What is Monero (XMR)?
Monero, symbolized as XMR, was created in 2014 as a fork of the Bytecoin cryptocurrency. It is built on the principles of privacy, security, and decentralization. Unlike Bitcoin and many other cryptocurrencies, Monero aims to provide untraceable transactions and anonymous financial transactions. One of the key features of Monero is its use of ring signatures and stealth addresses. Ring signatures mix the spender’s transaction with a group of others, making it difficult to determine the exact source of the funds. Stealth addresses, on the other hand, generate a unique one-time address for each transaction, ensuring that the recipient’s identity remains hidden. Monero also employs a technology called “ring confidential transactions” (RingCT), which hides the transaction amount. This ensures that the transaction value is kept private, adding an extra layer of anonymity. Another important aspect of Monero is its mining algorithm. Unlike Bitcoin’s proof-of-work algorithm, Monero uses a mining algorithm called CryptoNight. This algorithm is designed to be resistant to ASIC mining, making it more accessible to individual miners and preventing centralization of mining power. Monero has gained popularity among individuals who value privacy and anonymity in their financial transactions. It has been used for various purposes, including online purchases, donations, and even as a means of protecting one’s financial privacy. According to the CoinMarketCap website, the current market capitalization of Monero is $2,995,886,972 USD, ranking #26 among all cryptocurrencies as of July 2023.
How to get Monero?
You can transfer Monero from another wallet or a cryptocurrency exchange into your Guarda Wallet. Here’s how:
- Open your Guarda Wallet and navigate to your Monero wallet;
- Click on “Receive” and you will see your Monero address. Copy this address;
- Go to your other wallet or the exchange where your Monero is currently stored, choose the option to send or withdraw Monero;
- Paste your Guarda Wallet’s Monero address into the required field, enter the amount to send, and confirm the transaction.
How to buy Monero with credit card?
You can buy Monero directly within Guarda Wallet using a credit card. Here are the steps to do this:
- Open your Guarda Wallet and navigate to the “Buy” tab;
- Select Monero (XMR) from the list of available cryptocurrencies;
- Enter the amount you wish to purchase and then click “Next”. You’ll then be asked to confirm your wallet address and complete the payment using your bank card.
- After the transaction is confirmed, the purchased Monero will be deposited into your Guarda Wallet.
How to convert Bitcoin to Monero (btc to monero)?
If you have Bitcoin or other cryptocurrencies in your Guarda Wallet, you can use Guarda’s built-in monero exchange to swap them for Monero. Here’s how:
- Open your Guarda Wallet and navigate to the “Exchange” tab;
- Select Bitcoin from the drop-down list, enter the amount, and choose Monero (XMR) as the currency you want to receive;
- Confirm the transaction details and click “Next” to execute the trade.
- The exchanged Monero will be deposited into your Guarda Wallet after the transaction is confirmed.
Best Monero wallet
Guarda Wallet is a multi-cryptocurrency wallet that supports over 50 different blockchains and 400 tokens, including Monero (XMR). Here are some key features and information about the Monero Wallet in Guarda:
- Non-Custodial: Guarda is a non-custodial wallet, which means that you, as the user, maintain complete control over your private keys and funds. This provides a higher level of security compared to custodial wallets, where the service provider holds your private keys.
- Support for Monero (XMR): Guarda supports the storage, receipt, and transfer of Monero, among other cryptocurrencies.
- Privacy and Security: Given Monero’s focus on privacy, storing XMR in Guarda Wallet aligns with the coin’s ethos. The wallet does not store any user information, wallet data, or private keys. Your private keys are generated in your browser and do not leave your device.
- User-Friendly: Guarda Wallet is designed with usability in mind. It provides a simple and intuitive interface that allows for easy management of your Monero assets.
- Multi-Platform: Guarda Wallet is accessible on various platforms. It has desktop versions for macOS, Windows, and Linux. It also has a web-based wallet and a mobile wallet for iOS and Android. This flexibility allows you to manage your Monero holdings on whichever device you prefer.
- Integrated Exchange: Guarda has a built-in exchange, allowing users to swap a wide range of cryptocurrencies directly within the wallet interface. This includes the ability to exchange other cryptocurrencies to and from Monero.
Conclusion
When choosing a Monero wallet, it is important to consider security and privacy. There are various types of wallets available, including desktop wallets, mobile wallets, cold wallets, paper wallets, and hardware wallets. It is recommended to choose a wallet that allows you to control your private keys and offers features like seed backup and encryption. Guarda Wallet is definitely the one to choose!
