchanges thoroughly before you create an account.
What are the different Monero exchanges?
With the development of Bitcoin and the rest of the crypto currencies, it is no longer a surprise that the number of exchanges grew as well. Your Bitcoin exchange will no longer sell or trade only bitcoins, but it is also open to other crypto currencies. As of this writing, Monero users use Coinbase, Gemini, Shapeshift, and Kraken. It is not easy to find a satoshi exchange that can be a Monero exchange as well but Monero users are satisfied with these exchanges. If you are unable to find a Monero exchange, you also have the option to trade with fellow merchants.