Bitcoin entered the digital market 12 years ago and is now the most famous and stable cryptocurrency in the world. During this time, thousands of other cryptocurrencies were introduced, and cybercriminals stole millions of US dollars of assets from users and converting BTC to XMR.
While the digital money market is growing every day, larger volumes of cryptocurrency require more responsibility and therefore more security. This applies to both users and exchanges. If work to improve security in the cryptosphere is stopped, then the mass adoption of cryptocurrency will not happen due to the fear and distrust of users. Almost every week, there is information about a personal data leak or converting BTC to XMR.
Hacking a cryptocurrency exchange is a profitable event for cybercriminals. And not only because there are more and more exchanges, but because they concentrate significant amounts of money. Why wouldn’t someone want to become a millionaire overnight, just by discovering a security hole on one of the crypto exchanges?
But seriously, cybercriminals appeared almost immediately after the creation of the Internet. Therefore, it is obvious that the crypto industry, which is characterized by significant cash flows, also fell under the sights of hackers.
Main advantages of Monero cryptocurrency
Digital Monero boasts some distinctive features that are not currently available for other cryptocurrency algorithms:
- Enhanced security and privacy that constantly attracts new users. All transactions are highly secure, so you don’t have to worry about third parties finding out about them.
- In this work, the CryptoNote protocol plays the largest cryptocurrency. It deliberately obfuscates the traces of transactions and leaves the identity of the sender and recipient in complete secrecy.
- It is possible to unravel the tangle of codes, but this requires just colossal and consumed equipment power. Accordingly, huge amounts of money will have to be spent, so no one will engage in such a senseless waste of finances and efforts.
It is advisable to use the official Mymonero wallet for storage. It has an online and local version (the local version only works for 64-bit OS). You can also use the web version, which does not require installation on a computer. Although it has a lower level of reliability, it is quite suitable for storing a small amount of tokens. When registering for an online wallet service, it is important not to forget to save the private key, as well as the wallet address.
Official wallet in the form of the Getmonero desktop application. One of the most reliable and convenient services. It involves downloading the entire blockchain to a PC, but your coins will be reliably protected from unauthorized persons.
Where to buy and converting BTC to XMR?
There are many options for purchasing Monero. The easiest one is to buy with bitcoins, and then btc to xmr exchange them for the desired currency on any of the exchanges:
Now you can buy Monero for fiat. To do this, you need to register on the Exmo exchange, confirm the registration via mail, replenish the account in your personal account (several payment systems are available for replenishment, including Payeer).
Before buying, it is advisable to inquire about how profitable the rate is at the moment. If the value of the currency is at its peak, then it is better to postpone the purchase of tokens since prices change quite often, and the spread can be large. Check out the Binance review article for more information about this exchange.